Citibank Credit Protector- benefits.

This is not about the $10 or $15 rebate checks we all know about. I did a search and found these two earlier posts by davelanton and truhavocand thought this could be a good strategy.

Credit Protector benefits are available in quite a few events. Some of these are predictable events which if planned earlier can be taken advantage of.

For example if your planning to get married/ move to a new house/ purchase a new home/ start college/ become a parent/ hospitalized for some scheduled surgery and will stay in the hospital for 1 night/ even if you know you are going to lose your job.

Details of Credit Protector

1. Before any of these events occur, you should enroll in credit protector (and also recieve the $15 gas rebate check).

2.Use your enrolled card to the maximum.

3.When you recieve your statement call them to activate the benefits-they will pay the bills minimum balance and waive all finance charges and credit protector fees.

4. Pay the remaining balance before the due date to avoid any interest charges next month.

5. Cancel Credit protector the next month.

For example- Say I have a $1000 balance. I will call Credit Protector on the billing date of the statement and furnish proof of life event.
Minimum payment due- $50 will be paid by credit protector in the next one week.
I pay the balance of $950 before the due date and still carry a zero balance.

Things to watch for-
1. Once credit protector is active make sure you pay of your bill (except the one you want waived) before the statement date or you will be charged the fee.
2. You can use more than one card for each event. However, you can use each card only once each 12 months. This way you can take advantage of this more than once each year.

Any more suggestions or things to watch for?

Minimum payment on most citi cards is 2%,$20 minimum, not 5%.

I was seriously thinking of doing a 15K 0% BT when I moved, to take advantage of the offer, but chickened out as was not sure whether it will work or not and was afraid of getting struck with a 1% fee. But found out worked flawlessly for my free 20 bucks. Will see if I can take advantage of it when I move again.

disreguard what i said above.

"Otherwise, for each month’s protection you'll only pay 85¢ per $100 of the New Balance shown on your billing statement for the previous billing period, which will be billed automatically on your statement.
"

must of had it confused with some othewr programs

Called in to cancel and they lowered rate to 49 cents per $100 (also gave $50 in rebates)

invisible said: For example- Say I have a $1000 balance. I will call credit protector on the billing date of the statement and furnish proof of life event.

OP / others, what exactly do you furnish as proff of life event ?

It depends, which life event are you planning to use?

Who gave red to this post? I just earned $208.33 from citi's credit protector benefit.

Here's how it worked.

3/17, applied a Citi CC with a promotion of 0% APR on BT.
4/15, requested a BT of $10,000. (<70% of limit, did not max it)
4/28, enrolled in the credit protector program. (I knew I would relocation on 5/1.)
4/30, called credit protector to activate benefit. Because the minimum payment was over $200, they required document.
5/12, faxed the new lease to citi.
5/13, got credit of $208.33.
5/15, cancelled the credit protector.

im bumping this as this is a great way to make EZ money if youre moving.


I just signed up for CP on all citi cards, also on all other cards as well that PAY when moving.


This is going to be $500+ in free money for just moving!

Is Credit Protector not available on AT&T-branded cards? I've got CP on my Citi Dividend Platinum Select card, which I use for groceries without carrying a balance, but I'd LOVE to have it on my AT&T Universal card, which I've got a $20,000 balance on (at 1.99% for life...I used it to buy a car).

Of course, I wouldn't want to have CP on that balance for any more than the 30-day free trial period, but the thing is, I'm getting married in less than 2 months. If I had CP on that card, I'd be eligible for a free minimum payment...$435!

Anyone done this?

--Chris

PS-- I'm on hold with CP now. I'll let you know how it turns out.

An interesting note, and a question:

The interesting note: Before, I said that the advertising link on the AT&T "account home" page for Credit Protector was not working (and it was difficult to bring up, at that!)...it gave me a 404 error. Recently, I paid off enough to drop below 80% usage on the card (my balance is $19,895 on a credit limite of $25,000. Lo and behold, now the Credit Protector link appears easily and works just fine! I suspect the two are related, but have no proof...

The question: The wording in the terms and conditions is a bit odd...I'm getting married in eight days (woot!) and I plan on invoking CP's "life events" clause to get myself a $414 payment. But the wording in the T&C is as follows: """Life Event: We will cancel your purchase or cash advance minimum due, as shown on your billing statement, for 1 month. " "Cancel"? Why does it say cancel instead of credit?

