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Citi Diamond Preferred Invite 20.4% APR....What??!!

Contributor

Citi Diamond Preferred Invite 20.4% APR....What??!!

I see in the community here, a number of folks do apply for the Cit Diamond Preferred. My Pre Select to Apply inviation came today. As with this offer,  so many of these offers have these outrageous APRs. 20, 21, 24% those are crazy interest rates! This one I got is 21.24 Variable! So, 2 questions here, why would you get a card with such a high APR (unless building credit)? What is so special about this card? All I read is you get a Concierge. We have that with our Visa Sig cards. For this Diamond card, that is all I read about perks. I don't even see Thank you Points or cash back, or anything else.

|CHASE VI SIG $38K|CITI DIVIDEND MC $27K|CITI DOUBLE CASH $12.5K| VIRGIN AIR SIG VI $23K|CHASE MARRIOTT VI SIG $26K|US BANK CASH + $23K| US BANK LOC $13K|AMEX PLATINUM OPTIMA $8.5K/AMEX BCE $25K|BARCLAY RING $8.5K|FNBO PLAT VI $35K|NORDSTROM VI SIG $20K|DISCOVER $27K|PATELCO CU VI $7K|TARGET RED $3K|JC PENNEY $6.5K|MACYS AMEX $4.4K|CITI SEARS $2K|CHEVRON $2.5K|FIRESTONE $3K|PAY PAL CREDIT $4K|SYNC RAINSOFT $14K| 1UCU $35K VI|. FICO 8 AVG: 750 AAoA 14.4 Yrs| Goal Fico 800
Message 1 of 10
9 REPLIES
Valued Contributor

Re: Citi Diamond Preferred Invite 20.4% APR....What??!!

You need a BT or purchase for quite some time. Because the DP offers 21 mos. 0% APR. Would probably be the big reason.

As for high APR, if you really want the card. Citi will lower interest rates when you ask after you have had a card with them for a while.


I realized i am still young and still have many years to achieve whatever i want.
Message 2 of 10
Super Contributor

Re: Citi Diamond Preferred Invite 20.4% APR....What??!!

It's a no frills, basic credit card. Really only useful for long term 0 percent. For perks/rewards you'll want to look elsewhere
Message 3 of 10
Contributor

Re: Citi Diamond Preferred Invite 20.4% APR....What??!!

Thanks KDM and Skye for the replies. The intor APR is 0% for 12 months. I know Citi has sent other offers with 0% for 18 months. That would be worth it -if no BT fee.

|CHASE VI SIG $38K|CITI DIVIDEND MC $27K|CITI DOUBLE CASH $12.5K| VIRGIN AIR SIG VI $23K|CHASE MARRIOTT VI SIG $26K|US BANK CASH + $23K| US BANK LOC $13K|AMEX PLATINUM OPTIMA $8.5K/AMEX BCE $25K|BARCLAY RING $8.5K|FNBO PLAT VI $35K|NORDSTROM VI SIG $20K|DISCOVER $27K|PATELCO CU VI $7K|TARGET RED $3K|JC PENNEY $6.5K|MACYS AMEX $4.4K|CITI SEARS $2K|CHEVRON $2.5K|FIRESTONE $3K|PAY PAL CREDIT $4K|SYNC RAINSOFT $14K| 1UCU $35K VI|. FICO 8 AVG: 750 AAoA 14.4 Yrs| Goal Fico 800
Message 4 of 10
Valued Contributor

Re: Citi Diamond Preferred Invite 20.4% APR....What??!!

I've been getting that exact same offer in the mail just about every month for a year now. Same 21.24% APR (used to be 20.99%) and same 12 month 0% APR. They just go in the trash because I don't need a BT card right now, and I know the current offer on the DP is 0% APR for 21 months. I've heard that others get crappy offers at first, and then Citi starts sending better offers - but for me, I just keep getting the same ole crappy offer.

Message 5 of 10
Senior Contributor

Re: Citi Diamond Preferred Invite 20.4% APR....What??!!

APRs can be reduced. I got a DP for the purpose of a BT (21 months 0%), but they gave me a very low limit so I SD'ed the card. I plan to PC to a DC when the intro period is over.

Gardening since 03/09/15

Message 6 of 10
Established Contributor

Re: Citi Diamond Preferred Invite 20.4% APR....What??!!

Lol they send those to everyone. My daughter and son get them too. Daughter is 7 and son is 10

Message 7 of 10
Valued Contributor

Re: Citi Diamond Preferred Invite 20.4% APR....What??!!

Maybe your daughter and son should send in the application to see what happens. For income they can write down their allowance. Lol


Current Scores 3/2016 Equifax 676 Transunion 697 Experian 648 Goal Scores: 720's accross the board. Gardening Goal: 3/2017
Message 8 of 10
Super Contributor

Re: Citi Diamond Preferred Invite 20.4% APR....What??!!


kdm31091 wrote:
It's a no frills, basic credit card. Really only useful for long term 0 percent. For perks/rewards you'll want to look elsewhere

True, the terms and conditions don't include frills.

But I've gotten numerous offers for 5% on up to $500 of spend for a quarter, usually for dining and entertainment, but also including groceries, gas and department stores, so it's potentially a "nice surprise" card. It's wrapping up a 6-month 1.9% on Purchases offer, and has BT offers regularly.

 

It was also the very first card any bank sent me with a chip, and it's black, so there's that Smiley Happy  with a $1,000 limit even though I've had three attempts at a SP CLI.

I'm at the point now where it seems like it wouldn't be the same Nice Card if it had a higher limit Smiley Very Happy  $1k is perfect.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727 FICO Simulator 2014: $20k balances = 812 FICO.
March 2017 $20k on $300k 6% util EQ 824 TU 824 EX 815

5 / 24 counting down to 1 Nov 2017... wait I guess it's 18 Dec 2017 to get 4/24
Message 9 of 10
Valued Member

Re: Citi Diamond Preferred Invite 20.4% APR....What??!!

My wife has had this card forever. I'm going to have her call and see if she can get an upgrade. Same with the Slate. See if she can upgrade to the Freedom at least. 

Venture One|| Amex BCE || Discover IT || Chase Freedom || BofA Travel || FNB Platinum Visa || Cap1 Quicksilver ||
Love Your Life ~ Gardening Until Nov/Dec 2017
Message 10 of 10