Citi refuses to lower my interest rate. What am I doing wrong?

[Anonymous]

Agreed A penalty APR shouldn't last this long. May want to bring this to Citi's attention

[Anonymous]

Terrible situation but funny analogy" good boy" LMFAOOOOO. Yes i have to agree that they should at least drop your rate by now.

[Anonymous]

Thanks for the replies, everyone.

[Anonymous]

There's a lot of good information in this thread. Thanks OP for sharing your story. I would look into the CARD Act like someone else mentioned to see if Citi is in violation. If you find they are not, you have a decision to make sock drawer or close and reapply. Personally, I wouldn't let a high APR prevent me from earning the 2% cash back, but I do understand your frustration with the situation. Best of luck!

[Anonymous]

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@beautifulblaquepearl wrote:

There's a lot of good information in this thread. Thanks OP for sharing your story. I would look into the CARD Act like someone else mentioned to see if Citi is in violation. If you find they are not, you have a decision to make sock drawer or close and reapply. Personally, I wouldn't let a high APR prevent me from earning the 2% cash back, but I do understand your frustration with the situation. Best of luck!

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If Citi is in violation of the CARD Act, the OP should have the grounds to sue Citi for all of the extra interest charges accumulated after the 1st six months of when the raised APR took effect, plus court fees and other costs. 

[Anonymous]

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@Anonymous wrote:

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If Citi is in violation of the CARD Act, the OP should have the grounds to sue Citi for all of the extra interest charges accumulated after the 1st six months of when the raised APR took effect, plus court fees and other costs. 

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@humuhumunukunukuapua'a wrote:

I am sure that Citi's terms and conditions for having the credit card allow them to assign a designated APR per the lender's choice based on risk assessment of the customer. That is not a violation of anything.

It doesn't have to be called a penalty APR. It's an APR they assigned based on their own risk assessment.

No one is guaranteed a specific APR on a card, nor an APR reduction, and Citi can choose the APR they wish to charge for each customer. Sorry, OP, I know it is frustrating for you.

I do agree with the others and am not sure why you would be carrying a balance on a rewards card, which would negate any net benefit from the rewards. 

[Anonymous]

The maximum APR Citi lists for the Double Cash isn't 28%.  Chances are the OP is paying a penalty APR which is regulated by the CARD Act, which is the law. 

[Anonymous]

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@Anonymous wrote:

The maximum APR Citi lists for the Double Cash isn't 28%.  Chances are the OP is paying a penalty APR which is regulated by the CARD Act, which is the law. 

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Citi's terms and conditions are fluid enough where they can determine the APR. I wouldn't assume otherwise since you don't know the OP"s profile nor Citi's end of things.

Since the card was PC'd from a different card, other terms may be applicable as well once the PC was enacted.

The OP should not even worry about the APR on this card since as he mentioned, he has other cards with low APR if he wishes to carry a balance.  

[lhcole77]

FWIW not everyone PIF on cards, even 2% back cards. Shyt happens, some charges need to be made and it's nice to know that APRs are as low as possible just in case.

I would think that Citi would let you back in with the good kids, but they can definitely be fickle.

If I were you I'd hit up my other lenders for APR reductions. I do it from time to time and now I have multiple cards in 7-8% range for just in case.

[Anonymous]

ihcole, how low were you able to get CitiAAdvantage? I'm at 13% on my AAdvantage now but I want to be like you when I grow up with an even lower AAdvantage APR.