Need Some Advice.. RE: BT. Opened 2 New CitiBank Cards..

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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Dylan1982
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Need Some Advice.. RE: BT. Opened 2 New CitiBank Cards..

Postby Dylan1982 » Fri Jun 29, 2012 8:16 pm

Ok first of all sorry for the multiple threads.. I am really obsessed with my credit...

So today (6/29/2012) I finally got around to calling CitiBank, the reason was back in May of this year I received 2 invitations; Thank You Preferred and Diamond Preferred. Well, I got approved for both of their cards.

Thank You Preferred: http://creditcardforum.com/visa-mastercard/4811-just-got-approved-citibank-thank-you-preferred-card.html

CL of $4,600
0% APR on new purchases for 18 mos.
0% APR on new BT for 18 mos. (3% BT fee)
Thank You Points (Don't know how those work just yet)

Diamond Preferred: http://creditcardforum.com/visa-mastercard/4812-phone-dropped-call-during-application-process-question-inside.html

CL of $4,600
0% APR on new purchases for 18 mos.
0% APR on new BT for 18 mos. (3% BT fee)

GM card with a CL of $7,700. http://creditcardforum.com/visa-mastercard/4374-going-call-gm-card-credit-limit-increase-need-some-advice.html

Here's my questions.. With the GM card I have a high balance at $7,2xx dollars, My utilization rate is 96% :( . Now that I have opened the 2 CitiBank cards should I tranfer half the balance to the TY card and half the balance to the Diamond card (both have a BT fee of 3% with 0% APR of 18 mos)?

That will again ive me high utilization rate but at the same time I will be paying 0% interest for 18 mos. I got the two CitiBank cards 1) for the BT and 2) to bring my overall utilization rate down, currently it is at 50%

So what would you guys do?
Chase Freedom - $12,500 (2/2013)
GM Card - $7,700 (7/2002)
CitiBank (Thank You Preferred) - $6,400 (6/2012)
CitiBank (Diamond Preferred) - $4,600 (6/2012)
Rogers & Hollands - $3,300 (3/2006)
Target REDcard - $3,000 (11/2014)
BestBuy - $1,600 (9/2003)
Discount Tires - $1,000 (2/2004)
Kohl's - $300 (4/2012)


DavidNY
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Postby DavidNY » Fri Jun 29, 2012 8:35 pm

Move the balances with the highest APRs.

Dylan1982
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Postby Dylan1982 » Fri Jun 29, 2012 8:40 pm

DavidNY wrote:Move the balances with the highest APRs.

I only have 1 CC, The GM Card with an APR of 12.49%.. My 2 new Citi cards have a BT (3% Fee) of 0% APR for 18 mos.
Chase Freedom - $12,500 (2/2013)
GM Card - $7,700 (7/2002)
CitiBank (Thank You Preferred) - $6,400 (6/2012)
CitiBank (Diamond Preferred) - $4,600 (6/2012)
Rogers & Hollands - $3,300 (3/2006)
Target REDcard - $3,000 (11/2014)
BestBuy - $1,600 (9/2003)
Discount Tires - $1,000 (2/2004)
Kohl's - $300 (4/2012)

DavidNY
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Postby DavidNY » Fri Jun 29, 2012 8:46 pm

I like the idea of splitting it 50/50, you'll have double the minimum payments though.

Dylan1982
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Postby Dylan1982 » Fri Jun 29, 2012 9:08 pm

DavidNY wrote:I like the idea of splitting it 50/50, you'll have double the minimum payments though.

If I were to put $3,650 on the TY Card and $3,650 on the Diamond Card what would my minium payments be with a 0% APR for 18 mos?

For both the TY and Diamond card, my utilization rate would be 79% vs. what it is currently on the GM card; 96%
Chase Freedom - $12,500 (2/2013)
GM Card - $7,700 (7/2002)
CitiBank (Thank You Preferred) - $6,400 (6/2012)
CitiBank (Diamond Preferred) - $4,600 (6/2012)
Rogers & Hollands - $3,300 (3/2006)
Target REDcard - $3,000 (11/2014)
BestBuy - $1,600 (9/2003)
Discount Tires - $1,000 (2/2004)
Kohl's - $300 (4/2012)

CC Deville
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Postby CC Deville » Sat Jun 30, 2012 11:31 am

Dylan1982 wrote:If I were to put $3,650 on the TY Card and $3,650 on the Diamond Card what would my minium payments be with a 0% APR for 18 mos?

For both the TY and Diamond card, my utilization rate would be 79% vs. what it is currently on the GM card; 96%


I tried finding the minimum payment due on Citibank's website...nada....looked at my own statements online and my minimum was always $20....on my balance of $570 3% would have been $17.10 but the min due was $20 so it appears that they have a floor of at least $20. So I would guess that Citibank's minimum payment is 3% (this is pretty standard). So on your balances of $3,650 the min due would be $110 ($109.50 rounded up) on each card or $73 each card if the min due is 2%......you will have to look at your terms and conditions to determine what the real min due is....

If it were me, I would go to Citibank's Twitter page (@AskCiti) and see if they can give you a $3K credit line increase on the Diamond card for the sole reason that you want to take advantage of the balance transfer offer. You will have to be signed up on Twitter of course and they are there Monday thru Friday only. I will never call Citibank's confused CSR's again. The @AskCiti team is AWESOME as they are the top level reps. Otherwise call their Retention Department 1-800-444-2568 as they are high level reps as well.

