$0 Annual Fee for Life on Citi Platinum/Signature CC Complimentary Insurance

[reppeh]

Nope, they said I would need to submit paperwork for a re-assessment.

I have heard Citibank are a good provider if you never have to call them. If they cannot get a simple CC application right, they will stuff up something else.

So I decided to give up before it got too hard. These guys are a bunch of fruit loops!

 

[toothdefender]

I am sure this comes as no surprise to seasoned AFFers but I succumbed to a rookie error with this card. I was approved without much hassle and took up the balance transfer option, but now on my second statement have $150 worth of interest charges, despite paying all my purchases in full by the due date, leaving the balance transfer only. Turns out you are only eligible for interest free days if you pay the closing balance in full INCLUDING balance transfers. This makes the balance transfer fairly useless to me, unless of course you did not make any additional purchases on the card for the six months. Thankfully Citi have waived the interest in my case. Maybe I really should read the T&Cs in full in future...

 

[Deleted User]

I am sure this comes as no surprise to seasoned AFFers but I succumbed to a rookie error with this card. I was approved without much hassle and took up the balance transfer option, but now on my second statement have $150 worth of interest charges, despite paying all my purchases in full by the due date, leaving the balance transfer only. Turns out you are only eligible for interest free days if you pay the closing balance in full INCLUDING balance transfers. This makes the balance transfer fairly useless to me, unless of course you did not make any additional purchases on the card for the six months. Thankfully Citi have waived the interest in my case. Maybe I really should read the T&Cs in full in future...

Tough lesson there but thankfully they have waived the interest.

I've got this card and are looking forward to using it, sadly due to their t&c's it wont be until around 6 months

 

[cove]

That's ok shintaro10x because this week all the 12 Suites on SQ were full.
Business Traveller rated SQ First as the best so it is hard to keep that one a secret.
Citi can be very funny in how they handle themselves that is for sure.
Some AFFers find them not so funny and I remain a regular user but try so very hard not to call them.

 

[WA flyer]

I've been with Citi about 10 years and tried unsuccessfully a year or so ago to upgrade my FFL Platinum to the Signature.
To avoid the usual rigmarole, i've applied again on the current offer by having $5k of my $50k Citi Select credit limit decreased to $45k and my Plat $10k limit increased to $15k to qualify for the Signature. 3 calls so far and the credit limits have now been changed, now awaiting the approval!

 

[DeKa]

That was the trick I used too (albeit in a different way). Get the limit to $15k then ask for Signature.

 

[medhead]

Indeed, must have spent the whole of the month flying 31 days at 24/7..........

Earning points by flying is for mugs.

Or so I hear

 

[medhead]

I am sure this comes as no surprise to seasoned AFFers but I succumbed to a rookie error with this card. I was approved without much hassle and took up the balance transfer option, but now on my second statement have $150 worth of interest charges, despite paying all my purchases in full by the due date, leaving the balance transfer only. Turns out you are only eligible for interest free days if you pay the closing balance in full INCLUDING balance transfers. This makes the balance transfer fairly useless to me, unless of course you did not make any additional purchases on the card for the six months. Thankfully Citi have waived the interest in my case. Maybe I really should read the T&Cs in full in future...

It also pays to watch how they apply payments when you have both balance transfers and purchases on card. Some banks will apply payment to the highest interest bearing amount first. Others don't. There is even one example where how the payment is applied to outstanding balances depends on when the statement is issued. The best advice is to completely quarantine any card used for balance transfers.

 

[Deleted User]

The best advice is to completely quarantine any card used for balance transfers.

Great advice Medhead... Sadly I'm torn between paying off my balance transfer early so I can get to use my (shiny) well matt finish actually, gradient blue card, or just let the BT ride at 0% for the full 6 months.

Decisions, Decisions...DECISIONS

 

[medhead]

Great advice Medhead... Sadly I'm torn between paying off my balance transfer early so I can get to use my (shiny) well matt finish actually, gradient blue card, or just let the BT ride at 0% for the full 6 months.

Decisions, Decisions...DECISIONS

It depends on your individual circumstances, consult a financial planner.

For me the balance transfer lets me keep money on my mortgage offset account = tangible benefit saving ~5% pa on the transferred balance. (Probably peanuts but I have about $12k on various transfers at the moment)

Ymmv

 

[serfty]

It also pays to watch how they apply payments when you have both balance transfers and purchases on card. Some banks will apply payment to the highest interest bearing amount first. Others don't. There is even one example where how the payment is applied to outstanding balances depends on when the statement is issued. The best advice is to completely quarantine any card used for balance transfers.

Any CC account opened in the last year or two MUST have payments applied to those balances with the highest interest rate. Only once those balances are exhausted can payments be attributed to those balances with the next highest interest rate.

 

[medhead]

Any CC account opened in the last year or two MUST have payments applied to those balances with the highest interest rate. Only once those balances are exhausted can payments be attributed to those balances with the next highest interest rate.

Not exactly. Nab applies payments proportionally to all balance amounts for payments made before the statement is issued. They only apply to the highest interest rate if the payment is made after a statement is issued.

I thought you alerted me to this....

 

[legroom]

Great advice Medhead... Sadly I'm torn between paying off my balance transfer early so I can get to use my (shiny) well matt finish actually, gradient blue card, or just let the BT ride at 0% for the full 6 months.

Decisions, Decisions...DECISIONS

I'd agree with medhead on this.

Any free ride is a good ride.

Disclaimer: I have no BT at all

 

[Deleted User]

ok, perhaps I'll take up the NAB offer 0% for 15 months, fee free for 12 months, BT to Citi, Still a free ride but also get to play with my new Citi card...

 

[burmans]

Tough lesson there

Well of course this is pretty much waht they hope people will do!

 

[woodborer]

I'd agree with medhead on this.

I agree, the legal position is that the requirement to pay off higher interest charge first only applies to charges that have been statemented.

 

[toothdefender]

The best advice is to completely quarantine any card used for balance transfers.

I agree this is the best advice. With the recent changes to the credit code, including a mandatory warning on how long it will take to repay the outstanding balance if only paying the minimum and forcing credit provides to apply repayments to portion of debt with highest interest rate first, surely it would not hurt for there to be plain English statement on balance transfers to state that any purchases will not have the benefit of interest free days while a balance transfer is in place. In my case the balance transfer was offered and accepted over the phone, so I had no opportunity to review the terms and I suspect this is why Citi very readily offered to waive the interest charges.

 

[burmans]

I agree this is the best advice. With the recent changes to the credit code, including a mandatory warning on how long it will take to repay the outstanding balance if only paying the minimum and forcing credit provides to apply repayments to portion of debt with highest interest rate first, surely it would not hurt for there to be plain English statement on balance transfers to state that any purchases will not have the benefit of interest free days while a balance transfer is in place. In my case the balance transfer was offered and accepted over the phone, so I had no opportunity to review the terms and I suspect this is why Citi very readily offered to waive the interest charges.

I think you'll find the Terms and Conditions do actually say this and any offer should either give you the T&C's or tell you where to get them. Of course most people don't actually read them which is another issue.

 

[serfty]

...
I thought you alerted me to this....

Not me ... first I have heard of such, but then again I don't have a NAB account - seems like the NAB are working around a loophole they perceive.

 

[medhead]

Not me ... first I have heard of such, but then again I don't have a NAB account - seems like the NAB are working around a loophole they perceive.

It did bite me, which is why I was aware of it. I'm sure someone here suggested I check the T&Cs on this point.


I also have half a memory of still benefitting from interest free days on a card holding a balance transfer. But I can't remember which card it would have been.