Why do Citi cards all have 20+ apr?

Discussion in 'Credit Talk' started by leo728, Aug 24, 2001.

  1. leo728

    leo728 Well-Known Member

    Hi, I just got approved for a World mastercard from citibank. I want to apply for another card and merge the 2 of them , but I noticed that all cards have at least a 20+apr after the initial promotional rate.

    Can someone tell me what I should apply for?


    Btw, I applied online and I got the please wait for letter in the mail response. I totally gave up on the card.
  2. sam

    sam Well-Known Member

    hmm you get a rate based on your creditworthiness. That is the worst case rate rate. My platinum select card is prime+0.9% (permanent) with 2.9% BT for 6 months..

    affinity cards are higher interest, of course, and some carry annual fees. not worth it if you plan to carry balances.
  3. leo728

    leo728 Well-Known Member

    I was looking over the fine print on the citibank website.

    they all list prime + 12. something apr.
  4. Zaphod

    Zaphod Well-Known Member

    I applied for a Citi Platinum Select about three months ago and got 0.9% on BT until 01/02 and then then the APR after that is 14.99%. It all depends on creditworthiness, as stated previously, and also sometimes how hard they are trying to push a new affinity card.

    ---> Zaphod
  5. leo728

    leo728 Well-Known Member

    Thanks for the reply,

    I think I'll apply for the platimum select and hope for the best of it.

    I want to try merging both cards , I see so many people on this board having succes with this and want to try it also.

    If I don't get a lower apr after the promotional period I can always try retention.
  6. marci

    marci Well-Known Member

    I got a platinum select card with prime + 3.24% apr for purchases. I think the 20+ apr is a default rate...
  7. Zaphod

    Zaphod Well-Known Member

    I think your right marci, The default rate is like 23 or 24+ APR! You definately don't want to miss payments on this one!

    ---> Zaphod
  8. leo728

    leo728 Well-Known Member

    thanks for the quick replys.
  9. mirabelle

    mirabelle Well-Known Member

    I have a Choice card which is Citibank (their so-called no-frills card) and it's at 10.5 APR right now and it does have a $20 annual fee (but I have balance so it helps to have the low APR as I am paying it down as quickly as possible).

    At one point my APR was about 17% and I called and asked what else they had. If you don't care about the affinity, ask them what other options they have and if there is anything with a better interst rate. I've also had this card since 1989 in one form or fashion.

    Hope this helps.
  10. lbrown59

    lbrown59 Well-Known Member

    They are hunters and trappers.
    After they find you they trap you with the fine print and skin you with high interest rates!
  11. sam

    sam Well-Known Member

    huh? Citibank trapped me with a prime+0.9% rate.

    you are only as trapped as you are contented to be with..

    "R" is the key.

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