Dealing with Citi default rate

[NoAnchoviesPlease]

I have a Citi Thankyou Preferred card, had it for several years. About two years ago I had a bad month and some late payments, including one to Citi. They bumped me to nearly 29.99% default/penalty rate, and my good payments on theirs and other accounts have earned me almost 1% reduction in the two years since. 

The non-penalty rate on this account is the best rate on any of my cards, and it's the best CL as well, so I'd like to keep it going. But having looked at the difference in interest, it's definitely not a card I can use anymore. 

I've asked in secure messages on their website (was told "you will be reviewed every 6 months and might get more than 1/4 of 1% reduction") and called the customer service line (mostly the same response). 

Has anyone had success getting a default rate reduced noticeably with Citi? Suggestions or recommendations beyond "just wait?"

For now, I've paid off the penalty rate balance and then some, and am paying above my minimum to get it cleared out. Until I feel more thanked than spanked by my Thank You card, I won't be using it. 

Thanks all.

[NoAnchoviesPlease]

I've been on default rate or thereabouts with Citi for almost 2 years, thanks to a late payment in 2012. Well, they've reduced it by 0.75% in the past six months but it's still 15.5 above my regular purchase rate from before the late payment. 

I've asked via website message and phone to the card CS number, and have been told "you might get a lower rate every 6 months." At .25%/6mo it'll take 30 years to get back to a usable rate. 

I paid down the 28%+ amounts and will just stop using the card indefinitely. At least it helps with utilization that way. 

[Creditaddict]

yeah depending what is goinng with the rest of your cards I would just close this one or cut it up and let them close it for non activity.

[blondy250]

5 year old thread alert.

[NoAnchoviesPlease]

Sorry. I was diligently searching the boards before starting a new thread, but not diligently checking post dates. I'll be more careful going forward.  

[09Lexie]

OP,

I merged your threads together.   

~Lexie

[NoAnchoviesPlease]

So I'll bump to provide an update... 

I've been in default-rate recovery with Citi for two years, got a half percent reduction in the past year after jumping 16% two years ago. I tried online secure messaging in December, and then a phone call after I paid off the default and advance rate balances (had an extra payment go in a year or so ago when I couldn't really spare the money), neither willing to budge. 

Last Friday I sent a GW email to Mr Linville's public email address, briefly explaining my history and my circumstances for the late payment. I got a personal voicemail this morning from an EO rep acknowledging my request and improved payment history, and informing me that I would be returned to the normal variable rate... which is a 15% reduction based on current Prime Rates. 

I'm not going to run out and max the card out or anything, but I feel good about having it back to a livable rate, and not as eager to get a BT card anymore. 

[eagle2013]

congrats! Wtg!!!