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Balance transfers....... 2 different offers! whats up?

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evangelionpunk

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So ive got a Gold card and was called up by CitiBank offering me 4.9%PA for balance transfer for the life of the transfer.

And im like sweet lets do it then she read me a whole bunch of conditions which included NO REWARDS POINT!

And when i checked online its still only the 6.9%PA for the 1st 9months and looks like you do get rewards points for it.


So whats the difference? Are they offering different packages for people that call in and those who use the net?

Also important was that she said "we can just make the balance transfer in your name and send you the cheque" . Whereas in the online application they require your Bank account details etc and the bank address etc to send the cheque to.


Whats happening here people?
Can i apply online for the balance transfer(i want the points!) and give them my address etc? What can they actually do with the details i give them eg bank account etc? Can they check those accounts? Can they close them?

Thnx yall!
 

johnsmith

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evangelionpunk said:
So ive got a Gold card and was called up by CitiBank offering me 4.9%PA for balance transfer for the life of the transfer.

And im like sweet lets do it then she read me a whole bunch of conditions which included NO REWARDS POINT!

And when i checked online its still only the 6.9%PA for the 1st 9months and looks like you do get rewards points for it.


So whats the difference? Are they offering different packages for people that call in and those who use the net?

Also important was that she said "we can just make the balance transfer in your name and send you the cheque" . Whereas in the online application they require your Bank account details etc and the bank address etc to send the cheque to.


Whats happening here people?
Can i apply online for the balance transfer(i want the points!) and give them my address etc? What can they actually do with the details i give them eg bank account etc? Can they check those accounts? Can they close them?

Thnx yall!
\

If they send you a convenience cheque then it is likely that you will not get the rewards points. All of the balance transfer promotions I receive in the post offering a low interest rate state that no rewards points will be paid. I would stick to the internet for balance transfers if you want the points and make sure you transfer to another credit card. I would also consider taking the cash at 4.9% for life and placing it in a Bankwest account paying 6%. You will click 1.1% if you can be bothered. But do not forget to claim a deduction for the interest you paid against your tax otherwise you will loose out. You could do balance transfers every week until you reach your maximum points capping then take the money at 4.9% and invest it.
 

NM

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The reward points cost money. Generally its one or the other - low rate or reward points. Sometimes you get to choose! But rarely these days do you get both. If you do get both, you probably could have received an even better rate if you went without the points.
 

Rick93

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I think we are talking TWO entirely different products...

Citibank (CB) have a product called " Redicredit", which is the 4.9% offer. That's the one with no points etc.

The 6.9% offer, refers to the 'usual' type of credit cards and balance transfers are available with points.

I think the S.E.Asian staff, who work from home, the ones who call themselves "customer service officers", are on a 'bonus scheme' if they sign you up for the 'no points' deal.

regards,

(how to rip off CB expert)
 

New Chump

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I thought Citibank had an "unwritten" rule of only allowing you to do a MAXIMUM of 3 balance transfers. (I seem to recall that being mentioned in a thread on CB balance transfers a while back, and when I had a CB card that was the case - at least they only let me do 3).

Is that no longer correct?

NC
 

johnsmith

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New Chump said:
I thought Citibank had an "unwritten" rule of only allowing you to do a MAXIMUM of 3 balance transfers. (I seem to recall that being mentioned in a thread on CB balance transfers a while back, and when I had a CB card that was the case - at least they only let me do 3).

Is that no longer correct?

NC

Most other card companies restrict transfers to 6 or 12 per year, but i have not found any documents from Citibank that show this. They also still offer the 5000 bonus Points for introducing a friend.
 

Rick93

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This has been 'worked over' before....

CB give the 5,000 (or 10,000 points for PLAT.) points for 'referring' a new card holder, but, they won't WILLINGLY give you the 6.9% offer AT THE SAME TIME....

You can get both.... but it take an hour on the phone, plus a 'letter of complaint' as well!!!

CB are a strange mob...

Very little is written about the things you MOST want to know about!

Virtually nothing on 'balance transfers', or when to expect the Reward Points into your account, etc. etc.

There lastest 'sting', is that you now need 5,000 points min. to transfer over to Qantas FF....

It used to be a first BT of 2,000 points from the net.... followed by 500 points per transfer thereafter....

No notification... just change the rules!

I did find in the 'rules', a disturbing statement: to the effect, that CB can change any aspect of Rewards, points, or the whole program, without notice, and at any time....

This means, that they can do whatever they want, when ever they want.... all without any notice to the customer!!!

This also means... that any customer can 'negotiate' their own deals (with points or even interest rates to a degree)...

So, I reckon that's the story... it depends on who you've spoken to... or what you've written in letters of complaint etc. etc.

good luck....
 

oz_mark

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Gordon said:
CB are a strange mob...

In my experience, this is true of banks in general.

