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Old habits: Citibank to cap credit card interest at 45%
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Added by
apesphere on 12 Feb 2009
From: www.thestandard.com.hk
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| Image courtesy creo que soy yo via Flickr |
Citibank has been accused by Hong Kong legislators of charging an interest rate of 50% where credit card clients miss a cash advance payment.
Rates higher than 48% are presumed extortionate under the country's Money Lenders Ordinance.
Citibank has agreed to reduce interest to less than 45% from next month.
Me, I'm just reeling at the figures.
Rates higher than 48% are presumed extortionate under the country's Money Lenders Ordinance.
Citibank has agreed to reduce interest to less than 45% from next month.
Me, I'm just reeling at the figures.
Andrew Newton is the author of The Handbook of Compliance: Making Ethics Work in Financial Services
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