Citibank "free cash" service, for real?
 

I recieved some snail mail from Citibank this morning. They're promoting their new "free cash" service. However, it doesn't seem to be really free. You can use your Master or Visa credit card to get cash from an ATM worldwide for no fees at all except a 1.75% conversion fee. Has anybody tried this? On the internet I found that they charge an extra 10€ per year for the card, however no info on the Citibank site about this. I would be willing to pay for this service...

Cynical I suppose but when I see the words "free" and "bank" in the same sentence the term "oxymoron" immediately comes to mind!

I use a Compass Bank debit card and incur only the 1% conv fee, and no $10 membership and no foreign ATM charges. So, no, it isn't the best deal.

And do they mean, no "cash advance" fee, either? and don't forget the finance charge if you don't pay off in time.

Thanks, this is all rather obscure. Of course their flyer doesn't mention anything about this. :-( If the exchange rate is the official "wholsale" rate, 1.75% shouldn't be too bad. OTOH I pay nothing in fees with the Deutsche Bank card, just that their and their partener banks offices are difficult to locate sometimes...

Logos, you live in Germany, and the terms for people in the US can be different.

I bank with Citibank in the US and they charge the 1% conversion fee. I try to use Citibank ATMs whenever they're available so there're no additional charges. Evidently Citibank has offered you different terms, but it may be competitive with other banks in Europe.

"...the official "wholsale" rate, 1.75%..."

There's an "official rate?"

It never, EVER changes?

Sorry, I can't quite buy into that notion.

I just called them and it sounds different... As expected the send out their fliers without telling their support about it.
>There's an "official rate?"
Yes, there is :-) The the exchange rate for foreign stock fixed in New York at 12 noon every day.

Doesn't your VISA or Mastercard advance start running up charges the minute it hits their computer?

>VISA or Mastercard advance start running up charges
I've go one month to pay everything after they send their invoice. Usually, it doesn't cost one cent. The 10€ fee/year for "free cash" includes free withdrawals in any Euro country at any Visa/MC capable ATM too.