HUH? THIS is a new one from CC's...
Find a Conversation
HUH? THIS is a new one from CC's...
| 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
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
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.
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.
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
Becky
CL of 4th, 5th & 6th grade Scoliosis
Pages