Interesting.

Wednesday, September 28th, 2011

In a refreshing change from the norm, Citi recently increased the value of its ThankYou points when they are redeemed for student loan rebates or mortgage payments. Citi credit card members can now redeem Thank You points for a check towards either their student loan or mortgage at an exchange rate of 100 points per $1. For instance, 2,500 Thank You points can be redeemed for a $25 check.

What makes this especially enticing is that in the past, people have not only used this redemption method to pay down their student loans or mortgages, but as a way to directly convert their points to cash. (It should be noted, however, that Citi does not officially support this practice.)
To redeem your points, call the ThankYou Service Center at 1-800-THANKYOU (1-800-842-6596). You’ll be asked for the name and spelling of the financial institution holding your loan. Alternatively, if you are looking to directly convert your points to cash, you can give them the name of the bank where you want to deposit the check. Citi will then send out a check made out to that bank or lender. At that point, you can deposit it as you would with any other check, or mail it in to your lender.

http://www.creditcardwatcher.com/citi-increases-value-of-thankyou-points-when-used-for-student-loan-rebates-mortgage-payments/

6/8/2012 11:23:02 AM

Damn, I love amex. Just got off the phone with them. Those cust support people are the nicest/most helpful ever.

6/8/2012 12:30:34 PM

^^thats always been the rate for me.

Also, if your mortgage is from the same bank as your checking, 99% of the time they will let you deposit it (wink, wink). Most banks won't take issue with crediting your account with a check made out to them.

[Edited on June 8, 2012 at 7:25 PM. Reason : Y]

6/8/2012 7:24:46 PM

So the gf is looking into getting her first card to build credit or whatever. She makes plenty of money so I told her to pick one with good rewards. any suggestions? She doesn't have a car (right now) and doesn't really go on trips so I didn't know what kind of reward would make sense. Also her credit line might be pretty low so I dunno what would even be worth it. I think mine just sends me a check for 1-2% but didn't really know what's out there or where to look.

6/18/2012 1:55:18 PM

I'd get a cashback card. The type really depends on what she spends her money.

6/18/2012 3:10:26 PM

What do you all think about this deal?

http://slickdeals.net/f/4768436-75-000-Point-Offer-for-Business-Gold-Rewards-American-Express

$10k is a lot...how much is normally required for their 50k point offer?

Quote :

"Apply by June 26th. To get the 75,000 point bonus, $10,000 must be spent on the card within the first four months. Can transfer sometimes to a bunch of airlines and hotel programs for 50% bonus Benefit 75,000 Bonus points 3X points on airfare 2X points on advertising, gas, and shipping 1X points on other purchases Discounts with OPEN partners including Hyatt, Hertz, FedEx, and more $175 annual fee waived the first year"

6/20/2012 1:31:15 PM

$3000 in 3 months. 10K would be tough for us sinks

6/20/2012 3:09:00 PM

damn, $10k in 3 months? Probably don't have that much in a year.

6/20/2012 3:21:02 PM

It's 4 months. May be able to come close with amz payments + gcs.

6/20/2012 3:34:34 PM

That still doesn't help. I might get close if I could pay my truck payment and rent with it. Guess that's why it says Business Gold Rewards instead of Joe Dirt Gold Rewards though.

6/20/2012 3:44:04 PM

I'm going to miss a lot of these cards once I cancel them. The service really is impeccable.
I forgot to setup automatic payments on 1 of my 3 citi cards and they refunded the fee/charge immediately, no questions asked. Took about two minutes of my time.

6/21/2012 11:15:09 AM

^Careful though, they will only extend that courtesy a couple times 'til they start charging you.

re: the $10k offer, I'd be all over it if I didn't have so many other spend requirements going on right now. The last 75k offer I did with them was only $1500, but I think they've learned from their mistakes (tons of people got in on it, and it was a fiasco).

[Edited on June 22, 2012 at 9:01 AM. Reason : d]

6/22/2012 9:00:28 AM

Yeah, need to get to 5K on my starwood amex before I churn any more. Plus I started getting denied.

6/22/2012 11:16:32 AM

If anybody is interested in an Amex Blue Sky card, I can send you a referral to get 75k pts which is good for a $100 statement credit (and I get 25k pts). It's a pretty solid travel card. No annual fee and you're not locked in to one airline or whatever. It equals out to be 1.33% back on all purchases, plus there are travel perks. Just PM me.

6/29/2012 7:14:04 PM

Meh, 1.33% is pretty bad. I'll let you know if I run out of other offers.

