One of the world's largest credit-card issuers said it will issue a whopping total of $335 million in refunds to U.S. customers whose annual percentage rate should have been lower.
New York-based Citigroup said a method that it utilized to calculate annual percentage rates did not properly reflect the full benefit customers should have received for good behavior, including paying on time.
Approximately 1.75 million credit card accounts were affected since 2011. Refunds will be about $190 per customer.
Will you be getting cash back? You'll have to wait to find out.
Citigroup said it's now reviewing accounts and plans to have refund checks mailed by the second half of the year.
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