TODAYS CITIBANK OFFER 0.00%/7.99%

It doesn't say that here George. It says 10.24% APR. I called the 1 800 number and the guy I spoke to said there were 2 offers.

A "variable rate card" and a "7.99 fixed" card. He wanted to know if I wanted to apply over the phone. I said not until I see the 7.99 APR offer online. I don't trust them.

 

i can verify what george is saying

it was in my paper too

course im at 6.99 now so its ok

 

They won't let me go below 9.65, and thats if I have a $2500 balance.

Under $2500 its 11.65.

Oh well there is always another card with better rates.

 

Re: Re: TODAYS CITIBANK OFFER 0.00%/7.99%

See, this is why I refuse to waste an inquiry fooling with them. I apply for the 7.99 rate card and they tell me sorry you only qualify for the "other" variable rate card at 10.24%. What scam artists.

 

Re: Re: Re: TODAYS CITIBANK OFFER 0.00%/7.99%

take the 10% then call R after a month

 

Re: Re: Re: TODAYS CITIBANK OFFER 0.00%/7.99%

They have been one of my best cards.

They have given me CL increases when I didn't even ask for one.

They are also my higest CL.

They also just agreed to delete a hard inquiry for me.

They gave me a good BT rate 4 life.

I dont charge anything to the card, just do BT's to it.

 

Re: Re: Re: Re: TODAYS CITIBANK OFFER 0.00%/7.99%

lol =)
OK George. You know we appreciate you I think I might take my chances and apply for the 7.99 rate Citi Plat card.

 

Re: Re: Re: Re: TODAYS CITIBANK OFFER 0.00%/7.99%

A question for George:

Let's say I charged $5,000 on a card at a interest rate of 7.99%. If I paid $400 approx interest on that money monthly, would my balance decrease any with each interest payment? Or would I be paying that 5 grand forever? Just wondering.

 

Re: Re: Re: Re: TODAYS CITIBANK OFFER 0.00%/7.99%

I am not GEORGE but I can answer your question.


You would not be paying $400 a month in interest. It is alot less per month.

.0799/12 = .006658333

.006658333 x 5000 = $33.29 total interest paid on $5000

 

Re: Re: Re: Re: Re: TODAYS CITIBANK OFFER 0.00%/7.99%

It's not 7.99% per month. 7.99 is the apr (annual percentage rate). In the fine print of the credit card agreement, you will see a dpr (which is the daily rate and should be approx 0.0799/365). Use the daily rate (keeping in mind compounding), the number of days in the billing cycle and the average balance to determine the interest charges each cycle.
(or in the case of discover and a couple of other the two-cycle average balance.)

 

Re: Re: Re: Re: Re: TODAYS CITIBANK OFFER 0.00%/7.99%

Thanks to both of you. You guys are so smart. I have not carried a balance on my cards yet so I had no idea how the interest thingy worked. That's why I'm here, to learn. =)

 

Re: Re: Re: Re: Re: Re: TODAYS CITIBANK OFFER 0.00%/7.99%

Can you explain the "two cycle" billing? Is that a bad thing? I just applied for a card with that type of billing.

 

Re: Re: Re: Re: Re: Re: TODAYS CITIBANK OFFER 0.00%/7.99%

Say your average balance for month 1 was 5000. You receive your bill and pay 4000. In month 2, you make no other charges so your average balance is 1000 (depending on exactly where in the cycle you made the 4000 payment). With 2-cycle billing, your interest charges in month 2 would not be based on a 1000 average daily balance, but on the average between the two months (maybe 3000 depending on the number of days in each cycle). So your interest would be higher.

If you pay your balance in full every month, as long as your card has a grace period, you will not have to pay any interest charges.

 

Re: Re: Re: Re: Re: Re: Re: TODAYS CITIBANK OFFER 0.00%/7.99%

Are you saying that if I pay 1000 the 2nd month leaving a balance of 4000, the average balance would be approx 4500? That's highway robbery!

 

Re: Re: Re: Re: Re: Re: Re: TODAYS CITIBANK OFFER 0.00%/7.99%

Yep thats what he is saying.

just another way to get our money.

 

Re: Re: Re: Re: Re: Re: Re: TODAYS CITIBANK OFFER 0.00%/7.99%

Right, because they average the current and previous month together.