Citigroup May Reinstate Universal Default

Citigroup May Reinstate Universal Default

Last year Citigroup pledged to abandon the customer-screwing policy of universal default, where an unrelated late payment or credit score change can trigger an interest rate increase on your Citibank card. They even used a marketing phrase to promote their promise: “a deal is a deal.” According to the New York Times, Citigroup is “quietly reconsidering its pledge” and may decide to reinstate universal default as early as this week.