CitiBank Rewards Platinum

[Arrow29]

Hi all,

I've searched through some old posts but couldn't find much on this card, mainly information pertaining to the Select (which I'm not eligible for at this point in time). I've been reading and understand that the CitiBank application process is quite a comprehensive one and was wondering if this card is also quite difficult to be approved for? With the current offer of no annual fee in the first year and the attractive points earning for KF miles (especially for overseas spend), it's something that I'd be interested in, but I don't want to apply if there's no chance at all I'd be approved.

I recently (within the last month) got approved for a professional association AMEX gold card (was attractive due to no annual fee/free ascent membership etc). My income is definitely above the minimum $35k quoted for the CitiBank, but I've only been working for 8 months (graduated last year), have a mortgage and as mentioned, recently applied for an AMEX card. Given this, would it be more wise to wait until the new year to apply, when I've been employed for a greater length of time and more time has passed between my credit application? I have obtained my credit file and have no overdue payments or the such, just the home loan and credit card checks.

Thanks guys!

 

[Hamza]

I applied for this one last month and got accepted, despite having a lot of applications recently on my credit file (I applied and was approved for an Amex a couple weeks before that, I also applied and was denied at Jetstar Visa between applying for the amex and citibank card). So you should be fine, I am self employed so they rung my accountant to verify my taxabale income for the last 2 years, then later that day I got an email saying my card is on the way. I did get an email asking me to post copy of my notice of assessment etc but before I could even post that I had been approved after the phone call (their company is a bit all over the place, I got one email saying I was approved pending a phone call, then I got another email saying I was approved pending me mailing them heaps of doc's)

 

[Arrow29]

Thanks for the reply, Hamza. As I only started work in January this year (first year out of uni) I think it may be safer to wait until next year when I have a second tax return to show. Especially given the fact that my most recent taxable income, only being for a 6 month period and having deductions through salary packaging etc, probably wouldn't give me the best chance. Enjoy your new card!

 

[Arrow29]

Also, from what I understand when applying for a credit card they'll ask about credit limits with existing cards. For the AMEX gold card that I recently got approved for (my first credit card) I just let them set the credit limit, which they've obviously put at the maximum they'd give me. Before applying for say the Citibank rewards platinum, would it be wise to request a lower credit limit on my AMEX to help the chances?

 

[Moopere]

Also, from what I understand when applying for a credit card they'll ask about credit limits with existing cards. For the AMEX gold card that I recently got approved for (my first credit card) I just let them set the credit limit, which they've obviously put at the maximum they'd give me. Before applying for say the Citibank rewards platinum, would it be wise to request a lower credit limit on my AMEX to help the chances?

I had some trouble when I first started playing this game a while back. Like you, I thought that asking for a lower limit might help, actually, it made things worse. I was declined a Citi Plat and instead offered a Gold, because the limit I wanted wasn't sufficient for a Plat card, or so they said. I declined the gold, got some advice (from here) and went for the plat again, but was then declined because I had previously been declined within the last 6 months (Aargggggghh!).

Be cautious also if Amex have given you a very large limit. They may well have maxed out your useable credit, the Woolies EDR CC people did this to me and I had several problems with declined applications after it - had to get it reduced from an insane level to a more sane one Then, after waiting 6 months for the dust to settle I have been successful with every card attempt I've made. Amex, despite initially declining me, because of the Woolies CC fiasco, seem to be awfully happy because I've got three of their cards now and they keep increasing my limit.

Shorter version, the rule of thumb I use now, if declined a card, wait 6 months before applying to the same organisation, and make sure something has changed in your circumstances. If not declined, and my current combined credit limit is in the range 30-50% of taxable income, then keep applying for new cards as appropriate and as the points bonii allow

 

[Arrow29]

I had some trouble when I first started playing this game a while back. Like you, I thought that asking for a lower limit might help, actually, it made things worse. I was declined a Citi Plat and instead offered a Gold, because the limit I wanted wasn't sufficient for a Plat card, or so they said. I declined the gold, got some advice (from here) and went for the plat again, but was then declined because I had previously been declined within the last 6 months (Aargggggghh!).

