topic Re: Citi APR Decreases in Credit Cards

Citi APR Decreases

Anonymous — Thu, 03 May 2018 20:00:21 GMT

I'm working on growing my ThankYou Premier card, as it will be a year old at the end of the month. For the second time in two days, I've had the interest rate reduced from 24.99% >> 21.49% >> 17.49%.

I was wondering if there's a point Citi will stop decreasing the interest rate if I keep asking everyday, or will they keep lowering it until I get single digits? Any data points or useful information?

Re: Citi APR Decreases

FinStar — Thu, 03 May 2018 20:12:45 GMT

Once you've exhausted all potential channels to obtain the lowest possible APR (chat, phone, SM, etc.), then the account will reach a "ceiling".

This all depends a lot on the internal/behavioral score with Citi and other external factors that make each account elegible. You can potentially have 4 or 6 legacy accounts with Citi, but say only 3 will qualify for a lower APR adjustment, for instance. Single digit APRs are more trivial to obtain.

Re: Citi APR Decreases

DemonHusker — Thu, 03 May 2018 21:51:10 GMT

May I ask how did you go about getting the APR decrease? Also how long do you have to have the card open before you are eligible. I got the same card back in December so it might be to early for me, but I would like to know

Thanks

Re: Citi APR Decreases

K-in-Boston — Thu, 03 May 2018 21:58:56 GMT

Ask via chat every day until they tell you they no longer have an offer to reduce your APR. I'm not sure why they can only do 2% at a time, but for some reason that's the way it works. Got DW's Double Cash down a while back from 25.49% (rate jacked in the credit crunch) to 14.49% in steps of 2% at a time until that last one which just went from 15.49% to 14.49%. The best part is if you get a comedian that tells you: "I have good news, you have 3 offers! Your account is eligible for a 1% APR decrease, a 1.5% APR decrease, or a 2% APR decrease. Which one would you like me apply?"

Re: Citi APR Decreases

Anonymous — Fri, 04 May 2018 00:01:07 GMT

@K-in-Boston wrote:
Ask via chat every day until they tell you they no longer have an offer to reduce your APR. I'm not sure why they can only do 2% at a time, but for some reason that's the way it works. Got DW's Double Cash down a while back from 25.49% (rate jacked in the credit crunch) to 14.49% in steps of 2% at a time until that last one which just went from 15.49% to 14.49%. The best part is if you get a comedian that tells you: "I have good news, you have 3 offers! Your account is eligible for a 1% APR decrease, a 1.5% APR decrease, or a 2% APR decrease. Which one would you like me apply?"

Most people get 2%, but it looks like I was able to receive a ~7% decrease in a 22 hour period over two days, equating to around 3.5% a day. I'm not sure if it has to do with the fact that 24.99% is basically highway robbery, but who knows.

Re: Citi APR Decreases

Anonymous — Fri, 04 May 2018 00:05:24 GMT

@DemonHusker wrote:
May I ask how did you go about getting the APR decrease? Also how long do you have to have the card open before you are eligible. I got the same card back in December so it might be to early for me, but I would like to know

Thanks

The card is a few weeks from being a year old. You can do it on chat (on Citi's website). Just make sure you ask nicely.

Re: Citi APR Decreases

wasCB14 — Fri, 04 May 2018 00:23:28 GMT

@Anonymous wrote:
@DemonHusker wrote:
May I ask how did you go about getting the APR decrease? Also how long do you have to have the card open before you are eligible. I got the same card back in December so it might be to early for me, but I would like to know

Thanks
The card is a few weeks from being a year old. You can do it on chat (on Citi's website). Just make sure you ask nicely.

Also keep an eye out for targeted email promos. I got a 1.99% for 8 months offer when my Prestige had only been open for 4 months.

Re: Citi APR Decreases

Anonymous — Fri, 04 May 2018 00:29:09 GMT

@wasCB14 wrote:
@Anonymous wrote:
@DemonHusker wrote:
May I ask how did you go about getting the APR decrease? Also how long do you have to have the card open before you are eligible. I got the same card back in December so it might be to early for me, but I would like to know

Thanks
The card is a few weeks from being a year old. You can do it on chat (on Citi's website). Just make sure you ask nicely.
Also keep an eye out for targeted email promos. I got a 1.99% for 8 months offer when my Prestige had only been open for 4 months.

I just recently finished a 0% for 8 months promotion on my card, which is why I started asking for APR decreases.

Re: Citi APR Decreases

K-in-Boston — Fri, 04 May 2018 01:35:22 GMT

@Anonymous wrote:
@K-in-Boston wrote:
Ask via chat every day until they tell you they no longer have an offer to reduce your APR. I'm not sure why they can only do 2% at a time, but for some reason that's the way it works. Got DW's Double Cash down a while back from 25.49% (rate jacked in the credit crunch) to 14.49% in steps of 2% at a time until that last one which just went from 15.49% to 14.49%. The best part is if you get a comedian that tells you: "I have good news, you have 3 offers! Your account is eligible for a 1% APR decrease, a 1.5% APR decrease, or a 2% APR decrease. Which one would you like me apply?"
Most people get 2%, but it looks like I was able to receive a ~7% decrease in a 22 hour period over two days, equating to around 3.5% a day. I'm not sure if it has to do with the fact that 24.99% is basically highway robbery, but who knows.

Sorry I was not clearer. I meant 2% per chat session. The reduction from 25.49% to 14.49% was over the course of 9 days. There have been a lot of reports here of people asking every day or even multiple times in a single day, so my wait every 48 hours was likely overly cautious. Did you receive more than 2% in a single request? That would be a new DP.

