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Questions about a BT


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Just for the heck of it, I applied for a Citicard Rewards Card (yeah, I know - need good credit to get that one) on line. Got the usual "we will get back to you in 30 days" response which I interpret as "you will get the declination letter in a week or so". In the application, just to see what would happen, I asked for a $7,000 BT to my Wells Fargo Card. I don't owe anywhere near that amount, but what-the-heck....

I still don't know if I am approved or not, but today I had a $7,000 payment made to my Wells Fargo Card (making my balance a credit balance by $5500). Apparently I was approved by Citibank, but this brings up some interesting questions:

1: They approved me. I don't have the card or the "Terms and Conditions". What happens if I reject the terms and conditions? They have already advanced money and I am within my rights to reject the card.

2: They advanced $7,000. What happens if they only give me a $5,000 credit line? They can rot in hell before I will pay any over-the-limit fees on a transaction that was initiated before I had accepted the card and was a blatant attempt to create over-the-limit fees. After all, why would they advance $7,000 knowing the credit line will only be $5,000? I requested a $7,000 BT but that was without knowing whether I would be accepted or not and what my line would ne, and whether I would accept the card or not.

Many collectors look at the lenders as "frustrated Santa Clauses" - here's proof they may be right.

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