Even if they have to take the $3K away from your Thank You card to do it, that doesn't matter. Because A) you could transfer the entire balance from your GM Card to ONE Citibank card, and have ONE minimum payment and B) you could use your Thank You card regularly (yes I know it could be difficult having a $1,600 limit) and within 6 months you could go online on your Thank You and request a credit line increase...remember not to be greedy...like $1,500 each time...every 6 months. So December would be one $1,500 and then next June another $1,500 and you could be back up to $4,600 by next summer not to mention that you would be paying down the $7,200 balance at 0% on your other Citi card. Make these cards work for you, not the other way around.

Dylan1982
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Postby Dylan1982 » Sat Jun 30, 2012 7:42 pm

Why ask for an increase on the Diamond card andnot the Thank You card? Is there one reason over the other?

I don't use Twitter lol.... And as far as terms and conditions go, I don't what they are yet as I haven't gotten that stuff in the mail.

Did you see my post in my original thread about GM not giving me a CLI? check out my latest post :mad:

http://creditcardforum.com/visa-mastercard/4374-going-call-gm-card-credit-limit-increase-need-some-advice.html
Chase Freedom - $12,500 (2/2013)
GM Card - $7,700 (7/2002)
CitiBank (Thank You Preferred) - $6,400 (6/2012)
CitiBank (Diamond Preferred) - $4,600 (6/2012)
Rogers & Hollands - $3,300 (3/2006)
Target REDcard - $3,000 (11/2014)
BestBuy - $1,600 (9/2003)
Discount Tires - $1,000 (2/2004)
Kohl's - $300 (4/2012)

Ratfacedudeguy
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Postby Ratfacedudeguy » Sat Jun 30, 2012 10:53 pm

The reason why it would be beneficial to ask for the increase in the Diamond Preferred is because that card doesn't earn any rewards, so putting the whole balance on the DP will allow your Thank You card to remain open so you can utilize the rewards by paying that account in full every month. Balance transfers don't earn any rewards anyway so it would just be a waste of potential earnings you could have made while paying off that balance.
Amex Green - NPSL - 05/12
Amex Zync - NPSL - 06/12
Discover it - $7750 - 11/12
Chase Sapphire Preferred Visa Signature - $5000 - 11/12
SECU Platinum Visa - $5000 - 08/08
Bank of America Cash Rewards Platinum Plus Visa - $3000 - 06/08
Citi Diamond Preferred Mastercard - $3000 - 05/12
GECRB Old Navy Visa - $2500 - 11/12
Chase Amazon Visa - $2000 - 11/12
Chase Freedom Visa - $2000 - 07/12
Citi Thank You Visa - $1000 - 06/12
Amex Blue Cash Everyday - $1000 - 01/13

CC Deville
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Postby CC Deville » Sat Jun 30, 2012 11:04 pm

Dylan1982 wrote:Why ask for an increase on the Diamond card andnot the Thank You card? Is there one reason over the other?

I don't use Twitter lol.... And as far as terms and conditions go, I don't what they are yet as I haven't gotten that stuff in the mail.

Did you see my post in my original thread about GM not giving me a CLI? check out my latest post :mad:

http://creditcardforum.com/visa-mastercard/4374-going-call-gm-card-credit-limit-increase-need-some-advice.html


Yes I did see the post about the GM Card...I can't say I am surprised because it is a former HSBC/current Cap One product....neither were/are known for high credit lines. To be honest, $7,700 on an HSBC card is actually pretty impressive. My first credit card is my 14 year old Capital One and I have a $10K limit....aparently that is quite rare.

I didn't use Twitter either. I am only 33 but it escapes me why Twitter is so popular. Well, I had quite the fiasco starting in April with trying to get an EMV Chip card from Citibank. I called regular customer service at 1-800-950-5114-HUGE mistake. The lady said that my Dividend World MasterCard was not eligible and that I would have to upgrade to World Elite and it took 45 days. Well 45 days later...nothing. So I had heard that the @AskCiti Twitter reps were basically Gods. Sure enough, I asked them about the upgrade, they sent a secure link to do a chat (you use your Account Online password) of course it wasn't working so a rep called me at home right away. He was awesome! Got my EMV Chip card in the mail 5 days after talking to him. Didn't have to upgrade to World Elite either (which I was happy about because I didnt want a new acct#). If you do not feel comfortable with this option you may certainly call that number I provided....they are basically the same thing.

As Ratfacedguy said...I chose Diamond Preferred because it does not really offer any rewards which would allow you to use it for the balance transfer whilst allowing you to earnThank You points on your Thank You card (always PIF on reward cards!). Also, the Diamond Preferred is seen as a more prime and upscale card and would warrant a higher credit line.

Ratfacedudeguy
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Postby Ratfacedudeguy » Sat Jun 30, 2012 11:59 pm

CC Deville wrote:Also, the Diamond Preferred is seen as a more prime and upscale card and would warrant a higher credit line.


True that. As you can see, they gave me a $3k line on my DP, but only $1k on my Thank You.

Citi seems to work in mysterious ways. I got the DP when I had a bunch of balances reporting, and then I got the TY after almost all my balances were reporting 0. On the other end though, they slapped me with a 20.99% apr on the DP after the intro period (ouch), but only 15.99% for the TY. And it seems like they just can't get enough of me -- I just got another DP preapproval offer in the mail today! (???)
Amex Green - NPSL - 05/12
Amex Zync - NPSL - 06/12
Discover it - $7750 - 11/12
Chase Sapphire Preferred Visa Signature - $5000 - 11/12
SECU Platinum Visa - $5000 - 08/08
Bank of America Cash Rewards Platinum Plus Visa - $3000 - 06/08
Citi Diamond Preferred Mastercard - $3000 - 05/12
GECRB Old Navy Visa - $2500 - 11/12
Chase Amazon Visa - $2000 - 11/12
Chase Freedom Visa - $2000 - 07/12
Citi Thank You Visa - $1000 - 06/12
Amex Blue Cash Everyday - $1000 - 01/13



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