Ok, first post here and I did search both Citi and Citibank to see if this had been posted.
I received a notice for both my Citi platinum select card (which i have 8K at 1.9% for life) as well as my Citi Dividend card (5% CashBack) that both would soon have the 3%/75 dollar BT fee phased out in two steps and replaced by a 3%/UNLIMITED fee.
The first step starts 11/17/06 and the 3%/$75 dollar fee is changed to 3%/Max $250 fee until 1/31/07. After 1/31/07 it is 3% of the BT amount with no upper limit.
I was wondering if i was just unlucky and got this or if this was a systematic change. Certainly ominous coming so close after the recent changes in the Citi 5% CashBack cards. When I called the CSR said this change would effect ALL Citibank cards and ALL future BT offers. Of course, YMMV with CSR info and it is unclear whether this applies only to existing cards or new apps as well.
Again, i'd be interested in knowing if others got this notice AND ON WHAT CARDS. I will also add that i recently applied for the new Citi 0% for life card seen on the forums here recently but doubt the two are related. BTW, credit score is 760, no recent hits, late payments etc to explain this on my end.
Link to thread on the Citi AT&T card which has also recieved this notice: Link
Thread about similar changes to Chase cards. Apparently their fee structure changes 12/1/06 per SIS: Link
Credit for the above links to MilesHeighway.
Edit by Moderator: Thank you for your participation. Please note that there is also discussion about this topic Here.
Excellent. Negative ratings and no replies. Now I truly have posted my first thread in the Finance forums!
LustfortheMoment
Senior Member - 1K
posted: Oct. 29, 2006 @ 6:46p
I'll be on the lookout. I have a Dividend Select Card but have gotten no such notice, but I 've never carried a balance on it. It's clear that there's a move afoot, at least with Citi, to go after the BT crowd with a 3% fee. As the saying goes, "All good things come to an end".........
You beat me to the punch, I just got the notice. Looks like some people don't like knowing this...
kiasuchick
Senior Member
posted: Oct. 29, 2006 @ 6:55p
LustfortheMoment said: I'll be on the lookout. I have a Dividend Select Card but have gotten no such notice, but I 've never carried a balance on it. It's clear that there's a move afoot, at least with Citi, to go after the BT crowd with a 3% fee. As the saying goes, "All good things come to an end".........
I have 5 Citi cards in my name (and my mum's name..) no notices for me.
asdf9876
Happy Member
posted: Oct. 29, 2006 @ 7:00p
MillionairesNextDoor said: Excellent. Negative ratings and no replies. Now I truly have posted my first thread in the Finance forums!
MosDeft said: Looks like some people don't like knowing this...
Holy cow, you guys need to lighten up! One person voted this thread negative and all of sudden all you act like FWF is one big conspiracy to hate on you and kill puppies.
The only post I rated negative was your follow-up which contributed nothing but whined about how your first thread didn't have lots of posts and lots of green within a few hours on a weekend. Boo-hoo.
retihsuhnt
Member
posted: Oct. 29, 2006 @ 7:05p
Over the weekend I received a similar notice for one (1) of my two (2) Citi accounts. I expect the second notice anytime now.
Following Citi's revamping of their fees and/or rewards program(s), I do not think I will be keeping and/or using either of my Citi cards once I have paid off the BTs associated with them.
(The second link is about Chase, but it leads to a general whining about Citi sending out the same letter that you posted too)
MilesHeighway
Broke Member
posted: Oct. 29, 2006 @ 7:09p
asdf9876 said: Holy cow, you guys need to lighten up! One person voted this thread negative and all of sudden all you act like FWF is one big conspiracy to hate on you and kill puppies. You mean.....it's not.....a CONSPIRACY??!?!?!
moxe22
Member
posted: Oct. 29, 2006 @ 10:14p
I posted a notice about AT & T Universal Card, which is thru Citibank a few days ago. I got the same notice on that card last week. Another poster pointed to a previous thread where it was already discussed, under a thread started relating to Chase.
SUCKISSTAPLES said: Might as well add CHASE to the title too.. especially since the removal of BT cap is effective December 1 for Chase!
I was planning an AOR in December end but looks like I may have to do it earlier than that. There are currently some Citi card offers that give $100 bonus and the BT fee is capped at $75. I am guessing these offers will disappear next month and replaced with $250 fee for BT or still worse, no upper limit for the fee!! What do you guys think?
asdf9876 said: MillionairesNextDoor said: Excellent. Negative ratings and no replies. Now I truly have posted my first thread in the Finance forums!
MosDeft said: Looks like some people don't like knowing this...
Holy cow, you guys need to lighten up! One person voted this thread negative and all of sudden all you act like FWF is one big conspiracy to hate on you and kill puppies.
The only post I rated negative was your follow-up which contributed nothing but whined about how your first thread didn't have lots of posts and lots of green within a few hours on a weekend. Boo-hoo.
It is sad you wrote all this yet contributed nothing to the discussion. And as far the feedback goes, i don't even know how to look how many people like this thread or don't. I really don't care. My second post was merely a reference to the common joke in this forum about the people who leave only red in their wake, never anything helpful.
