I PFB'd Citi about 10 days ago regarding my fixed 11.9% APR. The response came via regular mail. Prime+2.9 (currently 7.9%). Kewl. Here's the letter I used: To Whom It May Concern: I hope you are able to help me with a problem I've encountered with Citibank N A. The problem concerns the interest rates on my credit card account (xxxx xxxx xxxx xxxx). My Citibank Platinum Select account currently has the highest interest rate (11.9%) out of all my credit cards. I know of other customers who are receiving a rate of prime + 2.9% with this product - NOT as a promotional teaser rate but as a permanent "go-to" rate. I have had a good overall experience with Citibank. However, with an interest rate of 11.9%, my Platinum Select is used only on certain occasions. Here's the resolution I propose: I would like Citibank to lower my interest rate to prime + 2.9%. This would enable me to begin using my Platinum Select on a daily basis. Thank you for your consideration in this matter. I look forward to your prompt reply. ------ Lame, but it worked! I don't use the card much. Only a few small purchases each month. RM
Citi wants to see your ability to make them a large profit (ie large payments). Gotta flex some muscle in front of them, then back it up with some "R" lovin'. When i went to get my 0.9%+prime, i had 3-4 months of pay in full $3000/month history. I'm like, look i need a better rate, look at my payment history, i'm an exemplary customer.. The old hang a steak in front of a dog trick. Make them beg for your business at the best possible rate.. ever since i stopped making mad payments They won't give me the same rate on my new citi cards (i just combine so it doesn't bother me). I guess my internal score has plumetted...
I pull $$$ from my credit union LOC to my checking account, use Citi's BT promo offers to pay off the LOC, then send the money right back to Citi. I can use this method to not only impress the creditors scoring systems with the large payments, but also to shift my balances around at will. Love those BT promos. RM
You may be impressing someone's FICO model, but your're likely NOT increasing your profitability score. They make money when you DON'T pay off each month - they only take in 1% on transactions, versus your monthly interest payment if you revolve. -mj
Dunno about Citi, but Amex doesn't seem to care too much. I used all four of those magic limit-raising BT checks that I raved about a few weeks ago. The vast majority of that money eventually found its way right back to Amex. What did they just do a few days ago? Send me four more of 'em! ;-) ;-) ;-) RM
AND I CAN'T GET NOTHING!!! 2 YEARS PERFECT PAYMENT HISTORY. NO INCREASE, EVER. STUCK AT 12.99%. NO BT LOWER THAN 12.99%.
I EVEN SENT THE C.E.O. (KEN CHENAULT) A NEXT DAY AIR LETTER...HE COULDN'T TAKE THE TIME TO EVEN SEND A LAUGH-O-GRAM...OR EVEN SAY WE DON'T NEED YOUR KIND...PAY YOUR BILL ON-LINE BEFORE WE CAN MAIL IT!!! HE HAS HAD IT FOR 2 WEEKS...NO ACTION...NOT THAT I EXPECT ANY...
