No minimum pay needed for new credit card

last SG · 2007-07-20T08:32:18+00:00

lol they state u have to input your parents particulars. I think they will start calling your parents to verify if they actually conscent their children to g...

KangZ SG

How different is the target audience? Both are targeted at people who do not want to, and cannot apply for a normal credit card. The only difference? The Citi Clear Card allows you to enjoy a $500 cash advance every month (provided they don't block your card). As I pointed out before, this credit advantage is particularly useful for people who do not have $500 in the bank at any moment. But if someone doesnt even have that amount in the bank, won't it be advisable for him/her to stay off any credit card?

So why does Citi introduce this kind of product into the mkt? Beats me. I think they are expecting MAS to be less stringent when the rules of giving credit to people with no credit rating is concerned. But that will be in the future.

KangZ SG

Haha if you don't use, what's there to pay?

LimLiHao SG

with money who cares about morals Laughing

KrU SG

Tsk “spend money without thinking”? Stupid fool.

snobbish SG

its not only $500.. Cos other banks oso gg to launch this card, so if apply 4 banks = 4 x $500 = 2000 IN DEBTS

browniebaobao SG

This Clear Card is basically a card catered to those who earn less than $30K per year. Normal credit cards are only meant for ple who earn at least $30K per year.

This is what I mean by different target audience.

It's only your assumption that this card is meant for people who dun even have $500 in the bank. I do know of people who qualify for credit cards, but they insist on using debit cards. Why? It's their personal preference.

Citibank is the first bank to introduce this credit card. Other banks will launch similar card soon.

Ito_^ SG

i apply already. Laughing

browniebaobao SG

I think you meant $28 annual fee right?

where got so good thing wan?

even if u dun use, u also need to pay the annual fee.

but for this card, the first year annual fee is waived.

I wonder whether u use credit cards.

browniebaobao SG

debt or not, it depends on ur mentality and how u are gg to use those cards.

KangZ SG

In case you haven't realised, I am NOT comparing the target audience of 2 different kinds of credit cards. And I also did not state that the Citi Clear Card is meant for people who do not have $500 in the bank. What I am doing is that I am questioning the logic of Citi to launch this product.

KangZ SG

mhcampboy obviously meant the interest rate, and I am talking about the interest rate. I wonder whether you actually read other people's posts before actually posting.

browniebaobao SG

u asked what's the difference between the target audience. And so I answered your question.

u mentioned that if one has $500 in the bank, then what's the use of this card? Also by you,

The Citi Clear Card allows you to enjoy a $500 cash advance every month (provided they don't block your card). As I pointed out before, this credit advantage is particularly useful for people who do not have $500 in the bank at any moment. But if someone doesnt even have that amount in the bank, won't it be advisable for him/her to stay off any credit card?

maybe u din assume that the Clear Card is for people who do not have $500 in bank, but it's the implied meaning that I get.

Anyway, logical or not, the bank and the customers happy can liao. If you dun like, dun apply lor.

browniebaobao SG

The card, mainly aimed at students and other young adults, will have higher 28 per cent interest on rollover balances.

28% interest on rollover balances..

i tot it's already very clear.

ah boy, you dun understand what is rollover balances ma?

that's why i tot ah boy was asking about the annual fee.

gigabyte14 SG

walao

the infamous eat-non-working-students-money-strategy

KangZ SG

Firstly, I was talking about the target audience between the Clear Card and the Debit card. Yes, I did mention that "this credit advantage is particularly useful for people who do not have $500 in the bank at any moment." But I can assure you in no way am I implying that this card is for people who do not have $500 in the bank. What I am saying is, if I have more than $500 in a bank, what other advantage(s) can the Clear Card offer me that others can't? And for those who don't have this amt in the bank, is it wise to get a credit card?

Of course, it is a free world out there. But somehow you seem to have a problem with my opinion about this product. I am entitled to my opinion here my friend, just like you are entitled to yours.

Darkness_hacker99 SG

Tomorrow me sending my application forms. Very Happy

browniebaobao SG

no, i dun have a problem with ur opinion.

juz that we have our own opinion.

KangZ SG

Yes we definitely do have our own opinions. Maybe we have a little misunderstanding. Anyway, peace dude. Citi won't stop earning money because we are here debating its card.

airgrinder SG

That's not the only way bank loan money at a high interest rate.

You think the bank earns from the annual fees? You've got to be joking.

Nope. Credit card is NOT a big cash cow for banks.

airgrinder SG

Perhaps I should help clarify. Citibank did not introduce this product into the mkt because the expect MAS to be less stringent. Citibank did that because MAS relaxed their unsecured lending rules.

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