Citibank Letter

Discussion in 'Credit Talk' started by brad, Jul 16, 2001.

  1. brad

    brad Well-Known Member

    I applied for a Citibank Platnium card about a week ago.It was a so called pre-approval.I applied online and did a modest 900.00 BT.I received a letter from them today, stating,welcome to Citi MC membership. My question is do you think they might only extend a 1000.00 credit limit? I read that's their minimum? That would kind of stink because of a 3% BT fee,I'd have a wopping 73.00 credit limit. Anyone with experience with them,please respond.
     
  2. Mist

    Mist Well-Known Member

    The Citi Platinum offer I received was for free balance transfers until 4/1/02. After that there is a fee. You should call them to find out what they set your limit at

    1-800-950-5118
     
  3. brad

    brad Well-Known Member

    Mist,thank you!
     
  4. breeze

    breeze Well-Known Member

    Brad, when you do a BT, don't use the card for purchases, it really messes up the deal.

    breeze
     
  5. Mist

    Mist Well-Known Member

    Breeze,
    How is that? Don't they list separately on the statement "Purchases" vs. "Balance Transfer"? Can you explain what you mean? Has something happened with your account?
     
  6. breeze

    breeze Well-Known Member

    OK, say you have a $3,000 limit. You transfer $2,000 to the card with 2.9% for BT for 9 months. Then you charge $600 in purchases to the card at 12.9%. When you make a payment it will all be applied to the BT, none of it will be applied to the balance you are carrying that was purchases. They are charging you more in interest, and it is just sitting there accruing interest at the higher rate.

    See it? You don't want that. When you get a card for BT, don't use that card for anything else until after your BT rate period ends. Any other way is very very expensive.

    I hope I explained it clearly. :)

    You can also go here
    http://www.creditcardfreedom.com/just_the_facts/faq.asp
    click on "What happens if I transfer a balance to an account that already has a balance?" and read the explanation there. It is the same scenario, slightly rearranged.

    breeze
     
  7. GEORGE

    GEORGE Well-Known Member

    If you do a balance transfer on a card...ONLY DO A BALANCE TRANSFER...

    DON'T PURCHASE ANYTHING!!!

    Your payments go to the lowest percentage rate first...



    Example...You purchase a computer $3,000.00.
    Then you Balance transfer $7,000.00 to another card.
    Say for this example the balance transfer rate is 1.90%...the purchase rate is 18.99%.

    YOU PAY A PAYMENT FOR $3,000.00 THINKING THAT YOUR COMPUTER IS PAID OFF...WRONG...YOU NOW OWE $4,000.00 @ 1.90% AND OWE $3,000.00 @ 18.99% PLUS ACCRUED INTEREST...


    I HAVE A B OF A CARD I ONLY USE FOR BALANCE TRANSFERS @ 8.90%...
    MY DISCOVERCARD IS USED FOR ALL PURCHASES WHERE ACCEPTED, AND PAID IN FULL EVERY MONTH.
     
  8. GEORGE

    GEORGE Well-Known Member

    BREEZE STOLE MY ANSWER...TOOK ME TOO LONG TO TYPE...
    ON TOP THROWING BACK A FEW PEPSI'S...
     
  9. breeze

    breeze Well-Known Member

    Sorry George ;)

    breeze
     
  10. Mist

    Mist Well-Known Member

    So...BRAD, what's the verdict??? Did you call? Did they give you a decent Credit Limit?
     
  11. brad

    brad Well-Known Member

    Mist,4000.00 limit. I am pleased.
     
  12. breeze

    breeze Well-Known Member

    Great! Congratulations!

    breeze
     
  13. Mist

    Mist Well-Known Member

    Congrats!
     
  14. brad

    brad Well-Known Member

    Thank you,Breeze and Mist.
     

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