Citibank readyCredit - Give yourself a present this xmas

[netaddict]

Yes, received $440 about a week ago.

How were you rotating cash through the account?

I wrote cheques from my ready credit account and deposited them into my home loan (not with citibank) and then did redraws from my home loan directly to my ready credit account. Did you recieve the $400 on your statement date?

My statement closed around the 13th of Dec and the Cash Back was applied on the 22nd.

 

[e_wolfe]

My statement closed around the 13th of Dec and the Cash Back was applied on the 22nd.

OK - well my statement ends around the 27th - so I guess i might get credited in another week or so.
Thanks for the info.

 

[e_wolfe]

I didn't get credited in December for my November spend. I rang Citibank and they told me my readycredit account would be credited with the cash back in January. As of today I'm still waiting. I'm glad I kept the letter they sent out. I don't see how they can get out of honouring the offer. The letter clearly states that spend includes honoured cheques as set out on your readycredit statement and my November and December statements clearly shows many honoured cheques.

 

[drron]

All I can say is be very careful with any bank offer and always read the fine print.I too have a large debit at 4.9% interest.However it is not worth just paying off the minimum amount every month until this is extinguished.
Every payment you make goes to repay the PRINCIPAL.this means the interest that is charged to your account and the recent $160 fee is now being charged the current interst rate.Therefore although I could take 6 years to repay my original debt I would be better off at 4 years repaying the whole amount outstanding as I would have a significant portion of my debt at 17% then.
This applies to all banks not just citibank.

 

[Guest]

All I can say is be very careful with any bank offer and always read the fine print.I too have a large debit at 4.9% interest.However it is not worth just paying off the minimum amount every month until this is extinguished.
Every payment you make goes to repay the PRINCIPAL.this means the interest that is charged to your account and the recent $160 fee is now being charged the current interst rate.Therefore although I could take 6 years to repay my original debt I would be better off at 4 years repaying the whole amount outstanding as I would have a significant portion of my debt at 17% then.
This applies to all banks not just citibank.

the trick here son is to move your money around.... keep with citibanks 4.9% so long as you're only paying 4.9% (plus small interest amounts) ... once the interest margin or any other fees/purchases bumps your 18%+ amount up, move your entire balance to another bank offerring a low interest rate.... wait 6-7 months... and repeat the cycle.

Citibank AU are very good like this - once you pay off a balance they'll try and suck you back into debt faster than any gold digger ever could.

For this very reason I recommend everyone have at least 2-3 high limit credit cards at all times - unless you pay balances off in full of course - in which case you would opt for something more rewarding.

 

[New Chump]

I'm glad I kept the letter they sent out. I don't see how they can get out of honouring the offer

I frankly think that Citibank made a mistake with those terms, e_wolfe.

The promo, designed IMHO purely to ween you off the unprofitable 4.9% rate, should probably have worked in a similar way to the Citibank Cash Back visa card (where the Cash Back rate is determined by the opening balance on your monthly statement, less credits and payments - then the rate is multiplied by your spend (statement's total purchases and bill payments) to calculate your monthly Cash Back amount).

With the ReadyCredit Cash Back promo, however, Citibank left out the bits about the opening balance as reduced by credits/payments. As a result, Citibank have agreed in black and white to pay you $20 for every $500 you spent during Nov and Dec.

Time for Citibank to pay up. As they agreed. 8)

NC

 

[drron]

[For this very reason I recommend everyone have at least 2-3 high limit credit cards at all times - unless you pay balances off in full of course - in which case you would opt for something more rewarding.[/quote]
Yes I know I actually have 5 for just this purpose.It worries me though that many do not realise the tricks the banks get up to.

 

[e_wolfe]

As a result, Citibank have agreed in black and white to pay you $20 for every $500 you spent during Nov and Dec.

Time for Citibank to pay up. As they agreed. 8)

NC

My January statement was issued yesterday and still no cash back. I rang Citibank and they said the cashback will be credited to my account this month. They are running out of days. I told them if i don't get the cashback by the end of this month I will be contacting the banking ombudsman.

 

[paul4471]

Got mine!

Well there's hope yet. I just loged on and have received cash back of $300 for a transfer I made to my Citibank account and back again during the promotion period - sweet deal!!. Now I only wish I was as smart as NC and recycled this every day of the promotional period. I'll be watching out for this one again (I doubt we'll see the same terms).

As for the $160 fee I had this deducted and then reimbursed. When I spoke to the guy online he indicated quite clearly this is a one off fee and won't be annual.

Paul

 

[e_wolfe]

Re: Got mine!

Well there's hope yet. I just loged on and have received cash back of $300 for a transfer I made to my Citibank account and back again during the promotion period
Paul

I just logged in to my citibank account and STILL NO CASH BACK!!! I will be submitting a complaint with the banking ombudsman today since January is now over and the letter clearly states that the cash back will be credited to my account in December 2005 and January 2006. I've rang citibank several times and each time they've made promises regarding when I would recieve my cash back only to break them.

