Citibank deperate to waive annual fee

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tania73

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I rang to cancel the card, didn't want to pay the annual fee ( I have the CitiSIgnature with Qantas rewards - got the 70,000 points offer earlier this year). I said the changes in reward program was also a disincentive, and made it very clear I just wanted to cancel. The person immediately cut me off mid sentence and offered to waive the annual fee, and they also agreed to drop the credit limit as mine was very high. I am sure if I asked for the moon they would have also given it - they were clearly desperate to keep the business.

Can a mod please change title to Citibank desperate to waive annual fee - sorry
 
tania73 said:
I rang to cancel the card, didn't want to pay the annual fee ( I have the CitiSIgnature with Qantas rewards - got the 70,000 points offer earlier this year). I said the changes in reward program was also a disincentive, and made it very clear I just wanted to cancel. The person immediately cut me off mid sentence and offered to waive the annual fee, and they also agreed to drop the credit limit as mine was very high. I am sure if I asked for the moon they would have also given it - they were clearly desperate to keep the business.

Can a mod please change title to Citibank desperate to waive annual fee - sorry
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How is dropping the credit limit some kind of incentive to keep the card?
Also I would think they be flagging customers spending north of $20K/month on the card as prime candidates to be on the prestige.
 
Request No annual fee, 0% balance transfer for 12 months, put the cash on your mortgage and your card in a drawer. Citi is there to be abused
 
knasty said:
Request No annual fee, 0% balance transfer for 12 months, put the cash on your mortgage and your card in a drawer. Citi is there to be abused
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Please dont restrict that sentiment to Citibank only - banks in general is the position I prefer!
 
How to Citi handle balance transfers? Is it easy to actually get the money onto a mortgage
 
They give you 80% of your credit limit as a 'convenience cheque' ie deposit it anywhere. Whenever I'm offered a BT I ask them to call me back in a week and immediately request a credit limit increase.

Cruiser I did the same thing with Nab as well; share the love around. I was happy to close it after bagging signon bonus but i won't say no to free money.
 
knasty said:
They give you 80% of your credit limit as a 'convenience cheque' ie deposit it anywhere. Whenever I'm offered a BT I ask them to call me back in a week and immediately request a credit limit increase.

Cruiser I did the same thing with Nab as well; share the love around. I was happy to close it after bagging signon bonus but i won't say no to free money.
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Hi Knasty,

Would you mind elaborating on this for the financially illiterate?

Are you saying that if I have a $20k card limit, Citi will give me $16k at 0% that I can then put on my mortgage? And as long as I give back the $16k within 12 months there's no other costs (eg monthly payments on the $16k "principle"?
 
Isochronous said:
Correct. I'm sure this news will make you one Happy Dude!
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Indeedy! Ta for the confirmation.

I had always thought that BTs were to pay off balances on credit cards, not a free loan. I suppose a mortgage is a 'balance' after all!!
 
Just note even though its interest free you are still required to make minimum monthly payments of (I think) 2%, which is applied to the outstanding balance owing.
 
knasty said:
Just note even though its interest free you are still required to make minimum monthly payments of (I think) 2%, which is applied to the outstanding balance owing.
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Thanks for that knasty. So it's not a free cash advance. But now I'm wondering how this would be useful to anyone??

Wouldn't 2% of the balance each month be more than the annual interest savings? Noting that the 2% would need to be paid with real money and the interest savings is not actual income.

What am I missing?
 
Happy Dude said:
Thanks for that knasty. So it's not a free cash advance. But now I'm wondering how this would be useful to anyone??

Wouldn't 2% of the balance each month be more than the annual interest savings? Noting that the 2% would need to be paid with real money and the interest savings is not actual income.

What am I missing?
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It's useful to me. It's still free money, its just that you need to give 2% of it back to them each month. The rest is sitting in your mortgage reducing the interest you pay your mortgage provider.
 
knasty said:
It's useful to me. It's still free money, its just that you need to give 2% of it back to them each month. The rest is sitting in your mortgage reducing the interest you pay your mortgage provider.
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Ah now I see. The old pay them back with their own money trick! Like I said, financial pygmy. Much obliged.
 
Would Citi likely chop annual fee of the Prestige card?
 
Yeah i asked them to send me a cheque for $25,000 or so and then each month there is a minimum payment of around about $450-500 which as you say you just pay back with their money, you need to have the date that it all needs to be paid back firmly established and then i put it in my email as an appointment about a week before its due as a reminder to make sure it all gets back in good time before any interest becomes owing...

I had up to this point be getting the balance transfer cheques and whacking them in an online saver account getting about 3% interest but from now on will be putting them in my mortgage which i just got...
 
Foreigner said:
Would Citi likely chop annual fee of the Prestige card?
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Interested in this as well. Currently have the signature but have been thinking of moving to Prestige in light of the 'enhancements'. Anyone have experience getting the Prestige fee reduced on signup?
 
Lining up to do the same next month after transferring my points earned from the good overseas earn rates about to be cut
 
Called Citibank and voiced my disappointment with the upcoming changes. As a result, my annual fee has been removed.

They also offered to waive the annual fee retrospectively and will credit me for past years.
 
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