Dead: Citi ThankYou Preferred: 5% TYP on all purchases for 6 months

J3anyus said:   I haven't used TYP before so I wasn't familiar with them, and I'm mostly interested in getting cash rather than gift cards. It looks like they can be redeemed for cash at a rate of 8,000 TYP for $50, which would give you 3.125% CashBack on purchases for the first 6 months. So even if you can't find gift cards that you'd use, this is still a good deal. Or you can get gift cards and then sell them on Plastic Jungle, which should give you a higher percentage overall for a little bit of your time.

Best cash equivalent redemption is either student loan credit or mortgage payment (5%).
Best normal redemption is travel. You get a 20% discount (I think), so it's around 6.25% for airfare.

That being said. I can't wait for s report to roll in with someone who gets a $100k mortgage credit (churning somewhere in the neighborhood of 300k per month I think).

peteypablo said:   ZapperO said:   sloppy1 said:   Citi credit cards is well known for classifying any 'financial' equivalent as a cash advance with extra fees and no reward points.
So be careful here with the 'usual' AARP-type methods of getting lotsa 5% points fast.

So no Amazon?

My advice? Set your cash advance limit to zero and try a small transaction first, say $100.

DW got hit with cash advances while I was trying to quickly run up the $5K spend for the 80K ThankYou points offer last year. I paid the balance to produce a credit (to ensure that the interest clock stopped), and sent secure messages asking for the CA fee to be reversed. I was able to get it reversed both times -- totaling over $100.

monarch20 said:   capnkidd said:   Any restrictions for business purchases?
Yes, all personal cards say in the terms for personal use only..
Use for business will often lead to adverse action.

What kind of adverse action?
I've used cards that I've gotten in my name (or even my wife's name) for my business expenses exclusively, for years, with all the major issuers.
What kind of actions would they take? Why would they even care?

I merged this account with an existing ThankYou account and it doesn't appear that I get the benefits of the "Preferred" account over the regular ThankYou accounts, such as the 25% travel discount and Amazon gift cards.

Has anyone done the same and gotten their ThankYou account upgraded?

J3anyus said:   I haven't used TYP before so I wasn't familiar with them, and I'm mostly interested in getting cash rather than gift cards. It looks like they can be redeemed for cash at a rate of 8,000 TYP for $50, which would give you 3.125% CashBack on purchases for the first 6 months. So even if you can't find gift cards that you'd use, this is still a good deal. Or you can get gift cards and then sell them on Plastic Jungle, which should give you a higher percentage overall for a little bit of your time.

Get Amazon gift cards. You can get them 5000 points for 50 bucks, then sell them for 45-48 bucks pretty easily. So basically you get 45 bucks for 5k points. Much better deal than getting cash directly.

I really believe in a more friendly forum environment but when people refuse to search, its so hard...

This has been written so many times. No one 1099's for credit cards, never ever never.

stanolshefski said:   vistaluck said:   good to use it to pay property tax!!

Citi has a nasty habit of coding transactions as cash advances. Don't say you haven't been warned.

I had a 5% retention offer last year and they coded my car payment (Ford Credit) as a cash advance.

mespin said:   stevento said:   Citi is the one that sends out 1099's, right?
So the 5% becomes taxable income...My marginal tax rate is 44%, so that makes it a 2.7% card for me. Still not bad.
Citi does not send out 1099s for credit card rewards -- only bank account bonuses.

then how is it that this card is not getting the same epic attention the AARP card got?

People get excited about sign on bonuses and the like, but IMO, for those with serious spending tends, the 5% would blow everything out of the water, and with minimum management.

stevento said:   then how is it that this card is not getting the same epic attention the AARP card got?

