Frnd Applied CITI DOUBLE CASH credi card- have a question

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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Postby jcarte29 » Tue Feb 10, 2015 5:00 pm

rsudhakar948 wrote:My friend is not thinking to carry balance. His main intention is to build credit history and also earn rewards with the purchases.

No balance, PIF every month = 0 percent interest. plain and simple.

lobbythis wrote:Seems to be making a big deal out of nothing.

Just got SSN and $4900 card. Be happy. Plus, you keep hyping how he won't be carrying a balance anyways. Not sure why you would expect your first card to have the best rates in the world...c'mon now.

+2. Pay your dues, have your friend build his credit and not ask for a mile when given an inch (in this case more than most first time...)
CITI Diamond Preferred $5,800 [06-16]
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Postby MB131174 » Tue Feb 10, 2015 7:12 pm

so much YELLING in this POST
stalk me
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Postby rsudhakar948 » Thu Feb 12, 2015 12:28 pm

Thanks for your input.

CarefulBuilder14 wrote:If he ever needs to carry a balance at anything other than 0%, he should get a special 0% intro or no-fee balance transfer card when he needs it. Even if he can get a 20% APR down to 10%, that is still 10 percentage points too high for anyone with decent credit. There's 0% and then there's everything else.*

Edit: *At least with major bank cards for people with a short history. Consumers with very old accounts, long histories, or who belong to credit unions can get long-term APRs close to zero.

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Postby rsudhakar948 » Thu Feb 12, 2015 12:31 pm

thanks for the input
takeshi wrote:APR's are based on credit. Your friend's credit qualified for that APR. If a lower APR is desired then your friend needs to work on his credit and then request a reduction.

For someone who just got an SSN and was only an AU it's really not bad IMO.

Then the APR doesn't really matter. He'll get lower APR's as his credit improves and he qualifies for them. Low APR's aren't just handed out.

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Postby Fastphilly » Tue Feb 17, 2015 3:57 pm

I was just approved for that citi DC card. My starting limit is $6,600 but like the OP my APR is 20.99%. My Experian score was 741 the lowest of the three credit bureaus.

I was a bit upset when I seen my APR but since this will be a daily spender for bills, groceries, gas (when my Chase Freedom is in a unfavorable category) and will be paid off in full every month the APR won't effect me.

These Rewards cards are not ideal for carrying revolving balances.
In Wallet:
SM Credit Union Platinum Visa 15K (opened 2004)
Citi Double Cash MasterCard 6.6K (opened 2015)
Chase Freedom Visa 5K (2009) (morphed from Providian/Wa Mu)

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Postby JamesMS » Tue Apr 14, 2015 11:04 am

The APR might be as high as it is because your friend has a very short credit history and only having a SSN since January. To be honest, I am sort of surprised that Citi approved your friend with such a high limit. Congrats to your friend.
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