topic Re: Citi APR going up but with a special twist in Credit Cards

Citi APR going up but with a special twist

669 — Tue, 10 Nov 2009 01:05:21 GMT

Hello All

Received my Citi letter today informing me of my rate increase to 23.99%, but I have not seen on the forums the offer that Citi gave me.

The offer basically is if I do a balance transfer of $5000.00 or more, Citi will DECREASE my apr to 15.99% for existing balance and the balance transfer until January 1, 2011, with no balance transfer fee.

I have a credit limit of $13700.00 with a balance of $6000.00, I could pay off some other bills with the $5000.00 BT but my card will look nearly maxed out.

My questions are:

Has anyone else seen this offer?

Should I take advantage of this and pay off some other cards with APR's higher than 15.99%?

Should i call Citi and see if they will give me a CLI of $5000.00 to off set the transfer if i go that route?

Re: Citi APR going up but with a special twist

DI — Tue, 10 Nov 2009 01:12:13 GMT

@669 wrote:
Hello All

Received my Citi letter today informing me of my rate increase to 23.99%, but I have not seen on the forums the offer that Citi gave me.

The offer basically is if I do a balance transfer of $5000.00 or more, Citi will DECREASE my apr to 15.99% for existing balance and the balance transfer until January 1, 2011, with no balance transfer fee.

I have a credit limit of $13700.00 with a balance of $6000.00, I could pay off some other bills with the $5000.00 BT but my card will look nearly maxed out.

My questions are:

Has anyone else seen this offer?

Should I take advantage of this and pay off some other cards with APR's higher than 15.99%?

Should i call Citi and see if they will give me a CLI of $5000.00 to off set the transfer if i go that route?

I wouldn't take the offer. I would try to find a card to transfer the balance from them rather than add to it. It's no telling what they may do after January 2011. Raising your rates and offering to lower it if you charge more is selfish of Citi.

Re: Citi APR going up but with a special twist

Anonymous — Tue, 10 Nov 2009 05:16:06 GMT

@669 wrote:
Hello All

Received my Citi letter today informing me of my rate increase to 23.99%, but I have not seen on the forums the offer that Citi gave me.

The offer basically is if I do a balance transfer of $5000.00 or more, Citi will DECREASE my apr to 15.99% for existing balance and the balance transfer until January 1, 2011, with no balance transfer fee.

I have a credit limit of $13700.00 with a balance of $6000.00, I could pay off some other bills with the $5000.00 BT but my card will look nearly maxed out.

My questions are:

Has anyone else seen this offer?

Should I take advantage of this and pay off some other cards with APR's higher than 15.99%?

Should i call Citi and see if they will give me a CLI of $5000.00 to off set the transfer if i go that route?

Of course you should take the offer. No BT fee makes it a no brainer. Then immediately pay it off.

Re: Citi APR going up but with a special twist

Karatz — Tue, 10 Nov 2009 06:26:15 GMT

@Anonymous wrote:
@669 wrote:
Hello All

Received my Citi letter today informing me of my rate increase to 23.99%, but I have not seen on the forums the offer that Citi gave me.

The offer basically is if I do a balance transfer of $5000.00 or more, Citi will DECREASE my apr to 15.99% for existing balance and the balance transfer until January 1, 2011, with no balance transfer fee.

I have a credit limit of $13700.00 with a balance of $6000.00, I could pay off some other bills with the $5000.00 BT but my card will look nearly maxed out.

My questions are:

Has anyone else seen this offer?

Should I take advantage of this and pay off some other cards with APR's higher than 15.99%?

Should i call Citi and see if they will give me a CLI of $5000.00 to off set the transfer if i go that route?

Of course you should take the offer. No BT fee makes it a no brainer. Then immediately pay it off.

6000 at 23.99

vs 6000+5000-5000 at 15.9

easy choice

Re: Citi APR going up but with a special twist

DI — Tue, 10 Nov 2009 11:57:07 GMT

@Anonymous wrote:
@669 wrote:
Hello All

Received my Citi letter today informing me of my rate increase to 23.99%, but I have not seen on the forums the offer that Citi gave me.

The offer basically is if I do a balance transfer of $5000.00 or more, Citi will DECREASE my apr to 15.99% for existing balance and the balance transfer until January 1, 2011, with no balance transfer fee.

I have a credit limit of $13700.00 with a balance of $6000.00, I could pay off some other bills with the $5000.00 BT but my card will look nearly maxed out.

My questions are:

Has anyone else seen this offer?

Should I take advantage of this and pay off some other cards with APR's higher than 15.99%?

Should i call Citi and see if they will give me a CLI of $5000.00 to off set the transfer if i go that route?

Of course you should take the offer. No BT fee makes it a no brainer. Then immediately pay it off.

One should not let a no BT fee entice them to do a BT...especially if it's doesn't come with a 0% APR. One can't assume that the OP will have the funds to pay i$11,000 by Jan. 2011.. If the OP does the BT by adding $5000 to the $6000 current balance, $11,000 is a large CC balance to owe to any creditor. Trying to save a few pennies with Citi may cause adverse action from the OP's other creditors.

How long has the OP been carrying the $6000 balance? Is the OP carrying any other credit card debt? Those are valid pertinent questions to ask before advising to take the offer.

Re: Citi APR going up but with a special twist

Anonymous — Tue, 10 Nov 2009 14:18:48 GMT

I received the same letter from Citibank on 11/6/09. If I do not borrow an additional $5000 minimum @ 12.99% I will opt out and they will close my account on the expiration date. My APR for purchases after this offer expires will be 23.99%. I currently have a fairly large outstanding balance with Citibank at 0% through June 2010. If I take the $5000, they are forcing me to pay interest on my 0% balance. It is all quite upsetting. In my case, I will not take the $5000 and will continue paying until June 2010 @ 0%, then pay it off or BT. Citibank must be very confused! After receiving the OPT out letter/offer, I received an offer (yesterday, 11/9/09) for 0% balance transfer through July 2010 or 1.99% through Feb 2011. I also received the offer via e-mail! How can they do this without being in some type of violation?

