Whats up Citibank?

[UncleB]

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@JustBPatient wrote:

Why not PC your DP to Doublecash?  I think they make you wait a year but it can be done.  Good luck!!

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I don't think the OP mentioned which Citi card he has, but if you're replying to me it's because I already have a 2.5% cash back card and would have no reason to use a 2% cash back card. 

Further, by keeping it as a Diamond Preferred through the end of the year I'm able to use the Citi Easy Deals portal, which has some retail gift cards for 10% off (occasionally they'll have a "good" one offered).  I say 'end of the year' since that's when my eligibility for the tier that offers GCs will expire.

If I don't decide to do it earlier, I'll likely PC to a Double Cash in January just so that I at least earn something when I make my bi-annnual purchase to keep the card alive.

[Anonymous]

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@UncleB wrote:

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@JustBPatient wrote:

Why not PC your DP to Doublecash?  I think they make you wait a year but it can be done.  Good luck!!

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I don't think the OP mentioned which Citi card he has, but if you're replying to me it's because I already have a 2.5% cash back card and would have no reason to use a 2% cash back card. 

Further, by keeping it as a Diamond Preferred through the end of the year I'm able to use the Citi Easy Deals portal, which has some retail gift cards for 10% off (occasionally they'll have a "good" one offered).  I say 'end of the year' since that's when my eligibility for the tier that offers GCs will expire.

If I don't decide to do it earlier, I'll likely PC to a Double Cash in January just so that I at least earn something when I make my bi-annnual purchase to keep the card alive

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[CreditCuriosity]

Way I got mine lowered 3 times before I still cancelled it finally (Premier) was calling into to cancel it each time they said why I said Craptistic APR on an AF card and a meh CL..  Chat didn't work it took the call in and saying I wanted to close the card three seperate times each time lowering the apr approx 3-4% for a total of around a 9-10 apr reduction.. Not sure whether that call in to cancel a NO AF card will work or not is a gamble and they could say sure we will close it and do it and you are SOL..  Speculation is it is easier to get an APR reduction on an AF card.

[Anonymous]

Im sorry, it's a Simplicit card. Nothing special.

And after reading all the replies as for the APR being irrelavent,

it is. It's just. Just because I have all my other cards APRs low.

So I asked for it to be lowered on citi and they gave me a run-around.

I could understand that I never really used it only for the BT.

Would be nice to get some of those $$$ but not in my case.

O/T:  where is the list of acronyms you guys are using. Would be

nice if you could hover over them to read what a PC to DP. i.e.

"Why not PC your DP to Doublecash?  I think they make you wait a year but it can be done."

Wuddesay? Tough to pick up some of these terms sometimes.

[UncleB]

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@Anonymous wrote:

Im sorry, it's a Simplicit card. Nothing special.

And after reading all the replies as for the APR being irrelavent,

it is. It's just. Just because I have all my other cards APRs low.

So I asked for it to be lowered on citi and they gave me a run-around.

I could understand that I never really used it only for the BT.

Would be nice to get some of those $$$ but not in my case.

O/T:  where is the list of acronyms you guys are using. Would be

nice if you could hover over them to read what a PC to DP. i.e.

"Why not PC your DP to Doublecash?  I think they make you wait a year but it can be done."

Wuddesay? Tough to pick up some of these terms sometimes.

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I share you feelings about APRs... while they are (usually) irrelevant, if it can be lower obviously that's preferable.

PC = product change, and DP in this context is Citi Diamond Preferred. 

This should help with the acronyms:  http://ficoforums.myfico.com/t5/User-Guidelines-General/Common-Abbreviations/td-p/88458

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

No Surprise

"The Act requires credit-card issuers to review and reevaluate APRs at least once every six months

and reduce them accordingly if the consumer has changed in certain ways, such as

if their credit score has improved."

That section of law is stupid. I can understand an issuer being required to reduce the interest rate back to "normal" after six months on on-time payments if a late payment triggered the penalty APR, but I do not see how the government can force a business to charge less for someone carrying a balance if they don't want to, regardless of how poor or strong their credit report is compared to when said customer applied for the card. If you want a more honest lender, go with a credit union and don't do business with a large corporate entity like Citi. 

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I think the law is basically exactly what you think it should be!

§ 1026.59 Reevaluation of rate increases.

(a)General rule -

(1)Evaluation of increased rate. If a card issuer increases an annual percentage rate that applies to a credit card account under an open-end (not home-secured) consumer credit plan, based on the credit risk of the consumer, market conditions, or other factors, or increased such a rate on or after January 1, 2009, and 45 days' advance notice of the rate increase is required pursuant to § 1026.9(c)(2) or (g), the card issuer must:

(i) Evaluate the factors described in paragraph (d) of this section; and

(ii) Based on its review of such factors, reduce the annual percentage rate applicable to the consumer's account, as appropriate.

So this applies when the rate has been increased by the issuer, it's not a general obligation to reduce an existing unchanged rate.   

[Anonymous]

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@Anonymous wrote:

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@Anonymous

So this applies when the rate has been increased by the issuer, it's not a general obligation to reduce an existing unchanged rate.   

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I thought that was a possibility. I think it's a poorly written law. It should be written in a more straight-forward manner. Clearly the language is confusing, so I really can't blame the OP for thinking they're entitled to a lower APR if their credit score increases. Unfortunately, that isn't the case.