Citi MC Direct Check offer

[jefftca925]

Hi everyone!  I'm closing (hopefully) on a house next week and will be having new flooring installed to the tune of about $4400.  I have $2400 cash earmarked to pay right now from $$ I've earned at my part time job and the rest I could pull from savings.  I called Citi a couple days ago inquiring about a BT offer they sent me for 0% thru Nov 2012.  The CSR mentioned that they could send me a "Direct Check" that I could deposit into my checking account and would act the same as the 0% BT offer.  I figured it wouldn't be a bad idea to take advantage of it as it would help with cash flow during some remodeling projects.  Has anyone done this and how did it work for you?  I was thinking of asking for a CLI from $6600 to $8000 and then BT $3k.  I PIF every month and would probably pay the BT in a few months.

[tsquad131]

if you want to pay the bt fee go ahead ask and see how much it is before doing it and see if it will be worth doing it

[jefftca925]

the BT fee is 3% which I don't have a problem with.  I'm more concerned if Citi has an issue with customers doing this and if anyone has ever experienced an AA from doing one.

[MarineVietVet]

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@jefftca925 wrote:

the BT fee is 3% which I don't have a problem with.  I'm more concerned if Citi has an issue with customers doing this and if anyone has ever experienced an AA from doing one.

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I can only speak for myself but I've never experienced an AA from Citi or any other card I've done a BT with. As always YMMV.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[jefftca925]

Well I called Citi today, again, to get more info on this offer.  The CSR said they would send a check or checks (you can break up the amount you want into different check amounts) that would be charged to the account once they are cashed.  So I requested 2 different checks to possibly use and the CSR advised that they would be charged against my available credit immediately.  The nice thing about this is that there is no charge against your account unless you cash.   You can cancel them and they will reinstate the available credit line.  This seems a much better option than doing a dreaded cash advance.  The checks take about 10 days to be received.  And I also got a CLI of 1k on top of it.  Not a bad deal.