Im new to this but heres what I learned
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4- therefore depending on a persond mind set it might be best to do everything the day after their CC statement closes to give them the max time till it has to be paid off. Excess $$$ lying around then no problem
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Pretty good summary...
I could expand on this point (for those who want to enjoy renting the money for free for another month).
If you are doing this with a churn card (I do as I achieve the $750 spend sign on bonus and the $10K spend retention bonus in one shot), then, once your miles have posted and you go to cancel the card, consolidate it onto your old Citicard (I assume we all have an old anchor in there that helps keep our credit scores high) after it's statement has generated. When they consolidate your cards, not only does your credit line get transferred to the card you're going to keep, but, so do all balances (your canceled card will show zero minimum payment due). Thus, since your old card (which you're keeping) would have just produced a statement, you will not owe that large funding balance until the next statement has been generated. Thus a nice extra month borrowing that money interest free.
I suppose if you had multiple citicards out there, you could keep consolidating 1 card into the next into the next each month and borrow that money for about as long as you have another citicard to cancel into.
I suppose if you had multiple citicards out there, you could keep consolidating 1 card into the next into the next each month and borrow that money for about as long as you have another citicard to cancel into.
Be very careful when you do consolidation - the CSRs sometimes made mistakes and cancelled the wrong cards - they then have to put in a request to reverse it - the process can take anywhere from 10 days to several weeks. Such incidents have happened to me two times in a span of 2.5 years, when I used to do consolidation method to X out churn cards, before I learned about the route thru secure email. I now go the straight cancellation mode via secured email - the retention bonuses dance is not my cup of tea but the erroneous closure of the wrong card is a major nuiance that I would not give it another chance of happening. A friend earlier this year also experienced such snafu, I know it hasn't been corrected 5 weeks after the error, though I have not followed up with my friend about the final outcome.
Generally, the minute you feel the CSR hesitates, and then several seconds of silence when he/she is doing the consolidation - you know something has gone wrong. Apparently this is a frequent occurance as all they have to do are to put in a request to another department for the reversal (and the proper consolidation). Though once the reversal is done, all the previous transactions on the "keep" card, would loose their characteristics, i.e. a 5% earner now turned into a 1% when the reversal is done. This has costed me almost $50 in Dividend card cash reward in the first incident. Of course now this could be moot pt as hardly anyone has a 5% card.
Generally, the minute you feel the CSR hesitates, and then several seconds of silence when he/she is doing the consolidation - you know something has gone wrong. Apparently this is a frequent occurance as all they have to do are to put in a request to another department for the reversal (and the proper consolidation). Though once the reversal is done, all the previous transactions on the "keep" card, would loose their characteristics, i.e. a 5% earner now turned into a 1% when the reversal is done. This has costed me almost $50 in Dividend card cash reward in the first incident. Of course now this could be moot pt as hardly anyone has a 5% card.
Fwiw, I temporarily lost some 50k TYP flight points due to a consolidation gone bad. Ended up getting the card and points reinstated a few weeks later (plus 10k bonus points for pain and suffering), but what a nightmare.
Back on topic, I started funding Citi accounts in early 2007. Got some very nice cashback and a few hundred thousand TYPs that way (before the devaluation), but ultimately ran into problems (credit card refused, funding limits, demands to fund at branch, refusal to open new accounts), and am thus no longer in the account funding business. I know this has happened to a few other long-time account funders (perhaps that's why gleff is getting fewer "edit your post" PMs?). In any case, most Citi accounts have a $25 fee if canceled within 6 months of opening, and you should expect to have one credit report pull per application (combined if done on the same day), and that sooner or later you will run into problems. That said, there's no reason not to milk this opportunity while they let you.
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Dumb question: How do you keep funding new accounts? Do you close your savings account and then open a new one, or do you leave your old accounts open and just continue to open new ones?
I have twice funded an account at Citizens Bank (once a CD, and once a savings account), each for $20,000, using my AA Citi Mastercard. In each case I got the 20,000 miles, and I got the money in my account before I paid for it. Everything was online, very simple, the only non-online activity was the request to send a copy of my drivers licence.
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Really appreciate this thread. I just did a CITI funding with PremPass card last week, came through as a purchase just fine, and funds available.
Will feel that much more excited when I see TYP post in a few weeks.
