Author Topic: question for math hounds re: Citi$$ CC  (Read 1609 times)

carozy

  • Bristles
  • ***
  • Posts: 407
  • Location: San Francisco
question for math hounds re: Citi$$ CC
« on: December 29, 2016, 02:25:13 PM »
I have the Citi Double 2% credit card which I use for most of my spending.  My question is regarding making the most of the 2% back.  I know that there are different ways to receive the reward.  If you do a statement credit, you end up getting not quite the 2% back you would get if you transferred the reward to your checking account (which is what I do).

So my question is about paying off the credit card.  Since I use the card so much I still have a balance before my due date, even though I've paid off the statement from the previous month before the due date (I do all of this online, btw).  Since I can log in at any time to pay off any additional balance that gets accumulated, does paying it off super early or super late (but within the due date for it) affect my rewards calculation?

Not sure I'm being clear..but I'll try to explain:

The reason I'm asking is that I've already paid off my statement so when I login it says no amount due, even though there is a balance (accumulated after I paid off the amount due).  So does paying off that balance during this billing cycle affect the rewards at all?  What if I left it and paid it next month, after the electronic statement comes out (obviously by the due date for that balance)?

If it has no effect, I don't mind waiting until later to pay it, I just want to pay off the balance each month (either what's due per the statement or the true, total balance) in the way that optimizes my rewards.

Thanks.

Vanguards and Lentils

  • Bristles
  • ***
  • Posts: 291
  • Age: 28
Re: question for math hounds re: Citi$$ CC
« Reply #1 on: December 29, 2016, 03:05:44 PM »
I have the card too. You will get the same reward whether you pay your bill all at once or in parts.

Also the difference between redeeming the reward as a statement credit or as a direct deposit is .01%.

robartsd

  • Handlebar Stache
  • *****
  • Posts: 2010
  • Location: Northern California
Re: question for math hounds re: Citi$$ CC
« Reply #2 on: December 29, 2016, 03:44:13 PM »
You get 1% reward for your purchases. You also get 1% reward for your payments. Taking a statement credit is like giving up 1% of the reward because you won't earn the reward on the statement credit.

I've had trouble redeeming via direct deposit because they don't recognize bill pay payments from my bank as payments from my checking account. I've learned that Citi's rules require the direct deposit account to have 1) completed at least 2 payments to the credit card 45 days prior to the direct deposit and 2) completed at least 1 payment to the credit card in the six months prior to the direct deposit.

seattlecyclone

  • Magnum Stache
  • ******
  • Posts: 4605
  • Age: 34
  • Location: Seattle, WA
Re: question for math hounds re: Citi$$ CC
« Reply #3 on: December 29, 2016, 10:02:36 PM »
I have my Double Cash card set up to auto-pay the statement balance on the due date. Works fine for me. You'll get the same rewards whether you pay on the due date or beforehand.

chucklesmcgee

  • Pencil Stache
  • ****
  • Posts: 613
Re: question for math hounds re: Citi$$ CC
« Reply #4 on: December 29, 2016, 10:45:23 PM »
Just pay the statement balance. It's interest free up to that point.

robartsd

  • Handlebar Stache
  • *****
  • Posts: 2010
  • Location: Northern California
Re: question for math hounds re: Citi$$ CC
« Reply #5 on: December 30, 2016, 09:10:15 AM »
The reason I'm asking is that I've already paid off my statement so when I login it says no amount due, even though there is a balance (accumulated after I paid off the amount due).  So does paying off that balance during this billing cycle affect the rewards at all?  What if I left it and paid it next month, after the electronic statement comes out (obviously by the due date for that balance)?
The only impact of paying early has on your rewards is when you are credited with the reward for the payment. You are credited with rewards when your statement is generated for all purchases and payments on that statement. Paying the balance early can mean you get the reward early. If you have a brand new Double Cash card, charge $1000 on it and pay off the $1000 before the statement date you will earn $10 reward for purchases and $10 reward for payments on your first statement. If you wait until after the statement date to pay off the $1000, then the $10 reward for the payment is credited on your second statement.

carozy

  • Bristles
  • ***
  • Posts: 407
  • Location: San Francisco
Re: question for math hounds re: Citi$$ CC
« Reply #6 on: December 30, 2016, 04:28:19 PM »
Just want to thank everyone for their input & clarification.  I feel more comfortable paying super early now.  I don't like having a balance on there & like the idea of getting my rewards a little earlier too.

Happy New Year!