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MILBERG LLP > Did Citibank Charge Improper Fees on Balance Transfer Offers?

Did Citibank Charge Improper Fees on Balance Transfer Offers?

Free Citibank Claim Evaluation

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Citibank (South Dakota) N.A.  (“Citibank”) and Citigroup, Inc. (“Citigroup”) may have charged improper fees on balance transfer offers (the “Offer”) that they made to some of their most credit-worthy credit card customers, promising borrowers a fixed 0% (or similarly low) APR on balance transfer loans that would apply throughout the promotion period.  Customers have complained that after receiving and accepting the Offer from Citibank they were improperly imposed interest charges of up to 29.99% on separate balances that should have been subject to a minimum 23-day Grace Period on Standard Purchases that is set forth in the cardmember agreement and monthly statements.  According to customers, the Offer itself either omitted or inadequately disclosed any information about the consequence of accepting the Offer on the Grace Period on Standard Purchases, and borrowers who accepted the Offer were unaware of any effect until they received statements charging them periodic interest fees at a high APR (that they would not normally be subjected to), at which point they have limited options to avoid those charges.  Borrowers were allegedly forced to either pay the high interest charges or pay off their entire balance, including the balance transfer amount, for which they had paid good consideration (i.e., 4% of the balance transfer amount). 

According to the alleged improprieties discussed above, Citibank and its parent company, Citigroup, may have engaged in false advertising and unfair competition by promising interest-free Offers, that had the improper, undisclosed effect of: imposing high interest charges (of hundreds of dollars in some cases) on Standard Purchases that should have been subject to an interest-free Grace Period; or forcing the accelerated repayment of the balance transfer amount, thereby depriving borrowers of the benefit of their bargain.

If you have a Citibank Card, accepted a balance transfer offer, and subsequently were unable to take advantage of the grace period on standard purchases unless you paid off your entire balance (including the balance transfer loan amount) and would like to learn more about this investigation, please fill out the form on the right or contact the following attorney:

Andrei V. Rado, Esq.
Milberg LLP
One Pennsylvania Plaza, 49th Fl.
New York, NY 10119-0165
Phone number: (800) 320-5081
Email: contactus@milberg.com

Milberg LLP has been representing defrauded consumers for more than four decades and serves as lead counsel in federal and state courts throughout the United States.  Please visit the Milberg website for more information about the Firm. 

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