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Frequent Contributor
elaine829
Posts: 266
Registered: ‎10-09-2007

CITI PLATINUM MASTERCARD SELECT CREDIT CARD

I JUST got approved for the citi platinum card 0% for 12 on purchases and 0% 18 mths on transfers. This is my second major credit card. The first is CREDIT ONE which  i want to get rid of. MY question is my balance on my credit one is 900 dollars and i only got approved for only 1000 dollars with citi.  How much should i transfer from credit one card? Never did a transfer before. Whats the best advice someone can give me. I dont know what credit bureau they pulled.  My transunon 660 equifax 673. My scores are low due to high utililation. Im trying to pay balances down put all credit cards in sock drawers. But wanted to get other major card before i get rid of credit one.

Valued Contributor
thrasher865
Posts: 1,163
Registered: ‎05-21-2008

Re: CITI PLATINUM MASTERCARD SELECT CREDIT CARD

If you're looking for advice, we'll need a little more information.  What is the APR of the credit one card?  What is the balance transfer fee for the citi card?  How long do you expect it to take you to pay off the amount?


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Frequent Contributor
elaine829
Posts: 266
Registered: ‎10-09-2007

Re: CITI PLATINUM MASTERCARD SELECT CREDIT CARD

apr on credit one card is 23.9%. It says 5 dollars or 4% of tha balance transfer whichever is greater. Which would be 4%. Im thinking 9 mths, at least 100 dollars ever month. 

Regular Contributor
jforsyth
Posts: 164
Registered: ‎05-01-2010

Re: CITI PLATINUM MASTERCARD SELECT CREDIT CARD

[ Edited ]

I've never done a BT so forgive me if I'm totally wrong but...

 

Why not transfer over ALL $900 immediately, pay a $36 fee (far less than the cumulative APR you'd pay if you did $100 per month), and then just use the Credit One card for the majority of your purchases and maybe the Citi card once a month just to show some activity until you pay down your debt.

 

Then once it's gone, divide up your spending between the cards, and only carry balances on the Citi card until your intro period ends.

 

 

Or am I totally wrong?

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Frequent Contributor
elaine829
Posts: 266
Registered: ‎10-09-2007

Re: CITI PLATINUM MASTERCARD SELECT CREDIT CARD

Credit one has a yearly fee and they dont have a grace period Thats why im trying to find out the best way to do ths transfer between these two cards

Valued Contributor
thrasher865
Posts: 1,163
Registered: ‎05-21-2008

Re: CITI PLATINUM MASTERCARD SELECT CREDIT CARD

Do you have a $100 payment to put toward the balance for this month?

 

If so, I'd go ahead and pay the $100 toward the balance while its on the old card and transfer $800 to the citi.

 

Here are your options, assuming you don't make a $100 this month.

 

If you transfer it all to the citi immediately, it will cost you $936 to pay off the balance.

 

If you leave it on the credit one card and pay $100 a month, it will cost you about $1115 to pay off the balance.  In my eyes, the choice is obvious.


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Frequent Contributor
elaine829
Posts: 266
Registered: ‎10-09-2007

Re: CITI PLATINUM MASTERCARD SELECT CREDIT CARD

Thank you for the advice, I do have the 100 dollars for this month. I was also concern about maxing out the citi by putting the 800 on there when I only have a 1000 credit limit. Should I be concern since its a new card, I never did a transfer before so if anyone has done this before where they open up a new credit card and put a high balance on it from the start.

Regular Contributor
gymbo731
Posts: 219
Registered: ‎01-04-2010

Re: CITI PLATINUM MASTERCARD SELECT CREDIT CARD

You say you have high utilization. Like how high?


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Senior Contributor
Wolf3
Posts: 3,198
Registered: ‎01-24-2010

Re: CITI PLATINUM MASTERCARD SELECT CREDIT CARD

 


elaine829 wrote:

Thank you for the advice, I do have the 100 dollars for this month. I was also concern about maxing out the citi by putting the 800 on there when I only have a 1000 credit limit. Should I be concern since its a new card, I never did a transfer before so if anyone has done this before where they open up a new credit card and put a high balance on it from the start.


 

Transferring the $800 will save you money.   It will also make a nice bit of profit for CIti, they like the fee and the interest.  .   Pay it down over several months and your utilization will be low which improves your score. . 

 

I would close the Credit One before the next annual fee,( I hate credit cards with no grace period, my bias)

Frequent Contributor
elaine829
Posts: 266
Registered: ‎10-09-2007

Re: CITI PLATINUM MASTERCARD SELECT CREDIT CARD

[ Edited ]

My utilization  is  47% . Pretty high i have sock drawer all my cards. Credit One bills the annual fee every month. When do you think would be a good time to close it, credit one is my oldest card open it in 06. MY other cards which are store cards were open in 08 and 09. MY average age was 4 years. I just open up ths citi and american express in the same week so i wonder how much of a hit im going have in my credit score


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