Using Credit card to fund new online savings account
I recently ran into a problem. I tried to start a Citibank Ultimate savings acct and use my Citi AA card to fund the initial deposit but was told using any Citi credit card will not be a purchase on the card but a cash advance against my credit card, on the other hand, using any other bank cards are fine.
Aside from the Citibank Ultimate savings acct, does anyone know of any other online savings accounts that can be initially funded starting with a credit card inorder to gain miles on my card
Unless Citi has changed their policies, I would phone again and speak with a different customter service rep. Some CSRs have discouraged me from using my Citibank AA card when opening an account by phone, and some have been very accommodating.
So far this year I have been able to fund an Ultimate Savings account, a Citi checking account, and a Citi CD using my AA card. The Ultimate Savings account was opened over the phone (with the second CSR that I spoke with - the first guy wouldn't allow me to use my Citicard). The checking account and CD were opened online - when working online, you have to watch the screens carefully and look for someplace where you can click or check to select the different funding options.
All of these transactions came through as normal purchases with no finance charge.
Thats what I thought so I did call more than once with 3 different reps and at differ times of day about a week ago and ALL came back with same response that use of my Citibank AA card will be a cash advance.
Guess the good times for funding the new accts are over. Too bad as I was just about to enjoy the benefits.
If you or anyone know of other online savings accts that will accept the Citibank AA credit card for initial funding, PLease,please let me know.
Thanks
I just opened a savings and checking with two new Citi AA cards. He emphasized three times the funding would post as a purchase. PM if you want offer code and other details.
Would you mind sharing what that amount is? It could be $2000 for some people and $50000 for others.
$15K on one card, $16K on the other for the savings account. I know you can do $50K if your credit limit is that high. I just did this less than two hours ago with a CSR in San Antonio. Again, he volunteered it would post as a purchase; I didn't have to ask. Plus these are new cards that get the 30K signup bonus each.
I got a less than reassuring answer when I just called Citi customer service. She put me on hold and contacted "New Accounts," and came back and told me that I would need to call my credit card issuer (Amex) and "tell them it is a debit purchase (???) in order to have it treated as a purchase rather than a cash advance." Why would I have to do this (isn't its treatment based on what Citi tells them about the nature of the transaction, and whether Citi pays the merchant fee?), and why would AMEX take my word on it that I should not pay a cash advance fee? Any additional input on this point is welcome before I take the plunge of incurring the fee on a few thousand dollars.
I got a less than reassuring answer when I just called Citi customer service. She put me on hold and contacted "New Accounts," and came back and told me that I would need to call my credit card issuer (Amex) and "tell them it is a debit purchase (???) in order to have it treated as a purchase rather than a cash advance." Why would I have to do this (isn't its treatment based on what Citi tells them about the nature of the transaction, and whether Citi pays the merchant fee?), and why would AMEX take my word on it that I should not pay a cash advance fee? Any additional input on this point is welcome before I take the plunge of incurring the fee on a few thousand dollars.
Maybe because they don't seem to allow Amex? Website and my CSR today said only Visa/MC.
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They don't take Amex. Visa/MC only, does not have to be a Citi Visa/MC.
It has always posted as a purchase in the past.
But don't ASK them, don't take their WORD for it, set your cash advance limit on the card to zero and if your online card summary/statement shows this PRINT IT OUT.
There's a limit to the number of times Citi will let you do this. It varies by individual. That is, the merry go round won't last forever (and this opportunity will probably get closed at some point as well...)
But in the meantime, there is no limit to the amount you can fund a new account with using a credit card other than your credit limit. I've done $50k more than once, for instance (and the last time qualified for a 30k mile bonus from my credit card as a result )
And seriously, folks, if there was ever a deal NOT to be calling about, or hitting too hard/frequently, it would be this one...
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Does anyone know if in addition to using a Visa or MC to pay for the initial funding of the citibank ultimate account whether one can make deposits in the future, e.g., every month or whatever, by Visa or MC, too, that will count as purchases? Due my credit limits, there's only so much I have available to fund an account to start with, but once I pay off the credit card bill every month I'll have credit available to make more deposits.
, on the other hand, using any other bank cards are fine.
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