cancel
Showing results for 
Search instead for 
Did you mean: 

Best signup bonus citi card before I PC to double cash back?

Subexistence
Established Contributor

Re: Best signup bonus citi card before I PC to double cash back?


@CreditCuriousity wrote:

@Subexistence wrote:

@CreditCuriousity wrote:

@Subexistence wrote:

@CreditCuriousity wrote:

@Subexistence wrote:

I was thinking about getting a citi card with a signup bonus then convert it to double cash back. I called citi and they said 1 year is needed before PC from citi preferred college card to citi double cash back.

 

https://www.citi.com/credit-cards/compare-credit-cards/citi.action?ID=view-all-credit-cards

 

I'm not sure if the 1 year thing applies to all cards but if that is true, I won't be able to get citi AAdvantage or Premier card and convert before annual fee comes in so I'm most likely not apping for AAdvantage cards or the Premier card. However I'm not sure if I should go for citi preferred college card or citi preferred card. I'm a college student but citi preferred gives higher sign up bonus.

 

My college has a system where you can use a credit card to buy points to spend in college but I can get a full refund for those points. That means I can spend like $3000 in the points system, get signup bonus and cashback, then get my $3000 back.


Careful on the bolded if I am reading that right and understanding what you are saying correctly.


Why?


If I am reading it right you spend 3k on points on say a CC.. Meet spend bonus then turn points back into college for the 3k back and then pay off CC and get spend bonus.  This is a form of MS.  Correct me if I am wrong that is basically what you are doing?


What is MS?


Manufactured spending.. You can google it.. It cannot really be discussed on this forum.

 

Was I correct on the rest of it though?

 

If this is the case and I was correct this is a big no-no with CC companies and can get you shut down with said lender before you says oops.


Ok as long as it's legal. For a second I thought it was something illegal.








Starting Score: Ex08-732,Eq08-713,Tu08-717
Current Score:Ex08-795,Eq08-807,Tu08-787,EX98-761,Eq04-742
Goal Score: Ex98-760,Eq04-760


Take the myFICO Fitness Challenge

History of my credit
Message 11 of 17
csryang
Frequent Contributor

Re: Best signup bonus citi card before I PC to double cash back?


@Subexistence wrote:

@csryang wrote:

@Subexistence wrote:

I was thinking about getting a citi card with a signup bonus then convert it to double cash back. I called citi and they said 1 year is needed before PC from citi preferred college card to citi double cash back.

 

https://www.citi.com/credit-cards/compare-credit-cards/citi.action?ID=view-all-credit-cards

 

I'm not sure if the 1 year thing applies to all cards but if that is true, I won't be able to get citi AAdvantage or Premier card and convert before annual fee comes in so I'm most likely not apping for AAdvantage cards or the Premier card. However I'm not sure if I should go for citi preferred college card or citi preferred card. I'm a college student but citi preferred gives higher sign up bonus.

 

My college has a system where you can use a credit card to buy points to spend in college but I can get a full refund for those points. That means I can spend like $3000 in the points system, get signup bonus and cashback, then get my $3000 back.


I think the 1 year thing applies to all Citi cards before any PC. Why dont you want to apply for AA or Premier card with high sign up bonus? They all have first year without annual fee I think. You can always PC then 1 year later with AF refund to you.

 

At the time of PC, you can then get your annual fee refund back to you! Just make sure you call them for PC within 30 day of annual fee posted to your account. You will get them credited back to you when you product change. Some said that you only get partial credit/proration due to the product change process taking close to 2 months. However, if you are persistently and call them to request full annual fee refund, some agent will credit the full amount back when you PC.

 

Dont tell them that you want to product change 1 year down the road, tell them that you dont think it's worth the annual fee and you are debating keeping the card. They might offer you a great retention offer. If they dont have any retention offer, just tell them that you like other Citi card with no annual fee but not this card. They might offer the option to PC without you asking.

