muck Posted March 10, 2009 Share Posted March 10, 2009 I just got a letter regarding my Sears credit card (serviced? owned? by Citibank) ... Essentially, they are matching 20% of any payments made over the next four months with a credit to my account. Trick is that I can't charge anything to this particular account for the four months. They have capped the total benefit. For example: Minimum payment is $100 each and every month for hte next four months ... I pay $200 each month ... a total of $400 cumulatively over the minimum payments required during that time ... I get a credit of $80 at the end of the four months ... however ... if I pay (say) $500 per month (which is $1600 over the minimums), but because my cap is a $250 credit (for example), I don't get a $320 credit, but a $250 credit. Even if I pay$1250 in the first month which is the amount that gets me the maximum credit, I can't charge anything for four months ... ....................................... She also said that options being mailed out to other cardholders include being able to pay (say) 90% of the balance and Citibank would (say) waive the other 10% ... but the account would be closed after that. Apparently there are also other options that will be made available to other card holders. ....................................... Also, the customer service rep told me that Citi is in the process of combining all of their various accounts into one place. For example, someone could have a "Sears" card, a "Citibank" card and a "Citibank" mortgage ... but, all three currently may have different phone numbers for customer service, etc ... well, the customer service lady said that, some time this year, that there will be some sort of consolidated approach to customer service. Finally, she made repeated references that Citibank would not be reducing credit lines (hinting that the US government won't let them) and that there may be other oppportunities to approach Citibank for "paydown in exchange for a credit" sorta like the credit card offer that I received above, but she didn't have any details on that... ....just a FYI to all huddlers w/ amounts owed to Citibank... Quote Link to comment Share on other sites More sharing options...
Sgt Ryan Posted March 10, 2009 Share Posted March 10, 2009 thanks for the heads up. Quote Link to comment Share on other sites More sharing options...
Kid Cid Posted March 10, 2009 Share Posted March 10, 2009 American Express is also doing little things like this; one I heard was $300 against an outstanding balance to close the account. Basically, it seems that these companies are trying to shore up their solvency by getting some of the marginal customers off the books. Quote Link to comment Share on other sites More sharing options...
Ramhock Posted March 10, 2009 Share Posted March 10, 2009 American Express is also doing little things like this; one I heard was $300 against an outstanding balance to close the account. Basically, it seems that these companies are trying to shore up their solvency by getting some of the marginal customers off the books. Which to me seems a$$backwards as I feel the marginal customers are the ones that can't take advantage of these "opportunities". Quote Link to comment Share on other sites More sharing options...
geeteebee Posted March 10, 2009 Share Posted March 10, 2009 I think this guy Stan Block teaches a course called Finance 101 in which he says to never carry a balance on a credit card...unless it is a 0% deal. Quote Link to comment Share on other sites More sharing options...
muck Posted March 10, 2009 Author Share Posted March 10, 2009 I think this guy Stan Block teaches a course called Finance 101 in which he says to never carry a balance on a credit card...unless it is a 0% deal. I think that 2.9% is close enough... Quote Link to comment Share on other sites More sharing options...
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