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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.

Member Summary
Most Recent Posts
Yea got my check...and my credit reduction. I will take that trade any day.

cameron2003 (Aug. 07, 2007 @ 10:21p) |

This sucker took a long time to post. Post date 7/27, but never appeared online until 8/3.

Requested check Sat., 8/4, re... (more)

bogalusa (Aug. 13, 2007 @ 9:19p) |

Read the thread. My details and comments:

Got that Citi card in early 2005. Since that time, I have been doing 1 or 2 BTs... (more)

bogalusa (Aug. 15, 2007 @ 8:48p) |

who has questions about when to expect their $550 can call 1-866-571-4557

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..

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.

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 bad. This could really sweeten up a 0% BT offer that is reaching the end of the promo period

That is exactly what happened to me. I BT'ed about 12,500 back in August@0% until Feb 1, 2007. I just got this letter. Now I continue my minimum payments until Feb, 1 and payoff my balance. They'll reduce my credit line from around 14k down to 3k, but I'll also make $550 tax free. Am I missing something here? This seems way too good to be true.

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.

This is targeted to credit deadbeats.

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

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.

DiMAn0684 said: 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.

I got it on a 0% card (Citi Platinum Select MasterCard)... 0% promo period ends in June 2007.

edit: Updated with card name

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

Sounds legit.

BUT!

What kind of unseen repercussions do you get hit for taking this deal? Citi might put a black mark on you internally stating "BAD CUSTOMER. NO MORE SOUP FOR YOU!" and you'll never see a 0% BT deal, ever, again.

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.

MilesHeighway said: Sounds legit.

BUT!

What kind of unseen repercussions do you get hit for taking this deal? Citi might put a black mark on you internally stating "BAD CUSTOMER. NO MORE SOUP FOR YOU!" and you'll never see a 0% BT deal, ever, again.


Ironically, the note would more accurately say "Good customer, no more soup for you!". They don't like people who use debt reqponsibly.

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.

SUCKISSTAPLES said: This is targeted to credit deadbeats.

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


So I assume you received the offer?

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!!!

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

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.

Yeah its by invitation only and the lady told me its open until December 15th.. I dont understand why i've never gotten this promo, those bastards!

Maybe Santa will bring me one of these goody offers too.

I wonder what would happen if, after paying off a card completely, you reallocated almost all of the credit line to another citi card before the 4 months was up. I suppose they would either:
1. Disqualify you from the promo.
2. Reduce the CL on the card you reallocated to.
3. Reduce the CL on the card enrolled in the promo to a negative number.

#3 would be ideal.

makeinu said: Maybe Santa will bring me one of these goody offers too.

I wonder what would happen if, after paying off a card completely, you reallocated almost all of the credit line to another citi card before the 4 months was up. I suppose they would either:
1. Disqualify you from the promo.
2. Reduce the CL on the card you reallocated to.
3. Reduce the CL on the card enrolled in the promo to a negative number.

#3 would be ideal.


Would it really be ideal? You'd have to have a credit balance to avoid an overlimit fee.

maybe not dead beats but people with problem credit, and many large CC balances look bad, plain and simple, they only offer this to get some money because they think you may not pay at all. thats why most of us wont qualify.

I got offer in mail todat too. I guess being greedy w/ near 100% BT utilization paid off! The rep said okay to make 2,750 extra payment in last month in lieu of spreading over 4 months.

I'll be thinking of the "gurus" who rail against minimum payment, 100% utilization B/T's while I'm waiting for my $100's in gift cards. Yes, this is a targeted program clearly directed at inducing a worrisome subset of FICO-score "deadbeats" to pay their notes off. Seems Citi has calculated that the potential loss through default might just cost them more than paying the folks off with Monopoly money - I'd have preferred straight cash. Anyway, not to worry. As history repeats itself, so the banks will again come a-sucking so long as they continue to profit by lending to people who they figure can't really ever pay.

dodgeman007 said: maybe not dead beats but people with problem credit, and many large CC balances look bad, plain and simple, they only offer this to get some money because they think you may not pay at all. thats why most of us wont qualify.

