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Frequent Contributor
ShiningDown
Posts: 316
Registered: ‎08-12-2011

Cit diamond preferred card APR 21.99% , Why ??????

[ Edited ]

I just applied for citi card and I was told after 21 months of  0% my APR will be 21.99%.  My credit report is clean and I applied with 61% utilization.  Is this normal 21.99% for someone with 61% utilization. Also  I was denied an increase for my balance transfer.  


CK transrisk 667/ June (Vantage 733/June) (Credit.com 695 / May
Walmart 672/June.....686/July Equifax 7/6 686
credit sesame 725, June 2013
Quizzle 680 Sept/ /2012 696/March
Valued Contributor
Uborrow-Upay
Posts: 2,710
Registered: ‎10-16-2008

Re: Citi diamond preferred card APR 21.99% , Why ??????

[ Edited ]

cats63, I hate to be a broken record here, but I don't fully understand your question, again.

 

You are looking to lower the rate on the Citi card you have not yet received, that same card that you will pay 0% on for 21 months?  You want a CL increase on that card?  You are upset that they will not allow a balance transfer to that new card in the amount that you feel you need now, to lower the 11.99 interest on the Chase account?  Is this correct?

 

In a previous post, you asked about Citi balance transfers.  If your son has Citi  BT capabilities on his new card, he can write a check off of his account to pay some of that debt he incurred on your Chase card. 

 

In the meantime, with a 61% utilization, IMO don't rock the boat.  Not trying to be mean here, it's not meant that way.  But the way Citi lenders may look at it, it's like "she can't pay down what she's got now, and she wants us to bail her out?  No way!"

 

Do what you can, with your son's help, too, to lower that Chase amount at the 11.99%.  Keep on top of it, and in 21 months when the Citi 0% promo rate expires, you won't have to worry at all about the interest rate, because you'll have not only cleared all debt (Chase and Citi), but you'll be PIF, every month!

 

Keep a good thought.  It takes time and patience.  I have confidence in you, you'll do it, for sure!  :smileyhappy:

 

 

Uborrow-Upay

 

 

Edit to answer the questions (stupid me).  The APR is high, but so is your reported utilization.  And yes, your utilization may be a big factor in that rate.  They may (may) lower that rate in the future, but I wouldn't bank on it.

 

 

 

 

 

 

Established Contributor
Posts: 513
Registered: ‎04-03-2007

Re: Citi diamond preferred card APR 21.99% , Why ??????


Uborrow-Upay wrote:

cats63, I hate to be a broken record here, but I don't fully understand your question, again.

 

You are looking to lower the rate on the Citi card you have not yet received, that same card that you will pay 0% on for 21 months?  You are upset that they will not allow a balance transfer to that new card in the amount that you feel you need now, to lower the 11.99 interest on the Chase account?  Is this correct?

 

In a previous post, you asked about Citi balance transfers.  If your son has Citi  BT capabilities on his new card, he can write a check off of his account to pay some of that debt he incurred on your Chase card. 

 

In the meantime, with a 61% utilization, IMO don't rock the boat.  Not trying to be mean here, it's not meant that way.  But the way Citi lenders may look at it, it's like "she can't pay down what she's got now, and she wants us to bail her out?  No way!"

 

Do what you can, with your son's help, too, to lower that Chase amount at the 11.99%.  Keep on top of it, and in 21 months when the Citi 0% promo rate expires, you won't have to worry at all about the interest rate, because you'll have not only cleared all debt (Chase and Citi), but you'll be PIF, every month!

 

Keep a good thought.  It takes time and patience.  I have confidence in you, you'll do it, for sure!  :smileyhappy:

 

 

Uborrow-Upay

 

 

 

 



Excellent Advice ! :smileyhappy:

Frequent Contributor
ShiningDown
Posts: 316
Registered: ‎08-12-2011

Re: Citi diamond preferred card APR 21.99% , Why ??????

Citi gave me 1500 limit. I wanted them to give me a limit increase and they said no.      I was wondering if this  apr rate was fair for me compared to other people? Whats funny is I cant understand what I write either , but thanks for trying anyway!


CK transrisk 667/ June (Vantage 733/June) (Credit.com 695 / May
Walmart 672/June.....686/July Equifax 7/6 686
credit sesame 725, June 2013
Quizzle 680 Sept/ /2012 696/March
Valued Contributor
Uborrow-Upay
Posts: 2,710
Registered: ‎10-16-2008

Re: Citi diamond preferred card APR 21.99% , Why ??????

See my edited post, above...

 

Sometimes, I don't write everything I mean to say either...

 

Love ya, cats63!  :smileyhappy:

Established Contributor
Posts: 513
Registered: ‎04-03-2007

Re: Citi diamond preferred card APR 21.99% , Why ??????

[ Edited ]

Uborrow-Upay wrote:

Edit to answer the questions. 

 

The APR is high, but so is your reported utilization.

And yes, your utilization may be a big factor in that rate.

They may (may) lower that rate in the future, but I wouldn't bank on it. 

 



I further agree with your update (edit). I would like to add my 2 cents.

 

Because of the new consumer "protections" enacted by congress, the "go to" rates have to be somewhat higher since the banks can't raise "permanent" rates on existing balances. Once a card is paid in full, I believe that it might be possible to have the "permanent" rate lowered. Of course as you have said, "I wouldn't bank on it." :smileyhappy:  

Frequent Contributor
birjest
Posts: 351
Registered: ‎09-23-2011

Re: Cit diamond preferred card APR 21.99% , Why ??????

I just apped for this card and my apr will be at 21.99.  However, i have no intents of carrying a balance past 4 -6 months. If I can't pay it in that time frame, I won't charge it.  Unless it is fr an emergency in the family, I won't put any big ticket item on it.

11/15/13 EX 685(MY FICO) EQ 657(MY FICO) TU 659 (MY FICO).
Frequent Contributor
scientifics
Posts: 411
Registered: ‎05-01-2010

Re: Cit diamond preferred card APR 21.99% , Why ??????

Usually cards with really good intro APR offers don't have amazing interest rates because they need to make money somehow. The best APR cards are non-reward, non-intro APR cards.

Regular Contributor
cableguy123
Posts: 230
Registered: ‎11-05-2011

Re: Cit diamond preferred card APR 21.99% , Why ??????

I had gotten one of these cards at 12.99 also got a dividen at 12.99 the diamond has s cl of 1k and the divided has 3.8k
Contributor
GB44
Posts: 102
Registered: ‎03-26-2011

Re: Cit diamond preferred card APR 21.99% , Why ??????


scientifics wrote:

Usually cards with really good intro APR offers don't have amazing interest rates because they need to make money somehow. The best APR cards are non-reward, non-intro APR cards.


I heard that most people don't payoff BT's within the required time and that is when the banks make their money with the higher interest rate.

 

Has anyone every confirmed this to be true?

 


 


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