Re: Citi APR Decreases

Anonymous — Fri, 04 May 2018 01:48:44 GMT

I'm still on my 21 months 0% APR for purchases and BT's on the Diamond Preffered, so I plan to wait unil that'sover before I ask for any reductions. I just feel that it seems weird to ask for one when I'm not currently subject to any interest fees. lol

But it's cool to hear how easy it seems to get them, if youre persistant.

Re: Citi APR Decreases

Anonymous — Fri, 04 May 2018 11:18:59 GMT

@K-in-Boston wrote:
@Anonymous wrote:
@K-in-Boston wrote:
Ask via chat every day until they tell you they no longer have an offer to reduce your APR. I'm not sure why they can only do 2% at a time, but for some reason that's the way it works. Got DW's Double Cash down a while back from 25.49% (rate jacked in the credit crunch) to 14.49% in steps of 2% at a time until that last one which just went from 15.49% to 14.49%. The best part is if you get a comedian that tells you: "I have good news, you have 3 offers! Your account is eligible for a 1% APR decrease, a 1.5% APR decrease, or a 2% APR decrease. Which one would you like me apply?"
Most people get 2%, but it looks like I was able to receive a ~7% decrease in a 22 hour period over two days, equating to around 3.5% a day. I'm not sure if it has to do with the fact that 24.99% is basically highway robbery, but who knows.
Sorry I was not clearer. I meant 2% per chat session. The reduction from 25.49% to 14.49% was over the course of 9 days. There have been a lot of reports here of people asking every day or even multiple times in a single day, so my wait every 48 hours was likely overly cautious. Did you receive more than 2% in a single request? That would be a new DP.

I thought you could only request one decrease per day. I did agree with your 2% per chat session point - but was saying I found it odd how they gave me 3.5% during each of my last two requests over chat (instead of the usual 2%).

Re: Citi APR Decreases

Anonymous — Fri, 04 May 2018 11:25:44 GMT

@Anonymous wrote:
I'm still on my 21 months 0% APR for purchases and BT's on the Diamond Preffered, so I plan to wait unil that'sover before I ask for any reductions. I just feel that it seems weird to ask for one when I'm not currently subject to any interest fees. lol

But it's cool to hear how easy it seems to get them, if youre persistant.

Yeah they most likely won't lower anything until your promo period is over. I asked before my 8 months promo period began and they said they couldn't lower the interest rate, so it's "interesting" that they're able to lower it now. *tisk, tisk, bang*

Re: Citi APR Decreases

K-in-Boston — Fri, 04 May 2018 13:18:53 GMT

@Anonymous wrote:
I thought you could only request one decrease per day. I did agree with your 2% per chat session point - but was saying I found it odd how they gave me 3.5% during each of my last two requests over chat (instead of the usual 2%).

Ooh, that's odd but in a good way since it's a data point in a good direction. I've mentioned my 48 hour wait between requests on DW's account in previous Citi CLI threads and there were a handful of people that chimed in that they asked more than once in a day with success, so I don't think there's really a minimum wait period. Wish we had a Pooka89 for every major lender to clarify these things.

Re: Citi APR Decreases

irunfromcredit — Fri, 04 May 2018 13:21:13 GMT

I was recently approved for the Citi Double Cash and my initial APR was 20.99%. I jumped on chat and asked for a reduction and they gave me a 5.25% reduction to 15.74%. Tried again next day and was told I didn’t have any offers. I’ve had the card a few weeks now. Will try again after my first statement cuts

Re: Citi APR Decreases

sarge12 — Fri, 04 May 2018 13:48:54 GMT

@irunfromcredit wrote:
I was recently approved for the Citi Double Cash and my initial APR was 20.99%. I jumped on chat and asked for a reduction and they gave me a 5.25% reduction to 15.74%. Tried again next day and was told I didn’t have any offers. I’ve had the card a few weeks now. Will try again after my first statement cuts

For someone with the irunfromcredit user name you sure seem to use a lot of it...I've always loved your user name!!!

Re: Citi APR Decreases

Anonymous — Fri, 04 May 2018 14:23:48 GMT

Asked Citi again today... 17.74% >>> 16.49%

Re: Citi APR Decreases

K-in-Boston — Fri, 04 May 2018 15:04:47 GMT

Much improved! Since this one was only 1.25% I'm going to say you found your current APR floor for the card. Not bad at all; I think the floor for new accounts on that card is 15.99%.

Re: Citi APR Decreases

Anonymous — Fri, 04 May 2018 15:18:55 GMT

@K-in-Boston wrote:
Much improved! Since this one was only 1.25% I'm going to say you found your current APR floor for the card. Not bad at all; I think the floor for new accounts on that card is 15.99%.

When I PC it to a Prestige at the end of the month, it'll be below the floor by 0.75% or so.

Re: Citi APR Decreases

K-in-Boston — Fri, 04 May 2018 15:39:40 GMT

Having only done a single Citi PC (with DW's Diamond Preferred to Double Cash in the past (which did stay at 14.49%)), I'm not too familiar with Citi's policies on PCs. With other lenders, usually an APR gets adjusted in a PC if they have differing APRs. Is that not the case? As an example, with NFCU if you did a PC from Go Rewards to Flagship Rewards and had an APR of 10.49% (lowest for Go) then it would be raised to 11.49% (lowest for Flagship). Another example would be BoA; if you had a BankAmericard with the lowest 13.49% APR and performed a PC, your APR would increase to 14.49% with a Cash Rewards or 16.49% on a Travel Rewards.

Re: Citi APR Decreases

FinStar — Fri, 04 May 2018 15:43:30 GMT

With Citi, they will honor whichever APR you have during conversion, even if it's much lower than what the standard or ongoing APR is for the product being converted.