Interesting. I got such offers too recently. My FICO score are 772 728 695. I really won't call this deadbeat. Plus I've been paying this minimum payment for 2 years now with no late payment.

Another thought of how to negate the credit line reduction clause:

Since the amount of credit line reduction equals to the amount I pay + bonus - new debit and returned payment.

Can I do this:

1. charge $4000 to my card using paypal before I take the offer.
2. take offer, card frozen
3. refund using paypal, now there's $4000 returned payment.

So technically I won't be losing credit line. The catch is whether the $4000 returned payment applies to my $4000 charge first or to lower APR balances.

dudetheobscure said: I'll be thinking of the "gurus" who rail against minimum payment, 100% utilization B/T's while I'm waiting for my $100's in gift cards.

I'll be thinking about the people who max out their BTs to 100% and incredibly sporadic deals like this while I am daily peppered with attractive 0%, prime cards with very good rewards, for life deals, massive credit line increases, new card application acceptance, etc. While the "maxers" found a bone on this deal they tend to suffer very few generous promo rates, the promos they do receive (I was once maxer) tend to be for 6 months instead of 12 months, $30-$50 AF instead of no AF, and credit limits of $300-500 instead of $10,000-$25,000.

I did not get credit line increases while I was a "maxer". I've gotten enough in credit line increases since not being a maxer that I'm more than making up for $500 deal you got once.

If Citi is so desperate to lose you as customer that they'll throw 20% of the balance back at you just to get rid of you I'd bet you've missed out on a lot of the hot Citi deals I've gotten over the past year. Also in their computers it is going to show up that your credit line was reduced due to extreme risk. Good luck getting more juicy Citi deals in the upcoming year. I'm sure they'll trush you with a fat credit line after buying you out of this one.

asdf9876 said: dudetheobscure said: I'll be thinking of the "gurus" who rail against minimum payment, 100% utilization B/T's while I'm waiting for my $100's in gift cards.

I'll be thinking about the people who max out their BTs to 100% and incredibly sporadic deals like this while I am daily peppered with attractive 0%, prime cards with very good rewards, for life deals, massive credit line increases, new card application acceptance, etc. While the "maxers" found a bone on this deal they tend to suffer very few generous promo rates, the promos they do receive (I was once maxer) tend to be for 6 months instead of 12 months, $30-$50 AF instead of no AF, and credit limits of $300-500 instead of $10,000-$25,000.

I did not get credit line increases while I was a "maxer". I've gotten enough in credit line increases since not being a maxer that I'm more than making up for $500 deal you got once.

If Citi is so desperate to lose you as customer that they'll throw 20% of the balance back at you just to get rid of you I'd bet you've missed out on a lot of the hot Citi deals I've gotten over the past year. Also in their computers it is going to show up that your credit line was reduced due to extreme risk. Good luck getting more juicy Citi deals in the upcoming year. I'm sure they'll trush you with a fat credit line after buying you out of this one.


LOL you must be ... dreaming. Let me tell you what I got being a maxer.

1. 40K in 1.9% for life and 0% for 12 month, that's about 1.2K a year in difference of interest.
2. Just earned 1K from citi bank's credit protector. If you don't have balance, you can't earn that.
3. Now got two such offers, so another 1.1K, although I'm not quite sure if I want to use this since I'm buying a house and don't like the idea of credit line reduction.

So, that's about 3.3K of being a maxer this year. How much you got being clear? Plus I could easily clear by paying it off. I have $$ to do so, it's just not worthy enough.

And for the "good deals" you got, I got almost all those good reward cards that appeared in this forum.

XxXxX said:
2. Just earned 1K from citi bank's credit protector. If you don't have balance, you can't earn that.


How did you earn 1k from the credit protector program?

XxXxX said: So, that's about 3.3K of being a maxer this year. How much you got being clear? Plus I could easily clear by paying it off. I have $$ to do so, it's just not worthy enough.


