Citi Credit Card Strange Offer Review
Author: mgcho
Posted: Thu Mar 01, 2007 11:09 pm
Post subject: Strange offer from Citi
I have a strange offer from Citi Dividend Platinum Select Card
For 4 months only;
I have to pay above minimum payment due and they will give me 20% of my extra payments up to $550 total maximum deducted from what I owe them.
If my minimum due is 100, and I pay them 500 on that month, they will pay 20% of 400 above 100 = $80
If I pay the same amount for the same minimum due 100 for 4 months, it will be $80 x 4 months = $320 total.
Since they offer me with 2.99% balance transfer 8 months ago, I transfered about $14,000 and paying back without using card at all. I guess they don't like that and want me to pay as much as possible.
One thrick though is they will reduce my credit line at the end of that 4 months, but promised me that it won't be reduced more than 30%. Stange
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: mouse
Posted: Thu Mar 01, 2007 11:12 pm
Post subject: Re: Strange offer from Citi
mgcho wrote:
I have a strange offer from Citi Dividend Platinum Select Card
For 4 months only;
I have to pay above minimum payment due and they will give me 20% of my extra payments up to $550 total maximum deducted from what I owe them.
If my minimum due is 100, and I pay them 500 on that month, they will pay 20% of 400 above 100 = $80
If I pay the same amount for the same minimum due 100 for 4 months, it will be $80 x 4 months = $320 total.
Since they offer me with 2.99% balance transfer 8 months ago, I transfered about $14,000 and paying back without using card at all. I guess they don't like that and want me to pay as much as possible.
One thrick though is they will reduce my credit line at the end of that 4 months, but promised me that it won't be reduced more than 30%. Stange
DON'T DO IT
You don't need a CLD
30% the first month
What will happen later?????????
Author: Chazmanian
Posted: Thu Mar 01, 2007 11:32 pm
Post subject:
Yuk. Have you had some issues with paying the minimum payment due on this account? I dont like the sounds of this offer as I have done the same with citi and they never assumed I was in any "Trouble" which is what this offer for you appears to be.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: mgcho
Posted: Fri Mar 02, 2007 6:38 am
Post subject:
I never had a late payment in the past 7 years at all.
No more than 30% is on reduction of the "cash" limit. And it is one time reduction only after these 4 months.
They said the account must be good standing to enroll in this Citi Cards Payment Partner program.
And it said "By accepting this offer, you authorize the Citi Card to reduce your credit limit, an amount equal to the sums of the payments made in excess of the minimum due and the total statement earned from this program, minus any new debits and returned payments".
There is no enrollment fee or any kind of fees.
And my current line is $2,2700 and I don't use it for purchases or cash draws any way.
Author: Polonius
Posted: Fri Mar 02, 2007 12:50 pm
Post subject:
Citi is offering you $550 for just making extra payments. You'd be crazy not to take it.
Sure, Citi will reduce your credit limit. But it can do that any time after you pay off the loan anyway. Would you pay Citi $550 to keep 30% of your current limit?
I wish I had that deal offered...
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: mgcho
Posted: Fri Mar 02, 2007 3:40 pm
Post subject:
Yes, I have the same good feeling about that offer like Polonius said. So I have been starting extra payments.
Even if they would reduce credit line by end of 4 months, there would be plenty of credit line left to go around anyway and I have no intention to use even any of it.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: guessindigo
Posted: Fri Mar 02, 2007 4:01 pm
Post subject:
Citi may suspect your holding too much debt and your credit reports indicate you are overextended or they believe your income is insufficient for the debt you owe. But whatever the reason, this needs to be viewed as adverse action against you. Respond appropriately.
Author: Polonius
Posted: Fri Mar 02, 2007 9:48 pm
Post subject:
Quote:
Respond appropriately.
The appropriate response is to take the money and run.
I agree that it's adverse action--the offer is only going out to people Citi is worried about for some reason. But once you're already in that situation--your account has been flagged for this offer--you might as well get the money offered. What other action could you take? Pay at once and close the card? Citi could care less. Call Citi and demand that it rescind its offer? What will that accomplish? Ignore the offer--and lose the $550? Why?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Thu Mar 01, 2007 11:09 pm
Post subject: Strange offer from Citi
I have a strange offer from Citi Dividend Platinum Select Card
For 4 months only;
I have to pay above minimum payment due and they will give me 20% of my extra payments up to $550 total maximum deducted from what I owe them.
