Citi APR Reduction

[joeyh2007]

After having my Citi Platinum Select for 5 years, I can't believe all that I've been through with it. 

At one point, Citi had my APR at 8.9%. Then Dodd/Frank can along. At that point I got a letter in the mail saying that my APR was being raised from 8.9% to 29.990%.

The first thing I did was call and ask what I did wrong. They said I did nothing wrong, but could not explain the increase. Since the card has no AF, I stopped using it except for around $20/month. 

Finally after having no luck with Citi, I called the backdoor number and was given an APR reduction to 19.99%. I took this as a victory, but I still an not going to carry a balance on this card until the APR get as close to 10% or less. 

How soon should I call again and ask for another reduction?

[mxp114]

The next global APR review by the system is in August but you can call at anytime, typically once per six months is good.

[heirophant]

Pardon my ignorance, buth what is Dodd/Frank?

[joeyh2007]

Dodd/Frank implemented financial regulatory reform. Essentially, the banks had to follow new procedures and this caused a lot of people to see elevated APRs and lower CLs. Shortly after the bill was signed, I got the letter about my rate hike, so I'm just noting a coincidence.

[heirophant]

Is this the same as the CARD act?  I had similar things happen to my Juniper account a couple of years ago, but I read on this forum that everyone got letters that they were getting rate-jacked, so I didn't feel so bad.

[Anonymous]

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@heirophant wrote:

Is this the same as the CARD act?  I had similar things happen to my Juniper account a couple of years ago, but I read on this forum that everyone got letters that they were getting rate-jacked, so I didn't feel so bad.

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Totally different.

http://en.wikipedia.org/wiki/Credit_CARD_Act_of_2009

http://en.wikipedia.org/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act