We have different credit histories and different income levels so a direct comparison wouldn't mean anything. I've earned just over $3,000 this year with an income of <$25,000 (full time grad student).

What I can tell you is that my CLIs, 0% for life offers, 0% for 12 months, no BT fee, no AF increased at least FIVEFOLD since I went from being a "maxer" to being a "moderation" person. The unsolicited deals I started receiving after no longer being a maxer have more than made up for the lost interest of not having my credit cards at 100%.

If you don't have balance, you can't earn that.

What on earth are you talking about? I have over $15,000 in debt with Citi currently. I never said I don't have a balance.

Let's say you have a $4,000 CL. If you max it out 100% in a year you may have a $5,000 CL at the end of the year. If you don't max it out you might have a $15,000 credit limit.

50% of $15,000 is greater than $100% of $5,000.

asdf9876 said: XxXxX said: So, that's about 3.3K of being a maxer this year. How much you got being clear? Plus I could easily clear by paying it off. I have $$ to do so, it's just not worthy enough.


We have different credit histories and different income levels so a direct comparison wouldn't mean anything. I've earned just over $3,000 this year with an income of <$25,000 (full time grad student).

What I can tell you is that my CLIs, 0% for life offers, 0% for 12 months, no BT fee, no AF increased at least FIVEFOLD since I went from being a "maxer" to being a "moderation" person. The unsolicited deals I started receiving after no longer being a maxer have more than made up for the lost interest of not having my credit cards at 100%.
Are these "unsolicited deals" 0% BT, no BT fees on existing cards or new card solicitations?

LOL you must be dreaming, let me tell you what I've got while being a maxer

LOL you must be dreaming, let me tell you what I've got since not being a maxer.

I have no idea what you mean about "being clear". I never said never carry a balance. My point is that when I was a maxer I struggled to carry $5,000-$8,000 in 0%. As soon as I stopped being a maxer with a year I jumped to carrying $30,000 at 0%.

So in my case:

100%*$5,000=$5,000 (stagnant for several years)
50%*$60,000=$30,000 (with a year of not maxing)

tooshy said: Are these "unsolicited deals" 0% BT, no BT fees on existing cards or new card solicitations?

Both.

Also because I know you love your conspiracies Tooshy. This all happened while Fed rates were rising.

asdf9876 said: tooshy said: Are these "unsolicited deals" 0% BT, no BT fees on existing cards or new card solicitations?

Both.

Also because I know you love your conspiracies Tooshy. This all happened while Fed rates were rising.
Ha. ha. ha.

I only asked because I suspect our last disagreement was due to different assumptions...I meant existing 0% offers are rising perhaps an indication banks project lower borrowing costs again (Feds lower rates in 2007) while you may have meant new card 0%....that's all.

makeinu said: XxXxX said:
2. Just earned 1K from citi bank's credit protector. If you don't have balance, you can't earn that.


How did you earn 1k from the credit protector program?


They cancel 2 of your minimum payment in case of marriage/relocation/having a child.

asdf9876 said: LOL you must be dreaming, let me tell you what I've got while being a maxer

LOL you must be dreaming, let me tell you what I've got since not being a maxer.

I have no idea what you mean about "being clear". I never said never carry a balance. My point is that when I was a maxer I struggled to carry $5,000-$8,000 in 0%. As soon as I stopped being a maxer with a year I jumped to carrying $30,000 at 0%.

So in my case:

100%*$5,000=$5,000 (stagnant for several years)
50%*$60,000=$30,000 (with a year of not maxing)


Now I see what you are talking about. I'd suggest you maxing NOW. When you have only 5k CL, it's easy to get higher. Now you have 60K, even if you dont max, do you think another ten fold increase is likely next year?

All I want to say is you are a special case, not many people here could reasonably believe their CL would increase TEN FOLDS in a year, no matter what they do.

XxXxX said: They cancel 2 of your minimum payment in case of marriage/relocation/having a child.

