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.

Pages

iVillage Member
Registered: 01-27-2009
Fri, 01-30-2009 - 9:54am

Maybe they will take down your limit afterwards. Maybe they won't. However, if they are planning on taking down limits, better to have debt paid down than have a high debt and have them lower your limit to below your debt!


I think the problem is that we are use to CC companies looking for the long-term bucks. This deal does make them money: it makes them $600 over the next 4 months! Other companies do, at times, sacrifice the long-term good for a short-term gain so I don't find it that unusual that, for once, they do it too. (plus having to justify the stimulus package, plus wanting to be paid large amounts before the economy goes down, plus...)


It also may amount to more money in the long-run: customers struggle to make $150 extra on their payments and see the amount go down faster. This feels good, so when the extra money offer ends, they might decide that they are able to keep going with this repayment plan... Bingo, more money for Citi as opposed to other companies.


It's a shame you can't afford it because this offer should be taken. However, that whole "take opportunities when you can thing" is often part of Murphy's Law: the

iVillage Member
Registered: 08-04-2008
Fri, 01-30-2009 - 10:35am

Becky, I am sure you already thought of this but, could you switch your snowball to this card for 4 months to take advantage or this offer?


I know I have been snowballing my highest interest card (it angers me about how it jumped, but maybe I will explain in another post) and when I got $3k paid off, they lowered my limit to within $100 of my balance.




Community Leader
Registered: 07-26-1999
Fri, 01-30-2009 - 10:46am
With a deal like that, I wish I had a Citi card, I would definately take advantage of that.
Photobucket
Community Leader
Registered: 07-26-1999
Fri, 01-30-2009 - 10:48am
Really?
Photobucket
iVillage Member
Registered: 08-04-2008
Fri, 01-30-2009 - 11:08am

Ok, I will tell the Meijer cc story so you can warn your parents.


Like Dave Ramsey preaches - do not carry your CCs, shred them - ok I put mine in our safe, never in the wallet.


Last March I was tight but paying all bills on time.




iVillage Member
Registered: 01-25-2006
Fri, 01-30-2009 - 11:39am

Hmmmm...that's the card I use and pay off monthly. I wonder if I will qualify for this and will get a credit for the amount above the min. That would be a nice little bonus. I bet not though. I haven't gotten anything but I didn't check the mail the last few days. I'll wander down the hill and get it here in a bit when it gets a little warmer.

Peg

Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
Fri, 01-30-2009 - 11:56am
Probably not if you pay it off monthly as the credit can NOT make you have a credit balance.

Pages