So I've had a citibank card for years, large limit, always paid a large amount and on time, always carrying some balance, they must love me. Usually enough to where I can get single digit interest rates. I wind up calling in, asking for a lower rate and am given one for a few months. When that expires, repeat. Today I noticed it went up from the 1.9% I had for 6 months to 12%. I called and the guy said that was the best he had available, all the other options were higher. I've had that happen only one other time before. So what determines what the best rate is they're willing to offer me? Are there options actually set for an account and thats it or do they have like a supervisor or retention department they can send you to get a better rate and I just got a lazy CSR?
What determines CC's interest rates?
- Thread starter Soybomb
- Start date
rofl, let him realize that the agency that collects the interest DOESN'T put anything on his credit report. he'll be then like "omgwtfkthnx"
When my dad's CC increases his interest rate randomly, he calls up a few other companies and tells them what rate he's getting and if they can give him a better one. He takes that better rate to his current company. Needless to say, he gets a much better interest rate.
Edited for typo.
Edited for typo.
No but I'm quite sure it makes citibank themselves like me more. I'm working my way to no balance, but in the meantime I consider that a fact.
Well I wouldn't say its totally free, but yes they like money. So do I. I wish I had more. Thats why I asked about my interest rate. Do you have any insight other than common sense?
Interest rate? Why would I ever care. I pay in FULL. Start spending less and get rid of the debt. Kthx.
spacejamz
Lifer
- Mar 31, 2003
- 10,935
- 1,592
- 126
you should know the terms of your agreement with the CC company before you sign the dotted line...
it will state whether or not your account has a fixed rate or variable rate (also if an introductory rate applies as well)...it should also tell if you if miss the due date date, your rate goes up to XX.XX% (where XX.XX is usually greater than 23%
)....some credit cards companies are starting new customers out at 25%-30% interst rate which i think is damn to high.
DLeRium, great I'm happy for you. I paid for college on mine and I want the interest rate as low as possible while I pay it off.
spacejamz yeah the agreement is a good place to start but after you've been a customer for a while you can generally call in and get them to lower the interest rate. My last deal was 2 months of 0% and 6 months of 1.9%. If you have to carry a balance its certainly worth it to try and do better than the agreement.
spacejamz yeah the agreement is a good place to start but after you've been a customer for a while you can generally call in and get them to lower the interest rate. My last deal was 2 months of 0% and 6 months of 1.9%. If you have to carry a balance its certainly worth it to try and do better than the agreement.
kranky
Elite Member
- Oct 9, 1999
- 21,019
- 156
- 106
It's possible they have decided not to renew promotional rates for certain accounts. Or, maybe they checked your credit and saw your score drop, then figured you couldn't do any better somewhere else. Most of those decisions are reached using computer-based models and the CSR can only do what the computer allows. Your best bet is to pay off your balance then shop for another card. Sounds like Citibank is saying they don't love you that much any more.
I have a great cash rebate card with them with a $10K limit, and they offered me another one. I took it so I could increase my rebate total. The new card had a $500 limit, and when I called to ask them to split the $10K between the two cards, the CSR said the computer wouldn't allow him to change the limit on the $500 card for six months. Made no sense, but the computer calls the shots.
I have a great cash rebate card with them with a $10K limit, and they offered me another one. I took it so I could increase my rebate total. The new card had a $500 limit, and when I called to ask them to split the $10K between the two cards, the CSR said the computer wouldn't allow him to change the limit on the $500 card for six months. Made no sense, but the computer calls the shots.
Thats what I figured. I figured a retention type person might be able to get extra options, but maybe not. Computers man, they're evil
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