HUH? THIS is a new one from CC's...

Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
HUH? THIS is a new one from CC's...
17
Thu, 01-29-2009 - 6:43pm

THIS is definitely a new twist I haven' t seen yet from the credit card companies!!!


Anyone else or is it just me?


I got a letter in the mail from Citi cards -- I wasn't sure what it was going to be on the outside something about earning $250, blah, blah, blah...


I open it and basically IF you pay $150 OVER the minimum payment you earn a 10% statement credit.

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iVillage Member
Registered: 11-17-2007
Thu, 01-29-2009 - 7:34pm

Chase sent me this thing one month that each day in that month. For each day you charge in that month you got a 5.00 credit up to 150.00 I made around 100.00 in bank credit from them by just charging a few dollars here and there.


nothing more then 5.00 at a time


Mary Ann


If you can do it I would


iVillage Member
Registered: 07-26-1999
Thu, 01-29-2009 - 8:03pm

Becky

It sounds like exactly the opposite of what MaryAnn got awhile back. With her offer they were trying to get people to rack up debt that they would end up paying way more in compound interest than what they earned in credits for charging.

With the offer you've just got it sounds like they are trying to entice people to pay down their debt as much as possible to reduce their total liabilities...as if most people who could wouldn't be paying the max anyway...

So, if you pay $150 over your minimum due for four straight months you get a credit of 10% of your monthly balance each month for those four months credited to your account at the end of four months? Now I'm bad at math, but if you're carrying, say a $10,000 balance, and you pay the $150 over your minimum each month for four months, does that mean you're going to get almost a $4,000 credit at the end of four months, because a 10% credit on a 10K balance would be 1,000 for the first month then declining slightly each month after that...Someone please correct me if I am wrong.

Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
Thu, 01-29-2009 - 8:59pm

You don't *quite* have the math right...I'll tell it to you in our board terms.

iVillage Member
Registered: 07-26-1999
Thu, 01-29-2009 - 10:41pm
I totally didn't read your post properly! Oops. Feel a bit silly...
iVillage Member
Registered: 10-02-2008
Thu, 01-29-2009 - 10:54pm

Darn, now I wish I carried a balance on my

iVillage Member
Registered: 09-20-2004
Fri, 01-30-2009 - 4:56am

I think Citi is in trouble and is trying to reduce the balances owed to them.

iVillage Member
Registered: 03-26-2003
Fri, 01-30-2009 - 5:59am

I've heard of this. My dd got this offer a couple of weeks ago. She took them up on it.

Sue


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iVillage Member
Registered: 04-10-2003
Fri, 01-30-2009 - 7:30am

I think the CC industry is in big trouble. They gave easy credit for far to long and now they are paying for it. They need to balance their liabilities on paper (part of the reason so many are closing accounts too!)


Bex -


"Yesterday is history, tomorrow is a mystery, today is a gift -thats why its called the present."


Bex -

Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
Fri, 01-30-2009 - 8:23am

That's my thinking too, that I'm sure it has to do with their records OR you pay these big chunks down & then they lower your limit.


Unfortunately, our min. on that card is about $350 -- I can't just plunk another $150 every month for the next 4 months toward it!

iVillage Member
Registered: 04-10-2003
Fri, 01-30-2009 - 8:46am
That was my other concern. Pay it down and then they reduce your limit! You have to watch these things like a hawk!

Bex -


"Yesterday is history, tomorrow is a mystery, today is a gift -thats why its called the present."


Bex -

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