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Citi credit card holders are getting $335 million—here’s why

Megan Leonhardt

Citigroup agreed to refund 1.75 million customer accounts $335 million as part of a settlement reached with regulators on Friday. The Consumer Financial Protection Bureau, which regulates financial companies to keep American consumers safe, said the settlement stemmed from Citi’s failure to properly evaluate and reduce the annual percentage rates, or APRs, on some users' credit cards. Citi said a statement sent to CNBC Make It that while about 90 percent of its customers did receive a proper evaluation of their APRs, the company is currently issuing refunds to the roughly 1.75 million customer accounts that did not.