Credit Card Pre-Approval but what does it really mean? Citi

[littlezipp]

Got a pre-approval in the mail today and decided that I wanted to act on this one. I went online and followed the instructions and was not instantly notified if I would be receiving the card or not. It said that I would know in 3-4 weeks. What does this mean? Do people normally get the card when they are "Pre-approved" and apply? Just wanting to hear others experiences. The company in question is Citi.

 

[crypticlogin]

Pre-approved is a misnomer since it's more like "screened and eligible to apply." They looked up your credit history and it fits their card's profile, but once you give them the details in the actual application, they could still shoot you down because you (say) don't like the color green.

I can't say how often other people don't get "pre-approved" cards since I've applied to less than three of them, ever.

 

[Saulbadguy]

I hate Citi. only based on the fact when I called to cancel, the lady would not let me off the phone until she explained 20 minutes worth of benefits of keeping my citi card.

 

[CChaos]

Originally posted by: Saulbadguy
I hate Citi. only based on the fact when I called to cancel, the lady would not let me off the phone until she explained 20 minutes worth of benefits of keeping my citi card.

Yeah I had somebody else pull this on me. I think it was Sears. They esentially left me on hold for half an hour and I think they were hoping I would get bored and just decide to keep the card anyway. I don't think this awful tactic is confined to any one company though. As long as I work for Citigroup I'll be keeping my card there due to the wicked low employee rate. I just hope I never need to take advantage of it.

 

[Demon-Xanth]

Citibanks was kind of amusing. They sent me a 9.9% card app, and then before I even got the card a 8.9%, and before I got that one a 7.9%. I ended up canceling the 8.9% and got the 9.9% changed to a fixed 7.9% over the phone Nice to see competition exists, even when there's only one person competing

 

[udonoogen]

i love citibank. they have great customer service and their website is useful. i haven't used a lot of other cards (i heard AMEX is tops) but i've been happy with citi. they have virtual account numbers too.

 

[RossMAN]

Usually if I don't recieve an instant approval or decline I ASSUME that it's been declined.

However other credit cards took 2 weeks to make their decision, a few days later I received a brand new cc in the mail.

Usually if you wait 2 days, call them at 1-800-950-5114 press 0 # until someone answers. Tell them you applied for a Citi card a few days ago and would like to know if you were approved or not.

 

[littlezipp]

Update: Called in this morning, and they informed me that I am approved and should receive a Citi Diamond Preferred Rewards Card in a few weeks.
Death to Capitalone.

 

[RossMAN]

littlezipp,

Death to CapitalOne is right!

What's your Citi limit?

Why did you choose the Diamond Preferred Rewards card?

 

[littlezipp]

Limit is kind of low, a third of my Amex Blue Cash card, but I'll get it up where it belongs in a few months.
I chose it due to the really low rate, and nice rewards program.

 

[littlezipp]

So RossMAN, what do you think about Citi?
Edit: Also, this is a "Diamond Class" card, does anyone know what this means.
I read somewhere that it was platinum class, but Cardweb says otherwise. Thanks

 

[RossMAN]

Originally posted by: littlezipp
So RossMAN, what do you think about Citi?

Well I'm glad that you asked

I love my CitiBank Dividend Platinum Select card because:

• Back in 1994 - yes 10 years ago they were the first cc to give me a $300 line of credit.
• They are one of the largest financial institutions in the world.
• Great customer service.
• Fraud protection against unauthorized purchases.
• $0 annual fee
• No SPAM (like Chase sends me an e-mail every other day)
• Make payments online before 1PM EST and they are applied the same day, for free.
• Eligible for VISA and MasterCard benefits including FREE 1 year extended warranty
• Awesome online banking web site.
• CitiBank Virtual Numbers - free 1 time use cc's like Amex used to offer
• and many more

Hi my name is Ross, and I am a CitiBank whore.

 

[littlezipp]

Forgot to mention the Price Protection:
"The Citibank® Price Protection Program? can save you up to $1000 on purchases you?ve already made. Here's how easy it is: if, within 60 days after you make a store purchase with your Citi Diamond Preferred Rewards Card, you see a printed advertisement for the same item by the same manufacturer for a lower price, you're in luck. Citi will refund the difference, up to $1000 per item."

 

[RossMAN]

Originally posted by: littlezipp
Forgot to mention the Price Protection:
"The Citibank® Price Protection Program? can save you up to $1000 on purchases you?ve already made. Here's how easy it is: if, within 60 days after you make a store purchase with your Citi Diamond Preferred Rewards Card, you see a printed advertisement for the same item by the same manufacturer for a lower price, you're in luck. Citi will refund the difference, up to $1000 per item."

Damn is that only available on the Diamonds card?

After I reach my $100 rebate ($10,000 in purchases) I may consider switching to that card.

 

[littlezipp]

So the question still stands, is this better than a platinum?
Standard APR of 8.9% as opposed to platinum dividends 9.9%...

 

[RossMAN]

Originally posted by: littlezipp
So the question still stands, is this better than a platinum?
Standard APR of 8.9% as opposed to platinum dividends 9.9%...

I think it IS a Platinum but I don't see the word Platinum, someone help me out or call CitiBank CS at 1-800-950-5114.

 

[Ketteringo]

Originally posted by: RossMAN

Originally posted by: littlezipp
So RossMAN, what do you think about Citi?

