Guys, apologies if posted but don't want to go through 70+ pages

I just got my Citibank Cash Back Platinum Card and my statement shows that I have RMx.x as cash back but it does not offset against my current month statement.

So I called up CS and was informed that the Cash Back need to accumulate until it reaches RM50.00 before it can offset against Current Month payable where it will reset and the cycle repeats itself.

Very different from OCBC, UOB or Stan Chart that I have where the monthly cash rebate offsets the monthly payable amount.

Pls share your experience with this Card. TQVM

Human Nature & Maru, many thanks for your prompt reply and sharing. So. this is a card that I am definitely going to cancel next year. Luckily did not cancel my UOB as their rebate closely matches UOB.

Applied for the Free Bag so once I get it, won't use this Card again.

I want my Rebates every month, not until it accumulates to RM50.

Yep, Citibank must be on drugs if they think anyone in MY is going to pay RM600 in annual fees of even RM60 for that matter of speaking. They always refuse to give me wife Fee Waiver and ask her to use her points to redeem. So, just cancel and go to another bank.

Bro, you must see the T&C of your CC. Compared to a normal card with points, most of the time, u must utilise all your reward points prior to cancellation.

Some cards give u 1-mth after cancellation to redeem your reward points.

But shitty bank cash back is not every month right and must accumulate RM50 before being able to offset the current month charges.

I just found out only so I will stop using this card and burn my RM5 cash rebates.

Hence, if you cancel the card, the cash back due to you will probably be lost. Read your product disclosure sheet.

Bro, not only Annual Fee, there is also the RM50 Service Tax.

Wow, why cancel after so many years of holding the card. Did the CS try to persuade you not to cancel?

do u have other supporting such as payslips, epf statements, etc. How many years have u been working.

Perhaps apply for a Local CC first and then after 6-mths, u can try to apply for Citi CC again.

You should apply for RHB Visa Infinite. AF waiver if you spend more than RM100K. Citi must be mad not to give you the AF Waiver

http://www.rhb.com.my/cards/credit-card/cc...inite_main.html

DanielCullen, please grab this high network customer

It really depends on what are your immediate priorities and preferences.

Normally, poor guys like me will want instant rewards / gratification and hence, cash rebates whereas if you do spend a lot, say something like RM100K a year, getting a cash rebate of say RM1K (or 1%) is no big deal but with 100,000 reward points, they may be able to redeem some nice gifts / air tickets which may be worth much more than RM1K.

There is no right or wrong, just what is your preference. If you can't decide, go for a hybrid card which offers both Cash Back and Reward Points. Not sure whether Citi has but a Bank beginning with A which is owned by SG has such a card.

Btw, Citi Platinum Rewards has many T&C, AF of RM100 per category. So, just make sure u understand all the T&C.

This post has been edited by cfa28: Jan 13 2014, 04:29 PM

One of our resident sifu is Gen-X Check out Gen XYZ Blog on Credit Cards. Just google those keywords and you will be directed to his Blog. You can also search his postings on this section

For payments, just remember, if u CANNOT afford to pay in full, DO NOT swipe the CC. Don't pay any interest to the CC. Only get cash rebates / points from the CC. Make money from the CC and not the other way.

This post has been edited by cfa28: Jan 13 2014, 05:54 PM

Sorry Sifu, amended. Typing too fast.

This post has been edited by cfa28: Jan 13 2014, 05:56 PM

A CC is meant only as a convenience mode of payment as opposed to using Cash. So instead of carrying a few hundred bucks in your wallet, you use your CC when paying for petrol, when dinning or doing your weekend shopping. Do not use your CC to pay for things like say a TV if you do not have the cash to pay in full when the Statement arrives.

By paying in full, you will always enjoy at least an interest free period of 20-days when the statement arrives and if you can play your purchases wisely, you can effectively stretch this interest free period up to 50-days.

If you refer to my Sifu Gen-X Blog. Assume the following:

Statement Date is on the 10th of every month.
You have 20-days to pay from Statement Date

Scenario 1

You make a Transaction, say Petrol of RM80 on the Jan 8 2014
Transaction will be captured in the Jan 10th Statement
Statement arrives on Jan 13 2014
You have until Jan 30 2014 to pay
Your interest free period is for 22 days from Jan 8 to Jan 30

Scenario 2

You make another Transaction, say Petrol of RM100 on the Jan 12 2014
As this is after Jan 10, it will only be captured in Feb 10 Statement
Statement arrives on Feb 13 2014
You have until Mar 2 2014 to pay
Your interest free period is for 49 days from Jan 13 to Mar 2

So, you can keep the cash in your Bank and earn some interest, however little it is. And, if you use the right CC, you can actually make money in terms of Cash Back and also points and some of these returns, are in fact HIGHER than Fixed Deposit Rates. The Maybank2Card using AMEX can give you up to 7% returns when used on weekends. Now tell me, which FD can give you 7% returns.

Wow, you’re saying, using CC is so good, how can there be free money. Well these free money comes from Revolvers, meaning people who cannot afford to pay in full and thus Revolve their CC Debt.

Now, in the above scenarios, you are not charged any interest cos u are paying in full. So, now lets assume that you CANNOT pay in full. For simplicity sake, lets just assume an interest rate of 15.0% p.a. for ease of calculation although this rate can go as high as 18.0% p.a.


Scenario 1

You make a Transaction, say Petrol of RM80 on the Jan 8 2014
Transaction will be captured in the Jan 10th Statement
Statement arrives on Jan 13 2014
You have until Jan 30 2014 to pay
You can only, pay say RM40.

