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Whitney McDonald
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Some people have the option to cashout Citi TYP at 1¢, if you’re going to do that then this is better value. We saw 15% a few days ago, and readers wisely advised us to wait until Cyber Monday for 20%. It’s not all of the same brands, but some are the same. Personally, I’ll buy some Apple gift cards at 20% off.
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Chuck
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Some people have the option to cashout Citi TYP at 1¢, if you’re going to do that then this is better value. Reader Peek shares this deal, but notes that these might be 20% on Cyber Monday, so it might be worth holding off a few days and hope to get a better deal then.
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Chuck
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Update 11/14/23: Deal is back, updated the link below
Not all links are showing the $200 bonus, be sure to use a landing page that does show it.
Sweet deal for the Double Cash card which now has the flexibility of being either straight cash or ThankYou points. We may have briefly seen $200 before at launch and we’ve also seen $100 and $150, but typically there’s no bonus on this card.
Spend requirement isn’t bad at $1,500 and you get 6 months for that. A lot of people will find the card useful to have for ordinary use as well.
As always if you have questions about Citi cards, read this first. We’ll add this to our list of Best Credit Card Signup Bonuses. I can’t find any signup bonus limitations on this card. Far as I can tell, this bonus is like the Rewards+ bonus which does not seem to have any limitations. So even if you already got a bonus on the Double Cash card or any other Citi card, you can still signup now and get the bonus. Please correct me if I’m missing it somewhere.
Offer History:
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Chuck
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Citigroup for years illegally discriminated against credit-card applicants who the bank identified as Armenian-American, according to U.S. financial regulators.
Officials with the Consumer Financial Protection Bureau (CFPB) said Wednesday that Citi trained employees to deny applications from people with last names ending in “yan” or “ian” — the most common suffix in Armenian last names — as well as applications that originated from Glendale, California, which is home to a large Armenian-American population.
Bank workers also hid their wrongdoing by purposely not taking notes or recording the conversations they had with Armenian-American consumers, the CFPB charged in revealing the findings of an investigation that focused on credit-card applications Citi received between 2015 and 2021.
“The CFPB found that Citi purposefully discriminated against applicants of Armenian descent, primarily based on the spelling of their last name,” CFPB Director Rohit Chopra said in a statement. “Citi stereotyped Armenians as prone to crime and fraud. In reality, Citi illegally fabricated documents to cover up its discrimination.”
Citi is the nation’s third-largest bank, with $1.7 trillion in assets.
The credit card denials took place when people Citi employees assumed were Armenian-Americans applied for the Wall Street giant’s co-branded credit cards with American Airlines, Best Buy, Home Depot and others, not Citi’s own credit card, the CFPB said. Citi employees also gave false reasons when some Armenian-Americans asked why their credit card application was rejected, the agency alleged.
In a consent order, the CFPB said some Citi workers refereed to credit applicants with ethnically Armenian names as “Armenian bad guys” or the “Southern California Armenian Mafia.”
Denying credit to a group of people because of their nationality is illegal under the Equal Credit Opportunity Act of 1974. Citi will pay a $24.5 million fine and $1.4 million to affected consumers, the CFPB said.
Citi apologized, while neither admitting nor denying the details from the CFPB’s investigation, according to the consent order. The company said a statement that only a small number of its California employees engaged in the discriminatory practices.
Citi also said some employees were trying to stop potential fraud due to what it called a “well-documented Armenian fraud ring operating in certain parts of California” that often involved individuals running up credit card debts, then leaving the country.
“We sincerely apologize to any applicant who was evaluated unfairly by the small number of employees who circumvented our fraud detection protocols,” Citi said. “Following an internal investigation, we have taken appropriate actions with those directly involved in this matter, and we promptly put in place measures to prevent any recurrence of such conduct.”
In a call with reporters, Chopra also expressed concern with how Citi manages its many business lines, noting that the company has broken consumer financial protection laws several times in recent years. In 2018, for example, Citi paid $335 million to 1.75 million credit card holders for violating the Truth in Lending Act. And in 2015, the bank paid nearly $750 million for deceptive and unfair practices related to credit card add-on products, according to the CFPB.
“I am concerned about Citi’s longstanding problems when it comes to managing its sprawling lines of business,” Chopra said. “The public has provided Citi with very large bailouts because of its past management failures. It is unfair for consumers to continue paying the price.”
— The Associated Press contributed to this report.
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Whitney McDonald
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I noticed my category purchases on Citi Custom Cash from October 20th did not track properly at 5%. After escalating via chat, I learned that “it’s a known issue and ticket was already raised regarding this and our team is working on this”.
Now, I’m reading in the comments from reader Harold who experienced the same thing with his October 22nd purchase. He was also told by the tier 2 rep that there was a glitch. Both of us got our points credited manually by the tier 2 rep.
My purchases from October 16th and 27th tracked properly, so it seems to be limited to 20-22 or the dates around there. This issue will likely sort itself out since they are aware of the issue. Worth keeping tabs on, if affected.
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Chuck
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Citi added Accor as a transfer partner earlier this year. Accor has a revenue based program where 2,000 points = €40 off the booking price. This is the first transfer bonus we have seen.
