Comments on: Citi has Been Very Good to Me http://www.fivecentnickel.com/2005/05/03/citi-has-been-very-good-to-me/ personal finance tips, tricks, and commentary Sat, 21 Nov 2009 06:21:11 -0500 http://wordpress.org/?v=abc hourly 1 By: Christiine http://www.fivecentnickel.com/2005/05/03/citi-has-been-very-good-to-me/comment-page-1/#comment-117206 Christiine Fri, 09 May 2008 18:42:43 +0000 http://fivecentnickel.com/2005/05/05/citi-has-been-very-good-to-me/#comment-117206 The Credit Protector plan sounds good on the surface but I have found that dealing with their CLAIMS process is like jumping through hoops of fire. I became disabled with a terminal illness and filed a claim for my credit protector plan in Oct. 2006. In the 17 months since that time, I have had to complete, and have my physician complete, uncountable forms. If a comma was out of place (just a slight exageration) they would reject the form and a complete new form had to be obtained. I don't know about you, but my doctor charges me for each form of this type. As it has turned out, my charges to get these forms HAVE COST MORE THAN THE BENEFIT I WAS RECEIVING. It would have been cheaper for me to send in the payments on my balance. I will be very happy to sever my relationship with this "benefit" at the end of my 24 months. I congratulate anyone who made money on this deal but pray you don't get sick and have to file a claim. The Credit Protector plan sounds good on the surface but I have found that dealing with their CLAIMS process is like jumping through hoops of fire. I became disabled with a terminal illness and filed a claim for my credit protector plan in Oct. 2006. In the 17 months since that time, I have had to complete, and have my physician complete, uncountable forms. If a comma was out of place (just a slight exageration) they would reject the form and a complete new form had to be obtained. I don’t know about you, but my doctor charges me for each form of this type. As it has turned out, my charges to get these forms HAVE COST MORE THAN THE BENEFIT I WAS RECEIVING. It would have been cheaper for me to send in the payments on my balance. I will be very happy to sever my relationship with this “benefit” at the end of my 24 months. I congratulate anyone who made money on this deal but pray you don’t get sick and have to file a claim.

]]> By: Steve http://www.fivecentnickel.com/2005/05/03/citi-has-been-very-good-to-me/comment-page-1/#comment-1205 Steve Sat, 31 Dec 2005 18:35:04 +0000 http://fivecentnickel.com/2005/05/05/citi-has-been-very-good-to-me/#comment-1205 I do the same as you. My wife and I get several credit protector and other sorts of $15 checks which we cash and then cancel in the free period. However, you're missing the big bonzanza and that's the reward points for opening new accounts. I have already opened and closed with Citi and other companies, credit cards for which after your first purchase you get reward points of up to 10,000. This is redeemable for $100 in gift cards. Because I don't like to be tied in spending my money in one place, I will redeem the $100 for Mobil gas cards (2 at $50 each). Since I need gas anyway, I then take the $100 that I would have spent on gas and set that aside to go buy something anywhere I want. When I make my first purchase on these cards, I will only put in about $2 of purchase. After I get my points redeemed, I cancel the card. Usually, I'll get another offer or I'll even see them in the Sunday paper like I did last week where I just applied for the same card that I canceled which I'll get $100 for using the card only 1 time. It's the citi diamond rewards card. So, between my main citi card where I get 5% off lots of stuff and 1% off the remainder, the various $15 checks and the $50 to $100 offers, we make all kinds of money. Does opening and closing all these accounts hurt your credit score. Must not, my wife's is about 780. I don't know mine, but it's at least that high if not higher. Keep 'em coming!! I do the same as you. My wife and I get several credit protector and other sorts of $15 checks which we cash and then cancel in the free period. However, you’re missing the big bonzanza and that’s the reward points for opening new accounts.

I have already opened and closed with Citi and other companies, credit cards for which after your first purchase you get reward points of up to 10,000. This is redeemable for $100 in gift cards. Because I don’t like to be tied in spending my money in one place, I will redeem the $100 for Mobil gas cards (2 at $50 each). Since I need gas anyway, I then take the $100 that I would have spent on gas and set that aside to go buy something anywhere I want. When I make my first purchase on these cards, I will only put in about $2 of purchase. After I get my points redeemed, I cancel the card. Usually, I’ll get another offer or I’ll even see them in the Sunday paper like I did last week where I just applied for the same card that I canceled which I’ll get $100 for using the card only 1 time. It’s the citi diamond rewards card.

So, between my main citi card where I get 5% off lots of stuff and 1% off the remainder, the various $15 checks and the $50 to $100 offers, we make all kinds of money. Does opening and closing all these accounts hurt your credit score. Must not, my wife’s is about 780. I don’t know mine, but it’s at least that high if not higher. Keep ‘em coming!!

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