Guide to obtaining absoltely free money via Citibank/Chase credit cards
Dec 16, 2004, 8:06 pm
#1
Original Poster
Join Date: Jan 2003
Location: between DCA and BWI
Programs: SPG Gold, Hyatt Plat, UA Premier, Hilton Gold
Posts: 3,652
Guide to obtaining absoltely free money via Citibank/Chase credit cards
Yesterday, pgary posted an excellent thread, showing how to obtain free money for 1 year through offers made by some Citi credit cards. I decided to research this a bit more and found a large number of credit cards which make the same offer. I made this into a new thread so that the list of cards would be visible in the beginning of the thread. The list is below pgary's quote
12 month with NO Fee
Citi HomeRebate Mastercard - http://tinyurl.com/3zycs
Citi PremierPass Master Card - http://tinyurl.com/6w3z3
Citibank Drivers Edge Master Card - http://tinyurl.com/6edo5
Citi Dividend Platinum Select - http://tinyurl.com/6vr8m
Citi Upromise Master Card - http://tinyurl.com/589mz
CitiDiamond Preferred Master Card - http://tinyurl.com/5dp7c
Citi Platinuim Select Master Card - http://tinyurl.com/4b3tf
AT&T Universal Platinum Card - http://tinyurl.com/4zgea
AT&T Universal Rewards Card - http://tinyurl.com/6z4u4
Chase Cash Builder - http://tinyurl.com/586sf
Chase Ultimate Rewards MasterCard - http://tinyurl.com/4oq8x
Chase Travel Rewards MasterCard - http://tinyurl.com/669oh
9 month with NO Fee
Chase Ultimate Cash Award Master Card - http://tinyurl.com/4jdh9
The Profit from Chase MasterCard - http://tinyurl.com/3uhcx
Chase Perfect Card - http://tinyurl.com/6tu8l
Speedway America from Chase - http://tinyurl.com/48fel
Marathon Platinum Card from Chase - http://tinyurl.com/3uehu
6 month with NO Fee
General Motors card - http://tinyurl.com/659rf
Hess Chase card - http://tinyurl.com/4ywwp
Originally Posted by pgary
If you have the Citibank MyPoints credit card, or any other Citibank card with a 0% , no fee, balance transfer offer, here is a little known fact about the offer: You can call to get the "transfer" as a check to you. It charges to your credit card as a balance transfer, not a cash advance. Free loan, no fee, no interest for a year.
- Ask for a "Direct Check" for $1 less than the full credit limit of the card (they won't give you the full limit).
- Very carefully confirm that there will be no fee and 0% interest.
- Carefully listen to the script they read to you before doing the final transaction. It should confirm 0% and no fee, and tell you when you have to pay off the loan.
- If the rep doesn't know how to do this, ask for a supervisor.
- Put the money you receive in an interest bearing account and each month pay $1 over the minimum required by the credit card (for less impact on your credit score) from that account. A Virtual Bank or ING Bank account would be fine for this. (I have info on these in the Banking section of the Finance page of my website, Free Frequent Flyer Miles.)
- Or, if you are sufficiently financially disciplined, pay down a higher interest loan (such as a home equity loan) with the check. Just be sure you will be able to pay off the 0% loan when it becomes due.
- As you pay down the credit card, you can make further balance transfers, either from another card (mileage producing, of course), or as another check to you.
- To avoid finance charges on this card while using the 0% balance transfer feature, you must not make a purchase on it. Payments are always credited to the lowest interest rate debits first. This means that if you actually charge purchases to the card, you will be paying interest on those purchases, usually at a very high rate, until you completely pay off the card.
- I am most interested to know if the regular customer reps know about this. Please let me know of your experience trying to get a Direct Check.