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William Charles
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![[Update] Citi’s Application Rules Explained (8/65 rule) – Doctor Of Credit](https://reportwire.org/wp-content/uploads/2017/03/citis-application-rule.png)
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Update 11/3/23: Added note below about possible new rule which auto-declines applications if there was a hard pull done on your credit report from any bank in the past 5 days. This also may cause a decline for another 60 days since Citi will just use the old credit pull for up to 60 days. (After 5 days you can call reconsideration and ask them to run your credit report again for approval.)
Original Post:
Citi has strict rules on how many card applications they’ll accept from someone. Many people are confused about this, and we’ll try explaining Citi’s rules as clearly as possible.
Note: This post is not about Citi’s 24-month rules regarding how frequently you can get a signup bonus (we have a separate post on that churning rule). Here we’ll discuss when they’ll process your application at all and when they’ll deny you, often without even pulling your credit.
There are still some question marks here – please contribute your own data points in the comments. We’ll try to keep this post updated with any future rule changes as well.
There are two rules to be aware of regarding Citi personal cards:
These two rules have borne the short-hand ‘Citi’s 8/65 rule’.
That is, after applying for a Citi card (Day #1), wait eight days before applying for another Citi card on Day #9. Then you’ll have to wait until Day #66 to apply for a third card. Then on Day #74 you can apply for the next one. And so on.
Regarding business cards, the rule is as follows:
For example, if you apply for a business card today Day #1, you can apply for another business card on Day #96.
It appears that both business cards and personal cards combine toward for the 65-day wait. A friend reports that during a recent business card application, Citi didn’t even do a hard pull due to the fact that he had done two personal two applications within the past 60 days. Other reports (1, 2) confirm this as well.
The 8-day rule is often relaxed when applying for one business and one personal card, meaning that you can apply for a personal and business card on the same day or the same week and don’t have to wait 8 days in between (Frequentmiler and others). This can be the case even when applying for both with your SSN. Being the 8-day rule is a soft rule, it’s difficult to track solid data on this.
You can apply for a business card using an EIN within 8/65 since business applications run separately. Thus, it’s possible to get three cards within 60 days (2 personal and one business) (1, 2, 3). [However, note, there are data points indicating that while EIN applications don’t count your previous SSN applications against you, SSN applications DO count your previous EIN applications against you (1). Hopefully, this makes sense.]
Frequentmiler has some reports indicating a possible new rule which auto-declines applications if there was a hard pull done on your credit report from any bank in the past 5 days. This also may cause a decline for another 60 days afterward since Citi will just use the old credit pull for up to 60 days. (After 5 days you can call reconsideration and ask them to run your credit report again for approval.)
In the past few months, some people have been told by Citi that only one new card can be approved per 60-days.
Is there a new 1/60 rule? Based on numerous data points, my understanding is that this is not a firm approval rule. There does seem to be a fraud detection in place when you apply for two cards within 60 days which requires manual intervention. I believe this issue is only when you apply for two of the same cards (e.g. two AA cards), but not when you apply for two separate cards.
Many people mention that Citi does not approve applicants who have six hard pulls on their credit report within the past six months.
There’s not a whole lot of information out there on this rule, but it’s probably a generalization, not a firm rule. There will presumably be a hard pull if you apply when you have more 6/6.
Since this rule tracks pulls, not cards, it’s much easier to get around it by spreading your hard pulls around various credit reports. Most people are usually under 6/6 since even if they do have six hard pull, overall, in the past six months, there will be a few pulls with each credit bureau, not six with a single one.
This isn’t a rule, but some people mention having a hard time getting approved for a card after they have a certain number of cards, or, perhaps, a certain amount of overall credit limit with Citi. This is probably true for a lot of card issuers, and it’s something to keep in mind.
If you have too many cards and high credit limits, consider proactively closing some of them before applying. Or try asking the credit analyst to close out another card in order to get the new one approved.
1) You say that denials count. What if I mistakenly applied for a third card within 60 days. Does the 8/65 start over or is the dead application rendered non-existent?
Flyertalk suggests that your clock probably resets anyway, as if it were a real application. Some data points confirm this as well. (I did hear one data point about a Citi business card which would seem to suggest otherwise regarding the 90 day business rule.)
2) Is a product change considered an application toward your 8/65?
Logically, it shouldn’t count since it’s not an application.
3) If you have a targeted offer which doesn’t have the 24-month language, will it bypass the 8/65 rule?
No. It’s subject to 8/65 and it counts against future applications as part of 8/65.
4) Any advice if can’t remember the exact date I applied?
You can figure it out from your application number. The date is written year/month/day in the application number. For example, 201412150000 means you applied on December 15, 2014. (Flyertalk)
5) Is there an easy way to count up 8/65 without adding up the days on the calendar?
6) Can I apply for a card I already have to have two of the same card?
You can usually do that with personal cards but not with business cards. That does not mean you’ll get the bonus on the second card. Read more about that here.
Other questions? Drop a comment below.
