Citibank Credit card department,
Late fee ( $20.00 + interest ) was charged for a balance-in-full payment ( $1000.00 ) - DAY after the standard due date. Two things annoy me here : 1 ) The implied interest rate works out to north of 600 %. As you know, there are a few ways to calculate the interest rate implied by a late fee, but I believe my calculation is the most appropriate. Had I paid - day earlier, the fee would have been $0.00. So Citibank has charged me $20.00 for the use of $1000.00 for - day. Note they separately ding me for interest too ( $4.00 ) - I 'm not even bringing that up here. 2 ) the due date is a few days before the cycle-end date. There is no practical reason for this mismatch and honestly it strikes me as ( at best ) an anachronism from slower systems and processes of the 20th century and ( at worst ) a deceptive practice. Cycle date and due date should be aligned - there are too many dates to keep track of.
Citibank customer in California
Apr 04, 2017
* Source: CFPB Complaint Database
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