Citibank Shell Mastercard Review
Author: Paul, Guest
Posted: Sat Jun 07, 2003 3:59 pm
Post subject: Shell Mastercard from Citibank
I have a Shell Mastercard from Citibank with a $15,500 limit. For the past few months I have been using it quite heavily, charging both gas and other items. Now I have found another card which I prefer to use, at least for the non-gas purchases. My question is: If I keep the Shell Mastercard and use it for just gas (about $40 a month or less), is this going to screw up my record with Citibank or my credit record? Doesn't it look funny when I charged $2500 a month for several months and all of a sudden drop to $30-$40 a month (for gas only)? Is it better to just get rid of the card under these circumstances? I have been with Citibank since March of 2001 (under another card), but just converted to the Shell Mastercard this January when Citibank took it over from Chase. Or is it better to keep it open, even under these limited usage conditions?
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Posted: Sat Jun 07, 2003 3:59 pm
Post subject: Shell Mastercard from Citibank
I have a Shell Mastercard from Citibank with a $15,500 limit. For the past few months I have been using it quite heavily, charging both gas and other items. Now I have found another card which I prefer to use, at least for the non-gas purchases. My question is: If I keep the Shell Mastercard and use it for just gas (about $40 a month or less), is this going to screw up my record with Citibank or my credit record? Doesn't it look funny when I charged $2500 a month for several months and all of a sudden drop to $30-$40 a month (for gas only)? Is it better to just get rid of the card under these circumstances? I have been with Citibank since March of 2001 (under another card), but just converted to the Shell Mastercard this January when Citibank took it over from Chase. Or is it better to keep it open, even under these limited usage conditions?
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posted by CardRatings.com at 8:32 PM
14 Comments:
Author: sisflomi, Credit Expert (100+ Posts)
Joined: 07 Nov 2003
Posts: 134
Posted: Mon Nov 10, 2003 11:07 pm
I think that if you stop using it as much as you were, they might drop your limit. I have also read where cards up the interest when you slow down your use.
I would call up citi bank and ask them to lower your credit limit. Of course only do this if the other card has a higher limit to cover the drop from the citi bank card. I wouldn't close the card unless you have longer history than this card, it could hurt your score.
Nightstar is the pro at this stuff, if you have furter questions please seek her out.
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Author: Ira, SENIOR MEMBER (Member for 2 yrs.+)
Joined: 19 May 2003
Posts: 616
Location: NJ
Posted: Tue Nov 11, 2003 12:16 am
Why should it screw up your credit with Citibank? I also have a Shell MasterCard and I*'ve cut way back on usage for the past six months for exactly the same reason - I found other cards which I'd rather use. What do you think happened? Other than getting lower bills on the card, nothing at all. Look, banks WANT your business. Why should they do something that would prevent you from doing business with them, especially if you've been a good customer. Just do your own thing. Don't try to outthink the banks, especially when you don't have tol
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Author: NightStar, Credit Expert (100+ Posts)
Joined: 07 Nov 2003
Posts: 1699
Location: Illinois
Posted: Tue Nov 11, 2003 8:25 am
I agree about not closing the card, at least your are using it, that should stay the creditor... you don't want the credit limit lowered if it will negatively hurt you.
Reason is, if the highest you have charged is more then the credit limit it will hurt the credit score, I have read some places that each over the limit listing can hurt the score as much as 50 points per occurance.
And this will happen if your credit limit gets lowered to less then what you highest charge was.
Watch Citi, have had accounts with them in the past, and they are usually preditory when you have high balances. Very good at sending change in terms agreement jacking the interest rates. Constantly going rounds with this creditor on that issue.
I am not personally familiar with them closing due to low usage, or none usage. But if they ever do tell you they are closing your account, then call them up and dispute that you want it reflected instead that you closed the account, or call to dispute that you want their reconsideration on the action that you want the account to remain open.
Unless you are running with major amount of credit cards, by all means maintain your relationship per creditor as long as possible, that is what looks good to the lenders, long term relationships. Of course that is getting harder these days, with the fluctuation in service - that is for sure.
