I wasn't planning on app'ing anything for at least the next year but we have finally gotten a Costco which opens in November and I've come to realize that using an Amex or MC in their store isn't possible. The Costco card has been on my radar and is one I was going to try for eventually, but now it seems a little more necessary if we plan to make use of the store (and we do).
Does anyone know if Citi has something similar to the Chase 5/24 rule? Is the Costco card any easier or more difficult to get approval for? They declined my app for a Premier back in August and I want to say it was based on inquiries or new trade lines. I'm definitely well over five in the last 24 months. I spoke with them to try for a recon, but got the whole "this is the algorithm and they can't change it" line. Perfect payment history and overall utilization of 11-12% made no difference.
Appreciate any feedback.
I've had my Citi cards for awhile, but reading here on MyFico I've learned Citi can be inquiry sensitive. Therefore you may want to search the Credit Application Approvals for any data points.🙂
Yeah, we just need to maximize the points and would prefer to do that with one card versus splitting our monthly spend between two or three different cards. Currently, the Amex Blue Cash Everyday has been the go-to, but I may have to split between that and our Chase Sapphire.
The Citi Costco is one of the hardest Citi cards to obtain (together with Premier). Anyway, to bypass it, you may apply for an easier card and after sometime, request to PC it to Costco. It is a dead-end card and you cannot PC Costco to another card.
The Citi Costco gives 2% on Costco while you can find several cards in the market that give similar or even better cashback. In this year, Affinity Cash Rewards was the best card for shopping at Costco (giving 7% almost in the entire of the year).
Fico8: EX~EQ~TU~840 (12 month goal~850).
@pcmedic2k wrote:Have the Costco Executive Membership and the Citi Costco Visa. In my opinion the combination is a Win-Win if you shop Costco regularly as we do. Using the Costco Visa while shopping there we earn 2% back (Executive Membership) and 2% back (Costco Visa). This has always resulted in more than enough membership rewards to pay for our membership renewal each year as well as another $100 -200 in cash back on the Visa rewards side.
Getting back to your question, my understanding is that Citi like most banks has different criteria for their own cards vs retailer branded cards, and each of the retailer cards has its own criteria. Not sure how strict they are on the 5/24 rule as when I got my Costco Visa I was over that. I can say they (Citi) are odd in their approvals. When I got approved I had just been approved 3 days earlier for their Citi Double Cash Card with only a $1300 (one of my lowest). Few days later was in Costco with my son and they were offering a deal on the membership if you were approved for the Citi Costco Card, figured why not and applied there in store while getting my membership and was approved for $5K. Still no where near some of my other limits, but a surprise considering they only gave me 1.5K a few days earlier on a different card.
Not sure this helps, but if you really want the card I would say first try the pre-qual on Citi's site (remember not a guarentee) and if and not real concerned about the hard inquiry go for it and apply.
5/24 is a Chase thing, not Citi.
To avoid accumulating HPs, you may use the prequal website to check the CC offers and the odds of approval. For the most difficult cards, they typically prefer ~6 month clean sheet (almost no inquiry), but it can vary from profile to profile.
I do not recommend applying for CC at any counter or checkout (apply online or in branch).