Citi to Refund $335 Million After Finding Card APRs Too High

Citigroup Inc., one of the world’s largest credit-card issuers, said it will refund $335 million to U.S. customers whose annual percentage rate should have been lower.

The lender determined that a method it was using to calculate APRs didn’t properly reflect the full benefit customers should have received for good behavior, such as paying on time, the New York-based bank said Feb. 23 in a securities filing that disclosed the issue and the total cost. It’s currently reviewing accounts and plans to have refund checks in the mail by the second half of the year.

The Credit Card Accountability Responsibility ...