A class action alleges that Citibank used "hyper-technical and misleading payment-credit guidelines" to trick bankcard holders into late payment penalties.

According to the suit, Citibank set a deadline of 10:00 a.m. for processing payments. Payments received after that were credited the next day, the suit said, meaning many whose payments were received on the due date were deemed to be late. Those who missed the deadline were charged a $29 fee, or higher annual interest rates, the suit said.

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