If my minimum due is 100, and I pay them 500 on that month, they will pay 20% of 400 above 100 = $80
If I pay the same amount for the same minimum due 100 for 4 months, it will be $80 x 4 months = $320 total.
Since they offer me with 2.99% balance transfer 8 months ago, I transfered about $14,000 and paying back without using card at all. I guess they don't like that and want me to pay as much as possible.
One thrick though is they will reduce my credit line at the end of that 4 months, but promised me that it won't be reduced more than 30%. Stange
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: mouse
Posted: Thu Mar 01, 2007 11:12 pm
Post subject: Re: Strange offer from Citi
mgcho wrote:
I have a strange offer from Citi Dividend Platinum Select Card
For 4 months only;
I have to pay above minimum payment due and they will give me 20% of my extra payments up to $550 total maximum deducted from what I owe them.
If my minimum due is 100, and I pay them 500 on that month, they will pay 20% of 400 above 100 = $80
If I pay the same amount for the same minimum due 100 for 4 months, it will be $80 x 4 months = $320 total.
Since they offer me with 2.99% balance transfer 8 months ago, I transfered about $14,000 and paying back without using card at all. I guess they don't like that and want me to pay as much as possible.
One thrick though is they will reduce my credit line at the end of that 4 months, but promised me that it won't be reduced more than 30%. Stange
DON'T DO IT
You don't need a CLD
30% the first month
What will happen later?????????
Author: Chazmanian
Posted: Thu Mar 01, 2007 11:32 pm
Post subject:
Yuk. Have you had some issues with paying the minimum payment due on this account? I dont like the sounds of this offer as I have done the same with citi and they never assumed I was in any "Trouble" which is what this offer for you appears to be.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: mgcho
Posted: Fri Mar 02, 2007 6:38 am
Post subject:
I never had a late payment in the past 7 years at all.
No more than 30% is on reduction of the "cash" limit. And it is one time reduction only after these 4 months.
They said the account must be good standing to enroll in this Citi Cards Payment Partner program.
And it said "By accepting this offer, you authorize the Citi Card to reduce your credit limit, an amount equal to the sums of the payments made in excess of the minimum due and the total statement earned from this program, minus any new debits and returned payments".
There is no enrollment fee or any kind of fees.
And my current line is $2,2700 and I don't use it for purchases or cash draws any way.
Author: Polonius
Posted: Fri Mar 02, 2007 12:50 pm
Post subject:
Citi is offering you $550 for just making extra payments. You'd be crazy not to take it.
Sure, Citi will reduce your credit limit. But it can do that any time after you pay off the loan anyway. Would you pay Citi $550 to keep 30% of your current limit?
I wish I had that deal offered...
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: mgcho
Posted: Fri Mar 02, 2007 3:40 pm
Post subject:
Yes, I have the same good feeling about that offer like Polonius said. So I have been starting extra payments.
Even if they would reduce credit line by end of 4 months, there would be plenty of credit line left to go around anyway and I have no intention to use even any of it.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: guessindigo
Posted: Fri Mar 02, 2007 4:01 pm
Post subject:
Citi may suspect your holding too much debt and your credit reports indicate you are overextended or they believe your income is insufficient for the debt you owe. But whatever the reason, this needs to be viewed as adverse action against you. Respond appropriately.
Author: Polonius
Posted: Fri Mar 02, 2007 9:48 pm
Post subject:
Quote:
Respond appropriately.
The appropriate response is to take the money and run.
I agree that it's adverse action--the offer is only going out to people Citi is worried about for some reason. But once you're already in that situation--your account has been flagged for this offer--you might as well get the money offered. What other action could you take? Pay at once and close the card? Citi could care less. Call Citi and demand that it rescind its offer? What will that accomplish? Ignore the offer--and lose the $550? Why?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 10:57 PM
0 Comments:
Post a Comment
<< Home