The promotional wording is a little more positive...it states: "Credit Protector will also credit to your account payments in the event of:" ... "Life events like marriage and child birth—credit your account 1 minimum monthly payment.*" ... "*minimum monthly payment does not include past due or over limit amounts"

--Chris

If you need to cancel Credit Protector (e.g. to avoid fees when you start using the card, or if you got 0% BT offer on it) and do not want to waste your time while they are trying to convince you to keep it, just tell them you lost your job

Is credit protector per citi card or per citi customer?

This probably deserves its own thread, but...

I just signed up for Credit Protector on my AT&T Universal card, for the express purpose of claiming a one-month minimum payment credit (worth about $430) because I'm having a life event (I got married on October 3rd!). I received my packet of information with the standard pablum, but there was an insert there that drew my attention (emphasis mine):

Notice of Credit Protector Change in Terms and Option to Remain with Current Terms
The Changes: We are (1) increasing life events benefits by granting an account credit for two consecutive billing periods, instead of one billing period, (2) changing the timing of the calculation of the amount of death benefits and long-term disability benefits, and (3) removing the 84-month fee waiver. This means we are changing your Credit Protector Terms and Conditions as follows:
Life Events Benefits: For approved life events, you will now receive two (2) account credits instead of one (1). The first account credit will equal the Minimum Amount Due (less any past due amount, over credit limit amounts or revolving over credit line amounts, and fees, if any) shown on your billing statement for the billing period in which the credit is approved. The second account credit will equal the Minimum Amount Due (less any past due amount, over credit limit amounts or revolving over credit line amounts, and fees, if any) for the next billing period. All other terms and conditions of Credit Protector that apply to life events benefits remain the same, including the limitations on these benefits.
Benefits Calculation for Death and Long-term Disability: Benefits for death will now be an account credit equal to the New Balance shown on your billing statement for the billing period in which the death occurred up to a maximum account credit of $10,000, instead of an account credit equal to the balance on your account as of the date of death up to a maximum account credit of $10,000. Benefits for long-term disability will now be an account credit equal to the New Balance shown on your billing statement for the billing period in which the initial hospitalization or short-term disability occurred up to a maximum account credit of $10,000, instead of an account credit equal to the balance on your account as of the date of initial hospitalization or short-term disability up to a maximum account credit of $10,000. All other terms and conditions of Credit Protector that apply to death and long-term disability benefits remain the same, including the limitations on these benefits.
84-month Fee Waiver Removal: We are removing the 84-month fee waiver by deleting the following sentence from the section of your Credit Protector Terms and Conditions entitled "How Much Does Credit Protector Cost?":
If you have not used Credit Protector benefits and you have made eighty-four (84) fee payments,
we will no longer charge you the monthly fee, and you will continue to be eligible for benefits.
Effective Date for the Changes: All of these changes will be effective December 1, 2005.
Option to Remain with Current Terms: To opt out of these changes, you must call us at 1-800-898-6045 prior to December 1, 2005. If you opt out of these changes, your Credit Protector Terms and Conditions will remain unchanged.

Additional Information on Credit Protector Fee Calculation
We are taking this opportunity to provide additional information on how we calculate your Credit Protector fee each billing period. The Credit Protector fee each billing period is based on the New Balance at the end of the previous billing period less any Credit Protector fee and Over the Credit Line fee imposed during that billing period. The subtraction of these fees from that New Balance results in a lower Credit Protector fee than if the fees had not been subtracted. Other information about the cost of Credit Protector is set forth in your Credit Protector Terms and Conditions.

How about them apples? If I'd gotten married after December 1, 2005, I would have gotten *two* minimum payments paid! And they're dumping the 84-month fee waiver. Not that I know anyone who's close to having Credit Protector for seven frickin' years, but hey, I've kept it for over a year now, and I would have continued to keep it as long as they kept sending me $10 rebate coupons!

Interesting that they're actually allowing you to opt out without opting out of the program itself.

Comment?

--Chris

edit: I just noticed that the 84-month fee waiver only occurs if you actually have *never* used Credit Protector benefits! So I should consider NOT claiming a benefit for my Citi card with CP, and just continue cashing $10 rebate coupons.

i have credit protector. it was good when i moved; they paid the minimum payment and the fee for the service. but i just used it after being in the hospital. all they do is allow you to skip one monthly payment and not accrue interest, but furing that 1 month period your card is closed. literally, closed, but will reopen when you call them at the end of the period. they told me i wouldnt be able to use it, which was fine, but not that it would be closed, which screwed up my online billpay stuff and even confused the csr person at citibank for a bit. i think im still being charged the fee for this month.

anyone know if you have to wait a certain amount of time after using it to cancel it?

