Citibank and MySpace have released a new “cobranded” Visa credit card called the Generation Forward.
Rates and Finanace Charges
Purchase and Cash Advance APRs: See Citi Disclosures. All APRs based on the Prime Rate may vary each billing period.
Default APR: 29.99%. The default APR equals the greater of (1) the Prime Rate plus up to 23.99% or (2) up to 29.99% . All APRs may automatically increase to the default APR if you do not make the minimum payment when due, go over the credit line, or make a payment to us that is not honored.
Minimum Finance Charge: 50 cents.
How can your actions trigger the default APR? If you default under any card agreement you have with us because you:
- do not make the minimum payment when due,
- go over the credit line, or
- make a payment to us that is not honored,
All your APRs may automatically increase to the default APR.
Late Fee: $15 on balances up to $100; $29 on balances of $100 up to $250; $39 on balances of $250 and over.
Over-the-Credit-Line Fee: $39.
Here is the video of their ad on YouTube:
Citi Forward is the only credit card that lowers the purchase interest rate by a quarter percent when cardmembers use credit wisely and rewards them with ThankYou Points each billing cycle for paying on time and staying under the credit line.
The purchase APR on your account can be reduced a maximum of 8 times up to a total reduction of 2% throughout the time your account is open.
WTF? Default APR = 29.99% but lowers the purchase interest rate by a 0.25% when card members use credit wisely?
I don’t know about you, but this doesn’t sound like a good deal. Unless you are desperate to get another credit card to take cash advances to pay your minimum payment on another credit card.