04-27-2013 12:15 PM - edited 04-27-2013 12:16 PM
Does Citi even have a true cashback card??
Something other than lose lame ever-value changing TY points?
Well, depends on what "true" means here!
As has been posted before, you get a bad rate for cash back or statement credit, but... you get the full 1:1 on student loan/mortgage payments.
And why that matters is when you call to redeem, Citi just asks which bank to make it out to, and, presumably to avoid liability issues, they sent the check to YOU so you can send in on. So, for example, you can ask for the check to made out to Bank of America, and when it arrives, you just deposit it in your own Bank of America account. So cash back made complex, but it works well.
TYP have been devalued over the past, but lots of other programs have done the same, so it's always a risk.
And, once again, if you don't have the 5% TYP card, you are missing out on some great earnings. But hopefully people's dislike of Citi will keep that going longer!
True that. My greatest regret since I started this little shell game of credit building, was not picking up a Citi Forward when I had the chance. Now looking at both mortgage and maybe student loans (I don't underestand how people pay for college these days) with my spending habits, oh well.
I think in general it's good to have a diversity of banks in your portfolio.
Also I think it's not worth taking anything the big banks do too personally; it's almost assured that they're going to do something over time which angers you, but it's just business to them and all of them are unsuprisingly similar in that regard. They certainly aren't going to take any action we take personally, I would suggest taking a similar opinion to them as well.
Rewards are cyclical on both the macro and micro view; take for example Wells, they're mortgaging their brains out, but when that revenue stream dries up, and they look around, they may well settle on credit cards and create a product (vis a vis USBanks Cash+) that actually is competitive. Likewise, if the product isn't doing what they were hoping for: Amex Zync, Citi Forward... or their rewards structure doesn't make sense, they'll discontinue or change them.
It's not intrinsic to any given lender; use whichever one fits your needs at your current stage in life, and when either your life or their products change, adjust accordingly.
04-28-2013 12:25 AM
04-28-2013 12:32 AM - edited 04-28-2013 12:33 AM
some college cards have age restrictions i think
i have a friend who's 35 and starting his PhD at UCLA (I went to UCLA too by the way! ) and he tried to get a college credit card from WF. Tried to apply in the branch, and the personal banker told him hes just a little too old for both the college checking and college visa LOL
also, chase college checking account is for ppl <25yo as well from what my friend said. he also tried to get it w/ chase and they turned him down for college checking. maybe credit cards are different for citi though
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.