6/29/2012 7:18:09 PM

Yeah I mean there are better out there but most cards are 1% on everyday purchases so it could be worse. But 100 bucks is 100 bucks.

6/29/2012 7:27:00 PM

I was talking to a co-worker recently, and since they had family (father/spouse/mother) in the military, they were able to get a credit card through the USAA. They mentioned the rewards program was competitive as well.

https://www.usaa.com/inet/pages/banking_credit_cards_visa

[Edited on June 29, 2012 at 9:49 PM. Reason : woops wrong link ]

6/29/2012 9:49:17 PM

The rewards program does not look very competitive.

6/30/2012 12:08:00 AM

Anyone have some advice and suggestions for someone looking to get their first credit card ever? Both me and my girlfriend want to get a card, and a lot of people think it's strange we didn't have any in college (for me I had a scholarship where I couldn't have a credit card... yeah, weird, long story).

Where's a good place to start for a beginner?

7/2/2012 1:33:59 AM

Good timing

I'd get

1. Citi Forward for College Students:

The Citi Forward for Students is probably the most rewarding card for students.

You get 5 times the points for every $1 spent on restaurants, books, movies and for music – almost as if the card was tailored to reward the activities of the average student!
All purchases from Amazon.com (as of now) earn 5X points as well
100 extra Thank You points a month (1,200 a year) for paying your bill on time
1,000 bonus Thank You points for signing up for electronic statements.

http://millionmilesecrets.com/2012/06/28/reader-request-which-credit-cards-for-college-students/

7/2/2012 10:16:23 AM

I was looking at Citi Forward's terms and conditions for points, and they don't advertise or mention Amazon, just the "restaurants, music, books, movies". The Amazon 5x points would be a bigger deal, but I'm wary if they're not even advertising it on their website or in the terms and conditions.

7/2/2012 4:46:01 PM

FWIW I got denied for the Citi Forward.

I'm currently in the process of submitting identity verification documents to equifax to find out what their report says (Citi cited the equifax report as the reason for the denial). Transunion said they didn't have enough information to even give me a credit score.

7/2/2012 4:55:24 PM

IIRC, Amazon counts as a bookstore so all purchases fall under the books category.

7/2/2012 5:42:14 PM

Quote :

"I was looking at Citi Forward's terms and conditions for points, and they don't advertise or mention Amazon, just the "restaurants, music, books, movies". The Amazon 5x points would be a bigger deal, but I'm wary if they're not even advertising it on their website or in the terms and conditions."

https://www.google.com/#q=citi+forward+5%25+amazon

7/2/2012 6:22:30 PM

I'm new to delta skymiles. I have 30K delta miles that I assume came from my delta amex, but I'm not sure how to verify where the miles came from. I didn't realize the miles would automatically xfer like that since my previous amex (non delta) gave me the option of using them for miles or for other purchases. I'm somewhat weary since I've completed the $500 requirement, but I have yet to pay the bill or even receive my statement.

7/12/2012 5:03:59 PM

I've had Delta AmEx glitch out on me before and pay out multiple times. Maybe that's what happened.

Spend those puppies before they realize their mistake, if that's the case. In your situation, I would keep a close eye on it for the couple months after you receive and pay off your statement. It's unusual for miles to post before the statement hits.

[Edited on July 17, 2012 at 10:23 AM. Reason : d]

7/17/2012 10:22:37 AM

Actually, CarZin said his miles were credited as soon as the spending requirement was hit.

[Edited on July 17, 2012 at 10:35 AM. Reason : ]

7/17/2012 10:35:28 AM

$325 check is on the way

http://www.creditcardwatcher.com/citi-increases-value-of-thankyou-points-when-used-for-student-loan-rebates-mortgage-payments/

[Edited on July 18, 2012 at 1:16 PM. Reason : link]

7/18/2012 1:16:06 PM

For anyone interested, I was able to drill down to see the card from which the miles came under account activity.

06 Jul 2012 SkyMiles Amex Cobrand Credit Card
Activity Date : 06 Jul 2012 15000 15000
06 Jul 2012 SkyMiles Amex Cobrand Credit Card
Activity Date : 06 Jul 2012 15000 15000

7/24/2012 1:18:16 PM

US AIR miles just hit my account. I never fly us air, but a free flight, is a free flight.
Anyone churn amex hilton honors? May try that next.

7/25/2012 12:22:37 PM

So I assume there isn't a card that does a decent reward % at Lowes and Home Depot right?

