Citi 2.5% DC Offer

[Anonymous]

Lol, Wow this really sucks. I recently was speaking with the CRA and they were telling me how the simplicity was one of their top cards and very hard to get and I have been pushing it off in favor of the DC because all the same benefits plus the cash back.

I just don’t like the fact I can’t get my APR lowered on the simplicity. 😡

They denied me another reduction on the DC, but if they’re gonna take away all my benefits they need to lower the APR on the DC.

[longtimelurker]

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@Anonymous wrote:
Lol, Wow this really sucks. I recently was speaking with the CRA and they were telling me how the simplicity was one of their top cards and very hard to get and I have been pushing it off in favor of the DC because all the same benefits plus the cash back.

I just don’t like the fact I can’t get my APR lowered on the simplicity. 😡

They denied me another reduction on the DC, but if they’re gonna take away all my benefits they need to lower the APR on the DC.

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Well, they don't need to!  You can just cancel.

Really, APR is more related to their measure of risk.  And cutting these benefits may make you MORE risky as you may now have to pay a higher price for things without price rewind, and not get reimbursed for various travel issues.   So yes, increase the APR because we have cut benefits!

[Anonymous]

No, in my opinion they need to. Really irrelevant since I PIF, but it’s the principle. No I’m not going to screw up my age of accounts down the line by canceling, I would SD it before I did that.

I agree that APR is tied to risk, but it’s an old card and my score has risen, but yet they do not like to change the rate on the simplicity card.

I respectfully disagree that cutting benefits increases risk. It lowers their costs, Which increases their profits. If they’re going to take away my benefits I think they should offer a lower APR in its stead if they don’t have replacement benefits planned. Just my opinion.

Furthermore the guy told me about citi easydeals that are only for the simplicity card anybody heard of that?

[Anonymous]

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@Anonymous wrote:
No, in my opinion they need to. Really irrelevant since I PIF, but it’s the principle. No I’m not going to screw up my age of accounts down the line by canceling, I would SD it before I did that.

I agree that APR is tied to risk, but it’s an old card and my score has risen, but yet they do not like to change the rate on the simplicity card.

I respectfully disagree that cutting benefits increases risk. It lowers their costs, Which increases their profits. If they’re going to take away my benefits I think they should offer a lower APR in its stead if they don’t have replacement benefits planned. Just my opinion.

Furthermore the guy told me about citi easydeals that are only for the simplicity card anybody heard of that?

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Citi used to have "Easy Deals" as a reward program on other cards going back a few years. In my memory, they were added to my Citi Platinum Select Master Card which was strictly a beginner no frills card one step above the secured card going back to 2009+.

[Anonymous]

I have the accelerated savings account at 2.36% and it is working out lovely.  I would be interested to know what other acconts are offering 2+%.  Do you have a link to "Doc's list"?  I haven't recieved the offer for DC but I would be mildly interested.  My credit score is sub prime at the moment.  

One data point I will share on the con side for Citi re: accounts: if you open up an account from a different state, you have to create a unique online ID for it.  I have a checking and accelerated savings out of CA.  Last week I opened up a savings account in VA.  The special is 2% interest for 3 months with max interest payout of $2500.  I opened the account with 25K and was going to transfer some of the money in the accerlated savings online.  When I tried to do that, I found out about the fine print.  The branch banker and phone CSR were completely worthless.  The branch didn't issue me a debit card for that account and you can't set up an online profile without one.  So, until I can get to a branch to transfer funds, I'm not getting the full advantage of this offer.   

Having said all that, I would like to get a Citi card so that I can diversify.

[longtimelurker]

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@Anonymous wrote:

I have the accelerated savings account at 2.36% and it is working out lovely.  I would be interested to know what other acconts are offering 2+%.  Do you have a link to "Doc's list"? 

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List is https://www.doctorofcredit.com/high-interest-savings-to-get/

First group is basic savings, then there are other higher options with extra requirements (such as X debit card transactions per month).

A number of banks still offer 2.5+% but several (including some of mine!) have reduced rates by 0.2% or more.

[Anonymous]

thanks for the quick reply.  There only a few of these that offer more than Citi accelerated.  A lot of them have caps "up to 3,000".  I may look at others after the three month period is over for my 2nd Citi Savings account.

[longtimelurker]

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@Anonymous wrote:

thanks for the quick reply.  There only a few of these that offer more than Citi accelerated.  A lot of them have caps "up to 3,000".  I may look at others after the three month period is over for my 2nd Citi Savings account.

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Most at the top of the first list (earning 2.5+%) are either uncapped or capped  fairly high.

The "Mega High Interest" ones are much more likely to be capped, but things like Orion earning 4% for $30K can still be attractive.

It's certainly welcome that citi has stepped into this space, maybe other big banks will follow.

[Anonymous]

Citi seems to have no lights on anymore. Let the blindfolded dart championship commence!

[zerofire]

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@kdm31091 wrote:

A fraction of a percent of extra cash back or points isn't worth moving a bunch of money around IMO unless you planned on using Citi long term anyway. Even at 20k spend a year that extra 0.5% is only $100, which is lower than most sign up bonuses out there (which you can get with less effort and don't have to move money). So this is more sparkle than substance.

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Sparkle is what gets the sheeple into the branch. Substance is what gets the sheep herders. Clearly we are not wanted.