Citi Diamond Preferred pre-selected, should I?

[Anonymous]

So, after rebuilding for a year now and raising my scores to the following:

EQ: 656 / TU: 700 / EX: 660

I just received my first ever, pre-selected offer and it was from Citibank! I've applied for a Citi card a few times in the last year, all were denied! This offer stated the following terms:

0% for 18 months / 19.99% thereafter...

I briefly took a look at the card and don't see much of any rewards system with it. Do you think I should apply for it and take the offer? I have a feeling they sent me that prequal before my scores updated and my utilization dropped from 27% all the way down to about 8%...My TU score jumped from 670 to 700 just by lowering my utilization and removing another collection. My question is, I check the prequal site but nothing comes up, should I wait it out for a possible better offer once all CR's update with new util??

I'm just itching to take the offer because it will be my potential 'in' with Citibank, as I do not have any citi cards atm...

Also, how is this card with CLI? Are they a HP? I know it can after a year be PC'd to a double cash card..

[Anonymous]

Sure, if you feel like the card will benefit you.

There is no reward system w/ the Diamond Preferred... which means, theoretically, its use SHOULD be to put large purchases you intend to carry on it.

The APR, however, is high... and negates that purpose. Therefore, as a card, it's more than likely useless.

Keep your score going up and you'll have a better product available to get "in" with Citi.

[yfan]

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@Anonymous wrote:

There is no reward system w/ the Diamond Preferred...

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This isn't entirely true. With the CDP, you get what are called Citi Easy Deals points, worth up to 10% of your purchases. The problem is that it is really difficult to cash them in - as you have to redeem them as "discounts" to items on the Citi Easy Deals portal. But it has its uses - some restaurants have buy-one-get-one-free entrees on it for redeeming what does usually turn out to be the price of an average plate at the given restaurant.

Maybe more importantly, the Diamond Preferred is also eligible for Citi Offers - Citi's version of BankAmeriDeals/Amex Offers - which gives you up front cash back at specific merchants/restaurants - which they are just beginning to role out. The Double Cash does not get those offers.

[Anonymous]

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@yfan wrote:

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@Anonymous wrote:

There is no reward system w/ the Diamond Preferred...

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This isn't entirely true. With the CDP, you get what are called Citi Easy Deals points, worth up to 10% of your purchases. The problem is that it is really difficult to cash them in - as you have to redeem them as "discounts" to items on the Citi Easy Deals portal. But it has its uses - some restaurants have buy-one-get-one-free entrees on it for redeeming what does usually turn out to be the price of an average plate at the given restaurant.

Maybe more importantly, the Diamond Preferred is also eligible for Citi Offers - Citi's version of BankAmeriDeals/Amex Offers - which gives you up front cash back at specific merchants/restaurants - which they are just beginning to role out. The Double Cash does not get those offers.

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Yeah I won't really be needing to carry a balance any time soon. I was just estatic to even see them give me the time of day, which means I am doing something right. Sadly, that 19.99% would be my lowest apr, lol...I started with 3 cap one starter cards which obviously get the 22-24% rate. Nonetheless, those cards have matured and grown to a decent CL but CO doesn't seem to want to budge on lowering the APR. I've had success with Barclays, they lowered my APR 4% and raised my CL automatically. 

Is it possible to cold app for that and maybe be offered a better APR since I'm sure that pre-select offer came from before my scores shot up?

[CreditMagic7]

I already just got one of those in the mail too.

My offer plain suxs IMO. I wrote about it as much in the Applications Sub-Forum this week.

Mine was the offer of only 12 months 0% Promo then a nasty 20.99% and would very well likely come with a lowball SL from also a Double Pull.

No Thanks.

OP if you do go for it at least the CDP card is PC eligible after 12 months. I traded my first one straight for the Double Cash Card and have been getting minor SP CLI's but SP increases nonetheless. Also have whittled down the APR to 17.99% so far.

Best of luck with your decision.

[yfan]

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@Anonymous wrote:

Yeah I won't really be needing to carry a balance any time soon. I was just estatic to even see them give me the time of day, which means I am doing something right. Sadly, that 19.99% would be my lowest apr, lol...I started with 3 cap one starter cards which obviously get the 22-24% rate. Nonetheless, those cards have matured and grown to a decent CL but CO doesn't seem to want to budge on lowering the APR. I've had success with Barclays, they lowered my APR 4% and raised my CL automatically. 