What about Grocery?

8/1/2012 10:05:46 AM

5% for a Lowes card
http://www.lowes.com/cd_Lowes+Consumer+Credit+Center_739786611_

8/1/2012 10:13:03 AM

Chase not increasing my credit limit enough is now about to bite me

I had requested increases twice... I got $500 one time and $1,000 another time... up to a line of $5,000 now.

Now that I'm about to buy new home, I have several large purchases coming up that will be beyond this limit, or with my usual spending, will be above this limit.

I know I can just split charges/use other cards... but my Chase card is my rewards card... well citi has their thing, which I don't use (citi credit deal for the citi store... no thanks).

[Edited on August 1, 2012 at 10:47 AM. Reason : .]

8/1/2012 10:46:59 AM

You could buy things one at at time and then pay off the account each day online.
That's weird to have that problem with chase though.
I have four cards with them with limits of 7K, 6K, 7.5K, and 15K.

8/1/2012 10:50:46 AM

I can't really do that for some purchases; others possibly. Mainly appliances - need to be on 1 order before closing on the house.

I don't get why my limits are so low... clean report other than some nitpick issues ("too many inquiries", etc.) scores around 800. Maybe because I've never used near my limits? Hell, an old american express of mine had a limit of $20,000 (that I stupidly closed years ago).

[Edited on August 1, 2012 at 10:55 AM. Reason : .]

8/1/2012 10:53:57 AM

Yes, that was stupid.
Is your salary low? You could try getting a business card. That's what has the 15K limit.
Can you get a CC through the place where you are buying your appliances?

8/1/2012 5:32:58 PM

wdprice3, Are you using credit cards properly?

Why do you need a credit card if you have the cash?
If you don't have the cash, how are you planning on paying your credit card off?

If you can pay your credit cards off, then pay yourself that same monthly payment and just wait a few months before you buy it.

Start your own line of credit with yourself.

PS.. the fastest way of increasing your credit limit is by maxing out your limit and paying it off every month.


[Edited on August 1, 2012 at 5:52 PM. Reason : .]

8/1/2012 5:41:22 PM

Are you talking to me, Pizza Man?

8/1/2012 5:46:56 PM

I wouldn't talk to you if you paid me. Leave me alone.

8/1/2012 5:51:03 PM

Quote :

"You could buy things one at at time and then pay off the account each day online."

This is what I did when I purchased my house in nov 2011. I have the Chase Freedom and it was the quarter where i got 5% on home improvements. I would max out the card each week and pay it off each week without going over my monthly limit. Chase lost a lot of money on me from their rewards that year.

8/1/2012 6:22:54 PM

Quote :

"PS.. the fastest way of increasing your credit limit is by maxing out your limit and paying it off every month."

lolwut. You do realize that the credit card companies don't report don't necessarily report when you've paid the balance. Say you have a card for $20k and you spend $10k. Card company just so happens to update with the new balance but prior to you paying it. Usage % on your credit report goes up and that can drop your score. Sure you'll have a higher balance but you can also have a higher utilization rate.

8/1/2012 8:22:50 PM

Quote :

"Yes, that was stupid. Is your salary low? You could try getting a business card. That's what has the 15K limit. Can you get a CC through the place where you are buying your appliances?"

haha, yeh I know. That's before I reallyknew/cared about my credit. I just happened to check my report, saw a few open accounts that I didn't use and closed them, thinking that was a security risk.

I wouldn't say my salary is low... above average for local civil engineers.

Time frame is too short to consider another card for some immediate purchases that I will have to make in the next month or so; and I can't get a new card before I close on my house... or else the bank will go ape shit.

Quote :

"wdprice3, Are you using credit cards properly? Why do you need a credit card if you have the cash? If you don't have the cash, how are you planning on paying your credit card off? If you can pay your credit cards off, then pay yourself that same monthly payment and just wait a few months before you buy it. Start your own line of credit with yourself. PS.. the fastest way of increasing your credit limit is by maxing out your limit and paying it off every month."

Well, I take the card out of my wallet, swipe, hit credit, hit yes, then put the card back in my wallet. Is that the correct procedure?

I use a credit card for the same reason that most smart people use them - rewards. Sure, I could pay cash everywhere, or I could get free money. I've never, and hopefully never will carry a balance on a credit card. I don't lose money by using cards; I get "free" money (when using cash comes in handy, I use it, but that's rare these days).