Other posts worth reading about Citi cards:
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Chuck
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![[Targeted] Citi Spending Bonuses: Earn 5x On Selected Categories – Doctor Of Credit](https://reportwire.org/wp-content/uploads/2019/11/citi-deal.png)
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Update 11/3/23: Extended through 01/31/2024.
Update 11/1/22: Deal is back through 01/31/2023.
Update 9/12/22: Deal is back.
Update 5/15/22: Deal is back through 7/31.
Update 3/3/22: Deal is back and valid through 5/31/22
Update 11/8/21: Deal is back and valid through 01/31/2022.
Update 8/31/21: Deal is back and valid through 10/31/2021.
Update 7/5/21: Deal is back and valid through 9/30/21 this time.
Update 6/2/21: Seems like more people have been targeted for this. This time it only runs from 6/1 until 6/30. Subject line is ‘Congratulations! Here’s another Bonus Offer to Earn an Additional Statement Credit’
No direct link to offer, sent out via e-mail. Subject line is ‘Unknown’
Seems like something like this is sent out every month from Citi.
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William Charles
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Vaidik Trivedi
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Bloomberg News
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Update 10/25/23: Extended through 3/31/24
Citi launched Self Invest earlier this year, I think this is the first bonus we’ve seen on this new account. The up to $3,500 Citi Wealth Management bonus is supposed to work on self directed accounts as well, but this new account is slightly different from my understanding. Probably not worth the hassle for only $500, but might be worth it for some people.
Post History:
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William Charles
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Citigroup has fired an employee for posting an antisemitic comment on social media.
The bank earlier on Thursday said it was looking into the matter after a worker’s post was screenshotted and posted on the social media website X by the group Stop Antisemitism.
“We terminated the employment of the person who posted the revolting antisemitic comment on social media. We condemn antisemitism and all hate speech and do not tolerate it in our bank,” a Citi spokesperson stated in an email.
Citigroup CEO Jane Fraser referenced the bank’s presence and workers in Israel in an earnings call last week, saying “we are a significant bank in the country” and that many of its employees were being called for military service.
Thousands of Israelis and Palestinians have died since the October 7 attack on Israel by Hamas. In the aftermath of the attack, tensions have flared in the U.S., including alleged crimes committed against both the Jewish and Muslim communities.
The Anti-Defamation League tallied 3,697 incidents involving antisemitic harassment, vandalism and assault in the U.S. last year, the highest in number since the ADL began tracking in 1979.
A national poll released Thursday by the ADL and the University of Chicago found about 10 million American adults hold both high levels antisemitism and support for political violence. “This population is also higher than the total number of Jews in the United States,” the ADL said.
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Financial institutions are implementing AI throughout their organizations at a steady pace. However, even with investments made and use cases identified, AI can only accomplish so much without users on board.
“If the businesses [within a bank] don’t care to use it, it’s just not going to change anything,” Inwha Huh, managing director at $1.4 trillion Deutsche Bank, said last month at Sibos.
Decision-makers at other banks agree.
Mike Hughes, global head of custody product development at Citigroup, said: “If you don’t get user adoption [of AI], it’s just a huge waste of time, effort and energy.
Similarly, Scotiabank Chief Data and Analytics Officer Grace Lee cautioned that if AI isn’t integrated into a bank’s infrastructure and culture, “Then we’re going to continue to under-invest. … And that’s a recipe for us to spend another couple of decades without AI fundamentally changing the way we live and work.”
To make the transition to an AI-driven institution, Deutsche Bank has identified three ways to drive the technology in its operations:
1. Pushing adoption: Bank employees who understand how AI will change their day-to-day work lives will want to use the technology.
“The No. 1 thing that comes to mind for me is people,” Huh said. Employees much think differently about AI in order to understand and use it, therefore any adoption effort must go beyond senior management and into middle management and users to be successful.
2. Adjusting the operating model: Banks must undergo fundamental changes to their operating model to benefit from AI, she said. For example, AI must be part of the business structure and client experience from within, rather than an added capability.
“It’s not enough to stick in cool new technology,” Huh said.
3. Reengineering processes: Banks often run proofs of concept that don’t lead to change, however this cannot be the case with AI.
“The process [of] reengineering up front as you embed new and great AI tooling is also critical,” Huh said. “And unless [we] reengineer the way we do stuff. … nothing’s really going to change.”
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Whitney McDonald
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Whitney McDonald
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What will artificial intelligence bring to the financial services industry? This question is becoming less crucial than how financial institutions are approaching AI implementation, development and innovation. Seventy-three percent of C-level bank executives are interested in or already using AI tools within their institutions, according to a CCG Catalyst Consulting report that surveyed 108 C-level […]
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Whitney McDonald
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Financial institutions have kept their noses to the grindstone this year amid industry turbulence and technological disruption. To cut costs and streamline operations, banks looked to AI to enhance self-service consumer capabilities, improve backend operations and boost developer productivity. Similarly, banks looked to third-party vendors to advance their tech stacks. As banks balanced rate hikes, […]
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Bank Automation News Editors
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This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com.
https://www.barrons.com/articles/tesla-stock-china-sales-7dd26568
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Whitney McDonald
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