APR Reduction: Citi forced to repay credit-card customers
Aug 16, 2018, 8:14 am
#1
Original Poster
Join Date: Feb 2014
Posts: 123
APR Reduction: Citi forced to repay credit-card customers
I came across this headline regarding Citi's failing to re-evaluate and reduce annual percentage rates for consumer credit card accounts and it got me taking a serious look at my CC APR's and where they stand versus current new card offers today.
I found my Barclay Aviator Red to be the most concerning as my most recent statement showed my APR as 21.74%, looking back on 3 years of statements it has increased 0.75%/year at a total of 3%.
I called Barclay to ask about how often they re-evaluate card members to determine their APR, the agent did not know the exact answer but offered to see if I was "eligible" for an APR reduction. After a quick review "which she stated would not require a hard pull" came back with a 17.74% rate. She read a brief jargon statement about how you are only eligible for a rate reduction once every 12 months, but according to the story line (link below) it appears banks should be re-evaluating on their own every 6 months?
My question is, how often do you evaluate your APR and take matters into your own hands? And have you found such reductions to impact any other offers or Annual Fee waivers in the past?
https://www.marketwatch.com/story/ci...ays-2018-06-29
I found my Barclay Aviator Red to be the most concerning as my most recent statement showed my APR as 21.74%, looking back on 3 years of statements it has increased 0.75%/year at a total of 3%.
I called Barclay to ask about how often they re-evaluate card members to determine their APR, the agent did not know the exact answer but offered to see if I was "eligible" for an APR reduction. After a quick review "which she stated would not require a hard pull" came back with a 17.74% rate. She read a brief jargon statement about how you are only eligible for a rate reduction once every 12 months, but according to the story line (link below) it appears banks should be re-evaluating on their own every 6 months?
My question is, how often do you evaluate your APR and take matters into your own hands? And have you found such reductions to impact any other offers or Annual Fee waivers in the past?
https://www.marketwatch.com/story/ci...ays-2018-06-29
Aug 16, 2018, 8:34 am
#2
Moderator
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,954
Never, because I do not carry a balance. Credit cards, particularly the rewards cards that we tend to discuss here, are a dreadful way to borrow money. However, I note that my Citi Prestige card has an APR of 10.99%. I think my Bank of America Merrill+ card has a lower APR, but I have not used it recently and no statement has been generated.
Aug 16, 2018, 8:48 am
#3
Join Date: May 2013
Posts: 378
Never, because I do not carry a balance. Credit cards, particularly the rewards cards that we tend to discuss here, are a dreadful way to borrow money. However, I note that my Citi Prestige card has an APR of 10.99%. I think my Bank of America Merrill+ card has a lower APR, but I have not used it recently and no statement has been generated.
Aug 16, 2018, 8:55 am
#4
FlyerTalk Evangelist
Join Date: Aug 2002
Location: Intermountain West
Programs: Too many to list
Posts: 12,082
I came across this headline regarding Citi's failing to re-evaluate and reduce annual percentage rates for consumer credit card accounts and it got me taking a serious look at my CC APR's and where they stand versus current new card offers today.
I found my Barclay Aviator Red to be the most concerning as my most recent statement showed my APR as 21.74%, looking back on 3 years of statements it has increased 0.75%/year at a total of 3%.
I called Barclay to ask about how often they re-evaluate card members to determine their APR, the agent did not know the exact answer but offered to see if I was "eligible" for an APR reduction. After a quick review "which she stated would not require a hard pull" came back with a 17.74% rate. She read a brief jargon statement about how you are only eligible for a rate reduction once every 12 months, but according to the story line (link below) it appears banks should be re-evaluating on their own every 6 months?
My question is, how often do you evaluate your APR and take matters into your own hands? And have you found such reductions to impact any other offers or Annual Fee waivers in the past?
https://www.marketwatch.com/story/ci...ays-2018-06-29
I found my Barclay Aviator Red to be the most concerning as my most recent statement showed my APR as 21.74%, looking back on 3 years of statements it has increased 0.75%/year at a total of 3%.
I called Barclay to ask about how often they re-evaluate card members to determine their APR, the agent did not know the exact answer but offered to see if I was "eligible" for an APR reduction. After a quick review "which she stated would not require a hard pull" came back with a 17.74% rate. She read a brief jargon statement about how you are only eligible for a rate reduction once every 12 months, but according to the story line (link below) it appears banks should be re-evaluating on their own every 6 months?
My question is, how often do you evaluate your APR and take matters into your own hands? And have you found such reductions to impact any other offers or Annual Fee waivers in the past?
https://www.marketwatch.com/story/ci...ays-2018-06-29