CitiBank Platinum Select Master Card Rate Info

Guest: n2jaz
Post subject: CitiBank Platinum Select Master Card Rate Info
Posted: Fri Aug 26, 2005 9:02 am

I've had a Platinum Select MC since '02. Nevr been late on a payment I've steadily received CL increases to 20K. Back in January I complained about my rate which had "jumped" for no apparent reason. Citi then gave me a 9 month rate of 1.9% which expires Sept.

I called to see where my rate would be as of Sept., they stated 11.4% variable. They said this is the best rate available.

Is this good rate? I currently have a balance of 4K.

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Guest: hesiden
Post subject: CitiBank Platinum Select Master Card Rate Info
Posted: Fri Aug 26, 2005 9:18 am

Yes and no. That rate sounds about right for a Citi Platinum Select card.

However you'll be paying about $38 a month in interest. Why? You must have good credit to get a Platinum Select card. You should be able to apply for another credit card that has a 0% intrest for 12 months on balance transfers.

Bank of America CC have have no BT fees. You can see what they offer you with this link

https://preapproved.bankofamerica.com/SelfInquiry.aspx

Guest: Polonius
Credit Expert (100+ Posts)
Post subject: CitiBank Platinum Select Master Card Rate Info
Posted: Fri Aug 26, 2005 9:28 am

Your BofA card might have no BT fees, but mine do. I just checked and was offered a BT at prime. The terms included this:
Quote:
# Your balance transfer rate is a variable rate based on the Prime Rate published in The Wall Street Journal, currently 6.25% APR, as of July 1, 2005, until promotional balances are paid in full as long as you maintain your account in accordance with your Cardholder Agreement.
# For these balance transfers there is a cash advance fee equal to 4%, with a $5 minimum and a $75 maximum per balance transfer. This fee will post to your account as a cash advance fee and receive a cash advance rate. Please remember to deduct the fee from your available balance when determining the amount of your balance transfer.

Guest: hesiden
Post subject: CitiBank Platinum Select Master Card Rate Info
Posted: Fri Aug 26, 2005 9:55 am

Well "new" accounts have no fee BT for 12 months or something. Otherwise I suppose you need to wait for a speical offer. Prime is not a very special offer.

Guest: Polonius
Credit Expert (100+ Posts)
Post subject: CitiBank Platinum Select Master Card Rate Info
Posted: Fri Aug 26, 2005 10:53 am

Quote:
Prime is not a very special offer.
Not for you. Those here paying 20%+ would think 6.50% is special!

There are many mixes of income/debt/credit availability here, and thousands of different cards with different terms. We know OUR terms and experiences, but there are other terms and different experiences (of course).

I've always enjoyed AND respected your posts, by the way--and I've learned from them. Thanks!

Guest: n2jaz
Post subject: CitiBank Platinum Select Master Card Rate Info
Posted: Sat Aug 27, 2005 5:20 am

Thanks. I really don't want the hard inquiry. I wish credit card companies would stop taking better care of new customers than existing customers.

Guest: guessindigo
Post subject: CitiBank Platinum Select Master Card Rate Info
Posted: Sun Aug 28, 2005 1:42 pm

Well look at it this way, a new customer, is in effect, stolen from a competitor, which is a very good thing. There are too many competitors fishing for the same customers. So, in order to pick off a competitors customer base, the most effective tool is too offer long-term 0% deals as Citi and Chase are doing. Once your a customer (existing), there is less likelihood you'll leave. However, if you are a super-duper customer and call to close your account, trust me when I tell you that retention specialists have ALOT of leeway in terms of goodies at their disposal to keep your business.