 

Sounds like your college has a good system for you to churn any cards! Smiley Happy Just make sure that the transaction is not coded as "CASH ADVANCE" which will incur a charge. Also make sure that when you return/refund the points with your college, they dont put the refund back to your card or something. Some credit card company might catch this and claw back sign up bonus.


Then should I go for 

Citi® / AAdvantage® Platinum Select® World Elite™ MasterCard®

 

How do I know if it is considered cash advance? I don't think it's cash advance though. Credit card companies can claw it back!?


You should go for whichever you want. If you have need for AA miles, then go for AA card. If you have need for Citi Thank you points for transfer to other programs, then Premier or other TY points related cards.  If you have no need of either, dont apply for any. Only apply for a card that you will use and useful for you. Chase cards offer some great cards. Same with Amex... etc etc.

 

People dont usually know what's cash advance until you try or read online to see if there's any data points. You can always try a couple dollar to see if they charge any additional fee. The safest way is to call your credit card company first to lower cash advance limit to zero. That way you wont be charged and cash like transation will be blocked.

 

Yes if purchase something and later return it to the card, it will act like you never purchase it. Some credit card company will catch you; some wont. There are some datapoints that people got into trouble with Amex and got their membership reward points frozen or being clawed back. There's always risk to anything. 

 

I do not think your method is considered MS = Manufacture spending, google it to know what it is.

If you only do this to get bonus points, it is not MS and it is just a method to "churn" credit card bonus. 

I do not think you will be shut down that easily but there's always a risk associated with anything. Who knows, maybe you might have this great way to churn card bonsus without causing any issue which other people dont get to have. 

Message 12 of 17
longtimelurker
Mega Contributor

Re: Best signup bonus citi card before I PC to double cash back?


@CreditCuriousity wrote:

@Subexistence wrote:

@CreditCuriousity wrote:

@Subexistence wrote:

@CreditCuriousity wrote:

@Subexistence wrote:

I was thinking about getting a citi card with a signup bonus then convert it to double cash back. I called citi and they said 1 year is needed before PC from citi preferred college card to citi double cash back.

 

https://www.citi.com/credit-cards/compare-credit-cards/citi.action?ID=view-all-credit-cards

 

I'm not sure if the 1 year thing applies to all cards but if that is true, I won't be able to get citi AAdvantage or Premier card and convert before annual fee comes in so I'm most likely not apping for AAdvantage cards or the Premier card. However I'm not sure if I should go for citi preferred college card or citi preferred card. I'm a college student but citi preferred gives higher sign up bonus.

 

My college has a system where you can use a credit card to buy points to spend in college but I can get a full refund for those points. That means I can spend like $3000 in the points system, get signup bonus and cashback, then get my $3000 back.


Careful on the bolded if I am reading that right and understanding what you are saying correctly.


Why?


If I am reading it right you spend 3k on points on say a CC.. Meet spend bonus then turn points back into college for the 3k back and then pay off CC and get spend bonus.  This is a form of MS.  Correct me if I am wrong that is basically what you are doing?


What is MS?


Manufactured spending.. You can google it.. It cannot really be discussed on this forum.

 

Was I correct on the rest of it though?

 

If this is the case and I was correct this is a big no-no with CC companies and can get you shut down with said lender before you says oops.


The big question (from an MS viewpoint) is how the college refunds.   I would be surprised if they didn't just refund to the card, in which case no gain (and they would claw back the bonus in most cases)

Message 13 of 17
CreditCuriosity
Moderator

Re: Best signup bonus citi card before I PC to double cash back?


@longtimelurker wrote:

@CreditCuriousity wrote:

@Subexistence wrote:

@CreditCuriousity wrote:

@Subexistence wrote:

@CreditCuriousity wrote:

@Subexistence wrote:

I was thinking about getting a citi card with a signup bonus then convert it to double cash back. I called citi and they said 1 year is needed before PC from citi preferred college card to citi double cash back.

