Following the Fed's recent interest rate cuts, I called Citibank today to request a reduction on my APR (prime + 2.99). However, I was told by the CSR that my card had been recently changed from a variable to a fixed interest rate (9.9%) for the life of the card. The CSR added that Citibank no longer offers this fixed rate to its customers, but that I was lucky enough to have received it. Of course, because my card now carries a fixed rate, there can be no further reductions on my APR. I'm satisfied with a 9.9% fixed APR so I accepted the CSR explanation. Who knows, maybe I'll use PFB to request an even lower fixed APR! It worked the first time (from +5.99 to +2.99), so why not again? Any of you guys have a similar experience with citi?
I believe the rep was BSing you. Otherwise, you can always change to Platinum Select Dividend, and then back to a regular Platinum Select. This should reset it to a variable rate. A fixed 9.9% was not that rare an offer even prior to the Prime rate cuts, so I don't think you're taking much of a risk here. Saar
I have Platinum Select Card which started with prime + 5.9, was lowered to +2.9% (via PFB), and now is 9.9%fixed APR. I think that I will try PFB again and request lower APR. If not, I may switch cards to receive variable interest rate (prime + .99).
Considering Citibank doesn't use the term "fixed" anymore, I'm surprised that the csr said the actual word. Are you sure that this wasn't for transferring a balance at a 9.9% paydown, or something? I would verify when you get your next statement.