Re: Citi APR going up but with a special twist

Anonymous — Tue, 10 Nov 2009 15:35:18 GMT

Just incase Karatz and I weren't clear enough:

Take the BT. Immediately pay off the BT. (The payment will go to the balance with the lowest APR, which is the BT = 0%. I don't believe Citi has changed the payment order yet, but check your terms carefully to make sure they haven't.) By doing so you locked in a lower APR for yourself. If you are working on a 0% intro offer you will have to check if the new rate will apply to an existing balance. The rate hike may not apply to you if the old rate is a promo until that promo expires.

Re: Citi APR going up but with a special twist

DI — Tue, 10 Nov 2009 15:37:40 GMT

@Anonymous wrote:
Just incase Karatz and I weren't clear enough:

Take the BT. Immediately pay off the BT. (The payment will go to the balance with the lowest APR, which is the BT = 0%. I don't believe Citi has changed the payment order yet, but check your terms carefully to make sure they haven't.) By doing so you locked in a lower APR for yourself. If you are working on a 0% intro offer you will have to check if the new rate will apply to an existing balance. The rate hike may not apply to you if the old rate is a promo until that promo expires.

One can't assume that the OP will have the funds to pay i$11,000 by Jan. 2011..

Re: Citi APR going up but with a special twist

Anonymous — Tue, 10 Nov 2009 15:41:19 GMT

Immediately means as soon as the BT funds are delivered, not eventually. There are always ways to convert a BT into ready cash! (Without incurring any fees.)

Re: Citi APR going up but with a special twist

DI — Tue, 10 Nov 2009 15:48:51 GMT

I sure would like to know what decision 669 makes.

Re: Citi APR going up but with a special twist

669 — Tue, 10 Nov 2009 15:49:13 GMT

creditwherecreditisdue is trying to say, transfer the $5000.00 and as soon as the funds are availible pay the $5000.00 back to Citi and I will be locked in to the 15.99% APR until 01/2011

Am I correct?

If so that is very smart!!!!!!!

Re: Citi APR going up but with a special twist

DI — Tue, 10 Nov 2009 15:51:12 GMT

@Anonymous wrote:
I received the same letter from Citibank on 11/6/09. If I do not borrow an additional $5000 minimum@ @ 12.99% I will opt out and they will close my account on the expiration date. My APR for purchases after this offer expires will be 23.99%. I currently have a fairly large outstanding balance with Citibank at 0% through June 2010. If I take the $5000, they are forcing me to pay interest on my 0% balance. It is all quite upsetting. In my case, I will not take the $5000 and will continue paying until June 2010@ @ 0%, then pay it off or BT. Citibank must be very confused! After receiving the OPT out letter/offer, I received an offer (yesterday, 11/9/09) for 0% balance transfer through July 2010 or 1.99% through Feb 2011. I also received the offer via e-mail! How can they do this without being in some type of violation?

You've made the right decision.

Re: Citi APR going up but with a special twist

DI — Tue, 10 Nov 2009 15:52:42 GMT

@669 wrote:
creditwherecreditisdue is trying to say, transfer the $5000.00 and as soon as the funds are availible pay the $5000.00 back to Citi and I will be locked in to the 15.99% APR until 01/2011

Am I correct?

If so that is very smart!!!!!!!

That would be smart. But, CWCID also says make sure you read the terms. Things may not pan out as planned.

Re: Citi APR going up but with a special twist

Anonymous — Tue, 10 Nov 2009 16:20:06 GMT

DI, when was the last time I suggested an un-smart thing to do?

Re: Citi APR going up but with a special twist

DI — Tue, 10 Nov 2009 16:22:18 GMT

@Anonymous wrote:
DI, when was the last time I suggested an un-smart thing to do?

Never!

Re: Citi APR going up but with a special twist

Anonymous — Tue, 10 Nov 2009 16:24:01 GMT

Re: Citi APR going up but with a special twist

669 — Tue, 10 Nov 2009 16:44:14 GMT

OK, took a look at the terms and conditions online at Citi Do you think the 3rd line will hurt me?????????? Terms & Conditions

You will not qualify for this offer if you are in default under any Card Agreement.
We reserve the right to conduct a credit review, including obtaining third party credit reports, to determine your eligibility for this offer.
You cannot transfer balances from other accounts issued by Citibank (South Dakota), N.A. or its affiliates.
Be sure you do not transfer any disputed charges, as you may lose your dispute rights.
Transferred balance amounts do not earn any miles, rebates, points or reward benefits associated with your card, unless otherwise indicated.
Valid only for U.S., Puerto Rico, and U.S. Virgin Islands based cardmembers and creditors located in those areas.
Payments are allocated to pay off lower APR balances before higher balances.
Your card is issued by Citibank (South Dakota), N.A.

Re: Citi APR going up but with a special twist

Anonymous — Tue, 10 Nov 2009 22:43:33 GMT

How is it not deceptive in some way to be sending me better offers after the OPT out letter? Many may not even look at the piece of mail, which looks like junk mail and so have not clue about the opt out terms. What if I took out an additional 0% transfer not knowing about the opt letter? Then what? I feel this is really a wrong practice. If they want me to OPT out, then STOP SENDING additional promo's! Something has to be done about this!

Re: Citi APR going up but with a special twist

Anonymous — Tue, 10 Nov 2009 22:53:45 GMT

I am sorry and new at this. Should I have started my own discussion?