Gordon said:
There lastest 'sting', is that you now need 5,000 points min. to transfer over to Qantas FF....

It used to be a first BT of 2,000 points from the net.... followed by 500 points per transfer thereafter....

No notification... just change the rules!

I did find in the 'rules', a disturbing statement: to the effect, that CB can change any aspect of Rewards, points, or the whole program, without notice, and at any time....

This means, that they can do whatever they want, when ever they want.... all without any notice to the customer!!!

I'm pretty sure I got notified of the transfer change in a little slip of paper that was included with one of the statements.

But given the number of bits of paper regarding changes that I've had over the past year, I think I am going to have to start writing the dates I receive these things...
 

evangelionpunk

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THNX ALL!


Now that ive understood the situation i have some more Qs!

**CAN I balance transfer from CB to ANZ credit card even though my ANZ is in credit? I SIMPLY WANT THE POINT WITHOUT THE FEES OF WITHDRAWING MONEY ETC.

**CAN they check the accounts, balances etc by giving them the details they seek eg Bank name, Account number etc ?

**CAN they actually close your account down? Or do they assume you will?

**CAN you balance transfer to the same account in the future and still accrue points?

**How long does it take for the balance transfer to go ahead?

**How long before the points show up?



Also ive been thinking of a way to utilise my ANZ card(frquent flyer Standard) better. One thing that comes to mind would cost about $35 for 1500points worth it?

Transfer into paypal hence appears as purchase and then transfer to another account from paypal and then transfer back into credit card.

Any better ways?
 

cabbage74

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One question I have is.. If I have a positive balance on my CB card and perform a balance transfer. Will CB still award the points? Thus removing the cost of interest.

Thanks.
Malcolm.
 

johnsmith

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cabbage74 said:
One question I have is.. If I have a positive balance on my CB card and perform a balance transfer. Will CB still award the points? Thus removing the cost of interest.

Thanks.
Malcolm.

I believe if your account is in credit and you complete a balance transfer then no rewards points are received.
 
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johnsmith

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evangelionpunk said:
THNX ALL!


Now that ive understood the situation i have some more Qs!

**CAN I balance transfer from CB to ANZ credit card even though my ANZ is in credit? I SIMPLY WANT THE POINT WITHOUT THE FEES OF WITHDRAWING MONEY ETC.

**CAN they check the accounts, balances etc by giving them the details they seek eg Bank name, Account number etc ?

**CAN they actually close your account down? Or do they assume you will?

**CAN you balance transfer to the same account in the future and still accrue points?

**How long does it take for the balance transfer to go ahead?

**How long before the points show up?



Also ive been thinking of a way to utilise my ANZ card(frquent flyer Standard) better. One thing that comes to mind would cost about $35 for 1500points worth it?

Transfer into paypal hence appears as purchase and then transfer to another account from paypal and then transfer back into credit card.

Any better ways?


Points to me are worth 2c each so 1500 points = $30 , so its a waste of time to do what you said unless you were just 1500 points short of an award. If I am a few points short I usually just pay several thousand dollars on my gas or electricity bill then ask them to refund it a few months later, after I have redeemed the reward thus causing a debit balance in my rewards account, but after another few months spending it soon goes back to a credit balance.


Balance transfers can take anything from a few days to a few weeks to process, I normally fax the form about 20 times to make sure they get it.

8 weeks before the points show up in your account.

I do not think you receive points by transferring balance to same card every time. Not sure about this, i use different credit card each time, U can always report your ANZ card lost so they will send you new one with different number then it would appear that its a different card.

ANZ credit card is also good because they do not charge cash advance fees for advances that leave a credit balance in your account, many others still charge the fee even though its your money.

Citibank is not able to verify if you have an outstanding balance on your other card. They could ask for a statement but they don't.

I am not sure if they can close your account, I have not ever taken the chance, although you do get double points.
 

evangelionpunk

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Thnx John !

Why are u doing the form when u can use online balance to do it????


Also what address are they on about when u try the online balance transfer?
They want stuff like bank details etc and payment address.
 

johnsmith

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evangelionpunk said:
Thnx John !

Why are u doing the form when u can use online balance to do it????


Also what address are they on about when u try the online balance transfer?
They want stuff like bank details etc and payment address.

I do the balance transfer online then they say you must print the form and then either fax or post to citibank. They need to know the address of the bank to send the balance transfer cheque.
 

evangelionpunk

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john:

What address is that?

Is that the my local branch address? or do the banks have a special address for receiving cheques of this nature?
 

johnsmith

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evangelionpunk said:
john:

What address is that?

Is that the my local branch address? or do the banks have a special address for receiving cheques of this nature?

It will be the address that is on the back of your credit card statement, it will likely be a PO Box, your statement will have several ways to pay, like B-pay, mail etc, you would use the mailing address
 
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