Citigroup Units Sued Over Interest Rates

Citigroup Inc.’s Travelers Bank subsidiaries have been accused in a lawsuit of luring thousands of customers into paying higher-than-promised interest rates on their Visa credit cards.

The units of the world’s largest financial services company offered customers a 6.9% interest rate for six months on debts transferred to their Platinum Visa cards, but instead charged them 15.4% on the balances, according to a lawsuit filed last week by an Arizona couple in Delaware Superior Court.