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Citi Thank You Preferred APR Increase

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CreditMagic7
Mega Contributor

Re: Citi Thank You Preferred APR Increase


@bookedirl wrote:

Alright so I got a hold of someone in EO and they were investigating the matter for me. They gave me a call back today and said basically I'm out of luck and that there's nothing they can do. They said something about a new firm or something not sure what that means. Basically being a member for many years doesn't entitle you to any benifits and you're just like any other customer who applies. I think they should remove the "Member since xx" from the cards since it means nothing. I'm a bit salty but it's expected here since I don't think this is right. Luckily I have a backup plan with a card that has just as low APR in the event I need to do a balance transfer. I really have no choice but to keep the card open since it's my oldest card and closing it would only have a negative factor on my credit score. I'll just keep it barely a float with a small balance and pay it off.. and just forget it exists now. I may try to call back once they raise it and see if they can lower it. It Feels like I just broke up with my girlfriend (please don't tell my wife! Smiley Happy

Thanks for the help guys and pray Citi doesn't start sending everyone these letters in a mass APR increase.


Yeah that just blows alright.

 

Looks like they might be targeting some long term holders? Dunno, but banks do enhance deals all the time in one way while working to make up for them another. You know, their clever efforts to build better bottom line and what have you.

 

kdm is correct unfortunately, they obviously don't have to and are completely within their rights to spring surprises like that.

Message 21 of 23
longtimelurker
Epic Contributor

Re: Citi Thank You Preferred APR Increase

Isn't Chase doing the same with Cash Advance APRs, with the same reason, to make it uniform amoung all card holders.

 

But, my normal peeve with "loyalty".   It should be clear to anyone who has been on the board even a few weeks that there is no such thing with big banks.  And this goes in either direction, we don't see people here saying "Oh you should stick with Citi, don't be disloyal and apply for another card with another bank"   We do what makes sense for us, and they do what makes sense for them.   

 

Bottom line: The TBTF banks are not your local mom&pop corner grocery store.   No real relationship is established on either side.

Message 22 of 23
Open123
Super Contributor

Re: Citi Thank You Preferred APR Increase


@longtimelurker wrote:

Isn't Chase doing the same with Cash Advance APRs, with the same reason, to make it uniform amoung all card holders.

 

But, my normal peeve with "loyalty".   It should be clear to anyone who has been on the board even a few weeks that there is no such thing with big banks.  And this goes in either direction, we don't see people here saying "Oh you should stick with Citi, don't be disloyal and apply for another card with another bank"   We do what makes sense for us, and they do what makes sense for them.   

 

Bottom line: The TBTF banks are not your local mom&pop corner grocery store.   No real relationship is established on either side.


Right, it's never even remotely occured to me to, say, show some loyalty to a particular Issuer with less rewards.  Revaluate every year, and if a card is no longer appealing or a better value proposition can be found elsewhere, make a change.

 

Message 23 of 23
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