For No-Fee-For-Life Card Holders: 55 to 44 days warning!

[aasz1978]

I'm sure this is discussed elsewhere but I think this warrants its own separate thread.

Basically, in your latest statement, there is a page called "Getting the most out of your Citibank Gold Credit Card".

Underneath the page, there is a threat that says if pay the Closing Balance 10 out of 12 consecutive months, your maximum interest free period may be reduced to 44 days.

This could be illegal as it wasn't stipulated in the offer page but I'd like to hear the go-around solution to this threat.

[oz_mark]

It is in the terms and conditions of the card that you would have received when you opened the card. Your use of the card would have indicated your acceptance of those terms. Can't see it is illegal.

[Alanslegal]

If you're paying your account in full at least 10 out of 12 months, it is likely that you would be paying every month, so the interest free days really don't come into play.......

[aasz1978]

Regarding the 55 to 44 threat in the T/C, I have with me the Unsecured Revolving Credit T/C booklet and I can't find anything that resembles that so would you please direct me to that clause?

Also, somewhere in this forum, I am sure this has become an issue itself. I just need to look harder.... I suppose.

Also, regarding the payment of balance every month. The reduction of payment period from 55 to 44 means the bill is due for payment within 2 weeks upon receiving the statement (14 days).

This is a reduction of 11 days (works about 2 weeks earlier) to pay and quite frankly, I can dare whoever applies this card if they are aware of this.

I am sure they will rethink.

[StevePER]

This seems so insignificant that I don't understand what you're complaining about. There are many other credit cards that already do 44 days rather than 55. If you think it devalues the card so much you should change to some other credit card that has no annual fee, earns points at 1 for 1 and includes travel insurance.

[oz_mark]

Regarding the 55 to 44 threat in the T/C, I have with me the Unsecured Revolving Credit T/C booklet and I can't find anything that resembles that so would you please direct me to that clause?

Also, somewhere in this forum, I am sure this has become an issue itself. I just need to look harder.... I suppose.

Also, regarding the payment of balance every month. The reduction of payment period from 55 to 44 means the bill is due for payment within 2 weeks upon receiving the statement (14 days).

This is a reduction of 11 days (works about 2 weeks earlier) to pay and quite frankly, I can dare whoever applies this card if they are aware of this.

I am sure they will rethink.

As I am in the process of moving huse, I can't look up all my paperwork at the moment, however, spoke to someone who got the card, and he mentioned it was actually in the offer letter under the heading of Account Activity, so check the offer letter and finacial tables.

When they enforced the clause on me I went looking for it, and did find it.

FWIW, in my case they moved the statement date so that the due date did not change. But it did mean my first statement under the new regimewas 6 weeks long. This was when I was a plaiinum holder and it did precipitate my move to another card, and I no longer have the platinum card. They did not appear open to negitiating on the issue either.

[straitman]

This seems so insignificant that I don't understand what you're complaining about. There are many other credit cards that already do 44 days rather than 55. If you think it devalues the card so much you should change to some other credit card that has no annual fee, earns points at 1 for 1 and includes travel insurance.

I'm not sure anyone is actually complaining, rather stating a case and hopefully stopping someone else getting caught out.

[aasz1978]

This seems so insignificant that I don't understand what you're complaining about. There are many other credit cards that already do 44 days rather than 55. If you think it devalues the card so much you should change to some other credit card that has no annual fee, earns points at 1 for 1 and includes travel insurance.

As Straitman has said, NOBODY is complaining and certainly I didn't.

If about 12 of my friends said to me that they got this warning, chances are they didn't know about it in the first hand and I am one of the affected card-holder.

And hence my intention was to pre-warn. If you consider this information is infantile, then by all means, please ignore at your convenience instead of flaming the poster for "complaining".

And for your information, I rechecked my Financial Table, on the line where it says Interest Free days, it says 55 days for Retail Purchases. I rechecked my fin table again, nothing mention about 55-44 clause.

This doesn't mean other people didn't have the clause but in my case, I didn't have the clause.

Having said that, I am also surprised they did this to platinum cardholders. Man, they really are something aren't they.

[straitman]

[quote=aasz1978Having said that, I am also surprised they did this to platinum cardholders. Man, they really are something aren't they.[/quote]This Citibank we are talking about

That being the case then nothing is surprising

[serfty]

I recently applied for and received this card. The information about the reduction in interest free period was not in the booklet itself ...

... there was an addendum leaflet enclosed with this being one if the changes listed.

For those with existing cards, I would suggest this leaflet was/will be enclosed with recent/imminent statements.

FWIW, this was first reported by Dr_Nick in December last year:

• http://www.frequentflyer.com.au/comm...tml#post151677