 

[New Chump]

Now I only wish I was as smart as NC and recycled this every day of the promotional period. I'll be watching out for this one again (I doubt we'll see the same terms).

Sadly, I didn't recycle every day. :cry: Which I am very much regretting. But I did put at least one v large transaction through Readycredit every week druing the promotional period. Like e_wolfe , Citibank have paid squat of Cashback to date. :evil: But they tell me over the phone that it will be on my next (Feb) statement, so hopefully I will not be getting familiar with the Banking Ombudsman just yet.

For some reason I suspect I'll be chasing Citibank again when I get my Feb statement.

NC

 

[e_wolfe]

For some reason I suspect I'll be chasing Citibank again when I get my Feb statement.

NC

Well, I rang Citibank again today and spoke to a lady in the complaints department. She is now trying to say that my transactions don't count. But I pointed out that the terms clearly state that spend includes honoured cheques that appear on my citibank statement. She offered me $500 to settle the dispute - but they owe me several thousand in cash back so I declined. I filed a complaint with the banking ombudsman today. If that fails perhaps if there are enough of us we could take out a class action?

I'll keep everyone up to date. People from their ordinary readyCredit section (Ph 132484) are still telling me that i will get the cash back in February. It's just the standard line they feed everyone when they don't want to pay up.

 

[New Chump]

Well, I rang Citibank again today and spoke to a lady in the complaints department. She is now trying to say that my transactions don't count.

What reason did Citibank give that your "transactions don't count." Citibank's promo terms were clear: any cheques honoured by Citibank count as "spend" that is entitled to the Cashback.

(I'm now suspecting that I will get the same line as you e-wolfe when my Citibank Feb statement does not include any cashback.)

NC

 

[New Chump]

Well, I rang Citibank again today and spoke to a lady in the complaints department. She is now trying to say that my transactions don't count.

What reason did Citibank give that your "transactions don't count." Citibank's promo terms were clear: any cheques honoured by Citibank count as "spend" that is entitled to the Cashback.

(I'm now suspecting that I will get the same line as you e-wolfe when my Citibank Feb statement does not include any cashback.)

NC

 

[e_wolfe]

What reason did Citibank give that your "transactions don't count." Citibank's promo terms were clear: any cheques honoured by Citibank count as "spend" that is entitled to the Cashback.
NC

They said that i didn't actually spend the money but just transferred it between accounts. I said that under citibanks definition of spend I did spend the money as it clearlly states that spend includes honoured cheques that appear on my citibank statement and under that definition of spend I did spend the money. I can't see how they can get out of it. They offered me $500 instead and I declined. I want the several thousand they owe me.

 

[netaddict]

What reason did Citibank give that your "transactions don't count." Citibank's promo terms were clear: any cheques honoured by Citibank count as "spend" that is entitled to the Cashback.
NC

They said that i didn't actually spend the money but just transferred it between accounts. I said that under citibanks definition of spend I did spend the money as it clearlly states that spend includes honoured cheques that appear on my citibank statement and under that definition of spend I did spend the money. I can't see how they can get out of it. They offered me $500 instead and I declined. I want the several thousand they owe me.

Did you write cheques to yourself and then just cash them into another a/c outside Citibank? If so I did the same and also used it for all cash access.

I've also contacted Citibank and they claim it will be paid when my statement closed in Feb so be keen to see if it happens - doubt it.

Does anyone have there statement closing in the coming days as a test case to see if it is paid?

 

[serfty]

You do not have to await your statement to find if you have been credited.

You can check you details out on-line at any time using CitiBank Online.

You will need to register, but all you need is your card and pin number.

 

[e_wolfe]

Did you write cheques to yourself and then just cash them into another a/c outside Citibank? If so I did the same and also used it for all cash access.

I've also contacted Citibank and they claim it will be paid when my statement closed in Feb so be keen to see if it happens - doubt it.

Yes - I wrote cheques to myself and deposited them into my home loan account and then got a redraw on my home loan to deposit back to the ReadyCredit account. I'm sure you will find that even when you get your February statement they will NOT give you the cashback. Keep us informed as we might be able to all join forces in action against Citibank if necessary

 

[netaddict]

Just had a call from CitiBank.

Apparently duer to technical difficulties the credit's for this promotion haven't been done and they advised I should have the credit added to my account by Monday next week.

Lets see if it happens

 

[New Chump]

Apparently duer to technical difficulties the credit's for this promotion haven't been done and they advised I should have the credit added to my account by Monday next week.

Citibank actually proactively called you to tell you that, netaddict? :shock: Or did you harass them to get them to tell you?

I'm a bit confused, because earlier in the thread you mentioned that:

Yes, received $440 about a week ago.

Was the $440 from your November work on the account, and Citibank still need to stump up for your December efforts?


NC