Frnd Applied CITI DOUBLE CASH credi card- have a question

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
16 posts
rsudhakar948
Green Member
Green Member
 
Posts: 22
Joined: Wed Oct 08, 2014 9:31 pm
Location: colorado

Frnd Applied CITI DOUBLE CASH credi card- have a question

Postby rsudhakar948 » Mon Feb 09, 2015 10:09 am

Hi,
This post is on behalf of my friend. Who got SSN in Jan 2015. He been an authorized user on some one's account who has good credit history. He checked on Creditkarma and he has 730+ credit score on EQUIFAX and TRANSUNION. So he Applied for CITI DOUBLE CASH credit card and was approved $4900 instantly .

The Terms on the approved credit card says 15 months 0% APR and after 15 months the APR is 20.49 .


I think the APR is really high on this credit card. Please pour in your thoughts and what can be done to reduce the APR.


popamode72
Centurion Member
Centurion Member
 
Posts: 1099
Joined: Sun May 04, 2014 4:41 pm
Location: Atlanta, GA

Postby popamode72 » Mon Feb 09, 2015 11:00 am

Knowing Citi, calling normal customer service would be a waste of time IMO. I got my APR reduction when I had one of their cards through the executive office after my card had turned a year old. I think calling them would be his best bet at getting something.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)

beef.stu
Centurion Member
Centurion Member
 
Posts: 122
Joined: Wed Dec 26, 2012 12:03 am
Location: Bay Area

Postby beef.stu » Mon Feb 09, 2015 11:02 am

If they were planning on carrying a balance outside of the first 15 months of 0% interest, then they should not have applied for a rewards credit card like the double cash.
(01/10) - Wells Fargo VISA Platinum
(05/10) - Techron Advantage
(10/12) - Amex BCE
(02/13) - Chase Freedom VISA
(09/13) - Discover It
(03/14) - Sallie Mae WMC
(09/15) - Citi Double Cash WEMC
(09/16) - US Bank Cash+ VISA Signature

rsudhakar948
Green Member
Green Member
 
Posts: 22
Joined: Wed Oct 08, 2014 9:31 pm
Location: colorado

Postby rsudhakar948 » Mon Feb 09, 2015 11:19 am

thats sounds like a good plan. I will be grateful to you if you can tell me a working number for CITI EXECUTIVE office.

As he is a new customer of CITI, before activating the credit card. Does talking to EXECUTIVE OFFICE can help reduce the APR?


popamode72 wrote:Knowing Citi, calling normal customer service would be a waste of time IMO. I got my APR reduction when I had one of their cards through the executive office after my card had turned a year old. I think calling them would be his best bet at getting something.

rsudhakar948
Green Member
Green Member
 
Posts: 22
Joined: Wed Oct 08, 2014 9:31 pm
Location: colorado

Postby rsudhakar948 » Mon Feb 09, 2015 11:22 am

My friend is not thinking to carry balance. His main intention is to build credit history and also earn rewards with the purchases. He recently got SSN in Jan 2015. CITI DOUBLE CASH card is his first credit card. Instead of using debit card. He want to use a CREDIT CARD. He doesn't have any intention to carry balance outside first 15 months.

He is just concerned abt the APR for future. As he is a new customer of CITI, do you think speaking to EXECUTIVE OFFICE can help in this regard.


beef.stu wrote:If they were planning on carrying a balance outside of the first 15 months of 0% interest, then they should not have applied for a rewards credit card like the double cash.

User avatar
CarefulBuilder14
Centurion Member
Centurion Member
 
Posts: 3745
Joined: Thu May 08, 2014 7:42 pm
Location: United States

Postby CarefulBuilder14 » Mon Feb 09, 2015 11:48 am

rsudhakar948 wrote:He doesn't have any intention to carry balance outside first 15 months.

He is just concerned abt the APR for future.


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.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

User avatar
lobbythis
Centurion Member
Centurion Member
 
Posts: 616
Joined: Sun Sep 07, 2014 8:53 pm
Location: usa

Postby lobbythis » Mon Feb 09, 2015 12:51 pm

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.

yfan
Centurion Member
Centurion Member
 
Posts: 378
Joined: Wed Jul 09, 2014 5:55 pm
Location: San Jose CA

Postby yfan » Mon Feb 09, 2015 3:43 pm

rsudhakar948 wrote:He is just concerned abt the APR for future. As he is a new customer of CITI, do you think speaking to EXECUTIVE OFFICE can help in this regard.


I don't understand. If he's not seeking to carry a balance, what does it matter what the interest is - in future or now? If this is about whether a future lender will also give him a higher interest rate just because Citi did, you can rest assured that other lenders do not have access to your interest rates; they are not reported on your credit reports.

A lot of people with the Double Cash got high interest rates. It has to do with the fact that rewards-wise, it is essentially a straight 2% card, which pretty close to wipes out Citi's earnings from the swipes. They have to make up that money somehow - hence the high interest for those who do end up carrying balances.

CC Deville
Centurion Member
Centurion Member
 
Posts: 1075
Joined: Thu Aug 04, 2011 7:07 pm
Location: Phoenix

Postby CC Deville » Mon Feb 09, 2015 4:43 pm

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.


+1

Your friend needs to "pay his dues." Meaning, in time he will qualify for the best rates (once he has earned that privilege) but for now getting a Citi card with a 4 digit credit line for his first card is more than the rest of us got (a fundamental "flaw" in the FICO scoring model gives authorized users the appearance of good credit when in reality they have done nothing to warrant it). My first card was a Capital One college MasterCard, $300 limit, 19.8% APR and no rewards.

If the APR really bothers him that much he can always call customer service to see if it can be lowered. But really, reward cards tend to have higher APR's and one really shouldn't carry a balance on a reward card; therefore, the APR is not really an issue.

takeshi
Centurion Member
Centurion Member
 
Posts: 1733
Joined: Wed Jun 05, 2013 3:12 pm
Location: US

Postby takeshi » Tue Feb 10, 2015 8:41 am

rsudhakar948 wrote:I think the APR is really high on this credit card. Please pour in your thoughts and what can be done to reduce the APR.

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.

rsudhakar948 wrote:He doesn't have any intention to carry balance outside first 15 months.

He is just concerned abt the APR for future.

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.



Return to “Visa & MasterCard”

Who is online

Users browsing this forum: No registered users and 0 guests