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The APEsphere blog by Andrew and Angela Newton
By Andrew Newton on 12 Feb, 2009 - 12:01 UTC
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.
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