5% Rebate Discover Card
#16
Lexus Test Driver
Join Date: Nov 2003
Location: California
Posts: 1,165
Likes: 0
Received 0 Likes
on
0 Posts
![Default](https://www.clublexus.com/forums/images/icons/icon1.gif)
Originally Posted by Cadd
When I spoke with customer service at Citibank regarding their Dividend card, they told me something that turned me off a bit. Let me know if you have this issue.
They require that you accumulate AT LEAST $50 in rewards (or "dividends" as they call it) before you're allowed to cash out.
That's fine. But they also told me that the "dividends" (reward) expires AT THE END of the calendar year (at Dec. 31st).
What if you have $48 dollars in "dividends" at Dec 31st? Obviously you can't cash out since it's under their $50 threshold. When Jan 1st rolls along, you'll LOSE that $48 you've earned!!!!
That's messed up! How do you go around that? I guess you make damn sure that you have over $50 in "dividends" when December rolls along right?
Additionally, the rewards that you cash out may also be considered TAXABLE INCOME. IMO, that's just not right!
Another example: Just say you have $100 in "dividends" by Dec. 31st. How much time do you have in the following year before it's too late to "claim" your cash reward? It would suck if you only had 2 weeks to do it.
I think the catch is that they are hoping that you'll forget about the cash reward you've earned and not file a claim....this way they don't have to pay out.
I would rather them CREDIT your reward amount in your next billing statement. It would be much better. This way, the reward isn't considered TAXABLE income AND you don't have to worry about forgetting about it.
For those who've had the card for over a year, I would appreciate it if you can shed some light in the subject.
They require that you accumulate AT LEAST $50 in rewards (or "dividends" as they call it) before you're allowed to cash out.
That's fine. But they also told me that the "dividends" (reward) expires AT THE END of the calendar year (at Dec. 31st).
What if you have $48 dollars in "dividends" at Dec 31st? Obviously you can't cash out since it's under their $50 threshold. When Jan 1st rolls along, you'll LOSE that $48 you've earned!!!!
That's messed up! How do you go around that? I guess you make damn sure that you have over $50 in "dividends" when December rolls along right?
Additionally, the rewards that you cash out may also be considered TAXABLE INCOME. IMO, that's just not right!
Another example: Just say you have $100 in "dividends" by Dec. 31st. How much time do you have in the following year before it's too late to "claim" your cash reward? It would suck if you only had 2 weeks to do it.
I think the catch is that they are hoping that you'll forget about the cash reward you've earned and not file a claim....this way they don't have to pay out.
I would rather them CREDIT your reward amount in your next billing statement. It would be much better. This way, the reward isn't considered TAXABLE income AND you don't have to worry about forgetting about it.
For those who've had the card for over a year, I would appreciate it if you can shed some light in the subject.
I've had my card since october and I cashed out my $50 in February. Does that defy the calendar year expiration?
#17
Lexus Fanatic
![Default](https://www.clublexus.com/forums/images/icons/icon1.gif)
I've had my card for 3+ years and never had my $$ expired.
I just re-read the fine prints and I see no mention of anything that can expire either.
It does, however, mention that "you are responsible for any taxes that may be due on checks we may send you for your Dividend Dollar balances". Problem is I've never received any tax form from them. So I never knew this and of course have never reported it in my past tax returns. Wouldn't deter me from using this still awesome card though.
I just re-read the fine prints and I see no mention of anything that can expire either.
It does, however, mention that "you are responsible for any taxes that may be due on checks we may send you for your Dividend Dollar balances". Problem is I've never received any tax form from them. So I never knew this and of course have never reported it in my past tax returns. Wouldn't deter me from using this still awesome card though.
![Stick Out Tongue](https://www.clublexus.com/forums/images/smilies/tongue.gif)
#18
Lexus Champion
Join Date: Mar 2002
Location: Washington
Posts: 1,921
Likes: 0
Received 0 Likes
on
0 Posts
![Default](https://www.clublexus.com/forums/images/icons/icon1.gif)
Originally Posted by indelible
$300 per quarter
![Uhh...](https://www.clublexus.com/forums/images/smilies/1387914497.gif)
#19
Lexus Test Driver
![Default](https://www.clublexus.com/forums/images/icons/icon1.gif)
XeroKool, you're absolutely right. I was reading the "terms & conditions" of a lot of cards at www.creditcards.com. I must have read the fine prints of another card, and somehow automatically thought it was for the Citi Dividend card.
But it's so weird that when I called up Citibank's customer service they confirmed that your dividends expire at year-end.
But since I don't see that in writiing, it's probably not true. I just signed up for the card. This card sure beats getting only 3% like I'm getting from Chase.
But it's so weird that when I called up Citibank's customer service they confirmed that your dividends expire at year-end.
But since I don't see that in writiing, it's probably not true. I just signed up for the card. This card sure beats getting only 3% like I'm getting from Chase.
Thread
Thread Starter
Forum
Replies
Last Post