New Credit Card from Citi - Rewards You When You Use Credit Wisely!

anyone know the redemption value of the points? 5% back (if one point = one cent) is pretty good for restaurants.

hellyea81 said: anyone know the redemption value of the points? 5% back (if one point = one cent) is pretty good for restaurants.They are ThankYou Network points. Search the Finance forum for length discussion on them.

halo0 said: Screw Citibank. They are raising interest rates on people for absolutely no reason, after they got bailout money. My rates all went sky high, even though I pay off my cards every month.

I hope they go out of business.

Several large banks have increased rates before the new legislation takes effect that blocks them from raising rates on existing balances. I expect to see most banks have rates from 25% to 29% right before the law takes effect. There won't be a deal under 10% come next year and any low rate offers will expire quickly so you get slammed with the regular rate.

The golden age of cheap easy credit is over.

Are the rewards for this card only gift cards? No cash/check?

GeorgeGarman said: Are the rewards for this card only gift cards? No cash/check?They are ThankYou Network points. Search the Finance forum for length discussion on them.

advocatus said:
Besides their rates don't matter if you use credit cards for convenience and not for loans.

Well they'll start to matter a whole lot for people who join the unfortunate ranks of the millions losing their jobs, when they can no longer pay off the full balance every month.

This looks like its the non-college version of the mtvU, the 5% at movies, restaurants, etc, etc

also it is 1 point = 1 penny for the higher value gift cards fyi

advocatus said: halo0 said: Screw Citibank. They are raising interest rates on people for absolutely no reason, after they got bailout money. My rates all went sky high, even though I pay off my cards every month.

I hope they go out of business.

I believe most banks are raising rates. I know our CapitalOne just jumped through no action or inaction of our own.

Besides their rates don't matter if you use credit cards for convenience and not for loans.

For all the past doings, they seem to be making up now - I have seen CapitalOne notices for bumping up the interest rate to 18% and a whopping interest rate of 29.4% for 2 delayed or defaulted payments in 12 months . WoW!!

rigor said: this is FW man you gotta come up off $100 or more or 12 months 0% (no fee!) if you want us to bite. this product smells of subprime demographic.
So many of the providers have disappeared that the days of credit card solicitations clogging up your mailbox are never going to return, the days of sequentially higher monthly defaults have just begun and you'd better adjust to the new reality or move along, on to better Hot Deals.

halo0 said: Screw Citibank. They are raising interest rates on people for absolutely no reason, after they got bailout money. My rates all went sky high, even though I pay off my cards every month.

I hope they go out of business.

Same happened to me, and they just stonewalled me when I caught them and called to complain, I send more than min. pymt ALWAYS on time. But they did eventually lowered the rate, after several pleas. They had DOUBLED my interest rate, & I would've been SOL if they didn't change it back. SCARY that they can do this to people without regard.

"an error ...in processing your application"
Is my credit score that bad?

halo0 said: Screw Citibank. They are raising interest rates on people for absolutely no reason, after they got bailout money. My rates all went sky high, even though I pay off my cards every month.

I hope they go out of business.

Citi has been quite good to me lately! I recently got approved for 2 credit cards (Citi ADA + Citi Professional) and got a total of $225 in giftcards from bonus offers, as well as 12-month 0% no-fee balance transfer...I'm not holding my breath on the latter though.

But on the other hand, they have to find some way to pay for things like this. Not to mention the fact that I'm only 20 years old and they've given me a total of $20,000 in revolving credit lines over the past month between those two cards as well as a credit line increase on an existing card. I would have never thought that they would still be handing out credit like candy, given economic conditions. The clowns at Citi have proven themselves to be downright irresponsible and undeserving of a bailout.

Advertisement said: <center>
Up to a 2% purchase APR reduction, when you make a purchase, stay under your credit line and pay on time 3 billings periods in a row.

I read this as, "You're too dumb to notice that we just jacked your rate up by 8%." I recently paid off all my credit cards, so I don't really care about interest rates any more, but I was mad enough about the rate hike that NOTHING goes on my Citi card any more. Not to mention they weakened my rewards program as well.

With how Citi has treated credit cards customers lately, it seems like the only people who would still stick with them are those who have too much debt to pay off, and too poor of credit to transfer the debt elsewhere. Just the kind of customer Citi needs right now. Hiking the interest rate is just going to make this type of customer much more likely to just stop paying and default on the loan.

I still keep my Citi card--it is my oldest and therefore most important for my credit rating--but it just sits collecting dust.

7KJ7 said: AMEX did the same thing. So pretty much all banks are doing that after they got money from FED. Isn't City pretty much owned by gov now?

New Credit Card from Citi - Rewards You When You Use Credit Wisely!

If you are a bank, the government Rewards You When You Give Yourself a Fat Bonus and Do Not Use Credit Wisely!

anyone11787 said: halo0 said: advocatus said:
Besides their rates don't matter if you use credit cards for convenience and not for loans.

Well they'll start to matter a whole lot for people who join the unfortunate ranks of the millions losing their jobs, when they can no longer pay off the full balance every month.

Then they shouldn't be spending money they can't afford to pay back.

they have the right to raise rates and jack up various fees. if you are not happy, stop being a deadbeat and pay it off. close their card, stop doing biz w/ them.
if you pay your debts in full each month, the rates would not apply to you as you wouldn't incur finance charges.

i have 5 citicards and i love them.

pay up all you deadbeats.

halo0 said: Screw Citibank. They are raising interest rates on people for absolutely no reason, after they got bailout money. My rates all went sky high, even though I pay off my cards every month.

I hope they go out of business.

In 4 1 (pending approval, of course). Don't really care about the interest rate lowering incentive as I pay my balance in full every month (as anyone using a rewards card should). With the 5 points for every $1 spent at restaurants and entertainment venues (a lot of CC spending), and the 100 points for every month you stay under limit and make payment, it seems like a great rewards card. I had the Citi preferred dividends card when they did 5% CB at gas stations, supermarkets, and pharmacies, but since they lowered that to 2%, I started looking for a new one.

No instant approval for me. Oh well.

ashegam said: NICE!!!!

So I can decrease my interest rate 8 x .25 = by 2%

That is FANTASTIC considering they will start me at 29.99% interest and 2 years later I'll be at 27.99%

Sign me up!!!!This card is best for those of us who don't carry a balance, and thus don't care about APR.

so is this essentially $110 credit back after 3 months when you spend over $50 and sign up for paperless statements? 5% for restaurants is better than my 3% AMEX costco...