Citi HomeRebate Mastercard - http://tinyurl.com/3zycs
Citi PremierPass Master Card - http://tinyurl.com/6w3z3
Citibank Drivers Edge Master Card - http://tinyurl.com/6edo5
Citi Dividend Platinum Select - http://tinyurl.com/6vr8m
Citi Upromise Master Card - http://tinyurl.com/589mz
CitiDiamond Preferred Master Card - http://tinyurl.com/5dp7c
Citi Platinuim Select Master Card - http://tinyurl.com/4b3tf
AT&T Universal Platinum Card - http://tinyurl.com/4zgea
AT&T Universal Rewards Card - http://tinyurl.com/6z4u4
Chase Cash Builder - http://tinyurl.com/586sf
Chase Ultimate Rewards MasterCard - http://tinyurl.com/4oq8x
Chase Travel Rewards MasterCard - http://tinyurl.com/669oh
9 month with NO Fee
Chase Ultimate Cash Award Master Card - http://tinyurl.com/4jdh9
The Profit from Chase MasterCard - http://tinyurl.com/3uhcx
Chase Perfect Card - http://tinyurl.com/6tu8l
Speedway America from Chase - http://tinyurl.com/48fel
Marathon Platinum Card from Chase - http://tinyurl.com/3uehu
6 month with NO Fee
General Motors card - http://tinyurl.com/659rf
Hess Chase card - http://tinyurl.com/4ywwp
Dec 16, 2004, 9:06 pm
#2
Join Date: May 2003
Programs: AA (1MM), Marriott (LT Gold)
Posts: 1,766
0% for Life (w/ monthly purchase)
Discover Card (usually offered when threatening to cancel current card; I believe it is also offered by direct mail)
Chase (not nearly as much info on this offer, but it was reported on CNN Money internet site in mid-2003)
Both of the offers above are discussed thoroughly in FatWallet Finance (see http://www.fatwallet.org/t/52/195938/)
Citi (apparently offered by invitation only)
This offer is discussed at FatWallet Finance here -- http://www.fatwallet.org/t/52/340870/
The key to using any of these cards is to charge very small amounts for your required monthly purchase(s) so that you minimize finance charges. These finance charges will begin to accumulate over time since your payments are applied to the 0% BT amounts first.
Discover Card (usually offered when threatening to cancel current card; I believe it is also offered by direct mail)
Chase (not nearly as much info on this offer, but it was reported on CNN Money internet site in mid-2003)
Both of the offers above are discussed thoroughly in FatWallet Finance (see http://www.fatwallet.org/t/52/195938/)
Citi (apparently offered by invitation only)
This offer is discussed at FatWallet Finance here -- http://www.fatwallet.org/t/52/340870/
The key to using any of these cards is to charge very small amounts for your required monthly purchase(s) so that you minimize finance charges. These finance charges will begin to accumulate over time since your payments are applied to the 0% BT amounts first.
Last edited by ExitRowAisle; Dec 16, 2004 at 9:10 pm
Jan 1, 2005, 12:03 pm
#4
Join Date: Jan 2001
Location: Kingston, Ont, the limestone city
Posts: 975
No... shouldn't be a sticky. Most people don't know how to handle this, it's like playing with fire.
Most people do not know:
1. Payment goes to low interest item first so if you have $1000 borrowed and pay $50 for a $50 charge, you will incur that high interest rate for purchase.
2. Interest rate offer (ie. 0%) can be removed at any time, for any excuse. One common excuse is that you have a missed payment with OTHER company, even a long time ago. News programs have made special report about this and most people are surprised that a late phone bill from 3 years ago can be used as an excuse to increase their credit card rate.
3. With a high debt to credit ratio (ie, if you max out your card), your credit score will drop and once again, will lead to bad consequence such as credit decline or rate adjustment on your other cards as mentioned above.
4. Interest can be charged retroactively, written in the fine print. If you miss or break the term of "free interest" before the end of promotion, they reserve the right to go back and charge you high (ie. 20%) from day 1 that the charge/debt was made.
So are these enough reasons to discourage people from doing this, play with fire only if you know how to handle it... even then, good luck.
Most people do not know:
1. Payment goes to low interest item first so if you have $1000 borrowed and pay $50 for a $50 charge, you will incur that high interest rate for purchase.
2. Interest rate offer (ie. 0%) can be removed at any time, for any excuse. One common excuse is that you have a missed payment with OTHER company, even a long time ago. News programs have made special report about this and most people are surprised that a late phone bill from 3 years ago can be used as an excuse to increase their credit card rate.
3. With a high debt to credit ratio (ie, if you max out your card), your credit score will drop and once again, will lead to bad consequence such as credit decline or rate adjustment on your other cards as mentioned above.
4. Interest can be charged retroactively, written in the fine print. If you miss or break the term of "free interest" before the end of promotion, they reserve the right to go back and charge you high (ie. 20%) from day 1 that the charge/debt was made.
So are these enough reasons to discourage people from doing this, play with fire only if you know how to handle it... even then, good luck.