Be cautious also if Amex have given you a very large limit. They may well have maxed out your useable credit, the Woolies EDR CC people did this to me and I had several problems with declined applications after it - had to get it reduced from an insane level to a more sane one Then, after waiting 6 months for the dust to settle I have been successful with every card attempt I've made. Amex, despite initially declining me, because of the Woolies CC fiasco, seem to be awfully happy because I've got three of their cards now and they keep increasing my limit.

Shorter version, the rule of thumb I use now, if declined a card, wait 6 months before applying to the same organisation, and make sure something has changed in your circumstances. If not declined, and my current combined credit limit is in the range 30-50% of taxable income, then keep applying for new cards as appropriate and as the points bonii allow

Thanks a lot for the reply Moopere, very informative! I applied and was approved for the AMEX early this month, haven't applied for any other cards besides that one. The credit limit they have given me is a bit more than 20% of my taxable income; as you can tell I'm quite new to the credit card scene so have been trying to do reading on credit files and ways to improve success etc in applications. Not that I've gone applying for a whole bunch of cards, but I'd rather maximise my chances and be successful the first time (not always possible, I know) than end up with a bunch of declined applications on my credit file. I'm sure there's no one right answer, but would you recommend requesting a lowering of my AMEX credit limit before applying for a second credit card (e.g. the Citibank rewards platinum in question)? As you correctly pointed out, I shouldn't request a too low a limit on the citibank card as it may be below their minimum (I would imagine it would be at least $5-7k minimum for a platinum card), but perhaps lowering my AMEX limit slightly may be beneficial.

I guess the principle would be different again when applying to upgrade a card from the same company (e.g. next year I plan to upgrade my corporate AMEX gold credit card to a platinum Edge), in which case things like credit limit with the exiting amex card wouldn't be an issue.

Thanks again, will enjoy the learning experience!

 

[dein_gesicht]

When applying for credit cards, the credit report only states what limits have been applied for. Thus, you could have been applied for a 20k limit on a card and accepted it, then apply for a card with a different provider and only state that your other credit limit was 1k - they have no idea.

 

[Moopere]

but I'd rather maximise my chances and be successful the first time (not always possible, I know) than end up with a bunch of declined applications on my credit file.

Yes, sure. Declines seem to have a real affect on following applications. If you find you get a decline right after (with a month or so) of a previous decline this is probably whats happening. I waited for 2-3 months when it happened to me and then the approvals started to come again.

You are certainly correct in my view to build a bit of a strategy around this stuff as "points season" can be quite lucrative with many bonus sign on points becoming available (NOV-MAR?). If you get a bunch of declines right at the start of the season it can affect harvesting for that year.

I'm sure there's no one right answer, but would you recommend requesting a lowering of my AMEX credit limit before applying for a second credit card (e.g. the Citibank rewards platinum in question)? As you correctly pointed out, I shouldn't request a too low a limit on the citibank card as it may be below their minimum (I would imagine it would be at least $5-7k minimum for a platinum card), but perhaps lowering my AMEX limit slightly may be beneficial.

I can't remember now - I'm sure there are posts on AFF about it ... the Citi Plat Visa might have had an $8K minimum? You should not need to adjust your Amex limit unless you feel like you might be bumping into an institutions own affordability limit. I think the various providers are legally bound to at least appear to be testing you in some way against credit affordability, though I am quite sure that dein_gesicht in the post above is correct, the banks can't really easily tell what limits you have been granted so can't verify if what you tell them is true. However, despite there being a legal tone to the application process, the institution is really looking for a customer who will be profitable for them .... so if you just scrape through their 'means test" it may affect their internally prescribed perception of potential profitability ... and that could well end with a decline as well.

I like the cards I actually use to have useful and useable limits on them. Not much good having your primary card with a $500 limit for example. If you are harvesting sign on bonii though I tend to try and keep limits to the minimum the bank will accept.