What?! I always though that "canceling the minimum payment" meant that your minimum payment for that month would be 0% of the principle. I didn't know they would effectively pay the regular minimum payment for you. I didn't know they would reduce the principle.

I'll have to read the terms more closely next time I get one of those offers. Thanks.

XxXxX said: Now I see what you are talking about. I'd suggest you maxing NOW. When you have only 5k CL, it's easy to get higher. Now you have 60K, even if you dont max, do you think another ten fold increase is likely next year?

All I want to say is you are a special case, not many people here could reasonably believe their CL would increase TEN FOLDS in a year, no matter what they do.


Yeah, I agree with this. The popular wisdom that not maxing will pay for itself with CL increases doesn't seem to make sense. For people starting out with good credit (not students with no history), I find it unlikely that they will be able to achieve a 10-fold increase in a lifetime. I mean, one million dollars of available credit seems like the high mark around here.

However, there is something to be said about adverse action.

makeinu said: XxXxX said: They cancel 2 of your minimum payment in case of marriage/relocation/having a child.

What?! I always though that "canceling the minimum payment" meant that your minimum payment for that month would be 0% of the principle. I didn't know they would effectively pay the regular minimum payment for you. I didn't know they would reduce the principle.

I'll have to read the terms more closely next time I get one of those offers. Thanks.

XxXxX said: Now I see what you are talking about. I'd suggest you maxing NOW. When you have only 5k CL, it's easy to get higher. Now you have 60K, even if you dont max, do you think another ten fold increase is likely next year?

All I want to say is you are a special case, not many people here could reasonably believe their CL would increase TEN FOLDS in a year, no matter what they do.


Yeah, I agree with this. The popular wisdom that not maxing will pay for itself with CL increases doesn't seem to make sense. For people starting out with good credit (not students with no history), I find it unlikely that they will be able to achieve a 10-fold increase in a lifetime. I mean, one million dollars of available credit seems like the high mark around here.

However, there is something to be said about adverse action.


You don't have to see 10 fold increases in order to break even. In fact even if you get no CLI you can more than break even.

Just because I got a 10 fold increase doesn't mean you need a 10 fold increase for moderation to pay off.

XxXxX said:
They cancel 2 of your minimum payment in case of marriage/relocation/having a child.


Obviously if you have done this then you are more experienced then I am. However, they actually pay down your principle for you? I thought they just dropped your minimum payment to $0 and your APR to 0%. I thought your balance stayed exactly the same.

I didn't know they actually pay down your debt on your behalf.

Also Holy snikeys man! $1K! You must have some HUGE minimum payments.

Skipping 163 Messages...
Read the thread. My details and comments:

Got that Citi card in early 2005. Since that time, I have been doing 1 or 2 BTs annually, all with Citi until recently. Citi must have picked up on this repeat BT action and so targeted me.

My Payment Partner Program (PPP) offer came in February 2007, before I even visited FW. My 0% BT expired in April. I owed about $8k, and ended up paying it all off before the end of April.

Problem: My $9k CL is now $1k because of the PIF after enrolling. Had I read this thread - - or had just thought more about what the fine print meant for my situation - - I would have realized it was better to pay down all but, say, $3,300 of the balance, THEN enroll in the program. My CL would still be above $5k now if I had done that.

This may be affecting another Citi card I have; I called for a CLI on a card w CL of $3,500, and all they offered (without a hard pull) was $1,200!

Nevertheless, the $550 is in the bank. With an AOR on the horizon, maybe I shouldn’t worry too much, although I could always use the additional unutilized CL. I can make up for it a bit with CLI requests on other cards. And I did already consolidate 2 other Citi cards into 1 with a $17k CL.

Hmmm…maybe I will leave Citi out of my AOR and see whether they send me any targeted offers. Any thoughts on that?

Anyway, if there is a next time, I will consider the following steps before enrolling:
1. Request CLI
2. Pay down any portion of the balance that reduces CL beyond the point of benefit (i.e., statement credit)



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