topic Re: Citi APR reduction!? in Credit Cards

Citi APR reduction!?

Anonymous — Thu, 15 Jan 2009 23:48:14 GMT

Just checked my citicard statement that cut today.

My APR went from 9.99% to 9.24%!

Just when everyone was getting ratejacked? Probably setting me up for a CLD or something. Haha

Re: Citi APR reduction!?

oracles — Fri, 16 Jan 2009 04:20:40 GMT

@Anonymous wrote:
Just checked my citicard statement that cut today.

My APR went from 9.99% to 9.24%!

Just when everyone was getting ratejacked? Probably setting me up for a CLD or something. Haha

congrats

Re: Citi APR reduction!?

Anonymous — Fri, 16 Jan 2009 05:20:00 GMT

My 1 Citi went down to 6.99% recently. Of course my other one also went down, to 18.49%. Same exact card, two totally different interest rates.

Re: Citi APR reduction!?

Anonymous — Fri, 16 Jan 2009 05:24:38 GMT

More than likely you have a variable rate on your account (Prime Rate + 5.99%). The Prime Rate dropped (December 16th) from 4.00% to 3.25%. Your 9.24% APR reflects this rate decrease.

Re: Citi APR reduction!?

Anonymous — Fri, 16 Jan 2009 15:09:58 GMT

In December, my citi rate also went from 9.9 to 9.24. I"ve never had a late payment or gone over the limit and pay early and pay more than the minimum. However, this month the interest rate was 15.99. So when I called them to ask why, they said they were changing their terms and that it had nothing to do with my history. They said I could reject the new terms and remain at 9.24 until paid off (and no longer use the card). I said I would do that because I would never use the card at 15.99 anyhow. They said that was my only option if I didn't want to pay off the card. I agreed to that, but now am concerned about how that may affect my credit score. When I said that all my other credit card rates were dropping. Citi said that may change because they have such a high default rate that they need to pass those costs on to everyone. So in other words those of us that are responsible have to pay the price for those that are not responsible.

Re: Citi APR reduction!?

oracles — Fri, 16 Jan 2009 15:20:07 GMT

@Anonymous wrote:
In December, my citi rate also went from 9.9 to 9.24. I"ve never had a late payment or gone over the limit and pay early and pay more than the minimum. However, this month the interest rate was 15.99. So when I called them to ask why, they said they were changing their terms and that it had nothing to do with my history. They said I could reject the new terms and remain at 9.24 until paid off (and no longer use the card). I said I would do that because I would never use the card at 15.99 anyhow. They said that was my only option if I didn't want to pay off the card. I agreed to that, but now am concerned about how that may affect my credit score. When I said that all my other credit card rates were dropping. Citi said that may change because they have such a high default rate that they need to pass those costs on to everyone. So in other words those of us that are responsible have to pay the price for those that are not responsible.

Bentley<

Call back right now and reopen your account. Afterwards, call the backdoor number that is located in a sticky located at the top of this forum and call citi back. If you want, call the backdoor number first and tell them that you want to keep it open but with the increase in apr you find it hard to do that. Askl them if they can please do a review and please re-instate your previous apr. Many people have done this and have had their apr re-instated and sometimes reduced from its original apr. Keep us updated.

Re: Citi APR reduction!?

Anonymous — Fri, 16 Jan 2009 15:32:49 GMT

I don't see the backdoor phone number that you are referring to?

Re: Citi APR reduction!?

Anonymous — Fri, 16 Jan 2009 15:37:51 GMT

bentleyjrt wrote:
I don't see the backdoor phone number that you are referring to?

It is in the stickied thread at the top of the CC forum titled something like "Backdoor Numbers".

Re: Citi APR reduction!?

oracles — Fri, 16 Jan 2009 15:39:20 GMT

@Anonymous wrote:
I don't see the backdoor phone number that you are referring to?

Here is the number

Citi: 800-444-2568 (Retention Dept.)

Re: Citi APR reduction!?

Anonymous — Fri, 16 Jan 2009 16:01:41 GMT

Wow. Thank you for that tip. I did call the backdoor number and got right through. I got it lowered to a 9 promo rate and then at the end of the 9 mos rejected the new terms so it will go back to prime + 5.99. Sounds complicated, but it sounded like the most cost effective option. I was very pleased.

Re: Citi APR reduction!?

oracles — Fri, 16 Jan 2009 16:13:15 GMT

@Anonymous wrote:
Wow. Thank you for that tip. I did call the backdoor number and got right through. I got it lowered to a 9 promo rate and then at the end of the 9 mos rejected the new terms so it will go back to prime + 5.99. Sounds complicated, but it sounded like the most cost effective option. I was very pleased.

Very good, I am glad everything worked out well for you.

From a very good movie- Pay it forward