Weird Citi's practice with DP card

bigbang91 · ‎02-06-2015

so,i opened the DP in Nov 13,initial CLI 6k, requested an increase in Feb 14 to 8k. And then i got the CLI to 15k in Nov 14. I BT 6k to it in Dec with the 0% APR , and then another 5k from my car loan in Oct14 when i receive the offer 1.99% APR for 24 months. Since i got 0% on the 1st offer, i just pay about 200-300 per months and focus to PIF on all the other card that have APR. My 0% percent offer expire in May,so i want to pay it off now, but i noticed my payment keep going toward the 1.99%apr offer that expire Sep 2016. So i ring Citi, and they tell me that only my min payment go toward the 0% offer ,any extra will going to the offer that has higher APR. So,now even though i really want to PIF my 0% APR offer,with include some purchases and amount to around 3k, i cant. Really annoying!I prefer the practice by Sony card from Sync, i can choose which ever offer i want to PIF . BTW guys,does the picture below indicate it's SP for CLI?

Anonymous · ‎02-06-2015

Yes, it should be a SP since a requested credit limit is not indicated. If at any point it asks what limit you want, it will be an HP.

bigbang91 · ‎02-07-2015

@Anonymous wrote:
Yes, it should be a SP since a requested credit limit is not indicated. If at any point it asks what limit you want, it will be an HP.

do you think I'm eligible for another CLi?Ijust got my current CLI back in Nov 2

Skye12329 · ‎02-07-2015

@bigbang91 wrote:
@Anonymous wrote:
Yes, it should be a SP since a requested credit limit is not indicated. If at any point it asks what limit you want, it will be an HP.
do you think I'm eligible for another CLi?Ijust got my current CLI back in Nov 2

If its a SP doesnt hurt to try

BK7 - 2/21
Cap1 QS - 2k (4/21)
Mission Lane - 4k (11/21)
Venmo - 900 (11/21)
SavorOne - 2500 (12/21)
VentureOne - 2000 (7/22)

TiggerDat · ‎02-07-2015

I believe Citi is just following the law when it does the distribution of what extra amount gets attributed to payment. From what I recall, they have to apply the extra amount to the highest APR portion. I think this was meant to insure that consumers pay less. There was a tendency of some banks in the past to apply the extra amount to the lower APR portion as a way of making more money.

In regards to a CLI, I think you have to wait to get approval every 4 or 6 months. Most CC banks will only let you have increases at certain intervals. Usually, this is every 3, 4, or 6 months. Some banks will tell you can always ask for it. For example, CapOne will tell you can always apply for the increase, even though they will actually only give you one every 6 months after the last. I think they tell you that since they aren't really known for giving out increases, so it makes it look like a nice thing, regardless of the fact they will only give one at an interval time, if they ever give you one. (They have gotten better with this, but I think they still have some of the old policies, just slightly modified.) Citi from what I understand also only gives them in certain set periods from the last increase. I just am not certain it is 4 or 6 months. I do know they seem to be a bit good about them though. I have only tried once, but they granted it and it was pretty good.

It is by will alone I set my mind in motion.....
Always follow these rules: Only take a HP for a new account. Always use the best rewards card for that reward category. Don't close a card unless you know you really should. Never use more than 35% of a credit limit. Recon as much and as best you can. Use the introductory period to the best advantage. Get the signup bonus. Whenever possible PIF or balance transfer so you pay less in interest. Never give an excellent rating when it is actually the norm. Always look for a discount as more is always better.
Always accept candy from strangers because they have the best candy or from people you know have good candy.

mikelo22 · ‎02-07-2015

You will get auto-denial from Citi if you apply for another SP CLI within 6 months since your last CLI. Doesn't hurt to try, but just letting you know.

Anonymous · ‎02-07-2015

After the 6 month wait, what is the turnaround time if the SP CLI is declined...once every 30 days? 90 days?

Anonymous · ‎02-07-2015

Nice limit though

NRB525 · ‎02-07-2015

@TiggerDat wrote:
I believe Citi is just following the law when it does the distribution of what extra amount gets attributed to payment. From what I recall, they have to apply the extra amount to the highest APR portion. I think this was meant to insure that consumers pay less. There was a tendency of some banks in the past to apply the extra amount to the lower APR portion as a way of making more money.

+1

This works in your favor if you are taking a 0% APR offer, and want to add charges to the card, you can pay enough extra to PIF the new charges so minimal interest exposure on those.

OP, what you will want to do is just keep doing what you are doing until the 0% offer expires. At that point, the APR on that 0% balance will jump to something more than 1.99%, and that balance (which was on 0% APR) will now become the "higher interest rate amount" you can pay by paying more than the minimum monthly payment. So you will get a short period of higher APR, but then once that item is paid off, you will be back to keeping the 1.99% APR for the duration on that 1.99% balance.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765

Anonymous · ‎02-07-2015

@NRB525 wrote:
@TiggerDat wrote:
I believe Citi is just following the law when it does the distribution of what extra amount gets attributed to payment. From what I recall, they have to apply the extra amount to the highest APR portion. I think this was meant to insure that consumers pay less. There was a tendency of some banks in the past to apply the extra amount to the lower APR portion as a way of making more money.

+1
This works in your favor if you are taking a 0% APR offer, and want to add charges to the card, you can pay enough extra to PIF the new charges so minimal interest exposure on those.

OP, what you will want to do is just keep doing what you are doing until the 0% offer expires. At that point, the APR on that 0% balance will jump to something more than 1.99%, and that balance (which was on 0% APR) will now become the "higher interest rate amount" you can pay by paying more than the minimum monthly payment. So you will get a short period of higher APR, but then once that item is paid off, you will be back to keeping the 1.99% APR for the duration on that 1.99% balance.

I'm going to disagree with this. I think that once the 0% expires, you'll have the new APR backdated to when you first made the purchase. While I think that they might be following the law in sending the payment to the 2% first, I would call and ask for clarification on what happens when the 0% expires, and then get it in writing if they say that the increased rate starts accruing on the date the 0% expires.