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If you are planning to apply for a Citi credit card. BEWARE! If you aren't spending enough you may get hit with an annual fee on the NO ANNUAL FEE card. I did.
I feel this is very deceptive of Citi to continue advertising NO ANNUAL FEE. They should be advertising No annual fee *requires minimum spending* and list the fee and minimum requirement. I'm disappointed.
I'd personally *not apply for a new Citi card.
Very rarely do I say I'm disappointed. At least other brand cards list all their fees up front. I don't see Citi doing that and that's why I'm disappointed. I personally think in my opinion it is deceptive advertising how Citi is not disclosing *minimum spending requirement* on their current promotions for no annual fee cards.
I will not be recommending Citi cards to anyone until the fee is removed.
=> Citi it stated that I needed to meet a minimum spending of $2,400 annually to have the annual fee credited back.
Source #1
http://newsblogs.chicagotribune.com/the-problem-solver/2010/02/new-annual-charge-in-the-citi.html
Source #2
http://www.bankrate.com/blogs/credit-cards/citi-adds-60-annual-fee.aspx
Source #3
I've received the letter personally.
Hey, Pizza, where have you been hiding?
We'll see how many people have their accounts closed for not spending 2400 a year and refusing to pay the new AF.
I'm holding up, thank you for asking. I've calculated the rewards currently with Chase vs Citi. No matter how I spend it, I still get more rewards with my Chase and Discover cards vs my Citi card.
5% "Cash" back on gas from Discover up to $100
3% "Cash" back on food, gas and a few other things from Chase.
1% "Cash" back on all other from Chase and Discover.
Citi card... 1 point for each dollar. 8,000 points needed for a $50 gift cash card. ($8,000 in speding for $50 cash back). I'm better off paying the $60 fee and not using it. I guess I can swing over $2400 to Citi, loose the 1% of non qualifying purchases from Chase or Discover ($24 in rewards, get $60 fee back from Citi and only be out the $24. Better than being out $60).
Citi charges the Annual fee up front and if I spend over $2,400 the $60 fee is credited back after 1 year. Then the fee is charged again, and credited next year, ect... Their still charging the fee either way. I gain nothing financially by keeping the card. It's a very old card, not sure what option I'll take. Citi won't do a product change, they know it will impact peoples credit and I wanted to warn people who might apply for the Citi card that there can be an annual fee once they receive their no annual fee card.
I also did a search-engine search for terms: Citi $60 Annual Fee, and there's a lot of poeple posting about this too.
ilovepizza wrote:
Citi card... 1 point for each dollar. 8,000 points needed for a $50 gift cash card. ($8,000 in speding for $50 cash back). I'm better off paying the $60 fee and not using it.
Good to hear you're doing well! That's a bankers lousy deal. Yuck!!!!!!!!!!!!!!!
haulingthescoreup wrote:
A lot of banks are testing the market out there to see who will give them free money.
True, and I call it beta testing.