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Author: Paul, Guest
Posted: Tue Nov 11, 2003 10:31 am
Since my original post (in June) I have gone to using ANY gas, with another gas rebate card, plus all other charges on AMEX cashback.
Under these revised circumstances, is it still a good idea to keep the Shell Mastercard open, especially with a nine times a year use requirement? Citibank has no other card which I want. Shell gas is just one of many brands I use, and not the cheapest?
I have been sitting on this. Ira, what do you think? I need to make a decision.
P.S. Becuase of the 9 times a year requirment, sock-drawing is not an option. I have three other major rewards cards.
P.S>. Thanks to all of you guys for your opinions. This is a good board, and I will probably sign up as a regular. There are a lot of great credit minds here!
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Author: Ira, SENIOR MEMBER (Member for 2 yrs.+)
Joined: 19 May 2003
Posts: 616
Location: NJ
Posted: Tue Nov 11, 2003 10:56 pm
My advice, for what it's worth, is to either keep the CitiCard Shell card and use it occassionally, or switch to another CitiBank card. They will do this for you. I just did it today, switching my available credit from a high interest card (zero balance) to one that has a zero balance transfer interest rate, zero balance transfer fee for 9 months. The whole thing took all of five minutes.
This will allow me once again to do a balance transfer to an interest bearing account, leave it there until just before the rate expires, then withdraw the unpaid balance (I will be paying monthly minimums during the 9 months), and pay back Citibank. I love this! Over a year's time I will have made close to $800.00 in interest using bank money. What a country!
BTW, I am keeping the Shell MasterCard. I drive over 40,000 miles a year and it's no big deal for me to get the occassional tank of Shell. Also, you're probably using the AAA MasterCard (same as I am) which gives you a 5% rebate at any pay-at-the-pump station. I recently needed gas and stopped at a Shell station which did NOT offer PATP. No problem, I used my Shell card to get the 5% rebate. One more reason to keep the card o-pen.
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NightStar
Credit Expert (100+ Posts)
Joined: 07 Nov 2003
Posts: 1699
Location: Illinois
Posted: Tue Nov 11, 2003 11:03 pm Post subject:
--------------------------------------------------------------------------------
Quote:
My advice, for what it's worth, is to either keep the CitiCard Shell card and use it occassionally, or switch to another CitiBank card. They will do this for you. I just did it today, switching my available credit from a high interest card (zero balance) to one that has a zero balance transfer interest rate, zero balance transfer fee for 9 months. The whole thing took all of five minutes.
I thought it was not possible to balance transfer between affiliate cards?
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Author: Ira, SENIOR MEMBER (Member for 2 yrs.+)
Joined: 19 May 2003
Posts: 616
Location: NJ
Posted: Tue Nov 11, 2003 11:34 pm
Where does it say that I did a balance transfer? I simply combined cards
Many banks will allow you to combine two or three of their cards into one. I had a dormant CitiBank card with a $6,000.00 limit and a brand new (my specialty!) 0% balance transfer, 0% fee CitiBank card. I simply called customer service and had them close card 1 and move the available credit limit to card 2. I did the same thing with Chase a few months ago for the same reason. With MBNA I've simply changed one card for another. I'm not certain that all banks permit this, but there's three good examples of banks that do.
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Author: NightStar, Credit Expert (100+ Posts)
Joined: 07 Nov 2003
Posts: 1699
Location: Illinois
Posted: Wed Nov 12, 2003 1:04 am
Sorry I mis-read that, ok - I had not heard mention before of combinding credit limits to one card. Interesting way about it,
Do you see there being an advantage to combinding like this? Do you carry balances, or are you doing something different here?
