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Don’t Use Credit Card and Get Incentives

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I wrote in the past about how you shouldn’t cancel a credit card you used for a 0% balance transfer because there’s a chance they could offer you another one, well today in the mail I received another reason not to cancel a credit card. The Citi Professional card offered me 3,000 bonus ThankYou points if I spent at least $300 between July 1st and August 31st. Since I have a student loan, those ThankYou points can be transfered on a 1 ThankYou point to 1 penny ratio so I’m essentially getting 113% cashback on my purchases (4% on restaurants, gas stations, auto rental and office supply stores since the base reward is 3%) with the Citi Professional card. This isn’t that big of an offer and I wouldn’t sign up for a card just because they offered it to me, but since I already have the card and all the billpay set up it’s a no-brainer for me to take advantage of it.

So, in addition to the credit score benefits of keeping a credit line open (your percent utilization is lower because your aggregate credit limit is higher), you might even get a random incentive promotion just to get that card back into your wallet (that coveted “share of wallet” idea those companies are always fighting for).

Incidentally, if you sign up for the Citi Professional card they are offering a 9 month 0% APR balance transfer (no fee) plus 10,000 ThankYou points after your first purchase. 10,000 ThankYou points is enough for a $100 gift card but not $100 straight cash.

Anyone else get interesting incentives on cards they’ve long since relegated to the dust pile?

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10 Responses to “Don’t Use Credit Card and Get Incentives”

  1. Derek Heidbrink says:

    You’re math is off. In fact the citi professional offer is an additional 10% back + normal cash back. So you could be making as much as 13% back at restraunts, office supply stores, and car rentals. I also received the same offer on my CitiBuisiness card which I have not performed any purchases on in about 6 months.

    • jim says:

      Ahhh crap you’re right, I knew it when I was writing but somehow I only put 1% down and kept running with it.

  2. dong says:

    I don’t have citi professional, but 10% cash back doesn’t sound right to me….

  3. Rob Carlson says:

    BofA gave me $25 to spend $500, exactly the month that we bought a new couch for the living room. So it was like getting a $25 markdown.

  4. Ar says:

    I was watching tv and a commercial for a credit card for people with bad credit came on. Check out the terms at the bottom of http://www.theimaginecard.com. THEY ARE RIDICULOUS. Talk about preying on people that already have bad credit. Check it out, I’d love to see your comments.

  5. Mad Money says:

    Interesting concept. I’ve never really thought of hedging in a way credit points to my advantage, but now I know yet another credit trick…

  6. aua868s says:

    my take is always cash back credit cards…a little incentive for paying dues in full is always welcome!

  7. Ar says:

    1If approved, you will receive one of the two possible Imagine® Gold MasterCard® Credit Card accounts – one with a $300 credit line, a $150 annual fee and initial available credit of $150 OR one with a $70 credit line, $15 annual fee and initial available credit of $55, but not both. Certain Fees will apply to these offers. Click here to see the full terms of these offers. If you are approved for an Imagine® Gold MasterCard® Credit Card, your checking account will be debited immediately for the one–time processing fee of $4.95 via Electronic Funds Transfer (EFT). If we try to debit the processing fee via EFT from your account and our attempt fails, you understand that we have the right to close your account. These offer are not valid for non-U.S. residents; residents of Iowa, New York, West Virginia, Wisconsin, Puerto Rico or other U.S. territories; individuals under the age of 18 (age 19 in Alabama and Nebraska). The Imagine® Gold MasterCard® Credit Card is issued by First Bank of Delaware, Member FDIC. For Customer Service, call 1-866-438-6978. Some credit score will be required for offer.


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