Is it possible to cold app for that and maybe be offered a better APR since I'm sure that pre-select offer came from before my scores shot up?

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It's possible, but I don't know how likely. If you cold app and they give you a higher APR, you can always SM them or call them up and say "Hey I had this offer that was giving me a lower APR, can you guys match it?" Also, CDP constantly sends me offers of 0%-1.99% promo periods of 6 months to a year; my guess is you would get that too with responsible use. If you are not planning on carrying a balance, you can take a look at the card. You do have quite a few cards though, so I'd want to consider your AAoA and inquiries as well. It's possible if you wait, you'd get a better APR and a better limit.

[Anonymous]

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@yfan wrote:

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@Anonymous wrote:

Yeah I won't really be needing to carry a balance any time soon. I was just estatic to even see them give me the time of day, which means I am doing something right. Sadly, that 19.99% would be my lowest apr, lol...I started with 3 cap one starter cards which obviously get the 22-24% rate. Nonetheless, those cards have matured and grown to a decent CL but CO doesn't seem to want to budge on lowering the APR. I've had success with Barclays, they lowered my APR 4% and raised my CL automatically. 

Is it possible to cold app for that and maybe be offered a better APR since I'm sure that pre-select offer came from before my scores shot up?

---

It's possible, but I don't know how likely. If you cold app and they give you a higher APR, you can always SM them or call them up and say "Hey I had this offer that was giving me a lower APR, can you guys match it?" Also, CDP constantly sends me offers of 0%-1.99% promo periods of 6 months to a year; my guess is you would get that too with responsible use. If you are not planning on carrying a balance, you can take a look at the card. You do have quite a few cards though, so I'd want to consider your AAoA and inquiries as well. It's possible if you wait, you'd get a better APR and a better limit.

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Good points thank you! 

I was thinking of waiting this out and let some more INQs fall off...I don't want to take 1 step forward with a CITI card then 2 steps back with a AAOA decline and more INQs...just curious, which bureau do they usually pull? 

My current AAOA:

3 years 4 months

INQ:

EQ: 5 / TU: 7 / EX: 17 (lol) (by march next year, EX will only have 6 INQs)

[Anonymous]

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@CreditMagic7 wrote:

I already just got one of those in the mail too.

My offer plain suxs IMO. I wrote about it as much in the Applications Sub-Forum this week.

Mine was the offer of only 12 months 0% Promo then a nasty 20.99% and would very well likely come with a lowball SL from also a Double Pull.

No Thanks.

OP if you do go for it at least the CDP card is PC eligible after 12 months. I traded my first one straight for the Double Cash Card and have been getting minor SP CLI's but SP increases nonetheless. Also have whittled down the APR to 17.99% so far.

Best of luck with your decision.

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Yeah I figured since I wasn't in the 'good' tier for the APR they set for me, I'd probably get some bs SL too...I don't have any experience with them so I can't really say, but that's just my guess. 

[CreditMagic7]

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@Anonymous wrote:

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@CreditMagic7 wrote:

I already just got one of those in the mail too.

My offer plain suxs IMO. I wrote about it as much in the Applications Sub-Forum this week.

Mine was the offer of only 12 months 0% Promo then a nasty 20.99% and would very well likely come with a lowball SL from also a Double Pull.

No Thanks.

OP if you do go for it at least the CDP card is PC eligible after 12 months. I traded my first one straight for the Double Cash Card and have been getting minor SP CLI's but SP increases nonetheless. Also have whittled down the APR to 17.99% so far.

Best of luck with your decision.

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Yeah I figured since I wasn't in the 'good' tier for the APR they set for me, I'd probably get some bs SL too...I don't have any experience with them so I can't really say, but that's just my guess. 

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I know. You can use the SEARCH feature here and bring up a lot of good useful data points to compare with your own current profile and see how you stack up.

I read plenty of posts where Citi lowballed good FICO score members and in their frustration they at-once went directly thru to the EO for a much better limit. They're EO Dept IS reasonably good in my experience. But that's the kicker here to me. They might and DO, HP twice for a low SL then if i go thru the EO for a better limit where the chances ARE really good on that, however that costs yet another HP = 3 total?.

Hence why i say No Thanks on my recent mailed offer.

[negg]

They sent my an email asking if I would be interested in doing a PC to double cash card.  I took them up on the offer.  The card imho useless.