topic Re: Bye useless Citigold in Personal Finance

Bye useless Citigold

Anonymous — Sun, 27 Nov 2016 19:13:06 GMT

Just closed my citigold account, I opened it in May, maintained 150k in the account. Had to send so many secure messages and called them so many times, they finally posted the $400 new account bonus after 6 months.

I currently have CF, CSP, CSR, Chase Hyatt, Chase IHG. Amex Plat, Amex PRG, Amex BCE, Amex SPG. total credit limit 38.5k.

1 inquiry in the past three months(for CSR, one of the privilege of being CPC,approved while 8/24), 14 inquiries in the past year(Wasted at 3 inquiries with Citi).

Applied for Citi Thank You Premier two days ago, declined automatically. Called recon today, he told me he needs to do another hard pull, I said yes, because I wont be applying for credit cards for the next few months anyways. Guess what? Denied again, due to "too many recent inquiries". I asked if its possible to have special consideration with Citigold, he said no. Does citibank credit card department not consider banking relationship/citigold at all?

Re: Bye useless Citigold

SEBanker — Sun, 27 Nov 2016 19:44:47 GMT

Citi is a Wall Street investment bank which is disguised as a commercial bank to use deposit dollars from it's retail unit as reserves to fund it's other lines of business. One of these LOB's is cards which is by and large a stand alone unit which doesn't care or concern itself with retail bank customers. So....no! They could care less about you having a relationship with them at all. Maybe and it's a big maybe if you are in their private bank which is attached at the hip of the investment bank you might have leverage.

Re: Bye useless Citigold

Anonymous — Sun, 27 Nov 2016 19:41:11 GMT

Good for you! Chase has treated me extremely well, and I do not have any checking or savings with them, heck they gave me $29.5k credit limit and I am only 18 with less than a years credit history. Store your money where they will appreciate you.

Re: Bye useless Citigold

Anonymous — Sun, 27 Nov 2016 19:43:22 GMT

From now on, all my money goes to Chase. Hahaha

Re: Bye useless Citigold

Anonymous — Mon, 28 Nov 2016 16:42:22 GMT

@Anonymous wrote:
From now on, all my money goes to Chase. Hahaha

It sounds like you have a lot of cash. Chase would be a bad place to park it, since their interest rates are so low. I do like the $500 in bonuses you can get from Chase for opening a checking and saving account each year (and then closing them six months later). $200 of that bonus requires you to park some cash there fore a brief while.

Re: Bye useless Citigold

Anonymous — Mon, 28 Nov 2016 17:37:01 GMT

@Anonymous wrote:
@Anonymous wrote:
From now on, all my money goes to Chase. Hahaha
It sounds like you have a lot of cash. Chase would be a bad place to park it, since their interest rates are so low. I do like the $500 in bonuses you can get from Chase for opening a checking and saving account each year (and then closing them six months later). $200 of that bonus requires you to park some cash there fore a brief while.

Totally agree with you. Chase is a bad place to park. I'm about to go turn in my safe deposit box keys and move out some of my funds from Chase.

Re: Bye useless Citigold

Anonymous — Mon, 28 Nov 2016 18:20:43 GMT

Depending on how much cash a person needs to park, there are some nice alternatives. For example, if a person has a rainy day fund of 5k, there's a place he can get 5% on it.

Re: Bye useless Citigold

Anonymous — Mon, 28 Nov 2016 20:56:02 GMT

@Anonymous wrote:
@Anonymous wrote:
From now on, all my money goes to Chase. Hahaha
It sounds like you have a lot of cash. Chase would be a bad place to park it, since their interest rates are so low. I do like the $500 in bonuses you can get from Chase for opening a checking and saving account each year (and then closing them six months later). $200 of that bonus requires you to park some cash there fore a brief while.

OP seems more concerned with customer service and convenience than with making a few extra dollars on interest... more than interest rates have to be considered when choosing a primary financial institution.

Re: Bye useless Citigold

Anonymous — Mon, 28 Nov 2016 21:30:25 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
From now on, all my money goes to Chase. Hahaha
It sounds like you have a lot of cash. Chase would be a bad place to park it, since their interest rates are so low. I do like the $500 in bonuses you can get from Chase for opening a checking and saving account each year (and then closing them six months later). $200 of that bonus requires you to park some cash there fore a brief while.
OP seems more concerned with customer service and convenience than with making a few extra dollars on interest... more than interest rates have to be considered when choosing a primary financial institution.

Except that

(1) Our OP indicated in his initial post that he had 150k in his Citigold. That's a huge amount of cash.

(2) And then he said at the end that all of his money would be deposited in Chase.

I think given those two things it was safe to infer the possibility that he'd be keeping 150k in a Chase savings or checking. The loss in interest is more than a few dollars. So it was worth drawing his attention to some other options. (I even added the qualifier "It sounds like you have a lot of cash....")

It's also clear that he is interested in making money off of his bank accounts -- he mentions the fact that he had been pursuing a $400 Citigold checking bonus.

Finally, note that I do not discourage him from using Chase. Just that there is likely a better place to park a truckload of cash.

Re: Bye useless Citigold

Anonymous — Mon, 28 Nov 2016 21:41:28 GMT

You sound quite defensive, CPC is worth more than the interest he would gain at other places.

Re: Bye useless Citigold

wasCB14 — Mon, 28 Nov 2016 22:34:49 GMT

@Anonymous wrote:
You sound quite defensive, CPC is worth more than the interest he would gain at other places.

tydawg, I'd be curious to hear how you determine the value of CPC. $150k earning even 1% more elsewhere is $1,500 per year before taxes. OP doesn't mention any terribly complicated banking needs to justify what is, in effect, a $1,500 annual fee.

mt208, just to be clear...the $150k was all cash? It's not like you transferred in some stocks (in which case, the interest rate on cash would matter less)?