Ahh finally done. I’ll Cancel the card soon.

First, before I had even activated the card, I received a statement from Citibank for the $75.00 “membership” fee. Your post says it is waived for the first year. It was not. Even when I called to speak to the CSR, she did not offer to waive it.

Second, in order to qualify for the bonus points, I had to make a purchase of at least $500 within 30 days from the day I was approved. By the time I received my card in the mail, etc. etc., that 30 days was more like 10 days, and I had no need to spend $500 in that amount of time. I asked the CSR if I could have more time, but she didn’t offer. She kept trying to steer me towards other cards with different deals.

So, I ended up cancelling the card.

Thanks for giving me a heads up. All I really want are the benefits from opening up the card therefore I do not plan on keeping it long enough to take the hit of the annual fees (unless American express doesn’t wave the first year). I will check out and see if American express is offering any promotions right now

I received an email saying that my “annual business income does not meet the minimum requirements”, so I will not be getting the card. That was the first time I’ve ever seen that question on a business card application, so I’m not too surprised it didn’t go through. I’ve had problems redeeming rewards through Citi cards in the past too so it’s not too big of a loss. If you are still looking at applying for a business card and want to avoid the annual business income questions, try American Express. Their applications are much less thorough and it is easier to get approved, but beware the annual fees associated with their cards.

As for how long to hold the card, it really doesn’t matter. I usually cancel the card as soon as I receive my gift card or whatever I redeemed in the mail. I have no idea how badly this might hurt your credit rating though.