Well I'm glad that you asked

I love my CitiBank Dividend Platinum Select card because:

• Back in 1994 - yes 10 years ago they were the first cc to give me a $300 line of credit.
• They are one of the largest financial institutions in the world.
• Great customer service.
• Fraud protection against unauthorized purchases.
• $0 annual fee
• No SPAM (like Chase sends me an e-mail every other day)
• Make payments online before 1PM EST and they are applied the same day, for free.
• Eligible for VISA and MasterCard benefits including FREE 1 year extended warranty
• Awesome online banking web site.
• CitiBank Virtual Numbers - free 1 time use cc's like Amex used to offer
• and many more

Hi my name is Ross, and I am a CitiBank whore.

I just applied for the Dividen Platinum Select card earlier today (saw a thread at FW)

Afterwards I was looking at their other cards and saw the diamond perferred rewards card and it looks almost as good except that you get stupid points instead of $ and those can be used to get gift cards and whatnot. The price protection looks really nice though, almost like the old days of AmEx price protection

Has anyone here used the price protection feature before?

 

[RossMAN]

Originally posted by: Ketteringo

Originally posted by: RossMAN

Originally posted by: littlezipp
So RossMAN, what do you think about Citi?

Well I'm glad that you asked

I love my CitiBank Dividend Platinum Select card because:

• Back in 1994 - yes 10 years ago they were the first cc to give me a $300 line of credit.
• They are one of the largest financial institutions in the world.
• Great customer service.
• Fraud protection against unauthorized purchases.
• $0 annual fee
• No SPAM (like Chase sends me an e-mail every other day)
• Make payments online before 1PM EST and they are applied the same day, for free.
• Eligible for VISA and MasterCard benefits including FREE 1 year extended warranty
• Awesome online banking web site.
• CitiBank Virtual Numbers - free 1 time use cc's like Amex used to offer
• and many more

Hi my name is Ross, and I am a CitiBank whore.

I just applied for the Dividen Platinum Select card earlier today (saw a thread at FW)

Afterwards I was looking at their other cards and saw the diamond perferred rewards card and it looks almost as good except that you get stupid points instead of $ and those can be used to get gift cards and whatnot. The price protection looks really nice though, almost like the old days of AmEx price protection

Has anyone here used the price protection feature before?

I prefer $ over points, however it's the PRICE PROTECTION which caught my eye.

 

[Vic]

To answer the initial (OP) question, my dog is pre-approved. And I don't even have a dog.
Seriously though, note the key words, "pre" meaning "before", and "approved". In other words, before approval, which means nothing.
"Pre-approved" is a sales/marketing phrase to encourage people to apply for a lending product. It sounds good because people think they might actually already be approved, even when they're not. What it basically means is that you're eligible to apply, but then again so is everyone else.

 

[RossMAN]

Originally posted by: Vic
To answer the initial (OP) question, my dog is pre-approved. And I don't even have a dog.
Seriously though, note the key words, "pre" meaning "before", and "approved". In other words, before approval, which means nothing.
"Pre-approved" is a sales/marketing phrase to encourage people to apply for a lending product. It sounds good because people think they might actually already be approved, even when they're not. What it basically means is that you're eligible to apply, but then again so is everyone else.

I'll bet that your dog has a higher beacon score than I do (634)

 

[Vic]

Originally posted by: RossMAN

I'll bet that your dog has a higher beacon score than I do (634)

LMAO! :beer:

I see a lot of scores that low or lower, Ross. I got a great one the other day, a prospect on the phone who told me he had "GREAT credit!" Why some other lender offered him 4.0% fixed, he told me.
So I asked if I could pull his bureau, he said yes and gave me his info, I pulled it up (less than a minute these days) while on the phone with him, and WHAM! 416 :Q
Lowest I'd ever seen. That guy has probably never licked a stamp in his life, which I told him shortly before I hung up.

 

[Ameesh]

Originally posted by: Vic

Originally posted by: RossMAN

I'll bet that your dog has a higher beacon score than I do (634)

LMAO! :beer:

I see a lot of scores that low or lower, Ross. I got a great one the other day, a prospect on the phone who told me he had "GREAT credit!" Why some other lender offered him 4.0% fixed, he told me.
So I asked if I could pull his bureau, he said yes and gave me his info, I pulled it up (less than a minute these days) while on the phone with him, and WHAM! 416 :Q
Lowest I'd ever seen. That guy has probably never licked a stamp in his life, which I told him shortly before I hung up.

omg 416!

 

[littlezipp]

Originally posted by: RossMAN

Originally posted by: Vic
To answer the initial (OP) question, my dog is pre-approved. And I don't even have a dog.
Seriously though, note the key words, "pre" meaning "before", and "approved". In other words, before approval, which means nothing.
"Pre-approved" is a sales/marketing phrase to encourage people to apply for a lending product. It sounds good because people think they might actually already be approved, even when they're not. What it basically means is that you're eligible to apply, but then again so is everyone else.

I'll bet that your dog has a higher beacon score than I do (634)

My cat and I (709) have a better score than that. :evil:

Back to topic though, I think it is a platinum too but it doesn't say it is so I don't know.

 

[Vic]

Heh... sorry for the thread hijack

 

[littlezipp]

Originally posted by: Vic
Heh... sorry for the thread hijack

That's fine, it was getting boring anyways.