Friday, December 9, 2011

Thank You Citi







As much as I dislike interest charged to our Citi balance every month I do have a way of getting some of that money back from them using the Thank You network. I added up all the interest for 2011 and it came out around $600. I went to the Thank You network and added up all the gift cards we've redeemed in 2011 and they added up to $510 dollars!
















I'm not sure how we get so many points but I do know that our Citi Forward credit card gives 5 ThankYou Points for every $1 spent on purchases at restaurants (including fast food), bookstores, music stores, video rental stores and movie theaters and 1 ThankYou Point for every $1 spent on all other purchases.

Credit card rewards are good but at the same time I think this is also one of the reasons we continue to have debt. When I'm eating out I usually charge the purchase just to get the extra points. I have the cash in the bank but I tend to forget to send that money back to Citi.

Also look at this post from 2010 when I redeemed close to $1,000 in rewards from Citi: http://www.ourdebtblog.com/2010/03/citi-thank-you-rewards.html

HS

9 comments:

  1. Those gift cards reinforce your spending; but you already figured that out.

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  2. That's actually a pretty decent reward program... I get 1pt per $1 spent. I am close to being able to redeem for the 1:1 value (you know how at lower amounts, you get only .5-.8 of your value), and after that, I'll cut the card. I don't want to redeem it now because I'd be getting at max a $160 check for 20k points vs $250 for 25k points.

    This can be well planned, and you don't necessarily need to incur new debt. What I do is put in my budget for groceries/gas/misc into the credit card and spend it from the card itself. I end up going lower than my allowance, so the money that was overpaid can work as small snowflakes. Heck, once I am done with credit cards, I will look for the best reward giving card and use it just for the rewards (paying it in total full every month!).

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  3. You should give the gift cards away so that you won't spend.

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  4. I have bought gifts for other people with the gift cards... so in a way I am giving them away.

    HS

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  5. Hey what if you pay the credit card once a week to repay what you put on it? You're not restricted to only pay once a month.

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  6. Mutant! that's usually the plan BUT as usual something else comes up and I need cash etc.. hence why we stay in debt :(

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  7. I love, love, LOVE my Citi Dividend card. I earn "dividend dollars" on every purchase I make, which is basically cash. I redeem them for a check in the mail every couple of months. Last year I looked at my end-of-year statement and and it read something like this:

    Total Interest Paid in 2010: $0
    Total Fees Paid in 2010: $0
    Total Dividend Dollars Paid in 2010: $250

    I totally screw them EVERY year.

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  8. TeacHer!!!! that's awesome!! that's where I need to be LOL

    HS

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