Now, for Jan 10th Statement, you will not be charged interest as you are new Customer (or did not owe any amount in the past) but this interest for the balance RM40 will appear in Feb Statement. Rough Calculation will be

RM40 * 15% * 10 days (Jan 30 to Feb 10) / 365 days = RM0.16

Scenario 2

You make another Transaction, say Petrol of RM100 on the Jan 12 2014
As this is after Jan 10, it will only be captured in Feb 10 Statement
Statement arrives on Feb 13 2014
You have until Mar 2 2014 to pay
Because you have not paid in full, an interest of 15.0% is charged immediately
RM100 * 15% * 29 days (Jan 12 to Feb 10) /365 = RM1.19
Total interest in Feb Statement will be RM0.16 + RM1.19 = RM1.35

But that is not the end of the story, the interest shown is up to Statement Date. The interest is still being charged as we speak from Statement Date (Feb 10, on the entire amount owing including the interest) up to the Day that you make payment in full. Hence, even if you pay RM40 (Balance from Jan Transaction) + RM100 (for the Jan 12 Transaction) and the RM1.35 in interest, the CC can still charge additional interest from the Statement Date to the Day that you have paid the amount.

So, lesson is NEVER owe CC any amount. At most, you can opt for an ‘Interest Free Payment Scheme’ but only if u actually have the cash in back to make full payment. There is lots of info from our Grandmaster Gen-X blog.

We were all young once, so I can tell you that its very easy to get into CC Debt, especially for younger ppl. You have RM200 in your wallet to pay for petrol but instead you use your CC to pay. But problem happens when u then use the RM200 and go to Mamak, Clubbing and come time to pay the CC, you are short of RM200. So, you only pay RM100 and this starts the beginning of your CC Debt.

So, spend wisely, watch your wallet. Visit Gen-X Blog and also LYN for tips to make free money from your CC.

Regarding the AF Waiver thingy, don’t worry about in now. You should always have more than 1 CC so vistit Gen X blog to get tips which CC suits you best. And if one CC does not waive the AF, just cancel the card and apply for another Card.

But if u still owe money, then u cannot cancel the card until u clear the sum outstanding. So, remember not to owe any amount to start with.

This post has been edited by cfa28: Jan 15 2014, 12:44 PM

I am assuming that the Statement will be mailed to your address, hence needs few days to arrive but with E-Statement, it may be redundant. Hence, if Statement Date is 10 Feb, you will only get it say on 11 Feb or thereafter

For scenario 2, apologies, its a typo, it should be RM0.16 c/f from the calculation in Scenario 1.

As long as u pay in full every month and on time, you have nothing to worry about. Just remember to check your statements carefully for any fraudulent expenses. One way to minimise fradulaent trnasactions is to request for a lower SMS Alert. Currently, the default by most Banks / CC Company is RM500. So, u only receive a SMS ALert for Transactions higher than RM500.

This means someone can swipe your card for RM499 for many times until your credit limit is reached. Out sifus here have managed to reduce the SMS Alert to just RM1.00, meaning that u will receive SMS Alert for all transactions. Tbis is good if u go clubbing / restaurants, etc where it takes very long time for your CC to come back to you.

The Cashier could just swipe twice and you won't be aware of it but with a lower SMS Alert, you will be notified immediately.

This post has been edited by cfa28: Jan 15 2014, 12:58 PM

This is called Credit Shield which will pay your Outstanding Amount should something happen to you. Google Credit Shield for more info and decide whether u need it or not. To some, it may be necessary, to many it is not needed. Pros is if something happen to you, Credit Shield will pay your Outstanding amount including what you swipe until Statement Date.

Cons it comes with a price, if you already have Life Insurance and you do not swipe a lot, say > RM10K per month, Credit Shield may not be necessary.


More info can be found here.

https://www.citibank.com.my/english/readycr...LMITLReadyCredi

Did u actually apply for this CC? My humble opinion, it is NOT a good card, cos you must maintain a balance outstanding to enjoy the benefits.

"To qualify, simply accumulate a monthly minimum spend of RM500 on anything* with Citibank Ready Credit and maintain a balance of at least RM200 at month end."

Please visit Gen-X blog to find out more about which CC best suits you.

This post has been edited by cfa28: Jan 15 2014, 05:07 PM

Refer here, post #314 by Human Nature https://forum.lowyat.net/topic/1796957/+300

You will have to insist on it being set at RM1.00 and report to BNM if u need to

http://www.bnm.gov.my/index.php?pg=en_theb...en_about&ac=795

Please do update us on your progress / success after u have made a complaint to BNM


This post has been edited by cfa28: Jan 16 2014, 03:54 PM

You will need the technical details such as:

Your Name / Contact Details
Your Card Number
Your request, to set the SMS Alert to RM1.00 which was rejected by Citibank and instead offer to set it at RM201 which is still to high. You will need to specify Date / Time Call was made including name of Officer if u remember
BNM Announcement did not specify and default amount
Ask for BNM intervention to compel Citi to send SMS Alert for CC Transactions above RM1.00

Some scammer / unethical staff can swipe your cards RM100 for a few times and consumers are always at the losign end when in CC Dispute with the Bank but with a RM1.00 SMS Alert, you will be notified of all CC Transactions.

If u read the quote by Human Nature, BNM did not set any default amount to receive the SMS Alert..

Perhaps Human Nature can give some further insights.

This post has been edited by cfa28: Jan 16 2014, 04:05 PM