CITI............seriously??

[Imhotrodcrazy]

So I decided to check the Citi site for pre-approvals.  All the cards came up for me.  But hold on,  the interest rate after 21 months is 22.99%,  and with my scores.  Citi will not be in my wallet. 

[Closingracer99]

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@Imhotrodcrazy wrote:

So I decided to check the Citi site for pre-approvals.  All the cards came up for me.  But hold on,  the interest rate after 21 months is 22.99%,  and with my scores.  Citi will not be in my wallet. 

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Does it really matter? You should be paying in full anyways.

[dwz55]

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@Closingracer99 wrote:

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@Imhotrodcrazy wrote:

So I decided to check the Citi site for pre-approvals.  All the cards came up for me.  But hold on,  the interest rate after 21 months is 22.99%,  and with my scores.  Citi will not be in my wallet. 

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Does it really matter? You should be paying in full anyways.

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Yes it matters, what's the point of having such high Fico scores if you're getting crappy terms, its a slap in the face.

[Imhotrodcrazy]

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@Closingracer99 wrote:

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@Imhotrodcrazy wrote:

So I decided to check the Citi site for pre-approvals.  All the cards came up for me.  But hold on,  the interest rate after 21 months is 22.99%,  and with my scores.  Citi will not be in my wallet. 

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Does it really matter? You should be paying in full anyways.

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I do PIF,  and yes it really matters.  I have worked hard to get where I am.  I would  never accept such an absurd interest rate at this point in my financial life.

[Imhotrodcrazy]

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@dwz55 wrote:

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@Closingracer99 wrote:

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@Imhotrodcrazy wrote:

So I decided to check the Citi site for pre-approvals.  All the cards came up for me.  But hold on,  the interest rate after 21 months is 22.99%,  and with my scores.  Citi will not be in my wallet. 

---

Does it really matter? You should be paying in full anyways.

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Yes it matters, what's the point of having such high Fico scores if you're getting crappy terms, its a slap in the face.

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Exactly,  and thank you.  That is exactly how I feel. 

[Closingracer99]

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@dwz55 wrote:

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@Closingracer99 wrote:

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@Imhotrodcrazy wrote:

So I decided to check the Citi site for pre-approvals.  All the cards came up for me.  But hold on,  the interest rate after 21 months is 22.99%,  and with my scores.  Citi will not be in my wallet. 

---

Does it really matter? You should be paying in full anyways.

---

Yes it matters, what's the point of having such high Fico scores if you're getting crappy terms, its a slap in the face.

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You shouldn't be paying interest so the APR is moot... IF you want to pay the banks interest you can be my guest. 

[Closingracer99]

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@Imhotrodcrazy wrote:

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@Closingracer99 wrote:

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@Imhotrodcrazy wrote:

So I decided to check the Citi site for pre-approvals.  All the cards came up for me.  But hold on,  the interest rate after 21 months is 22.99%,  and with my scores.  Citi will not be in my wallet. 

---

Does it really matter? You should be paying in full anyways.

---

I do PIF,  and yes it really matters.  I have worked hard to get where I am.  I would  never accept such an absurd interest rate at this point in my financial life.

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as I said you shouldn't be paying interest period .... I am more worried about rewards more then what is my APR. You also just looking at pre-qualified offers. I would rather cold app.

[Anonymous]

It seems like a lot of lenders are gradually raising interest rates now in anticipation of Janet Yellen raising the cost of borrowing.

[Imhotrodcrazy]

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@Closingracer99 wrote:

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 I would rather cold app.

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Have at it,  and good luck.

[Anonymous]

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@Imhotrodcrazy wrote:

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@dwz55 wrote:

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@Closingracer99 wrote:

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@Imhotrodcrazy wrote:

So I decided to check the Citi site for pre-approvals.  All the cards came up for me.  But hold on,  the interest rate after 21 months is 22.99%,  and with my scores.  Citi will not be in my wallet. 

---

Does it really matter? You should be paying in full anyways.

---

Yes it matters, what's the point of having such high Fico scores if you're getting crappy terms, its a slap in the face.

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Exactly,  and thank you.  That is exactly how I feel. 

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Having a lower APR is nice, but the only real things I care about are: 1) Rewards, 2) Benefits, and 3) Limit. The first two are most important since I generally get much higher limits than I need. APR is a bonus, but since I don't carry a balance, I don't need low APR cards. I have a low APR 50k limit card for emergencies (CU), but never use it. If a card offered me better rewards (points/bonus/cash back etc) or better benefits (lounge access and other perks), a high APR would not deter me from applying for the card. 

Pride in your score is fine, but you should not let your pride keep you from getting a card that has good overall value for you. If you carry balances occasionally, APR is likely the most important term. If you never carry balances, have a good stash of cash for emergencies, and don't anticipate carrying a balance, then low APR is a "bonus" term that is nice but not necessary. Don't get me wrong, I like having low APRs as well. But if I had to choose between a 3.1% cash back card with 29.99% APR and no fees or a 3% card with 7% APR and no fees, I would pick the former everytime. Why? I don't carry a balance and 0.1% cash back is better than 22.99% reduction in APR.