I found this at slickdeals:

Citi matches 20%(for next 4 months) of the on-time payment you make over the min. amt. due. With this you can earn upto $550 of statement credit. You need to call and enroll in this program.
I think this deal is hot.

Details.
Here is how you can earn a stmt. credit of upto $550.
Suppose ur min pmt due is $100.

and you paid--------------------- $400

Amt paid above min is-------- $300

You earn 20% stmt credit--- $60

x4
--------------------------------------------------
$240

pay more and get more back upto max of $550.

Relevant SD posts:

I followed this up through Citibank, and then through the company that administers this program. Basically, it is a program to get people that have problems with their balance payments. You have to have a solicitation from them (including a 10 digit code) to be enrolled, and it is invitation only.


There is a similar thread over at FW, from which I got this number: 1-800-490-4115 and this link, which appears to be old: http://www.cardweb.com/cardtrak/news/2004/january/12a.html


I paid off this CC. Anyway i dont give * s**t what its for. Iam taking max adv. off it for sure. I am sorry i didn't notice the invitation number. Anyway the number is 1-800-258-1794.


I just turned 20 in September and I have over 15k available credit to spend over 4 cards.. I have a credit score of over 700 and I have never missed a payment. I went over the credit limit 2 months ago with Citi but I do NOT have trouble paying my bills... Believe me.

Now.. that being said.. I got an invitation to do this.. Seems like a slick deal - no?

Interesting things to note: you can't use your card during the 4 months, and you have to say its ok to decrease your credit limit equal to the amount of the minimum payment, payment above minimum, and a few other tidbits.. I'll have to read the letter a little closer..

My credit limit with citi is 2400 so I'll max that out.. sign up for the program.. Send them a balloon payment for the entire amount the next month and just put the card away for 4 months.. then I'll collect a statement credit of 2400-100=2300x.20=$460.. ($2400 card balance, $100 minimum payment amnt usually)

Why would they be doing this... ? Could they be short money and this is a GREAT way for them to accumulate some quick funds and have them for 4 months without people using their cards? That way, if the people do end up using their cards, their credit limit still gets decreased as per the terms and conditions and they don't get the statement credit..

DiMAn0684 said:From what I understand its a special offer for people who have high balance on their accounts and have been making minimal payments for a while. Citi is worried that they will not get their money back, so they decided to motivate those people. This offer is very YMMV, and if you're getting it you probably already owe Citi interest that might be equal ~ 20% of the balance.Too bad. This could really sweeten up a 0% BT offer that is reaching the end of the promo period

Too good to be true? I'll let you know since I just enrolled...

I have a 0% bt with Citi that comes due June 1, 2007. My current balance is $20,332, my credit limit is $22,600, and my most recent minimum payment was $309.

My understanding of the program, after reading the materials and speaking with the CSR, is that it is 4 months in duration and gives a statement credit of 20% of the amount of any payment over the min during that period, with a max credit of $550. I would only need to pay $2750 over the minimum at any time during the four months to earn the $550.

The downside is that they reduce your credit limit by the sum of the minimum payments over the four months + the statement credit (max $550) + the amount that I pay over the minimums.

Current CL = 22600
Min pmts = 309*4
Credit = 550
Extra pmt = 2750

New CL = approx $18000

Now if the end of my 0% period was within the next four months, this would be a bad deal because I would lose my entire CL when I paid the card off. However, since it's not, I stand to profit by $550 for a small reduction in my CL.

edited to add: They also don't allow any charges during the four month period. Any charge on the card disqualifies you from the program.

SUCKISSTAPLES said:This is targeted to credit deadbeats.

FW HD forum may have some, but far fewer in this forum

Not sure I agree, mostly because I got an invite in the mail and I like to think I'm not a deadbeat.

I take advantage of 0% BTs, never missed a payment or had one post late. No debt outside of my mortgage and 0% BTs (no student loans or car debt). I have three 0% promo BTs that are set to end in the middle of next year, and I just paid off a large balance transfer in October.

Kind of a unique way to possibly flush out the marginal borrower who cant pay over the minimum.

I can guarantee you that I'm not a credit deadbeat either (no debt outside of mortgage and 0% CC's), but I'm sure that my recent credit reports appear otherwise to a computer program. I just received this for another one of my Citi cards(2 total now). That will end up being $1100 tax free off of this deal.

My high balance transfers are seen as risky. In a lot of cases this is probably really good for Citi (for the people that really are transferring balances because they're in financial trouble, not because they want free money).... Citi says "pay us first and we'll reward you for it, default on the other guy." Instead of selling your debt to a collector at pennies on the dollar, they give you a couple hundred to get a few thousand.

rehr0001 said:I can guarantee you that I'm not a credit deadbeat either (no debt outside of mortgage and 0% CC's), but I'm sure that my recent credit reports appear otherwise to a computer program. I just received this for another one of my Citi cards(2 total now). That will end up being $1100 tax free off of this deal.

My high balance transfers are seen as risky. In a lot of cases this is probably really good for Citi (for the people that really are transferring balances because they're in financial trouble, not because they want free money).... Citi says "pay us first and we'll reward you for it, default on the other guy." Instead of selling your debt to a collector at pennies on the dollar, they give you a couple hundred to get a few thousand.

I got a little paranoid after SIS's comment above, so I just checked my credit report and score... all is good, still squeaky clean, but my balances relative to limits are high (which is what I expect after doing BTs for awhile).

I'm not sure how Citi chose which customers to target with this offer, but I'll take the money while I can get it. If my husband gets the offer for his Citi BT, I'll probably have him take advantage of it too.

I just got a similar offer. I usually pay more than my balance each month (pay in full plus additional). That's because I have a low credit limit on this account (i allocated alot over to other cards with 0% BT offers). I overpay my pay-in-full amount each month because I use this card alot and want to free up credit line. I had the card for over 3 years and always paid in full or more each month.

So the assumption that it's for credit deadbeats is wrong.

My offer is not as good as or better than OP depending on how you look at it since it's for ThankYou Points instead of statement credit (since there is limit of 75,000 ThankYou Points per calendar year). It's read like this:

Introducing the Citi Payment Rewards Program.

For the next 12 months, just for paying the minimum due amount on your Citi Diamond Preferred Rewards Card by the due date, you will earn ThankYou Points for every dollar paid. And you'll earn Double ThankYou Points for every dollar you pay above the minimum due on time.
No catch that I know of from carefully reading the invitation letter. I can use my card regularly without having to put it away after 4 months, and didn't see anything about my credit line possibly being reduced either.

An interesting thought, What if I over paid my balance due by say $20,000. I.E. Say if I owe $200 minimum, I pay $20,200 (even though my credit limit is only $2000). I would get a large negative balance (credit balance) and a whoppin' 40,200 ThankYou points? WOOHOO!!!

zjts said:Were your offers posted as Special Offers on you account webpages or did they come by US mail? Thx

Mine came by US Mail. I had to provide an invitation number when I responded to the letter.