Anyway, looks like this is a partial repost although in my defense the prior thread only listed the At&t card from citi in its title. I do think the information Citibank gave me that this will apply to all (likely existing) cards is helpful. If you are planning BT moves, as I am with the new Citi O% for life offer, this information is helpful.
OP edited to reflect links to other Citi thread as well as recent thread on Chase cards as provided by MilesHeighway.
I got the same notice form citibank. Just borrowed 30k from it with $75 fee. won't borrow any more. It's hard to get zero fee for BT any more. The good weather has gone.
get a few citi cards with the 0 fee, 0% BT for "12 months from first transfer" offer.
That way, you can lock in and GUARANTEE yourself 24 months of 0% with 0 fees from citi..they cant change the intro promo or BT fee on you unless you default.
siliconbeaver said: I got the same notice form citibank. Just borrowed 30k from it with $75 fee. won't borrow any more. It's hard to get zero fee for BT any more. The good weather has gone.
I finally broke down and applied for the Citi Simplicity card last week, was approved, only did it because it advertised 0% for one year and no balance transfer fee with the offer. That happened before this mailing so they better honor it still.
whoDean
Happy Member
posted: Oct. 30, 2006 @ 9:48a
SUCKISSTAPLES said: there are still several ZERO BT fee 0% offers from Citi and Discover
get a few citi cards with the 0 fee, 0% BT for "12 months from first transfer" offer.
That way, you can lock in and GUARANTEE yourself 24 months of 0% with 0 fees from citi..they cant change the intro promo or BT fee on you unless you default.
I want to get one of these Citi "12 months from first transfer no fee" offers, forgive me I looked at the thread you reference but there is no link to this offer, please post link.
MillionairesNextDoor said: Silicon, which card was this on if I may ask?
whoDean
Happy Member
posted: Oct. 31, 2006 @ 10:05a
I recommend anyone who plans on wanting a zero fee BT next year to apply for a Citi card now, THIS CARD has zero fee, 12 month BT clock starts after you request the first BT so technically you could apply for this, let it sit for 11-1/2 months and then start a 12 month BT.
siriusoracle said: Got one today! Am gonna quit using the BT option with Citi card now! A far better strategy is to get a couple new Citi cards that have NO BT fee and 0% for "12 months from date of first transfer".
Reallocate most of your credit line to ONE of the cards, use it for next 12 months for no fee BTs. Then about 12 months from now, reallocate the credit line to ther OTHER new Citi card and start using that 12 month no fee BT.
It is possible to lockin 24 months of no fee BTs with Citi right NOW.
But the offers/terms can change ANYTIME with proper notice. Looks like the end of free/low interest money for now. Which might be a good thing economy-wise overall.
SUCKISSTAPLES said: siriusoracle said: Got one today! Am gonna quit using the BT option with Citi card now! A far better strategy is to get a couple new Citi cards that have NO BT fee and 0% for "12 months from date of first transfer".
Reallocate most of your credit line to ONE of the cards, use it for next 12 months for no fee BTs. Then about 12 months from now, reallocate the credit line to ther OTHER new Citi card and start using that 12 month no fee BT.
It is possible to lockin 24 months of no fee BTs with Citi right NOW.
whoDean
Happy Member
posted: Nov. 1, 2006 @ 11:03a
Yes, regardless of what fat-walleters wish the easy easy money is drying up. Grab it while you can.
borisnotthespider said: But the offers/terms can change ANYTIME with proper notice. Looks like the end of free/low interest money for now. Which might be a good thing economy-wise overall.NO...a creditor CANNOT change an opening promo midstream, you are entitled to the opening promo. Perhaps you did not understand my post, if you get 2 new Citi cards with the 0% /no fees intro promo, they are required to honor that.
whoDean
Happy Member
posted: Nov. 1, 2006 @ 2:48p
I'm counting on what you say SIS, but realistically what would happen if they didn't honor the 12month BT terms? Say I go to apply for a BT in 11-1/2 month and they say "your fee will be 3%"?
They cannot change the terms of an intro promo. They made an offer for specific promo if you apply and you accepted it.
yes creditors can change terms on open ended accounts, but they cannot change terms of a promo midstream. Otherwise they would take all of us who are using 0% deals and say "effective next month, no more 0%, its 24%".
And if you do get a notice of change in terms, they always give you an option to refuse the change.
mhesidence
Dismembered Member
posted: Nov. 1, 2006 @ 3:17p
I was holding off on Citi's 0% for life offer until my credit report was shiny. That particular offer says apply by 12/15/06 for the $75 max BT fee. That particular offer should stay at $75 max all the way to 12/15/06? Or should I apply now to beat the $250 max fee coming on 11/17?
Skipping 2 Messages...
whoDean
Happy Member
posted: Nov. 10, 2006 @ 9:52a
Got my Home Rebate card, transferred $30K in CL from another card to it, will do a BT in March. Contemplating also getting a Driver's Edge to do it again in 12 months.
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