New 1% Cashback Visa Card

ioscorpio

PLATINUM SUMMARY BOX
The information contained in this table summarises key product features
and is not intended to replace any Terms and Conditions

APR on Purchases
Typical 15.9% APR
(variable)

Other rates
Introductory Rate
Monthly Rate
Annual Rate

Purchases
N/a
From 1.240% to 1.873%
From 15.9% to 24.9%
APR

Cash Advances
N/a
From 1.456% to 2.075%
From 17.5% to 24.9%
per annum

Balance Transfers
5.8% for all balance
transfers made
within 90 days of
account opening date
From 1.240% to 1.873%
From 14.9% to 22.5%
per annum for all
balance transfers made
after 90 days
from account opening
date

Interest free period
Up to 56 days for purchases if you pay your balance in full and on time. 0 days for cash advances, credit card cheques and balance transfers.

Interest charging
information
The periods over which interest are charged are as follows:

From
Until

Purchases
transaction date
repaid in full*

Cash Advances
transaction date
repaid in full*

Balance Transfers
date debited to your account
repaid in full*

Credit Card
Cheques
date debited to your account
repaid in full*

*Please refer to the Terms and Conditions for full details.


Allocation of
payments
All payments we receive from you in excess of the minimum payment amount will (unless otherwise required by law) be applied in the following order :
(a) Interest and account charges;
(b) Promotional balances such as balance transfers and purchases - in the order in which they were debited to your account;
(c) Existing purchase balance and non-promotional balance transfers in the order they were debited to your account;
(d) New purchase balance and non-promotional balance transfers in the order they were debited to your account;
(e) Existing and new cash balances.

Minimum monthly
repayment
The greater of £5 or 3% of the balance on your statement.

Amount of credit
Minimum credit limit of £500, maximum credit limit subject to status.

Fees
No annual fee.

Charges
Balance Transfers
Up to 2% of the balances transferred (we will always tell you if there will be a fee and how much it will be in advance)

Cash Advances
2% handling fee minimum £5

Foreign Exchange
2.75% exchange fee on non-sterling transactions

Duplication Statement
£5 for a copy of a statement

Authorised Sales Voucher
£10 for a copy of an authorised sales voucher

Personal Information
£10 for a copy of the information we hold about you and your account


Default charges
Late Payment Fee

(failure to make the minimum requested payment to your account by the payment due date):
£25

Overlimit Fee

(charge for exceeding your agreed credit limit at any time):
£25

Return Fee

(charge applied when a direct debit, cheque or other item is not paid when presented):
£25

Insufficient Funds

(charge applied if there are insufficient funds on your account to cover a credit card cheque that you have issued on your account):
£25

nh

I love the bit on the final page (after you say you don't want payment protection) that says: "You accept that you or your estate are responsible for payments if you die and are unable to work".

I'm just wondering who can die and be able to work?!

nh

omrud wrote:

At the bottom of the T&Cs, it says that cashback will be paid only on the first £20,000. So there's a point where other cards which have lower cashback rates are more beneficial.

If you spend a large amount each year on your card, it's worth checking whether sticking with Morgan Stanley or others which have different schemes is actually better. In my case, it's a toss up and so probably not worth the trouble.

You would have to spend A LOT. With Morgan Stanley you only get 1% up to £2,000, then 0.5% for the rest.

So I suppose it depends on whether you spend more than about £40k on your credit card every year. £40k spent on MS = £210 cashback

£40k spent on Citi = £200 cashback.

That's a lot to spend on a credit card every year!

omrud

nh wrote:

You would have to spend A LOT. With Morgan Stanley you only get 1% up to £2,000, then 0.5% for the rest.

So I suppose it depends on whether you spend more than about £40k on your credit card every year. £40k spent on MS = £210 cashback

£40k spent on Citi = £200 cashback.

That's a lot to spend on a credit card every year!

You're right, sorry. The break even point is £38,000. I was misremembering the value of my recent cashback cheque and thought I would only be a few £s better off. But actually it's more like £90. So I now plan to put £2000 on my MS card during the year and use Citibank for the rest, which should give me a payout of £220.

Aletank

I applied online for this new 1% Cashback card and was accepted, I just received the Credit Agreement in the post to sign but i can't see any mention of 1% cashback
There was no leaflet explaining the card, just a credit agreement for me to sign.
Does anyone know if the 1% cashback is mentioned in the credit agreement ? Can I safely presume that the 1% cashback is automatic ?
I did use the link given for the sign up and it did mention the 1% on the site.

Maddie

Hi Aletank
Was just going to post the same thing!
I'm going to read through the t&cs properly tonight and then give them a call, if i get round to it that is!!

Maddie

Rang citibank, (finally found a number that was open today) was told I would be getting the cashback.

Then I looked at the original application page again and realised that there are seperate t&cs for the cashback scheme, so I've printed them off. It does seem strange that these have not also been sent out, but it says on the website 'Please read and print the cash back terms and conditions here' which i guess implies they will not be sending a paper copy.

Aletank

Thanks for that Maddie
A bad point for me after reading the T&C's is " The value of insurance premiums, any Cash advance charges, and any interest paid by you will not accure cash back"
I understand that as, If i used it to pay my car insurance etc i would not inccure CashBack. Would I be right in thinking that ?
Or maybe it means any payment insurance premiums don't inccure CashBack ?

What do you all think ? Would i get CashBack on car insurance ??

omrud

Aletank wrote:

Thanks for that Maddie
A bad point for me after reading the T&C's is " The value of insurance premiums, any Cash advance charges, and any interest paid by you will not accure cash back"
I understand that as, If i used it to pay my car insurance etc i would not inccure CashBack. Would I be right in thinking that ?
Or maybe it means any payment insurance premiums don't inccure CashBack ?

What do you all think ? Would i get CashBack on car insurance ??

Surely that refers to insurance you pay to Citibank to cover your repayments in case of your illness or redundancy.

I haven't received anything in the post yet.

David

Money_Man_Steve

theloft wrote:

Tried to apply on line to-day after receiving Martin's e-mail. Apparently their system is not currently receiving information back from the web applications and they are 'up-dating' their website. Hope to be up and running again by the week-end. Their Contact Us facility does not work either, so telephoned them on the freefoone number obtained on the 'say no to 0870' website.

I applied for the Citi cashback card online using Martin's MoneySupermarket link, and, apart from the 'we can't give you a decision straight away' message, I never heard any further. I phoned Citi today to check on my application, and the (rather vacant) woman I spoke to said that she could find no record of it.

So I have applied online again. This time I've made a note of the application reference - I'd urge anyone who has applied and is waiting to hear to contact Citi to check that the application has been received and is actually being processed!

Money Man Steve