cancel
Showing results for 
Search instead for 
Did you mean: 

BT on new CITI card

Regular Contributor

BT on new CITI card

Hello All,

For some crazy reason, after all of the app success I've had in the past 2 months (applied and approved for AMEX Gold, Discover More & Chase Freedom), I felt the need to apply for the CITI Forward card.  I did so only after seeing success and nice CLs from fellow myfico community members.  Well, I applied and much to my surprise was approved for $7K, bringing my total CL to $14,500.

 

Of course, I have noticed a bunch of the ratejacking and balance chasing by other members, so I was curious about doing a balance transfer on my new CITI.  I have $2000 sitting on my Cap1 and $800 sitting on my BoA, and I really don't like having more than one balance report per month.  Would I be alright in transfering the entire balance total of $2800 from my Cap1 and BoA accounts, and just paying the balance down on my CITI?  Would this be negative in CITIs eyes?  Could it possibly trigger AA?  I don't expect to take more than 2 months to pay that balance down.

 

Whenever this baby reports, total Util will be 19.3%...when I get the balance down to $1300, the util will be just under 9%.

 

Any thoughts would be greatly appreciated.

***From ashy to classy***
Message 1 of 6
5 REPLIES
Senior Contributor

Re: BT on new CITI card


BP2003 wrote:

Hello All,

For some crazy reason, after all of the app success I've had in the past 2 months (applied and approved for AMEX Gold, Discover More & Chase Freedom), I felt the need to apply for the CITI Forward cardI did so only after seeing success and nice CLs from fellow myfico community membersWell, I applied and much to my surprise was approved for $7K, bringing my total CL to $14,500.

 

Of course, I have noticed a bunch of the ratejacking and balance chasing by other members, so I was curious about doing a balance transfer on my new CITII have $2000 sitting on my Cap1 and $800 sitting on my BoA, and I really don't like having more than one balance report per monthWould I be alright in transfering the entire balance total of $2800 from my Cap1 and BoA accounts, and just paying the balance down on my CITIWould this be negative in CITIs eyesCould it possibly trigger AAI don't expect to take more than 2 months to pay that balance down.

 

Whenever this baby reports, total Util will be 19.3%...when I get the balance down to $1300, the util will be just under 9%.

 

Any thoughts would be greatly appreciated.


Citi won't mind - in fact they will love it. Citi likes use. Just make sure your payments are at least 6% of the balance. That said consider the numbers carefully. The BT is not free (I suspect a 3% BT fee will be charged). If you are going to pay off the balance in 2 months it may not make financial sense to incur the fee to use the 0%.

Message 2 of 6
Regular Contributor

Re: BT on new CITI card

It's true, CITI loves usage.  If I were you I would try and pay that balance down asap though. 

 

I have a CITI cash returns card that I would charge 500/month and PIF for about 6-7 months (and they would always offer me BT offers but I never accepted) and recently I started charging more and eventually carrying a balance of around 1,500-2,000 yet they still offered me multiple balance transfer options once again, so I transferred over 1,600 from BOA and sent CITI a payment of around $400 last month and I just got the rate increasing letter.

 

Interest is going from 9.24% to 13.99% 

 

 

I will not be opting out however.  The increase isn't that bad, and they have grown with me from a 2,700 initial limit to 9,000 over the past 2 years. Smiley Wink

2/15/2011 TU: 773 ~ EQ: 780
8/15/2011 TU: 766 ~ EQ: 783 ~ EX: 753 (psecu)
Message 3 of 6
Super Contributor

Re: BT on new CITI card


BP2003 wrote:

Hello All,

For some crazy reason, after all of the app success I've had in the past 2 months (applied and approved for AMEX Gold, Discover More & Chase Freedom), I felt the need to apply for the CITI Forward card.  I did so only after seeing success and nice CLs from fellow myfico community members.  Well, I applied and much to my surprise was approved for $7K, bringing my total CL to $14,500.

 

Of course, I have noticed a bunch of the ratejacking and balance chasing by other members, so I was curious about doing a balance transfer on my new CITI.  I have $2000 sitting on my Cap1 and $800 sitting on my BoA, and I really don't like having more than one balance report per month.  Would I be alright in transfering the entire balance total of $2800 from my Cap1 and BoA accounts, and just paying the balance down on my CITI?  Would this be negative in CITIs eyes?  Could it possibly trigger AA?  I don't expect to take more than 2 months to pay that balance down.

 

Whenever this baby reports, total Util will be 19.3%...when I get the balance down to $1300, the util will be just under 9%.

 

Any thoughts would be greatly appreciated.


Congrats! You got credit when credit was due.  Long as you pay the card off within 6 months you should be fine.   I don't think the BT would trigger any AA's from other creditors.  

Message 4 of 6
Regular Contributor

Re: BT on new CITI card

I really appreciate the advice from you all!

***From ashy to classy***
Message 5 of 6
Highlighted
Valued Contributor

Re: BT on new CITI card

If you plan to pay the balances off within two months there is absolutely NO way it would be to your benefit to do a balance transfer, unless it were fee free.

 

 

Oh, what CRA does citi pull from?

Message Edited by thrasher865 on 11-19-2009 12:15 PM

Starting Score: EQ: 665 - TU: 687
Current Score: EQ: 749 - TU: ---
Goal Score: EQ: 760 - TU: 760


Take the FICO Fitness Challenge
Message 6 of 6