Citibank credit limit increase offer

[Mis5P]

Hi all,

Did anyone else get this offer from citibank?

"With Further Periodical Increases up to $39000*
In recognition of your excellent payment record, we are delighted to offer you Further Periodical Increases up to a pre-approved credit limit of $39000*. This is a perfect opportunity to enjoy more of the things you love or just keep for emergencies."

What do they mean by further periodical increases?? So you don't get the $39000 credit limit straight away?
How much and how far(time wise) apart are the periodical increases?

Thanks for the help.

Cheers

 

[diesmile]

mine has a set increased amount, and a further Further Periodical Increases X amount.

so i guess depends on your history, you will gradually get increased credit limit?

worth to give them a call if u want increasing your limit.

for me, i throw the offer into the bin.

 

[Diesellife]

Citi will increase your limit periodically until the specific limit (If you agree to it of course).

I simply put it in the bin in the past as I hate not to know my limit given a specific of time. And later on I cancelled the card altogether because they ignored my request of not increasing.

I will not give a chance for banks to overpower me :evil:

 

[JohnK]

I got a similar offer late last year to increase my credit limit periodically to $45,000 which was an increase of more than 50% on my current credit limit. I think I made the right decision by ignoring the offer....

 

[oz_mark]

Citibank seem approach it in both ways - one is to offer a fixed increase, the other is to do it in steps to a particular amount. They also tend to be sizeable increases.

Not sure how they choose one way over the other. Maybe int the step approach, they think you will buld up to the limit, so they step it up a bit, then you use that up, so they step it up a bit more

 

[pongie]

Bare in mind when you accept limit increases, you'll be locked out of any offers from citibank (like new applications) for 6 months. So if they periodically increase you limits every 6 months, you'll be locked out till you reached that agreed limit.

 

[vet]

I believe new draft laws will require cc providers to actually enquire into the cardholders' capacity to pay so maybe this offer is just some way to circumvent the new proposed law. Or it iis to hook you into their clutches before they have to ask iif you really can afford all those cards and Harvey Normal interest free deals.

Anyway, I'm wary of super dooper limits, especially after seeing 60 Minutes' story last Sunday on some new sleeper virus that bypassed CBS' safeguards and can get your account details and passwords. i really don't want to explain to Citbank that my card was max'ed by some Russian hackers.

 

[edman]

I did a limit increase on the Citibank website a few months ago for 10k. I must have only just qualified for another increase since my last one because a letter arrived similar to the others about a week later. Couldn't believe it because the gradual increases were up to 60k, and my limit at the time was less than half that.

Being an accountant and seeing the number of people who rack up massive credit card debts, I find it completely irresponsible and morally and ethically questionable that limts so far above existing limts are being preapproved.

Had a new client recently with taxable income between hubby/wife of <10k, accrued credit card debt of 180k. They had advised 2 institutions, one of the being Citibank, of inability to pay and asked for a freeze on interest while they sought out a financial counsellor which Citibank agreed to. Three weeks later, Citibank offered them a limit increase of 25k....

 

[Flashback]

I did a limit increase on the Citibank website a few months ago for 10k. I must have only just qualified for another increase since my last one because a letter arrived similar to the others about a week later. Couldn't believe it because the gradual increases were up to 60k, and my limit at the time was less than half that.

Being an accountant and seeing the number of people who rack up massive credit card debts, I find it completely irresponsible and morally and ethically questionable that limts so far above existing limts are being preapproved.

Had a new client recently with taxable income between hubby/wife of <10k, accrued credit card debt of 180k. They had advised 2 institutions, one of the being Citibank, of inability to pay and asked for a freeze on interest while they sought out a financial counsellor which Citibank agreed to. Three weeks later, Citibank offered them a limit increase of 25k....

Is that combined annual income supposed to be <10k or 100k ? If 10k, then :shock::shock::shock:

 

[edman]

Is that combined annual income supposed to be <10k or 100k ? If 10k, then :shock::shock::shock:

Definately LESS THAN 10K!!! It had been higher previously but that was 4 years ago and even then it was < $80k combined. AND they had advised Citibank that bankruptcy was likely.

 

[Flashback]

Definately LESS THAN 10K!!! It had been higher previously but that was 4 years ago and even then it was < $80k combined. AND they had advised Citibank that bankruptcy was likely.

There is only one word to describe that, and that is insane:!:

 

[Diesellife]

Their total income won't even cover half of the interest....
That's responsible lending ...... in citibank's view and no wonder their shares are now shine like gem:mrgreen:

 

[trippin_the_rift]

I need to ask the obvious question here... to get such large increases are you carrying a debt or repaying monthly?

Nothing wrong with having access to a large amount of credit so long as you're responsible not to use it if you can't afford it!

 

[docjames]

no wonder their shares are now shine like gem:mrgreen:

You cant polish a turd :mrgreen:

 

[edman]

I need to ask the obvious question here... to get such large increases are you carrying a debt or repaying monthly?

Nothing wrong with having access to a large amount of credit so long as you're responsible not to use it if you can't afford it!

In my case I pay the balance in full each month so no carry over debt. Doesn't justify a limit increase of over 30k in a 6 month period though in my book.

In my clients case they hadn't even been able to make minimum payments for at least 6 months.

 

[Diesellife]

In my case I pay the balance in full each month so no carry over debt. Doesn't justify a limit increase of over 30k in a 6 month period though in my book.

In my clients case they hadn't even been able to make minimum payments for at least 6 months.

To all the people out there who want to increase their limit with citibank...simply do the same - don't pay them for 6 months and voila....limit increased!

 

[WA flyer]

I just received my statement yesterday for my Citi m/c, with a final chance notice on the back to increase to 50k. It seems pretty pointless as i'm currently on 45k, which is more than adequate for a monthly spend of about 20k. I'll switch to my recently upgraded "free for life" Citi visa, which I will need to increase, when I use up the 120k cap

 

[jingles]

I need to ask the obvious question here... to get such large increases are you carrying a debt or repaying monthly?

Nothing wrong with having access to a large amount of credit so long as you're responsible not to use it if you can't afford it!

I dont use my card much, on average each statement would be <$100.
The debt is always repayed in full before the interest free period expires.

Not long after getting the free for life gold they sent me out a letter to sign which would increase my limit to $10,000.
About 3 months ago they sent me another letter offering me periodical increases up to $27,000.
I have not yet been automatically increased from the $10,000 though.

I accepted both as when i want a credit limit increase they probably will not give me one for whatever reason they see fit whereas now when i dont need an increase they will happily give me one.