CitiBank CC: Trying to pay more ..

Tantalus

It would seem trying to pay more than the Minimum Payment on our CitiBank (life-of-balance) CC is a little more complicated than it first appears.

Speaking to this company on their 0870 number requires both patience and determination, I lost count of the number of times I had to spell something, even with my 'Home Counties' accent. Result: We could either pay all of the balance or just the minimum, no set payment could be made at their end to exceed their (calculated) minimum payment.

So using the information on the rear of my statement I set up an electronic (test) payment from my online bank, to CitiBank. I didn't want to make it too much just in case it disappeared into the ether and went to Mr. N.E. Bodies account in Timbucktoo (sp). All went well and it duly appeared on my next statement as an electronic payment.

Brilliant! I thought, it works! I'll have this paid off sooner rather than later :beer: . But it appears not, CitiBank you see, merely adjusted the amount they took via DD (£20 instead of the usual £100+) so as to result in just the minimum payment being taken again, aaagghhh! :mad: . I would've gotten away with it too if it wasn't fer those pesky kids! (to quote a cartoon series).

Anyway, it would appear the only way to 'beat' this system is for me to set up a regular monthly electronic payment that exceeds their calculated minimum by some margin. I'm not sure whether they will then take nothing via DD or a nominal sum each month - I'll find out on my next statement.

It just seems strange that when you try to pay a little more that they take a little less. I put it down to wanting to maintain a certain level of 'interest' flowing into their coffers.

cifpower

What you could do is time when you want to pay the extra amount. If you send it 3 days before the DD is taken it will result in the DD being taken in full and the additional payment being credited to your account too.

Tantalus

That's exactly what we did do (only with them it states 4 days), the only trouble was, they altered their following months DD amount to take into account the extra £125 we paid in, making us no better off. No matter what the extra paid-in, or when, Citibank will adjust the amount they take the following month - You can't really get ahead unless, as I previously stated, you arrange pay in a fixed (higher) sum per month.