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CitiFlex LOC

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Anonymous
Not applicable

CitiFlex LOC

I know it's not a CC, strictly speaking, but it is a revolving LOC, so I thought it would be appropriate on this forum.
 
CitiFlex LOC website says limits are $2K to $25K, depending on CR.
 
GF applied and was approved for an initial CL of $32.5K
 
WTH?  I'm not complaining....but...huh?
 
ETA:  I can't find the $2K - $25K stipulation anywhere on the website anymore.  I'm positive I was told this by a CSR just 3 weeks ago, though.


Message Edited by cheddar on 11-23-2007 03:50 PM
Message 1 of 15
14 REPLIES 14
Anonymous
Not applicable

Re: CitiFlex LOC



cheddar wrote:
I know it's not a CC, strictly speaking, but it is a revolving LOC, so I thought it would be apporpriate on this forum.
 
CitiFlex LOC website says limits are $2K to $25K, depending on CR.
 
GF applied and was approved for an initial CL of $32.5K
 
WTH?  I'm not complaining....but...huh?
 


Just curious- would you mind telling us the apr and terms if she accepts the full 32.5 or whatever she chooses?
Message 2 of 15
Anonymous
Not applicable

Re: CitiFlex LOC

Sure.
 
APR is prime + 4.99...currently 12.49%
 
She doesn't have to choose to "accept" the full amount or not, as it's not a loan.  It's a LOC which works just like a CC, except that instead of getting a card you get checks you can write to pay your creditors.
 
When the LOC is first accessed, the repayment term is set at 60 months.  At that point you can call and have the repayment term changed to anywhere from 24 to 72 months.  If you have an existing balance and you access the LOC again, the existing repayment term is recalculated and started over.
 
Now, the sticking point.  The T&C state that there is a transaction fee of 3% for each transaction ($5 minimum, no maximum).  However, there is a footnote that says the transaction fee does not apply to the 12.49% APR offer described above.  (If it doesn't apply to that, I'm not sure what exactly it applies to.)
 
Before she applied, I called a CSR and asked specifically about the transaction fee stipulation, and she told me there would be no transaction fees on the account.  I'm still not clear as to why it's in the T&C.
 


Message Edited by cheddar on 11-23-2007 04:01 PM
Message 3 of 15
Anonymous
Not applicable

Re: CitiFlex LOC

Not bad. I am confused about the 5.00 fee too.
Message 4 of 15
psychic
Moderator Emeritus

Re: CitiFlex LOC



netpanther wrote:


cheddar wrote:
I know it's not a CC, strictly speaking, but it is a revolving LOC, so I thought it would be apporpriate on this forum.
 
CitiFlex LOC website says limits are $2K to $25K, depending on CR.
 
GF applied and was approved for an initial CL of $32.5K
 
WTH?  I'm not complaining....but...huh?
 


Just curious- would you mind telling us the apr and terms if she accepts the full 32.5 or whatever she chooses?


Citibank mails me CitiFlex LOC offers quite often.  Mine are for credit lines between $2K-$32K, with 9.99% Fixed APRs.  These offers always end up in the paper shredder. 


Message Edited by psychic on 11-23-2007 04:39 PM
EQ 814 / TU 815 / EX 842
Message 5 of 15
Anonymous
Not applicable

Re: CitiFlex LOC



psychic wrote:


netpanther wrote:


cheddar wrote:
I know it's not a CC, strictly speaking, but it is a revolving LOC, so I thought it would be apporpriate on this forum.
 
CitiFlex LOC website says limits are $2K to $25K, depending on CR.
 
GF applied and was approved for an initial CL of $32.5K
 
WTH?  I'm not complaining....but...huh?
 


Just curious- would you mind telling us the apr and terms if she accepts the full 32.5 or whatever she chooses?


Citibank mails me CitiFlex offers quite often.  Mine are for credit lines between $2K-$32K, with 9.99% Fixed APRs.  These offers always end up in the paper shredder. 


9.99 fixed is not bad at all considering that out local CU LOC is at 8.49.
Message 6 of 15
Anonymous
Not applicable

Re: CitiFlex LOC

You can also access your LOC with debit card because your LOC is linked to your
 
checking account if you have one.

 

cheddar wrote:
Sure.
 
APR is prime + 4.99...currently 12.49%
 
She doesn't have to choose to "accept" the full amount or not, as it's not a loan.  It's a LOC which works just like a CC, except that instead of getting a card you get checks you can write to pay your creditors.
 
When the LOC is first accessed, the repayment term is set at 60 months.  At that point you can call and have the repayment term changed to anywhere from 24 to 72 months.  If you have an existing balance and you access the LOC again, the existing repayment term is recalculated and started over.
 
Now, the sticking point.  The T&C state that there is a transaction fee of 3% for each transaction ($5 minimum, no maximum).  However, there is a footnote that says the transaction fee does not apply to the 12.49% APR offer described above.  (If it doesn't apply to that, I'm not sure what exactly it applies to.)
 
Before she applied, I called a CSR and asked specifically about the transaction fee stipulation, and she told me there would be no transaction fees on the account.  I'm still not clear as to why it's in the T&C.
 


Message Edited by cheddar on 11-23-2007 04:01 PM


Message 7 of 15
psychic
Moderator Emeritus

Re: CitiFlex LOC



netpanther wrote:


psychic wrote:


Citibank mails me CitiFlex offers quite often.  Mine are for credit lines between $2K-$32K, with 9.99% Fixed APRs.  These offers always end up in the paper shredder. 


9.99 fixed is not bad at all considering that out local CU LOC is at 8.49.


I agree.  9.99% isn't a horrendous APR.  I can just do better elsewhere. 
 
EQ 814 / TU 815 / EX 842
Message 8 of 15
Red1Blue
Super Contributor

Re: CitiFlex LOC

As long as there is no transaction fee it is not bad. As a matter of fact any of the local banks and credit unions can offer this feature. I am not sure what is special about CitiLOC. I probably can get better terms with a Local CU than Citi or any other big banks.
Message 9 of 15
Anonymous
Not applicable

Re: CitiFlex LOC

I am extremely surprised she was approved for $32.5K, since this is a line of credit rather than a HELOC and Citi has no collateral for the LOC. Most banks and CUs won't get give much above 10-20K unless it is a HELOC.
Message 10 of 15
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