biz transactions and credit increases

[trippin_the_rift]

Since the Select card is not officially for business spend - how would one go about obtaining a credit increase without company financials?

What's annoying me with citi, is I've got two friends who don't pay their entire balances off - yet each 6-9 months receive credit increase offers. Then there is me - 10 years of citibank always paying the entire balance off, and now I'm spending ~2x my limit each month. Replenishing the card is a time waster.

Any tips?

 

[cove]

Just keep thinking you are Oliver Twist...."please sir,can I have some more".....
By the way I was declined trying for an increase so we are not orphans.
I have always paid the way you have described so don't think you are being singled out.
You could deposit $100k in a Citi account to get a relationship manager save $350 on the annual fee and get your RM to fix your limit. That is something I am considering.

 

[Cruiser Elite]

You could deposit $100k in a Citi account to get a relationship manager save $350 on the annual fee and get your RM to fix your limit. That is something I am considering.

I tried that one cove - actually went into Camberwell (Vic) branch last Friday and met with RM - she could not help - CC credit limits must be done via Manila - I currently have increase applic pending - they will advise in due course - am Citigold with 80K on deposit.

 

[cove]

What is the highest limit with Citi Select then?

 

[Cruiser Elite]

I have no idea.

 

[oz_mark]

What is the highest limit with Citi Select then?

The published maximum is $100K.

Whether they will go higher than that, I don't know.

 

[petermac123]

hmmm... I've got a home loan parked with Citi, was told that it's possible to fund the Select card directly from that via redraw or such.

a) Do I want to draw attention (probably doesn't matter, they seem to be pretty lax with business spend?)

b) Encounter the frustration of dealing with the backoffice.

But probably worth a try...

 

[cove]

Be our guest and tell us what happens. I got one increase and one decline for Citi limit increases.
Thanks oz_mark for that 100k advice.

 

[Simo]

Trippin you are in the same situation as me.

I own my own company and my wage is lower than the real number so we reduce my taxable income.

I went to get an increase in my credit limit and was told no because my wage doesn't support the higher limit.

Is that true yes.

I have now applied for a company credit card and the limit will be a lot higher because of how it is assessed.

Hope it all good now as the cough I had to go through was a joke.

 

[trippin_the_rift]

cove: I'm going to try opening a savings account, deposit some cash and get a RM on the case. I suspect 80k is not enough on deposit, especially if one wants a 100K limit.

Is Citigold worthwhile? Is it private banking or just 'investments' with benefits?

 

[cove]

You try and I will watch!
I don't get back to Perth until the middle of August.

 

[Cruiser Elite]

I suspect 80k is not enough on deposit, especially if one wants a 100K limit.

Is Citigold worthwhile? Is it private banking or just 'investments' with benefits?

I currently have 80K - I previously had 200K - I tried and tried and tried to get Select - but having nowhere near the income level of 120K i had to get creative to get Select - which I did and was sucsessful - once got Select and qualified Citigold I shifted all funds out - only use this Online Saver Account to park the funds if not being used elsewhere - but for whatever reason I retain Citigold.

Citigold is a broad term used for customers who are above pggy bank status - if you have 100K or above with them they just give you a RM to liase with you. I use RM for nothing more than contact point to assist me when call centre lets me down.

 

[Foreigner]

I got an invite by post, along the lines "We've noticed that you've been making the most of your CitiBusiness Credit Card, so we'd like to invite you to apply for an increase to your credit limit up to $xx,xx_*."...

The response could be by phone call, fax or mail. I spoke to them and was approved and the increased limit appeared online within minutes.

Been with bank since last Dec. In one month, I hope to talk to them about Select.

 

[trippin_the_rift]

Business financials don't count apparently, despite them being 25x my income.

They wanted personal payslip + voice verification. Both extremely easy to fake and I don't understand how this protects consumers under the new laws.

So I'm once again unsure how to get limits increased for business spend! :S

This was with Riaz too!

 

[cove]

Each of us did more than 12 times our credit limits based on the recent annual summaries that came in the mail. It was still NO
for me recently.