I know one of you said, that balance transfers where made for profit, that is such a hard idea when a person like myself is looking at balances every month and trying to manage to the best to pay off and reabilitate situation
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Author: Ira, SENIOR MEMBER (Member for 2 yrs.+)
Joined: 19 May 2003
Posts: 616
Location: NJ
Posted: Wed Nov 12, 2003 8:07 am
If you have a high rated card and a low rated card (I'm talking finance charges here) from the same company, wouldn't it be better to combine both cards under the umbrella of the lower rate? That's what I'm doing. The only difference is that in my position I choose to go after only 0% rates. In your position you can use this technique to painlessly drop your interest rates,
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Author: NightStar, Credit Expert (100+ Posts)
Joined: 07 Nov 2003
Posts: 1699
Location: Illinois
Posted: Wed Nov 12, 2003 8:33 am
I don't any more, but will be interesting to possibly do that with DH's though. Citi is terrible with rate changes, periodically that keep jumping his 10% rates upto 20% rates. That is quite a difference they are trying to get out of a person. Makes it hard to pay down existing balances.
That is working with less I would think, cause if they do rate increase the next time, then it would be off to a new card all together to remedy the situation. Could give that a try, I really move slow, lol Always planning to great length each move, think of it like chess and hope not to move the wrong one.
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Author: NightStar, Credit Expert (100+ Posts)
Joined: 07 Nov 2003
Posts: 1699
Location: Illinois
Posted: Sat Nov 15, 2003 10:02 am
Shell Mastercard from Citibank with a $15,500 limit & carry $40 balance does seem strange.
60 day introductory rebates of 10% on all Shell gasoline purchases!*
5% rebates after that
1% Shell gasoline rebate on every other purchase
Automatic monthly rebates
Great benefits including 24/7 customer service, online account management, Lost Wallet® Service, ATM cash access and more.
No annual fee for the first year. And no fee after that provided you make 9 Shell gasoline purchases per year.*
APR is 0% for 6 months from the date of the first balance transfer.
APR for purchases is 13.99%.
APR for cash advances is 19.99%.
default rate of 27.99%.
Standard transaction fee for cash advances is 3% of the amount of each cash advance, but not less than $5. The transaction fee for balance transfers is 3% of the amount of each balance transfer; minimum of $5 and $50 maximum.
I ran into a second offer on gas cards - looks simular with small differences - thought to put them side by side to compare:
Chase PerfectCard Rewards
Issued by Chase Manhattan Bank USA, N.A.
Apply today and earn a 6% rebate on ALL gasoline purchases for 90 days. Then earn 3% on all gas thereafter. And always earn a 1% rebate on everything else. Rebates are automatic. No annual fee the first year. Thereafter, a $19 fee will be waived if at least 9 purchase transactions in the prior year.
APR: Prime Plus 9.74%
Annual Fee: $19
Balance Transfers: Max Amount: $99750
Rate: 0.0%
Period: 9 months
They show 3 APRs here: 13.74% / 15.74% / 18.99% standard purchases.
Preferred Pricing1 – Balance Transfers: For Elite Pricing and Premium Pricing, fixed 0.00% introductory rate for 9 months from account opening.1 Thereafter, 13.74% for Elite Pricing, or 15.74% for Premium Pricing.
Cash Advances: 19.99% for Elite Pricing and Premium Pricing, or 23.99% for Standard Pricing.
Non-Preferred Pricing - Purchases, Balance Transfers and Cash Advances: Up to 23.99%.
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Author: Ira, SENIOR MEMBER (Member for 2 yrs.+)
Joined: 19 May 2003
Posts: 616
Location: NJ
Posted: Sat Nov 15, 2003 11:21 pm
For a pure gasoline rebate card, AAA Financial Services card from MBNA is the best. It gives you a straight 5% rebate on any pay-at-the-pump gas. Nothing else about the card is particularly noteworthy. I use it strictly for gas - what I call a boutique card, or a card that is used for one special purpose only - and pay the balance in full every month. I'm not even sure what the finance rate is.
I am constantly amazed at how the worm has turned over the past decade with regard to the way the gas & oil companies treat their credit card customers. You might remember when for about five years they charged a premium to those who had the audacity to pass a credit card; now they actually pay us to please use our credit cards. Amazing!
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Author: NightStar, Credit Expert (100+ Posts)
Joined: 07 Nov 2003
Posts: 1699
Location: Illinois
Posted: Sat Nov 15, 2003 11:26 pm
Thanks alot - was just now starting to check into there for DH since he drives 2 hours every day back and forth to work - figured I should get something for gas card to help out on the cost.
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