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Has anyone had success doing this with Bank of America credit cards? (opening an savings account in BofA or a different bank, doesn't matter)
I searched the threads but didn't find any evidence of it.
I cannot get a Citi AA card because of credit scores... and so I can't even get the checking account bonus, which would be enough to make me happy...
I cannot get a Citi AA card because of credit scores... and so I can't even get the checking account bonus, which would be enough to make me happy...
what does 1 thing have to do with another
Walk into any Citi Bank branch with at least $6000 to avoid the $9.50 per month in fees or $1200 ($1000 min but the $200 extra will be to cover 13 - 14 monthly fees till all of the 20k gets into your acct)
make sure you write down the code I forgot it but it has been posted a couple of times on this thread, and tell them you want to open a checking acct using the code you were sent XXXX
Walk into any Citi Bank branch with at least $6000 to avoid the $9.50 per month in fees or $1200 ($1000 min but the $200 extra will be to cover 13 - 14 monthly fees till all of the 20k gets into your acct)
make sure you write down the code I forgot it but it has been posted a couple of times on this thread, and tell them you want to open a checking acct using the code you were sent XXXX
That is a pretty HIGH cost to acquire 20K miles.
Citi has a very low bar on FICO to issue a card. If a person could not get a Citi card because of his FICO, then he should not be in this game at all.
The poster should focus on building up his/her credit score first. He should also not venture in this type of activity that may just jeorpardize his standing with BofA... (close down his CC is a possible outcome.)
I have twice funded an account at Citizens Bank (once a CD, and once a savings account), each for $20,000, using my AA Citi Mastercard. In each case I got the 20,000 miles, and I got the money in my account before I paid for it. Everything was online, very simple, the only non-online activity was the request to send a copy of my drivers licence.
Went to Citizens Bank online but there was no mention anywhere you could fund initial deposit with a credit card
Also, any one know of other online banks that can be funded with cards
feel free to PM me with info.
Thanks
Citi has a very low bar on FICO to issue a card. If a person could not get a Citi card because of his FICO, then he should not be in this game at all.
The poster should focus on building up his/her credit score first. He should also not venture in this type of activity that may just jeorpardize his standing with BofA... (close down his CC is a possible outcome.)
I agree but with no other way 20k for $133 max is appx .06 per mile or $166 for 25k thats still a small price for a free Transcon.I know I know no EQMs+ on a free tkt
Something tells me mirobatka couldnt care about EQMs if their FICO is so low and its more important to them to get a free tkt for the least amount of $$ out of pocket
then again alot of people felt it was worth a min of $150 for 3 Wyndham stays to get 10k. this is less $$ for 2x the Miles
This said , no I wouldnt do it as I dont have to , I probably cancel more CCs every couple of months then miro ever had. But if I was in miros situation and wanted to fly somewhere that 20k does come at a very cheap price, of cause they still will be 5k short and have to figure a way to get the last 5k
make sure you write down the code I forgot it but it has been posted a couple of times on this thread, and tell them you want to open a checking acct using the code you were sent XXXX
I guess I can give it a try, but the offers all say that they are for Citi AA cardmembers, so I don't want to be told in 9 months that I wasn't eligible in the first place. And I was hoping to get around the fees using a savings account.
Re: Craz - I actually do care about EQMs; although OW not as much as ST and *A. And to use 25k AA miles for a domestic ticket? I am not sure I could bring myself to do it. I would more likely redeem for TATL tickets for myself or family.
Went to Citizens Bank online but there was no mention anywhere you could fund initial deposit with a credit card
Also, any one know of other online banks that can be funded with cards
feel free to PM me with info.
Thanks
I just opened a checking account with Bank of America and funded with my Citi AA card.Was told by online chat it would post as a purchase.But it showed up today as a cash advance trying to get it changed.Just another data point.
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Quote:
Originally Posted by jim5518
I just opened a checking account with Bank of America and funded with my Citi AA card.Was told by online chat it would post as a purchase.But it showed up today as a cash advance trying to get it changed.Just another data point.
No, not another data point for this offer.
In your case Bank of Amerca ran the charge as a cash advance.
In the case of this thread, Citibank has always run these charges through as purchases.
But I'm ultra-cautious, and have always gotten my cash advance limit set to zero 'just in case' past practice changes.
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and so I can't even get the checking account bonus, which would be enough to make me happy...