Just got off the phone with CP, cancelling my service. I used it, as I mentioned above, to get a minimum payment credited to my account because of a "life event" (I got married).

Because I waited until after the honeymoon was over (October 19th) to call, my automatic payment had already posted to the account. They had to send me, via mail, a form to fill out and return including proof of my life event (the marriage certificate). I did so promptly, and shortly they credited my account with $404. On top of that, because I had claimed a life event that month, they did not charge me CP fees!

So anyway, I called to cancel today before they charge me fees for the CP for this month, when my cycle closes about the 20th. Of course, they tried to get me to stay. Aside from the usual $50 in coupons, they also offered something that I hadn't heard before...if I stayed in the program, they would *cap* the CP fees at $24.50 per month, and they would immediately offer me the doubled benefit I spoke of before (paying out two minimum payments instead of one). (That works out, by the way, to the fee you'd pay for a balance of $3,550 at a rate of 69c per $100.)

It was actually tempting, but I decided to take my $404 and run. Interesting, though, that they made that offer in the first place. Even if I kept CP, it would still take them something like sixteen months to break even with me.

--Chris

bupthmt said: one question cjspangler, i thougt the fee is only for any "new" balance showing up on your card, so if you have a big balance, then you joined the program, does that mean you don't have to pay for the fee?

"New balance" refers to the entire balance as of the statement date. If you look at that figure on your statement, you'll see that it's labeled "New Balance."

How long in advance do you have to be enrolled to qualify for life events? Do you have to pay Credit Protector fees in order to get the second monthly payment credited (the month after)?

So which minimum payment do they pay for? -- The current one, or the next one, once the current cycle closes?

I just moved, and I'm wondering when to call. My current minimum is only $20, and already paid, but next month's will be much higher, so I'd obviously prefer to have that one reimbursed. Do I call before or after the cycle with the higher balance closes?

Just signed up. Thanks OP!

I've read the OP and all the posts several times and I'm not quite sure how this works...

Do you get a credit based on one month's minimum payment? So thats 5% of your total balance or 5% of your new balance? So to make $400 you'd need a (new/total?) balance of 400/.05=$8000...correct?

ShaneM said: I've read the OP and all the posts several times and I'm not quite sure how this works...

Do you get a credit based on one month's minimum payment? So thats 5% of your total balance or 5% of your new balance? So to make $400 you'd need a (new/total?) balance of 400/.05=$8000...correct?
New or total, it's the balance you have at the time they calculate what your minimum payment would be. Try this timeline:

3/1: Have zero balance.
3/3: Charge $200 hooker on credit card.
3/5: Cycle ends; new balance is $200, minimum payment is $10. Credit protector fees of $1.38 get charged automatically to card.
3/7: Spend $20,000 on plane tickets for you, your fiancee, and eighteen close family members to Las Vegas.
3/8: Get married.
3/10: Fly home. Call CP and claim a life event. Your current balance is $20,201.38. CP credits you with $10, your current minimum payment. Sucks!

Okay, now try this one:

3/1: Have zero balance.
3/3: Charge $200 hooker on credit card.
3/5: Cycle ends; new balance is $200, minimum payment is $10. Credit protector fees of $1.38 get charged automatically to card.
3/7: Spend $20,000 on plane tickets for you, your fiancee, and eighteen close family members to Las Vegas.
3/8: Get married.
3/10: Fly home.
3/28: Wife finds out about hooker, divorces you promptly.
4/5: Cycle ends. Credit protector fees of $139-ish get charged to your account, as well as interest of about $220-ish (one month of $20,000 at a 14% annual rate)
4/7: Call CP and claim a life event (divorce!). Your current balance is $20,360. CP credits you with $1,000, your current minimum payment (if it really is 5%). Score!

It worked well for me because (a) the balance I was carrying was at 1.99% (for the life of the balance!), so I'm hardly getting charged any interest...about $35 per month, and (b) I snuck in and out of Credit Protector before they charged me the "69c per $100" fee.

--Chris

MilesHeighway said: Hmmm. I tried to cancel it today after receiving the rebate coupon, the CSR offered me to give me a 50bucks GC for Sears/OD, which will take "2-3 weeks" to process. That would run to almost the time my free trial ends. I told her "After you trying to bribe me?" She laughed, "basically". I said, ok, i'll wait for a couple of weeks .
After submitting 3 of the $10 rebate coupons this year for Feb-Apr, I found out rebatestatus.com denied the rebates since I already did the rebates in 2005, although the coupons said, "One per calendar year." Called Citibank to complain, and they promised to send 5-$10 gift cards, but been waiting for almost a month now and still have not received it.