Hmmm, the minimum payment for $15k must be in the $250/month region. You have to consider that too.
That means you pay $3k/year to get $300.
Follow me here?
Hmmm, the minimum payment for $15k must be in the $250/month region. You have to consider that too.
That means you pay $3k/year to get $300.
Follow me here?
Originally posted by: Viper GTS
Originally posted by: CTrain
I have taken their offer before but thats with 2.99% and they don't charge a transfer fee.
The small catch is that if you have a balance already(lets say $2000 @ the normal 14%) and you get the transfer.(lets say $13,000)
Every time you make a payment, it goes toward the $13,000 transfer, not the $2000 balance.
So while you're making payments, you'll be charged the 14% on that $2000.
But I just paid my whole balance off so it won't affect me.
And that's the catch, the card will basically be useless to you until you pay off 100% of the 0% loan.
And, as mugs just said, they may require you to actively use the card.
Viper GTS
YUP, I have 7 other CC that I can use
Originally posted by: CTrain
Originally posted by: Viper GTS
Originally posted by: CTrain
I have taken their offer before but thats with 2.99% and they don't charge a transfer fee.
The small catch is that if you have a balance already(lets say $2000 @ the normal 14%) and you get the transfer.(lets say $13,000)
Every time you make a payment, it goes toward the $13,000 transfer, not the $2000 balance.
So while you're making payments, you'll be charged the 14% on that $2000.
But I just paid my whole balance off so it won't affect me.
And that's the catch, the card will basically be useless to you until you pay off 100% of the 0% loan.
And, as mugs just said, they may require you to actively use the card.
Viper GTS
YUP, I have 7 other CC that I can use
See the bold text above. They might require you to use the CC with which you took the Cash advance with.
Absolutely, but I'll be paying with the $15,000 I have so it won't be $300 I'll earn but it'll be close.
And you're right, it'll be around $250 minimum payment.
Originally posted by: FrustratedUser
Originally posted by: CTrain
Originally posted by: Viper GTS
Originally posted by: CTrain
I have taken their offer before but thats with 2.99% and they don't charge a transfer fee.
The small catch is that if you have a balance already(lets say $2000 @ the normal 14%) and you get the transfer.(lets say $13,000)
Every time you make a payment, it goes toward the $13,000 transfer, not the $2000 balance.
So while you're making payments, you'll be charged the 14% on that $2000.
But I just paid my whole balance off so it won't affect me.
And that's the catch, the card will basically be useless to you until you pay off 100% of the 0% loan.
And, as mugs just said, they may require you to actively use the card.
Viper GTS
YUP, I have 7 other CC that I can use
See the bold text above. They might require you to use the CC with which you took the Cash advance with.
Re-read, its not a cash advance...they treat this as a balance transfer.
Common, this is not a new card I'm getting, I've been a customer since 1989.
Its not like all of the sudden, they are goign to make me use my CC every month.
So, I'll buy a pack of bubblegum every month.
just remember the old "if its too good to be true it probably is"
there's a catch somewhere. They are not in the business of giving away money.
there's a catch somewhere. They are not in the business of giving away money.
Well, I just paid my balance in full.
Once it shows in my account, I'll be making the whole $15,000 transfer.
I will let you know how it goes.
Once it shows in my account, I'll be making the whole $15,000 transfer.
I will let you know how it goes.
just read the fine print on what the interest rate will be when the promotion zero percent is no longer valid and the reasons they can change it.....its all contained in the fine print.
Originally posted by: CTrain
Originally posted by: FrustratedUser
Originally posted by: CTrain
Originally posted by: Viper GTS
Originally posted by: CTrain
I have taken their offer before but thats with 2.99% and they don't charge a transfer fee.
The small catch is that if you have a balance already(lets say $2000 @ the normal 14%) and you get the transfer.(lets say $13,000)
Every time you make a payment, it goes toward the $13,000 transfer, not the $2000 balance.
So while you're making payments, you'll be charged the 14% on that $2000.
But I just paid my whole balance off so it won't affect me.
And that's the catch, the card will basically be useless to you until you pay off 100% of the 0% loan.
And, as mugs just said, they may require you to actively use the card.
Viper GTS
YUP, I have 7 other CC that I can use
See the bold text above. They might require you to use the CC with which you took the Cash advance with.
Re-read, its not a cash advance...they treat this as a balance transfer.
Common, this is not a new card I'm getting, I've been a customer since 1989.
Its not like all of the sudden, they are goign to make me use my CC every month.
So, I'll buy a pack of bubblegum every month.
Ah, ok then.
Good luck!