 

[Arrow29]

Amex gave me a $14k limit which I won't get close to spending, so I'm thinking I might request a decrease just to help future applications. Interesting that other institutions don't know but I'd be hesitant to put something lower than I had in case they somehow checked. Not sure if requesting a decrease would affect ability to upgrade within Amex to a platinum down the track but I can't see how it would, providing statements are paid in time and the reduced limit isn't being maxed out each month (ie some leeway)

Thanks for the responses, learning a lot!

 

[dein_gesicht]

Amex gave me a $14k limit which I won't get close to spending, so I'm thinking I might request a decrease just to help future applications. Interesting that other institutions don't know but I'd be hesitant to put something lower than I had in case they somehow checked. Not sure if requesting a decrease would affect ability to upgrade within Amex to a platinum down the track but I can't see how it would, providing statements are paid in time and the reduced limit isn't being maxed out each month (ie some leeway)

Thanks for the responses, learning a lot!

You will not be checked. They might say that their records show a 14k application. You can respond with "yes, but I thought the limit was too high and reduced it to 1k"

Done deal

 

[Arrow29]

Well I ended up deciding to apply last night, got a "conditional approval" online after submitting, subject to them ringing my employer. I faxed through the supporting documentation (pay slips, passport/medicare card/drivers licence) and called today to make sure they'd received them. I was asked to send a mobile phone bill showing my name and number (how many points ID check do Citibank want?!) and also one other piece of evidence for the additional income I'd listed. The lady said she'd forward my application to a particular person and that he'd call my HR department ASAP to verify my employment.

So far it has all run quite smoothly, but I'll wait and see until the final verdict as I've read about how Citibank can be quite difficult with their approvals! Guess I'll have to wait until Monday now to find out.

 

[tim374]

Arrow, when you called after sending your documentation, did you get the impression they could add notes to your application? I ask this as anybody calling my employer needs the reference number I get when submitting an authority to release information (in order to verify their identity), but no application form has a free text section to include this.

 

[Plutonus]

Arrow, when you called after sending your documentation, did you get the impression they could add notes to your application? I ask this as anybody calling my employer needs the reference number I get when submitting an authority to release information (in order to verify their identity), but no application form has a free text section to include this.

I've called them up before and told them the exact number they need to call and the reference number, so they do have the ability to record it somewhere.

 

[tim374]

I've called them up before and told them the exact number they need to call and the reference number, so they do have the ability to record it somewhere.

Thanks for that, exactly what I was after.

 

[Arrow29]

Tim, I did get the impression that they could add some notes to the application as Plutonus has said, as they did as me some questions about some of the information that I provided.

 

[Arrow29]

Got approved today; had a call this morning from Citibank saying that they would send my application for processing today and that I would hear in 3-5 days. Found out this afternoon that it has been approved and should receive mail by the end of the week. So applied Thursday night online, sent documents in Friday and approved Monday; just in time for my 2x overseas trips which is nice to take advantage of the 2KF miles per dollar overseas.

 

[hummel]

Got approved today; had a call this morning from Citibank saying that they would send my application for processing today and that I would hear in 3-5 days. Found out this afternoon that it has been approved and should receive mail by the end of the week. So applied Thursday night online, sent documents in Friday and approved Monday; just in time for my 2x overseas trips which is nice to take advantage of the 2KF miles per dollar overseas.

Something I don't know about?

 

[deluxeflyer]

Something I don't know about?

Perhaps it's the 3 points per $1 of overseas spend, which transfers to KF at 3:2, hence 2 KF.

 

[Arrow29]

Something I don't know about?

The card earns 3 Citibank Reward Miles per $1 spent internationally, which as I understand it converts to 2 KF miles (1.5 Citibank Rewards = 1KF mile). Hopefully I've understood it correctly!

 

[Arrow29]

The card arrived in the mail today (pleasantly sooner than expected). Called up and activated it without issue. Am I right in assuming that Citibank send the card's PIN separately in the mail? I went to register for Citibank Online but realise that I don't have a PIN yet. Guess I'll have to wait until next week for that.