[vilemerchant]

Okay so I applied for this Citibank Clear Visa

Citibank | Citibank Clear - Citibank Australia

• 9.99%p.a. ongoing for purchases and cash advances
• 0%p.a. on balance transfers for 6 months‡

After a few weeks of faxing various annoying tidbits I've apparently finally been approved, but in the email received this strange statement:

"Your new Citibank Clear Visa Card and Personal Identification Number (PIN) will arrive shortly. With your Citibank Clear Visa Card you can manage your finances quickly and easily both online and over the phone. It also puts you in control, by letting you determine your interest rate, based on your spend."

Now wtf does that last bit mean? I don't want to determine my interest rate based on my spend. I want 9.99% like it says on the webpage! I've never even heard of a CC that has rotating interest rate based on your spend. Is this for real?

[ozmerish]

When Amex launched the Blue card a while back, the interest rate was determined by your payment history - a sliding scale type of thing. Pay on time and you get the lowest rate, miss one or two and then another rate would apply. Keep missing dues dates and your rate goes in the tank.

Perhaps this is a variation on that theme? Spend more - they give you a better rate to carry a larger balance??

Just my 2c.

Cheers

[oz_mark]

Citibank has some cash back card that gave back some of the interest based on your monthly spend (and opening balance) from what I recall. Don't know if it this thing that has somehow found its way across.

[vilemerchant]

Well the card finally came and according to the documentation it is 9.95% with no mention of revolving interest rates based on spend.

One slight annoyance, I have a 'MyCard' Mastercard who were bought out by Citibank a few years back. Surprisingly on the Citibank online application MyCard were an option to balance transfer to the new card, so I thought I'd be able to transfer my 5K debt to pay 0% for 6 months. As it turns out, because they already own my ass they're not willing to BT from one card to the other, but if that's the case why the hell have it on the drop down menu as somewhere they accept BTs from? A little bit annoying but I guess I'll be saving some money simply by using the 9.95% card for day to day stuff and only paying down the 18% MyCard.