Citi APR Reduction Spree

[expatCanuck]

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@Anonymous wrote:
I've had a Citi DC for going on 4 years. My FICO at time of application was around 730. The card was still new then and Citi was VERY stingy with CLs. My original limit was like 2k or something ridiculous like that.

Over the years theyve granted CLIs on the 6 month schedule like clock work. I ask once a month to have my interest rate of 25% reduced. They refuse and tell me I have no rate reduction offers currently.

I have an 815 FICO now, as reported by them, and have never missed a payment. I've also never carried a balance. This used to be my primary everyday spend card until I got the Fidelity card (lowest tier interest rate).

The card is now locked and SD. Between the high interest and a fraud issue last year that they tried to stick me with I'm kinda done with them. The only way I'll unlock the card and start using it again is if they drop the interest rate.

I don't expect they ever will, but I ask anyway. Not really much to miss if it ends up closed for no activity.

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Looks like you don't need the age or the limit.  I'd send them a polite, dispassionate letter (yes, a letter) advising them that, given your history as a customer and your credit score, you consider the APR to be an insult, and request that Citi either lower the APR to its lowest tier for that card, or close the card.  Make it clear that the choice is theirs, and that they have one billing cycle to make a decision.

But then, I'm just a no-nonsense kind of guy.

[atarvuzdar]

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@Anonymous wrote:
I've had a Citi DC for going on 4 years. My FICO at time of application was around 730. The card was still new then and Citi was VERY stingy with CLs. My original limit was like 2k or something ridiculous like that.

Over the years theyve granted CLIs on the 6 month schedule like clock work. I ask once a month to have my interest rate of 25% reduced. They refuse and tell me I have no rate reduction offers currently.

I have an 815 FICO now, as reported by them, and have never missed a payment. I've also never carried a balance. This used to be my primary everyday spend card until I got the Fidelity card (lowest tier interest rate).

The card is now locked and SD. Between the high interest and a fraud issue last year that they tried to stick me with I'm kinda done with them. The only way I'll unlock the card and start using it again is if they drop the interest rate.

I don't expect they ever will, but I ask anyway. Not really much to miss if it ends up closed for no activity.

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I'm honestly shocked to hear this. Citi has, in my view, been very kind to me--both in SL as well as APR reductions. Very easy bank to work with (again, for me). Sorry to hear about your troubles with the APR.

[MrCollector]

Looks like I've hit my limit. The CSR said 16.24% is the lowest the Platinum Select will go (it's advertised at 17.24%-25.24% so I'm inclined to believe them). 

A 7% APR reduction in less than a week is a (pretty big) win in my book. 

[Anonymous]

Hmm. Interesting. Pretty sure that this is the actual loophole to a single digit apr citi DC. A few got a citi aa card then got it down well below 8pct then pc to DC.

Regardless I'm glad to see citi offering up 7pct. I really like using apr at approval and apr reductions to gage how a bank views me.

[MrCollector]

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@MrCollector wrote:

Looks like I've hit my limit. The CSR said 16.24% is the lowest the Platinum Select will go (it's advertised at 17.24%-25.24% so I'm inclined to believe them). 

A 7% APR reduction in less than a week is a (pretty big) win in my book. 

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The rep was wrong. Asked today and got another reduction to 15.49%. 

[Anonymous]

Yep keep going! Get it to 7pct variable!

[Anonymous]

So interesting development tonight.  I called this time, as opposed to chatting, and asked to have my rate reduced.  The rep advised there were no offers, no shock there.  As I don't really care what happens to the card I figured I'd see what a retention offer might be and asked to close the card.  I was transferred to a rep state side who advised he could lower my rate by 2% right away if I'd keep the card.  I advised it wasn't ideal but it was at least a step in the right direction.  It's what he said next that clued me in to how this works...

Apparently you get an opportunity to reduce your interest rate at the same time you're able to increase your credit limit.  I've always used the online tool to get CLI's and that tool doesn't evaluate APR redux.  By using the tool you essentially agree to the new limit at your existing rate and the 6 month clock restarts.

So the take away is to call or chat with them when it's time so that they can do both the interest rate and the CL at the same time...  That's according to retention anyway.

[MrCollector]

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@Anonymous wrote:

So interesting development tonight.  I called this time, as opposed to chatting, and asked to have my rate reduced.  The rep advised there were no offers, no shock there.  As I don't really care what happens to the card I figured I'd see what a retention offer might be and asked to close the card.  I was transferred to a rep state side who advised he could lower my rate by 2% right away if I'd keep the card.  I advised it wasn't ideal but it was at least a step in the right direction.  It's what he said next that clued me in to how this works...

Apparently you get an opportunity to reduce your interest rate at the same time you're able to increase your credit limit.  I've always used the online tool to get CLI's and that tool doesn't evaluate APR redux.  By using the tool you essentially agree to the new limit at your existing rate and the 6 month clock restarts.

So the take away is to call or chat with them when it's time so that they can do both the interest rate and the CL at the same time...  That's according to retention anyway.

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Well that would go against my experience, as I got four APR reductions before I asked for a CLI, which was approved. And that was before I asked for another APR reduction. Maybe I'm just lucky.

[MrCollector]

The streak continues. Down to 14.49% now.

[Anonymous]

Good info, thanks! No HP or SP with those requests is there?