I still think there is a catch. Hoope it works out for you.
edit: But if it isn't a cash advance how would you be able to put that in an ING account (for example)?
kranky
Elite Member
- Oct 9, 1999
- 21,019
- 156
- 106
One way is to transfer the balance to another card that you don't owe anything on. That card will show a $15,000 credit balance. Then you ask for the credit balance to be refunded to you. Or you can do the same thing and split it up against multiple cards.
I used to work for citibank doing this stuff, and though I don't remember a 0% for the life of the balance offer -- if it exists -- then there shouldn't be any catches. There is just the one standard balance transfer fee, and if they say it's waived, then there aren't any other catches. At least, that was the case a few years ago.
As for why they do it, I dunno. Maybe there's something about your situation that makes them think you might cancel your card, and they want to entice you to keep it (total speculation). Who knows. But I'm sure there are legitimate reasons why they would do this.
As for why they do it, I dunno. Maybe there's something about your situation that makes them think you might cancel your card, and they want to entice you to keep it (total speculation). Who knows. But I'm sure there are legitimate reasons why they would do this.
Gosh, I wish you guys would read more carefully in the original thread before implying things I've already made clear.
The original post state that:
1) its a bablance transfer quote "You can use up to 6 Balance Transfer checks, including 1 payable to yourself. " I can make a check to myself.
2) the 0% is good until the balance is paid...quote You have until Nov 13, 2004 to accept this offer. Enjoy this special low rate on your transferred balances until they are paid in full.
The original post state that:
1) its a bablance transfer quote "You can use up to 6 Balance Transfer checks, including 1 payable to yourself. " I can make a check to myself.
2) the 0% is good until the balance is paid...quote You have until Nov 13, 2004 to accept this offer. Enjoy this special low rate on your transferred balances until they are paid in full.
the catch is if you're late on so much as one payment, you've invalidated the offer and you start paying interest. discover gold cards have the same offer.
dullard
Elite Member
- May 21, 2001
- 26,147
- 4,805
- 126
Yeah, I just looked at a similar Citibank offer (no, not the same) and it says this:
"However, if you default under any Card Agreement that you have with us, we may immediately increase the APR on all balances (including any promotional balances) to a variable default rate of 28.49%."
One day late on that $15k payment and suddenly he'll be paying up to $4273.50 a year in interest. Of course, if you have the money to pay all $15k off immediately, he can minimize the pain. But it might take ~6 weeks to be notified and for his payment to be made. Thus that is still up to $4273.50/52*6 = $493 interest for being one day late on one payment.
RossMAN
Grand Nagus
- Feb 24, 2000
- 79,061
- 450
- 136
First of all, don't sue me I only skimmed over the thread.
Balance transfer offers like this do exist but they are rare.
I'd say it's an INCREDIBLE DEAL assuming there are no catches such as:
1) Balance transfer fee which is usually 3% or $50, whichever is greater.
2) Requirement that you actively use the card (payments do not qualify) which unfortunately kills the deal. Anyone know why?
Balance transfer offers like this do exist but they are rare.
I'd say it's an INCREDIBLE DEAL assuming there are no catches such as:
1) Balance transfer fee which is usually 3% or $50, whichever is greater.
2) Requirement that you actively use the card (payments do not qualify) which unfortunately kills the deal. Anyone know why?
I was saying before...I've had this card for 15 yrs....I get offer like this all the time...just not 0%.
Worst case scenario:
1) Even with a balance fee of $50, I would still make out like a bandit considering I'll make ~$300 from ING for 1 yr with the $15K
2) So I buy a pack of gum every month...no big deal.
on any card or any account. miss a payment by so much as on day on any account (credit cards, electric, water, doctor, any thing at all) and BAM that zero percent is now 20.
The normal general statement for all balance transfer.
Copy and paste.
Terms & Conditions
-You must not default under any Card Agreement(s).
-You may transfer any amount, including any balance transfer fees that may be assessed, as long as it does not exceed your available credit line.
-You cannot transfer balances from other accounts issued by Citibank (South Dakota), N.A. or its affiliates.
-Be sure you do not transfer the amount of any disputed purchase or other charge, because you may lose your dispute rights.
-Transferred balance amounts do not earn any miles, rebates, points or reward benefits associated with your card, unless otherwise indicated.
-Valid only for U.S. based cardmembers and creditors.
-We reserve the right to conduct a credit review, including obtaining third party credit reports, to determine your eligibility for this offer.
-Finance charges will be assessed on balance transfers from the date the transaction is posted to your account. Your payments and credits will be allocated to pay off low APR balances before paying off higher APR balances. That means your savings will be reduced by making transactions that are subject to higher APRs.
-If you do not respond to this offer by the period stated, any balance transfers you make after that date may be subject to your standard purchase rate.
-Your card is issued by Citibank (South Dakota), N.A.
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