Wednesday, July 12, 2006

Citibank Dividend Card

OK, I only keep two credit cards and pay them off every month.... when I had the business the hardest thing in the world to do was to pay off the entire $11,000 or so balance each month when I knew I didn't have to.

Now, about credit cards in general. If you have trouble paying your bills on time don't try using a reward cards. The rewards are simply not worth it... bottom line.

If you carry any credit card balance it is not a good idea to open another credit card....the things are really bad for your financial health.

Any way over at www.makelovenotdebt.com they were talking about rewards cards..

Right now Citibank's Dividends card is offering zero cost balance transfers with 0% interest for 12 months. If you have a card with a high rate this would be a good one to transfer to.

Now my big rule on transferring balances is this... you have to transfer entire balances... several small cards or one bigger one. Whatever the case you need to eliminate another card altogether. If you can't do that then it may be better not to ADD a whole new bill. This is especially true if you already have six, seven or eight cards. If you have one or two then you my rule doesn't apply.


Oh about the Citibank Dividend card. On MakeLoveNotDebt.com they were talking about rewards for cash advances. Here is what I gather from the
They also offer "rewards" on their cash advance... which is funny credit card company talk. Their are no rewards... the fee is 3% and I am assuming the reward is 1% so basically what they are saying is that it will cost you 2% for a cash advance. Credit card companies really should be held accountable for that kind of crap.

2 Comments:

At 7/19/2006 4:34 PM, Anonymous Anonymous said...

This comment has been removed by a blog administrator.

 
At 9/01/2007 7:56 AM, Anonymous Tavid said...

I was also recently given the "priviledge" of an upgrade to a World card. My experience however, was not positive, in that I told the customer service professional that I did not want the upgrade. Even though I HAD NOT ACTIVATED THE NEW CARD, the cold voice on the other end stated I did not have a choice. I then went up the ladder so to speak, finally getting a supervisor who stated the same.

A few weeks later, I received a notice in the mail stating my request for "downgrade" was denied. When I called and asked why, the CSR told me that because I had activated the card, I could not downgrade. I told her that I had activated the World card because I'd previously been told I had no choice.

I'm one of those people who don't carry cash, and pay everything with one card. Yes, it's a hefty bill, but that includes house, utilities, groceries, gas, etc., so it's a real benefit.

After the way I was treated, I called corporate office, and sent two emails asking why this program was in the place and complaining about the way I was treated. Of course, no response.

Now, I'm going to cancel the card, because while it's nice to receive benefits, none of us like to be treated like a number. Or ignored.

On a positive note, my AMEX platnium has been great to work with, and if you spend enough and call, they will waive the annual fees. Plus, you get to speak to people in the States. You can actually understand their CSRs! Pass it along - World card sucks.

 

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