Just received an email from Citibank notifying me that the interest free period on my Citi Premier Card is reducing from up to 55 days to up to 44 days.
My card is from the Friends & Family free-for-life offer from years ago so I'm not complaining.
Citi Premier Card Reducing Interest-Free Period to 44 Days
rickb on 25/07/2024 - 18:44
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They hope you go given you have fee free for life LOL
They want the people with a balance paying interest not the ones who pay it off every month
I got that too. Although it is fee-free-for-life, they can renege and introduce the fee now that NAB owns it.
Really thinking of fee free alternatives with points and a few comes into mind.
What's a few examples? Need one
There are a number of them but with the effing Responsible Lending crap, it's hard to get them
- Bank of Melbourne Amplify Signature - 55 days. Note its sister Westpac has already reduced their premier cards to 44 days. Can be free if you have Home Loan.
- HSBC Mastercard Premier - 55 days (only for those qualified with Premier and fee free)
- HSBC Star Alliance - 55 days (Free 1st year, $450 following year).
- Many of the AMEXes are 55 days but at the cost of limited acceptance
- Just noticed, Macquarie Credit Cards are 55 days as well. One with Signature but costly at $249.
The thing is only this Citibank Premier that gives you fee free with rewards and plenty of "Signature" like perks. Now it is going down to 44 days. At least it is free.
I too have received the email. I think Citi Prestige has been 44-days interest free for a while (according to the Wayback Machine), so it's just an update for the grandfathered customers to be more inline with the current offer. I don't mind that much, consider the old customers are already saving $700/year on annual fee.
0% fee Citi PayAll (essentially free rewards points) for 2 years plus, lounge passes, almost two months of interest free days, instant credit card payment/topup if done via a linked CitiPlus acct … Citi was quite generous in its early years, enough to forgive their slow and clumsy android app, overly strict security measures.
Agree. Although the move to 44 days was the reason why I quit Citi Prestige. In light of difficulty getting alternatives, I think keeping this card is the only way.
If I understand correctly, if you currently pay via Direct Debit, you don't need to do anything.
They will adjust to the new payment due date automatically.This will affect people using the PayAll loan system. You will have to review your statement date & probably get it changed.
Same.
But why choose 44. … it's a bad number.. die and die…