Citi praised for relaxing credit card charges


The US bank confirmed last month it is ending universal default, the practice of increasing consumer interest rates when that customer fails to pays other creditors on time, on all Citi credit cards.

The bank has also abolished its 'any time for any reason' custom that allowed it to increase interest rates on credit cards without warning, as and when it deemed necessary. Henceforth, Citi will not voluntarily raise rates and card fees until the expiration of an existing card.

The move has been