Reply
Established Contributor
rom828
Posts: 932
Registered: ‎08-17-2007
0

Re: Citi Being Reasonable

DH has Citi Plat and Citi Diamond.  Just got the Diamond in June on pre-app.

 

He's received attractive BT offers from each card (0% till July 2010 or 1.99% to Oct 2010) and we're contemplating moving his Discover and BoA balances,  but are concerned about jeopardizing the Citi cards.

 

Are BTs a double edged sword, especially in current climate??  All CCs like to see use for the transaction fees, but if DH does the BT,  he won't be using the card til it's paid off.  Will this be a negative?  I just worry that CCCs offer BTs but don't really expect you to use them or if you do, they later can take adverse action (RJ, CLD etc). because the BT says to them you have "issues" or because you didnt use the card for a period of time so they didnt have any earnings from your account.

 

Any thoughts or advices?!?!

 

 

 

 

FICOS: TU 732(7-18-14) EQ '08 734( 7-23-14) EX 727 (7-23-14)


Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
0

Re: Citi Being Reasonable


rom828 wrote:

DH has Citi Plat and Citi Diamond.  Just got the Diamond in June on pre-app.

 

He's received attractive BT offers from each card (0% till July 2010 or 1.99% to Oct 2010) and we're contemplating moving his Discover and BoA balances,  but are concerned about jeopardizing the Citi cards.

 

Are BTs a double edged sword, especially in current climate??  All CCs like to see use for the transaction fees, but if DH does the BT,  he won't be using the card til it's paid off.  Will this be a negative?  I just worry that CCCs offer BTs but don't really expect you to use them or if you do, they later can take adverse action (RJ, CLD etc). because the BT says to them you have "issues" or because you didnt use the card for a period of time so they didnt have any earnings from your account.

 

Any thoughts or advices?!?!


I wouldn't be too concerned about using a BT offer. If they didn't want you to use them they would not offer them. They also can't RJ you on the BT for the duration. What they would love is for you not to PIF by the end of the BT term and then start paying a finance charge. Personally I am careful how high I will go up the CL with a BT - 1/3 to 1/2 of the CL is about it. Otherwise you are presenting high UTIL to your other issuers and inviting AA from them.

Established Contributor
rom828
Posts: 932
Registered: ‎08-17-2007
0

Re: Citi Being Reasonable

[ Edited ]

Thanks for the advices, credit! 

 

He'd be using  50-60%, but we'll have that reduced very quickly, and we'll have it paid off before the end of the offer, so we may go ahead and do it and hope for the best!!

 

We're steady working on getting debt free and we can do that a lot faster if we're paying 0 interest (excl BT fee of course!)

 

Edited to ask:  The Citi offer also gives option of having $ deposited in bank account.  Is this more risky or is it a commonplace offer?  I'm thinking it's better if other CCs dont know their payment is from a BT and if we put the $ in our account, we can just pay them from that, so I really like that option.    But I sure don't want to raise a red flag with Citi.  I know you said they wouldn't offer if they didn't want you to take advantage of the offer, but we are in the dark about "cash in account" BTs!!

 

 

 

 

Message Edited by rom828 on 09-03-2009 08:21 AM
FICOS: TU 732(7-18-14) EQ '08 734( 7-23-14) EX 727 (7-23-14)


Established Contributor
Posts: 513
Registered: ‎04-03-2007
0

Re: Citi Being Reasonable


rom828 wrote:

The Citi offer also gives option of having $ deposited in bank account.

 

 I'm thinking it's better if other CCs dont know their payment is from a BT and if we put the $ in our account, we can just pay them from that, so I really like that option. 

 

............ but we are in the dark about "cash in account" BTs!!

 

 

 


I have done many BTs for profit. I always preferred to BT to checking and then pay off the existing balance by check. It not only appears that the balance was paid from your own assets; but also more importantly it avoids any screw ups on the banks' part when transferring the balances directly. 

Established Contributor
rom828
Posts: 932
Registered: ‎08-17-2007
0

Re: Citi Being Reasonable


CreditAble wrote:

rom828 wrote:

The Citi offer also gives option of having $ deposited in bank account.

 

 I'm thinking it's better if other CCs dont know their payment is from a BT and if we put the $ in our account, we can just pay them from that, so I really like that option. 

 

............ but we are in the dark about "cash in account" BTs!!

 

 

 


I have done many BTs for profit. I always preferred to BT to checking and then pay off the existing balance by check. It not only appears that the balance was paid from your own assets; but also more importantly it avoids any screw ups on the banks' part when transferring the balances directly.


 
Encouraging, creditable!  I really like the idea better for those exact reasons, but wasnt sure if this was commonly used or if CCCs look at it on the same par as a cash advance, which I know is 'frowned upon" and not something I'd ever do.  
 But sounds like you've done the cash to acount BTs before with no problem, so I think that's the route we'll take and hope it doesnt wind up backfiring on us somehow!!:smileyindifferent: 
FICOS: TU 732(7-18-14) EQ '08 734( 7-23-14) EX 727 (7-23-14)


Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
0

Re: Citi Being Reasonable

Check very carefully to make sure the fees are the same before you send the money to your bank account. I just did a Citi BT and I believe the fee was 3% for a BT and 5% for funds sent to your checking account.
Established Contributor
rom828
Posts: 932
Registered: ‎08-17-2007
0

Re: Citi Being Reasonable

Thanks for that warning!  I don't see anything to indicate a higher % for BT to checking, but I'll look more closely & may call them just to be sure.

 

But even at 5%, I guess for us that's better than 3% for each of the two we want to pay off with BT.

 

And  I must say I'm glad to see you mention that you actually did a Citi BT . Did you do your to checking or just have them pay the other creditors?

 

 

 

FICOS: TU 732(7-18-14) EQ '08 734( 7-23-14) EX 727 (7-23-14)


Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
0

Re: Citi Being Reasonable


rom828 wrote:

Thanks for that warning!  I don't see anything to indicate a higher % for BT to checking, but I'll look more closely & may call them just to be sure.


I looked while I was posting and it only says 3% fee for my BT offer. But when I was playing with the screen online trying to book it if I put in an amount to be sent to me as a check the fee for that portion was 5%. It does not say this anywhere on-screen during the process. Very deceptive. But it does make sense - that amount is really a cash advance. Presumptively they are giving you the benefit of the zero APR though. If you need a cash out BT there are other ways to do it that will work and will not be construed as a cash advance.


But even at 5%, I guess for us that's better than 3% for each of the two we want to pay off with BT.


No its not. It is simply 3% vs. 5%, nothing more compex than that. You're not paying 3% twice making 6%. You are paying 3% once on the entire amount of the BT. 


And  I must say I'm glad to see you mention that you actually did a Citi BT . Did you do your to checking or just have them pay the other creditors?


They are doing whatever it is they do to remit directly to the creditor. I also had to call. I was not at all happy with the results I was getting when trying to push the BT through the web myself. It was not working correctly. I spent a little time on the phone with a CSR and it looks OK now.


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+