Interest Miscalculation Costs Citi Credit Cards $335 million

business man entering data of a credit card . On-line shopping on the internet using a mobile phone

business man entering data of a credit card . On-line shopping on the internet using a mobile phone

A credit policy issue came back to roost at Citi.  Cured delinquent accounts should have received better rates and not be permanently classified as delinquent.

Win big, lose big.

Good news is they turned themselves in before regulators found the problem.

Now, Citi can sleep. (hopefully).

Overview by Brian Riley, Director, Credit Advisory Service at Mercator Advisory Group

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