Anyone using Citi card should be well aware that they changed the “cash back” points deal to so-called “Thank You Points.” Maybe this will help to explain why. Maybe not.
First of all, I hate scrip. You change real money for credit with a specific retailer. The only way this interests me is if I get more $ worth of credit than I paid.
Convoluted process goes this way:
Spend money and earn F-U points
Goto citi site and redeem points for purported gift card
Post man delivers. Only “Gift” card says “online exchange required before use!”
Goto specified site. Plug in big long card number and big long pin
Receive notice in email “here it is!” showing another number with pin and bar code.
Now victim has to deal with that – print it and take piece of paper to merchant!
So why did they just not send me the card in the first place? Hoping I will lose it?
The more steps involved less likely you’ll use reward points. This might cause me to move to chase or Capitol one, I’m already with Chase and the process is easy.
Use those card rewards while you got 'em, because a bill was introduced each of the last two sessions that would change card processing, and many think that will result in eliminating card rewards.
You got that right Beemer. Citi has put out inconvenience on steroids. Instead of a nice little card that I can go and spend, I had to deal with all the Bravo Sierra to get usable data on my own piece of paper. Not doing that no more.
In all fairness, I think their redemption for cash or credit won’t be this stupid. But who knows maybe they have re-defined cash like “american” express did…
I don’t see the upside other than retailers getting a small break on credit card fees that they won’t pass on to their customers. As someone who pays their balance off every month and gets close to a $1,000 cash back every year I’m calling it what it is, bullshit.
OK sorry I’m going to pull a KC and switch topics in middle of thread. Well sort-of switch.
Example card here is the so-called “Double Cash” card. Another lie like A-X is wont to spin.
Anyway Citi changed the cash part to F-U points. Get 1% in points and 1% in points when you pay.
Sounds good, right? Get back 2% on everything you spend. Cool.
Well besides the crazy redemption discussed above, I have another question and cannot find answer.
That is, at what point does the account holder (victim) receive the F-U points for having paid? Does anybody know that answer? The only things I think we know is that you don’t get any points for paying if you redeem points, PLUS you don’t get any points if you pay before end of bill cycle.
Do you have to wait a whole bill cycle to see those points?
I have a Citi Double Cash card and I haven’t followed it as closely as you, but here is what I believe is happening. Whatever payments I make during the billing cycle and whatever charges I make during the billing cycle are posted after the statement cycle closes. I don’t know exactly how many days after the cycle closes they are posted, but I should be able to determine that when my next cycle ends.in a couple of weeks.
Thanks Butler. I’ll be watching here too. It is looking like probably following month before they post the F-U points for paying. I am getting disgusted with this. Been using it heavily since USAA Limitless 2.5% cash back was killed off, and this was 2nd month with heavy usage due to paying dentist for work on wife.
Just to recap, even the name “Double Cash” is a flat out lie, and it looks like “when you pay” may be as well. I’m just going to use a real 1.5% cash back card until I see my F-U points. It’s a shame about the only way to figure out how they misbehave is to watch.
Update on the crediting of F-U points in lieu of double “cash!”
Sure enough. I’ll reproduce the lie: " Earn unlimited cash back on purchases – Unlimited 1% cash back when you buy, plus an additional 1% as you pay, on every purchase." You will only earn points and not cash. Conditions apply!
The first condition someone discovered and documented elsewhere is that you will NOT earn any points if you pay before Citi issues the bill! So don’t get caught in that trap that they don’t tell you about.
The second condition as mentioned above is when you get your second round of points. ANSWER! With the following statement! Thus, if you paid just after cycle started, you must wait a month to see the additional 1% “as you pay”. It would be a blessing if they would tell that in a FAQ somewhere.
Going looking for a real 2% cash back card. Tired of this game.
I have a citi card that has subpar rewards. I get 1% capped at $300. I keep it open only because it is my oldest card on my credit report (~25 years). I spend small $ a couple times a year. My primary card is Fidelity Investments. I get 2% CB unlimited. I get about $1500-2000 per year.