posted: Jun. 19, 2008 @ 12:21a
Old Thread discussion
This is far and away one of the goofiest programs I have seen but is definitely worth a look.
This is a mail offer only and linked to specific citi cards ie targeted. I have not missed any payments on my AOR stuff and my FAKO scores are 720-740 currently.
I just received the offer for a drivers edge card that has 0% on it until 9/2/08 and currently has a $9683 balance out of 10K line (AOR money, yeah I know its close to the limit but I don't care) I currently have 69K (70K cl) on a citi professional card and $7.3K (7.5KCL) on a business card at 0% that expires about the same time and another 12.5K in cl on other citi cards that I use for everyday or not at all. All 0% will be paid at the due date.
I have been making just the minimum payment on all of my AOR cards and have even double dipped at the 6 month mark (taking more bt money to get back the first 6 months of payment). This may have triggered this offer.
The offer states:
Pay over the minimum for the 4 months of the program and you will receive 10% in a statement credit for the amount paid over the minimum. Ex minimum for each of the 4 months is $100. You pay $1000 ($1000-$100)*4 = $3600*.1 = $360 Cash Back. Or, 100*3 +3700*1 will give you the same result. They put on the offer letter "Wouldn't you like to be rewarded for good credit habits?"
1. You can't charge a single thing during the timeframe (big deal, I have not made one purchase on the card ever). If you do, rewards are forfieted but #2 still applies. They call this a temporary credit freeze. You may not be able to charge anything until the statement credit appears (1-2 billing cycles after the program ends)
2. Upon completion (either sucessful or unsucessful) they will decrease your cl by the overage of the minimum + the Cash Back. In the example above the cl would decrease by #3960. This could get sticky if you pay over the required $5500 above the mimimum to get the maximum Cash Back. IE I make the minimum payments until 0% up then I pay ~9400. I get the $550 back but the over the minimum payment was ~9300+$550, leaves me with a line of 10K-$9850 = $150.00
Current Balance payment Due Due Date Payment Made June 9683 145 30-Jun 145 July 9538 143 30-Jul 3954 Enroll in program by July 31 August 5584 84 30-Aug 5584
$5500 paid over the minimum +$550 back = projected cl decrease of $6050.
Yeah I know it cost me about $10 in interest for that extra $3811 early payment but I want to protect as much credit line as possible.
I read over all of the terms and conditions and nowhere does it say anything about carrying a balance to get the credit and others in the other thread did not have to. I would not do this if I did not already have ample other lines (around 90K) but the $550 is hard to pass up. Heck I did an AMEX app with an experian hard pull for a $250 GC only.
$6050 of CL for $550 tax free sounds like a good deal to me. Thoughts? And BTW Drivers edge has already forked out over $200 in mileage credit. This is the card that keeps giving.