People get excited about sign on bonuses and the like, but IMO, for those with serious spending tends, the 5% would blow everything out of the water, and with minimum management.

sloppy1 said:   Citi credit cards is well known for classifying any 'financial' equivalent as a cash advance with extra fees and no reward points.
So be careful here with the 'usual' AARP-type methods of getting lotsa 5% points fast.

stanolshefski said:   Citi has a nasty habit of coding transactions as cash advances. Don't say you haven't been warned.

stanolshefski said:   DW got hit with cash advances while I was trying to quickly run up the $5K spend for the 80K ThankYou points offer last year. I paid the balance to produce a credit (to ensure that the interest clock stopped), and sent secure messages asking for the CA fee to be reversed. I was able to get it reversed both times -- totaling over $100.

BrlDsguise said:   I had a 5% retention offer last year and they coded my car payment (Ford Credit) as a cash advance.

And there's really just not that much else to talk about.

Perfect timing. Was in month 6 on AARP.

jimmyrules712 said:   
Few reasons. Citi is stricter at coding "churn" type purchases as cash advances. Thank you points are harder to redeem for the same dollar amount as Chase points (you will likely get a bit less than 5% when it's all said and done) and thank you points have to be redeemed for gift cards so it's not as good as cash.

DOn't get me wrong though, it's still a good opportunity and it will beat a standard 2% card.

I recently asked a question which card would be best for bigger spenders.
I believe this card would be perfect.
I have no interest in churning, but I do have $20K monthly spends I'd like to get more rewards for.
Instead of chasing 50K signon bonuses, I'd prefer to have a card that gives double that for 6 months.
And as many other bigger spenders, I do have a sizable mortgage that I don't mind reducing by $12K.

So I'm pretty excited to have this card. Hopefully, when I get it, I'll be able to increase the credit limit from the useless $3K I approved.

So if I use this card to fund the new checking account, it will be treated as "cash advance", right?

Much appreciated for comfirmation.

Also, using this card to pay for property taxes and/or 2011 tax payments, citi will call these transactions as cash advance as well?

Thanks!

stevento said:   
then how is it that this card is not getting the same epic attention the AARP card got?

People get excited about sign on bonuses and the like, but IMO, for those with serious spending tends, the 5% would blow everything out of the water, and with minimum management.

Because it's not actually 5% CashBack like AARP was.

Some will just never learn. Chase thread all over again.

Rorer714 said:   Some will just never learn. Chase thread all over again.

Nothing ventured, nothing gained.

dhl said:   Argyll said:   stevento said:   
then how is it that this card is not getting the same epic attention the AARP card got?

People get excited about sign on bonuses and the like, but IMO, for those with serious spending tends, the 5% would blow everything out of the water, and with minimum management.

Because it's not actually 5% CashBack like AARP was.


P.S. I am out of the game i.e. declined due to excessive inquires and reached maximum credit extended by CITI (I know I can ask them to reallocate, but can't make those inquires dissappear fast enough)
may i ask how many inquiries?

nwill002 said:   dhl said:   Argyll said:   stevento said:   
then how is it that this card is not getting the same epic attention the AARP card got?

People get excited about sign on bonuses and the like, but IMO, for those with serious spending tends, the 5% would blow everything out of the water, and with minimum management.

Because it's not actually 5% CashBack like AARP was.


P.S. I am out of the game i.e. declined due to excessive inquires and reached maximum credit extended by CITI (I know I can ask them to reallocate, but can't make those inquires dissappear fast enough)
may i ask how many inquiries?

I'll update once I get my rejection letter and free report. Don't remember if Citi useds EQ or EX, but on TU I have 7.

Has anyone had luck using chargesmart to pay their mortagage to maximize rewards, looks like I could net $65 in rewards for paying my mortgage. Chargesmart FAQ's seem to suggest you will receive credit card rewards, anyone experience otherwise?

Thanks

yOyOYoo said:   Hot!

I have a mortgage with Citibank. Mortgage payment Cash Back sounds awesome.

Planning a wedding, which will involve some big spending also. Wonder when this deal expires.
you sign up for card now.
your fiance signs up for card in 6 months.
report back then if it's still a good offer?