Citi Double Cash Offer

[financialfreedom777]

Hi all,

So, I received via snail-mail a "You've been PRE-SELECTED TO APPLY" for the Citi Double Cash Card. Thing is, the offer does not seem that great, or maybe it is during this pandemic times??? What do you think?

Should I apply or just wait until at least October (when I get my útil % down & age my recent inquiries) to go to my current accounts and ask for CLI? Looking to increase my limits across the board and get smarter with my cards, assuring I get ones with rewards/perks, then get rid of my crappy secured card with Merrick. Aside my credit blunders years back, this secured card is my 2nd biggest mistake. 

*NOTE: I live in Puerto Rico so my options for cards are limited here*

Citi Double Cash Offer:

- No annual fee (this is interesting)

- Choice of any available due date (big deal)

- 1% unlimited cash back on every purchase (this is interesting)

- 1% additional cash back as you pay back (also interesting)

- 0% intro APR for 9 months (9 months only ????? Seems weak)

- AFTER the 9 months it will be a whopping 23.99% APR (UGH, this is the biggest setback, seems very high)

My profile:

- My scores are very slowly yet surely improving. I have 4 baddies of 120+ days late but all are either paid or paid for less so marked as PAID.

- It's been slightly over 3 years since my last late... been paying on time for these years.

- Average age of accounts: 3yrs4mo

- Oldest account: 7yrs3mo. (I lived in Europe for years so have a thin file)

- Utilization: 22%

- 4 recent inquiries - the last one was 2 months ago for a car (paypal and 3 for car loans) - Both Paypal & car loan approved

- 10 revolving accounts - 6 of which are open and being paid as agreed

- My car note is still not being reflected on my reports.   

My limits are:

Paypal Credit:  $2,500 - Opened 4/2021 (use this one a lot)

Amazon Prime Store Card:  $1,500 - Opened 8/2020 (also use this one alot)

Merrick Secured Card:  $200 - Opened 5/2020 (Looking to close this one, its just a waste of cash)

Children's Place:  $860 - Opened 1/2020 & one auto CLI (the card I use the most, I get a lot of benefits from it)

Fingerhut: $1,000 - Opened 3/2014 (they've reduced my limit twice for no usage. I hate them but its one of my oldest accts)

Kohls:  $500 - Opened 1/2020 - Never used

PenFed Personal Loan: $706 balance - was $2,600. Opened 8/2020

[Remedios]

@financialfreedom777  I think you should wait.

Citi can be very sensitive to negatives, and four charge offs (that's what your paid or settled 120 days are) are still fairly recent in credit time.

If you don't mind a HP or two give it a try. 

[financialfreedom777]

Thank you

[SoCalGardener]

I agree, I think you should wait.

I have the Double Cash card and like it and everything, but after the novelty of earning cash back upon paying wore off, it didn't seem so special any more. I rarely use it, as I have other cards with much higher percentages, most notably my recently-upgraded Amex Blue Cash Preferred, with a whopping 6% on groceries!

So hold tight, wait for your scores to go up, and then try for whichever card looks best to you.

[financialfreedom777]

Amex Blue Card preferred at 6%???? OMG, I want to be you when I'm a grown up.

Ok, now I'm hungry for 6%. I will wait! Just put the offer (previously tacked to me fridge) in the trash.

Thanks a bunch!!!!

[SoCalGardener]

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@financialfreedom777 wrote:

Amex Blue Card preferred at 6%???? OMG, I want to be you when I'm a grown up.

Ok, now I'm hungry for 6%. I will wait! Just put the offer (previously tacked to me fridge) in the trash.

Thanks a bunch!!!!

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You're welcome! And thank you for the chuckle! That first sentence made me laugh out loud.

[Kraidle]

I think you might get denied with the profile you have at the moment. Just the utilization alone might be enough to have them turn you away, but adding to that the 120+ days knocks might have them on edge, even if they did happen some time ago. Work on your profile, and try to keep utilization below 10% when applying for cards. Low utilization helps massively. 

Also, I live in Puerto Rico, too. There's more options than you think. Just don't look at Barclay's cards, they don't offer anything here. Capital One only offers the Walmart card, so they're out, too. Most every big card issuer offers a lot over here, so don't get discouraged.

[FalconSteve]

Personally, I would wait. I think you got the pre-approval because they already made the mailing list.

[FinStar]

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@FalconSteve wrote:

Personally, I would wait. I think you got the pre-approval because they already made the mailing list.

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@FalconSteve It wasn't a pre-approved offer.  The OP stated in their post it was pre-selected solicitation which does not equal a pre-approval - just FYI. Citi sends these out fairly frequent for a lot of customers and non-customers.

[FalconSteve]

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@FinStar wrote:

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@FalconSteve wrote:

Personally, I would wait. I think you got the pre-approval because they already made the mailing list.

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@FalconSteve It wasn't a pre-approved offer.  The OP stated in their post it was pre-selected solicitation which does not equal a pre-approval - just FYI. Citi sends these out fairly frequent for a lot of customers and non-customers.

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Good catch, pre-selected, pre-approved, pre-qualifed they love confusing language.