Citi credit protector just paid 2 of my minimum payments (about $1600)on a BT card. This reduced my balance due. That was so cool!!

Chase credit protector does not pay anything for you. Instead they do not request the minimum payment for covered months.

Still I do the chase credit protectors for the $20 and the fun of cancelling... lol got to get a life! id there a good deal (for life) in the HD forum?

makeinu said:Snyder81 said:Some programs just delay payments, other actually make the min payments. If my wife and I ever have a kid, I'll be signing up for "credit protector" about 2 weeks before she pops

Can you name any programs/banks that make the min payments? There should be a separate thread about this.

When I first got this promo, I thought it was great because the 4 month period coincides with the payoff of my 0% BT on the card (I got a 20% capped at $550 offer). The problem is that if I pay the entire balance off, according to the terms of the offer, I effectively eliminate the credit line (credit limit will be reduced by an amount equal to the sum of the payments made including: minimum due payments, payments made in excess of the minimum due, the total statement credit earned from this program, minus any new debits and returned payments).

If I maximize the offer (make 3 minimum payments, then minimum + $2,750($550/20%), and let it roll 1 month out of the 0%, I calculate that I'll pay about $33 in interest. I still net $517 on the deal, but lose $3,300 in CL on a $7,500 CL card.

The only 'loophole' I can see is in manipulating 'minus any new debits and returned payments.' I could theoretically buy something expensive enough to offset the CL reduction on another card, then try to return it using this card (I closed the purchasing account, or some excuse like that) during the last month of the 4 months of the promo. Any ideas (guesses) on why that would or would not work?

Made me run and get my offer letter. Nothing in mine about reduced credit limits or not using the card subsequent to enrolling. Just that my account has to remain in good standing, no 'payment arrangement programs', and payment dollars that result in a credit balance don't count. But I 'only' get 10% up to $550 so I have to pay $5500 + mins. I'm on a 2% for life of the balance offer. High balance, many minimum payments made previous to the buydown offer. I also have another Citi card with a 2% for life offer which was not invited but it's only ~1/3 of the outstanding balance as the card mentioned above.

I can't for the life of me understand why issuers get worried about min payments. If it makes them nervous raise the min payment for gosh sake. Don't tell me $x fulfills my obligation if you're going to say nasty stuff about me in the back room.

Agree the credit line reduction term is a big honking red flag waving. Being unaware that other people had those terms spawned my confusion.

I do think it is for customers that make Citi nervous. I've recently maxed out all my credit lines. Of course in the FWF tradition in order to 0 all of DW's accounts so 'she' can do an imminent app-o-rama. I posted about Chase rate jacking me on one account and lowering a credit limit on another. Seems I've made two issuers nervous. Of course in keeping with my min payment complaint, why the heck do you extend a credit 'limit' if lending me that much is going to make them nervous? But then again if these issuers thought sensibly there'd be a who lot fewer opportunities to get those free banannas that are soooo delicious. Mmm, banannas.

Wow, you've got me hoping that Citi's going to make this a habit. Is this a great country or what? They lend you cheap money then pay you to send it back to them. I must say Citibank been very very good to me.

Of course it depends how they think of me subsequent to paying everything off. If I never get another Citi card I'll be very sad. But somehow I think they'll fall all over themselves to lend me money once my FICO bounces back. It's just a matter of a couple of weeks now as all my accounts are zeroed. Now it's my poor wife who's 'overextended'.

DreamKrusher, how about calling the phone number and tell them you're aware that they've offered 20% to others and you're not inclined to accept the inferior offer. Heck, they might just say 20% is no problem. Your offer is also worse than my 10% discount because I suffered no credit limit reduction and my card was not restricted from making new purchases. It might be better to say you're aware that others who got the 10% offer weren't forced to have their credit limit lowered and get them to match my terms instead of other's %.

Currently, is this an account specific offer &, if so, targeted thru US mail or the website?

WalStMonky said:OK, I am seriously bummed out right now. Converted my Diamond Preferred to the Driver's Edge product. Just got a letter from S. Larson telling me that the account is disqualified from this program because of doing so. So if anyone is participating be warned that Citi may stiff you if you ask them to change to a different design on the front of your card. Another interesting note is I had no clue that this account was enrolled. I've already double checked and all my paperwork wrt this program was for my Dividend Select card. So it seems enrolling one enrolls them all, and that I would have gotten a surprise $550 in April had I not been attracted to that stupid highway design. Be advised that you might be in line to get more than one buy down if you have more than one card.yes i was very afraid enrolling in this would put you on citis deadbeat roster.

Citi already pays me over $10k a year, im not going to jeapordize it with a "risky accounts" program bonus

I just got the 20%/$550/CL reduction offer in the mail today.
This is on a card I only just got in my AOR last Sept!
The only thing this card has ever been used for is a 12month 0% BT, which is currently sitting at a little under 50% on an 11k line, and I've only been making the min payments each month (plus the extra dollar or two occasionally).
It's tempting I must admit, but that CL decrease and possibly unknown adverse action bothers me.

Has anyone who signed up for this when these offers first started appearing experienced any adverse actions since?

No adverse action here yet. Then again, my offer was 10%/$550, there was no credit line reduction and I was free to use my card during the enrollment period. Though I must admit the thought of paying 19.24% interest on purchases underneath a low rate BT didn't appeal to me so I never tried. But I think it would have scared the bejeezus out of me had they taken away that opportunity. I haven't heard anyone else report being offered the same deal though. I find that peculiar. My credit line is intact, they've done 2 separate BTs subsequently, and I just found out they gave me $10 dividend dollars for doing them.

Currently I'm of the opinion that Citi's actions from extending these fabulous low rates to offering the buy back have everything to do with securitization of the debt. But that's pure speculation on my part.

How funny. I was just poking around on Citi's website for grins and went to the Credit Line Increase screen for one of my other Citi cards (one that I actually use on a daily basis). And just like that they bumped up its CL another $2k. I guess I'm not completely on their naughty list!
At least that partially mitigates the CL reduction on the other card if I do sign up for the payment program.