If I were to max out my cards each month I'd go broke in a hurry. Maxing cards is not the best way unless you have extremely low limits.

I don't want to use cash for any large purchases before closing in case something gets delayed and the bank ends up asking for another checking account statement. They don't want to see huge purchases. With a credit card, I can shelter that purchase from the bank for 1-2 months (purchase at beginning of new statement period, thus not due for about 2 months, max).

8/1/2012 10:14:57 PM

Don't mind GeniuSxBoY He blames credit cards for destroying his pizza parlor.

8/2/2012 10:35:46 AM

Quote :

"Well, I take the card out of my wallet, swipe, hit credit, hit yes, then put the card back in my wallet. Is that the correct procedure?"

You know we are discussing finances, so I was asking if you are using the credit card properly financially. If you use the credit improperly, you will put yourself deep into debt and pay the credit card companies large amounts of money in interest and fees.

Quote :

"I use a credit card for the same reason that most smart people use them - rewards. Sure, I could pay cash everywhere, or I could get free money. I've never, and hopefully never will carry a balance on a credit card. I don't lose money by using cards; I get "free" money (when using cash comes in handy, I use it, but that's rare these days)."

I'm smart and I use credit cards. I also get rewards. Before you say "smart people use credit cards for rewards" you must ask yourself why they give you rewards in the first place? If it's so smart to use credit cards, why do they need to bribe us to use them? Wouldn't you use them on your own? Where do they get enough money to refund 1-5% of every purchase in the world? How much money does that add up to? Why don't they just keep that money? If you benefit and the credit card companies benefit who loses? How do they lose?

Quote :

"If I were to max out my cards each month I'd go broke in a hurry. Maxing cards is not the best way unless you have extremely low limits."

This is precisely why they aren't raising your limit. They know you can't repay anything with your current limit. A low limit is relative to the income you make. The only, and I mean only, way for a credit card company to know you mean business is by maxing out your limit and paying it off. I guarantee that it's a guaranteed way of increasing your limit. If you CAN'T max out your limit at least three times in a row without hurting, then you should not increase your limit.

Quote :

" I don't want to use cash for any large purchases before closing in case something gets delayed and the bank ends up asking for another checking account statement. They don't want to see huge purchases. With a credit card, I can shelter that purchase from the bank for 1-2 months (purchase at beginning of new statement period, thus not due for about 2 months, max)."

Security is a real reason to use credit cards. You SHOULD use credit cards for big purchases to protect yourself from fraud. IF you buy a big purchase with someone else's money, it's the other person's problem if you don't repay. As a last resort, you don't have to give up your money to the credit card company if you feel like you've been defrauded. That's a big difference from using your own money that you can't get back from fraud.

You say that the credit cards companies don't want to see big purchases but this is a myth. What is a big purchases? Kim Kardashian charges $500,000 to her credit card. Is that a big purchase? The credit card companies LOVE big purchases because they get a cut of that sum. Credit card companies love big purchases when they know people can repay it.

[Edited on August 3, 2012 at 10:40 PM. Reason : .]

8/3/2012 10:36:11 PM

Ahahahaha. You crack me up gb.

8/4/2012 12:22:34 AM

Quote :

"You know we are discussing finances, so I was asking if you are using the credit card properly financially. If you use the credit improperly, you will put yourself deep into debt and pay the credit card companies large amounts of money in interest and fees. "

Which is why you should learn to read. I have never and will never carry a balance. To make it more clear to you: Yes, I use credit cards property; I never pay interest.

Quote :

"I'm smart and I use credit cards. I also get rewards. Before you say "smart people use credit cards for rewards" you must ask yourself why they give you rewards in the first place? If it's so smart to use credit cards, why do they need to bribe us to use them? Wouldn't you use them on your own? Where do they get enough money to refund 1-5% of every purchase in the world? How much money does that add up to? Why don't they just keep that money? If you benefit and the credit card companies benefit who loses? How do they lose?"

You need to learn to divorce your personal wants from reality. We all know where credit cards get that money - card swipe charges (in addition to other fees/charges). Smart people use rewards cards to get some of this money back, so sure it's not really getting free money in that sense, but it is in the sense that in most circumstances you'll be paying the same exact amount with cash or any credit card. If it's a $5.00 purchase, I either get nothing back or I get $0.25 back. I'd rather get money back. We've had this discussion before. Figure it out or just leave.

