What does "offer valid for new accounts" mean?

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What does "offer valid for new accounts" mean?

Postby nt900 » Wed Aug 01, 2012 11:24 pm

Hi guys, I have a question.

The part where they say the credit card offer is valid for new accounts only.

Ex. I have a Thankyou Premier card and I want to open a simplicity because of the 18 Months 0% Interest.

Would opening the new account qualify me for the offer or since I'm a customer for them already, the offer wouldn't apply?

Thank you.

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Postby Money card » Fri Aug 03, 2012 1:04 am

yes you should qualify. if you had the simplicity 2 years ago used it for 1 year then closed it 1 year later, now you want to apply for the Bonus in this situation you would be denied. if you had the Thank you preferred, citi has a bonus promotion for either card the premier or preferred. this situation you also wouldn't qualify.

but since you never had the simplicity you qualify.

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Postby jeffysdad » Fri Aug 03, 2012 7:07 am

You should call and ask, but I suspect you would get the promotional interest rate. I say this because the bank is betting you won't pay the balance off in time to avoid interest and they'll get some money out of you that way.

Now if the offer were for a sign-up bonus, I would be less hopeful that you would get it.

I assume that "new accounts" means whatever is most advantageous to the bank in any particular situation. However, it never hurts to call and ask and argue if necessary.
American Express: Blue Cash Preferred (groceries, 6%; gas, department store, 3%); Gold Delta SkyMiles (Delta Air Lines, 2 miles/dollar, free checked bag).
US Bank: Cash+ (utilities, phone, internet, restaurant, 5%; drugstores, 2%).
FIA Card Services: Fidelity Amex (everything, 2%); Fidelity Visa (everything, 1.5%).
Chase: Freedom (rotating, 5%); Amazon (Amazon.com, 3%); PriorityClub (IHG hotels, 5 points/dollar); Sapphire (not in use).

*All cards are registered with PriorityClub IDine program for 8 points/dollar at participating restaurants.

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Postby American » Fri Aug 03, 2012 5:37 pm

Don't forget banks make money on balance transfer fees 3-4%. Easy way for them to make $30 off every $1,000 you transfer. They'll also charge late fees, over limit fees, and they'll be there to collect if you don't pay it off after 18 months.

They'll make money off you for sure that's what they're in business for you, but that's a very cynical way to look at it. $90 to balance transfer 3k into a card and pay it off over a year and a half is not half bad. You're paying $5 a month for a loan. Find a bank that'll offer you that APR on a loan.

Also everyone above is right. New Accounts is when you are approved for a new account meaning brand new card number, not product changes.

However MoneyCard, most times if you re-apply for a card that you cancel you most likely receive the bonus promotion. Knowing Citi, they'll always give you the bonus promotion again. They love having their cards churned. If this was Amex, however, you'll be far and few between re-receiving signup bonuses.
American Express '02: Platinum, Blue Cash Preferred 6k, SPG 2k, Delta Gold 1k
Barclaycard '11: Apple Financing Card 2.5k
Citi: Diamond Rewards 1.5k
Chase: Freedom 500
Discover '12: Discover IT 1.5k

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