 

https://www.citi.com/credit-cards/compare-credit-cards/citi.action?ID=view-all-credit-cards

 

I'm not sure if the 1 year thing applies to all cards but if that is true, I won't be able to get citi AAdvantage or Premier card and convert before annual fee comes in so I'm most likely not apping for AAdvantage cards or the Premier card. However I'm not sure if I should go for citi preferred college card or citi preferred card. I'm a college student but citi preferred gives higher sign up bonus.

 

My college has a system where you can use a credit card to buy points to spend in college but I can get a full refund for those points. That means I can spend like $3000 in the points system, get signup bonus and cashback, then get my $3000 back.


Careful on the bolded if I am reading that right and understanding what you are saying correctly.


Why?


If I am reading it right you spend 3k on points on say a CC.. Meet spend bonus then turn points back into college for the 3k back and then pay off CC and get spend bonus.  This is a form of MS.  Correct me if I am wrong that is basically what you are doing?


What is MS?


Manufactured spending.. You can google it.. It cannot really be discussed on this forum.

 

Was I correct on the rest of it though?

 

If this is the case and I was correct this is a big no-no with CC companies and can get you shut down with said lender before you says oops.


The big question (from an MS viewpoint) is how the college refunds.   I would be surprised if they didn't just refund to the card, in which case no gain (and they would claw back the bonus in most cases)


I was more worried if it was a check they cut him back and he then paid them off in return...  That is how is sounded.. Either way not a good thing.. Risk/Rewards.. Although the MS portion of this discussion needs to end, just wanted to point out the risks to OP.

Message 14 of 17
Subexistence
Established Contributor

Re: Best signup bonus citi card before I PC to double cash back?


@wasCB14 wrote:

@Subexistence wrote:

I was thinking about getting a citi card with a signup bonus then convert it to double cash back. I called citi and they said 1 year is needed before PC from citi preferred college card to citi double cash back.

 

https://www.citi.com/credit-cards/compare-credit-cards/citi.action?ID=view-all-credit-cards

 

I'm not sure if the 1 year thing applies to all cards but if that is true, I won't be able to get citi AAdvantage or Premier card and convert before annual fee comes in so I'm most likely not apping for AAdvantage cards or the Premier card. However I'm not sure if I should go for citi preferred college card or citi preferred card. I'm a college student but citi preferred gives higher sign up bonus.

 

My college has a system where you can use a credit card to buy points to spend in college but I can get a full refund for those points. That means I can spend like $3000 in the points system, get signup bonus and cashback, then get my $3000 back.


Actually I think that may be possible (or something very similar may be)...at least that's what a Citi CSR told me. I'm in the process of PCing, but it's not complete yet.

 

I started the process of converting my AAdvantage Platinum card to Costco when the account was like 368 or 369 days old. The rep said the PC takes like six or seven weeks to complete. Citi AFs post at the end of the 13th statement, and I think I read that Citi refunds AFs if you PC or cancel within (38?) days of an AF posting. If I'm right about that, it would mean you can get a refund if the PC is completed by a week into the 14th month.

 

So I expect to have the first AF post, and then to get a refund of it.

 

I could have gotten bad information and be wrong about this, but even if l end up stuck with the AF, I still got a nice bonus and lots of checked bags. I'll just be flying Delta more in the future.

 

Paying one AF wouldn't be so bad if you can get a really great bonus.


Please do inform us on what ends up happening.








Starting Score: Ex08-732,Eq08-713,Tu08-717
Current Score:Ex08-795,Eq08-807,Tu08-787,EX98-761,Eq04-742
Goal Score: Ex98-760,Eq04-760


Take the myFICO Fitness Challenge

History of my credit
Message 15 of 17
Subexistence
Established Contributor

Re: Best signup bonus citi card before I PC to double cash back?


@csryang wrote:

@Subexistence wrote:

@csryang wrote:

@Subexistence wrote:

I was thinking about getting a citi card with a signup bonus then convert it to double cash back. I called citi and they said 1 year is needed before PC from citi preferred college card to citi double cash back.