Quote :

"This is precisely why they aren't raising your limit. They know you can't repay anything with your current limit. A low limit is relative to the income you make. The only, and I mean only, way for a credit card company to know you mean business is by maxing out your limit and paying it off. I guarantee that it's a guaranteed way of increasing your limit. If you CAN'T max out your limit at least three times in a row without hurting, then you should not increase your limit. "

You really have reading comprehension problems. I can afford to pay off a lot more than my current limit; my income is much higher than my credit card limits. My dad has very high credit limits and he's never come close to maxing out a card. His total limit is almost 1/2 his income. Mine is a small fraction. I mean, I could max out my card several months in a row if I really wanted to. But to do that long-term and on multiple cards? C'mon, don't be stupid. Most of us can't do that.

Quote :

"ecurity is a real reason to use credit cards. You SHOULD use credit cards for big purchases to protect yourself from fraud. IF you buy a big purchase with someone else's money, it's the other person's problem if you don't repay. As a last resort, you don't have to give up your money to the credit card company if you feel like you've been defrauded. That's a big difference from using your own money that you can't get back from fraud. You say that the credit cards companies don't want to see big purchases but this is a myth. What is a big purchases? Kim Kardashian charges $500,000 to her credit card. Is that a big purchase? The credit card companies LOVE big purchases because they get a cut of that sum. Credit card companies love big purchases when they know people can repay it."

[quote]First part agreed; in addition to rewards. Second paragraph again shows your lack of comprehension and knowledge. The LOAN bank doesn't want to see huge purchases, you moron.

[Edited on August 4, 2012 at 6:17 PM. Reason : .]

8/4/2012 6:16:30 PM

Quote :

" But to do that long-term and on multiple cards? C'mon, don't be stupid. Most of us can't do that."

Just work on one card at a time. I didn't say to max out multiple cards at the same time. Work on the card that has the most rewards first.

Before I tell you how to raise the limit for a credit card, you told want to raise your credit card limit, but you can't max out your limit regularly. That implies to me you don't need to raise your limit. You're comfortable within your limit. The credit card companies would agree with me.

If you need to raise your limit because you have a $2000 bill you need to pay monthly but only have a $1000 limit, you can still get $2000 worth of rewards.
How?

1) Max out the limit, then pay it off.
2) Pay the account off online with an electric payment from your bank account
3) wait 7 days for the transfer to reflect on your statement
4) Charge the second $1000.

Once you do this 3 times, call the credit card operator. Tell them that you need to raise your limit. They will look at your account and they will plainly see that you are spending more money per month than your current limit.

They will absolutely raise your limit.



My comprehension is fine. I just need to GET why you would want or need a loan larger than what you can't normally pay off monthly?

Banks don't accept credit cards to pay off their debt, and if they do, they charge more money than what you get back in rewards.



[Edited on August 4, 2012 at 7:55 PM. Reason : .]

8/4/2012 7:47:40 PM

Reading comprehension FTL. He already said he has a 5K line. Ignoring the fact you have given horrible advice, it would hard for a single individual to max that out several months in a row. I have cards ranging from 5K to 15k. The max for these cards have been raised throughout the years and I have never come close to maxing out any of these cards. Any material out there says the opposite, that you shouldn't ever use more than 50% of the card b/c the credit card companies will become weary about your extreme reliance on credit and may worry you could default one day.

8/5/2012 1:26:46 PM

Quote :

"Reading comprehension FTL. He already said he has a 5K line."

I used $2000 as an example. It really does not matter what limit I used, the idea is still the same.

Quote :

"Ignoring the fact you have given horrible advice, it would hard for a single individual to max that out several months in a row. I have cards ranging from 5K to 15k. The max for these cards have been raised throughout the years and I have never come close to maxing out any of these cards. "

What you don't understand is that $5000 it $15000 is microscopic. The reason why you have never come close to maxing out your cards is because your income is at poverty level. Do you need me to continue?

Quote :

"Any material out there says the opposite, that you shouldn't ever use more than 50% of the card b/c the credit card companies will become weary about your extreme reliance on credit and may worry you could default one day."

Completely false and baseless.



[Edited on August 5, 2012 at 1:42 PM. Reason : .]

8/5/2012 1:41:00 PM

Reading comprehension ftl again. That's per card. I could have 10 cards for all you know. By all means, please continue...

Google result #1

"experts recommend keeping your debt-to-limit ratio under 30%, or even under 10% if possible."

http://money.cnn.com/2008/09/25/pf/credit_limits/index.htm

8/5/2012 1:59:04 PM