 

https://www.citi.com/credit-cards/compare-credit-cards/citi.action?ID=view-all-credit-cards

 

I'm not sure if the 1 year thing applies to all cards but if that is true, I won't be able to get citi AAdvantage or Premier card and convert before annual fee comes in so I'm most likely not apping for AAdvantage cards or the Premier card. However I'm not sure if I should go for citi preferred college card or citi preferred card. I'm a college student but citi preferred gives higher sign up bonus.

 

My college has a system where you can use a credit card to buy points to spend in college but I can get a full refund for those points. That means I can spend like $3000 in the points system, get signup bonus and cashback, then get my $3000 back.


I think the 1 year thing applies to all Citi cards before any PC. Why dont you want to apply for AA or Premier card with high sign up bonus? They all have first year without annual fee I think. You can always PC then 1 year later with AF refund to you.

 

At the time of PC, you can then get your annual fee refund back to you! Just make sure you call them for PC within 30 day of annual fee posted to your account. You will get them credited back to you when you product change. Some said that you only get partial credit/proration due to the product change process taking close to 2 months. However, if you are persistently and call them to request full annual fee refund, some agent will credit the full amount back when you PC.

 

Dont tell them that you want to product change 1 year down the road, tell them that you dont think it's worth the annual fee and you are debating keeping the card. They might offer you a great retention offer. If they dont have any retention offer, just tell them that you like other Citi card with no annual fee but not this card. They might offer the option to PC without you asking.

 

Sounds like your college has a good system for you to churn any cards! Smiley Happy Just make sure that the transaction is not coded as "CASH ADVANCE" which will incur a charge. Also make sure that when you return/refund the points with your college, they dont put the refund back to your card or something. Some credit card company might catch this and claw back sign up bonus.


Then should I go for 

Citi® / AAdvantage® Platinum Select® World Elite™ MasterCard®

 

How do I know if it is considered cash advance? I don't think it's cash advance though. Credit card companies can claw it back!?


You should go for whichever you want. If you have need for AA miles, then go for AA card. If you have need for Citi Thank you points for transfer to other programs, then Premier or other TY points related cards.  If you have no need of either, dont apply for any. Only apply for a card that you will use and useful for you. Chase cards offer some great cards. Same with Amex... etc etc.

 

People dont usually know what's cash advance until you try or read online to see if there's any data points. You can always try a couple dollar to see if they charge any additional fee. The safest way is to call your credit card company first to lower cash advance limit to zero. That way you wont be charged and cash like transation will be blocked.

 

Yes if purchase something and later return it to the card, it will act like you never purchase it. Some credit card company will catch you; some wont. There are some datapoints that people got into trouble with Amex and got their membership reward points frozen or being clawed back. There's always risk to anything. 

 

I do not think your method is considered MS = Manufacture spending, google it to know what it is.

If you only do this to get bonus points, it is not MS and it is just a method to "churn" credit card bonus. 

I do not think you will be shut down that easily but there's always a risk associated with anything. Who knows, maybe you might have this great way to churn card bonsus without causing any issue which other people dont get to have. 


Come to think of it, I don't need AAdvantage miles however I heard ThankYou points could be redeemed for tuition at a 1:1 ratio. I'm stuck between ThankYou premier card, college preferred card, and preferred card. Which do you recommend?








Starting Score: Ex08-732,Eq08-713,Tu08-717
Current Score:Ex08-795,Eq08-807,Tu08-787,EX98-761,Eq04-742
Goal Score: Ex98-760,Eq04-760


Take the myFICO Fitness Challenge

History of my credit
Message 16 of 17
yfan
Valued Contributor

Re: Best signup bonus citi card before I PC to double cash back?

Vendors will in most cases insist on refunding any payments back to the original payment method. If that method is unavailable, then in most cases they will issue something akin to store credit, which is what these "points" at your college are anyway.

 

So first, ask your college administration if they will in fact cut you a check. If they don't, you're planning a lot about nothing. If they do, you are MSing, and this board doesn't encourage or help you to do so.

Message 17 of 17
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.