topic Re: Citi Balance Transfer Direct to Checking in Credit Cards

Citi Balance Transfer Direct to Checking

Anonymous — Fri, 02 Oct 2015 16:01:17 GMT

Morning! Considering taking $10k from my available balance and transferring it directly to my checking account but wanted to see if anyone else who has done this before could possibly answer a couple questions or share their experience.

Would taking this large amount from the available credit set off any alarms with Citi? Less will likely be needed for the surgery but I figured if I do this why not an even $10k. This will be my only card balance reporting. Plan to pay $1000 the first month and $300-$500 for the remaining months.

Based on the second picture when I fill out the request am I skipping the portion that says *Pay up to four creditors*? Seems like that should be skipped but the red asterisks make me wonder if I do so would I then get an error message for not completing the form.

How long does it generally take before the funds are available in ones checking account? I believe a bt to lenders can take up to three weeks but this is a little different.

Am I reading the 0% terms correctly, that the 21 months doesn't start until the first transfer? Thats pretty nice since I have until 01/05/16 to request it. With Slate the 0% started immediately for the first 15 billing cycles.

I did use the search function here but not many provided details and the function isn't the greatest with key word searches. Yes, I can call Citi and ask which I may also do but its nice to hear of others experiences here if possible. If anyone has an experience or tips to share I'd greatly appreciate it. Thanks in advance for any assistance.

Re: Citi Balance Transfer Direct to Checking

Coolermaster007 — Fri, 02 Oct 2015 16:19:10 GMT

I did this for $2900 + $87 3% fee on my Citi DC for personal use my limit is $8400 total I think is best not go over 50% of the credit limit it is considered a BT after all let me tell you they transfer the money within 2 days to my checking account good stuff man

Re: Citi Balance Transfer Direct to Checking

Anonymous — Fri, 02 Oct 2015 16:22:12 GMT

Thank you! This is the type of feedback I was hoping to receive. Will keep the 50% max suggestion in mind. Two days is crazy fast.

Re: Citi Balance Transfer Direct to Checking

lhcole77 — Fri, 02 Oct 2015 16:46:00 GMT

Citi is wicked fast. Mine showed up next day. Not sure about the % to BT though. The most I've done with Citi is 40%. That's just because I don't like the idea of more than one card reporting more than 50%. My BofA is right now so I'm just sticking to that.

Re: Citi Balance Transfer Direct to Checking

Anonymous — Fri, 02 Oct 2015 16:52:02 GMT

Got it Think I'll get through my consultations next week and figure out the exact cost before I transfer any amount. This probably wont happen until November. Was curious if Citi would allow $10k but not curious enough to risk having my account closed.

Re: Citi Balance Transfer Direct to Checking

Lyythine — Fri, 02 Oct 2015 17:22:20 GMT

@Anonymous wrote:
Got it Think I'll get through my consultations next week and figure out the exact cost before I transfer any amount. This probably wont happen until November. Was curious if Citi would allow $10k but not curious enough to risk having my account closed.

I wouldnt worry about citi closing the account. If this is the only account repeatedly showing a balance moving forward, you should be fine. Like mentioned previously, however, you will receive a short term fico hit until the card is back under 50% util.

Re: Citi Balance Transfer Direct to Checking

Anonymous — Fri, 02 Oct 2015 17:25:10 GMT

Eh Im not micromanaging my scores, have nothing I need to apply for in the near future so not really a concern since I know util has no memory. That will fix itself in time.
Thanks Lyythine

Re: Citi Balance Transfer Direct to Checking

axlm — Fri, 02 Oct 2015 17:38:15 GMT

@Lyythine wrote:
@Anonymous wrote:
Got it Think I'll get through my consultations next week and figure out the exact cost before I transfer any amount. This probably wont happen until November. Was curious if Citi would allow $10k but not curious enough to risk having my account closed.
I wouldnt worry about citi closing the account. If this is the only account repeatedly showing a balance moving forward, you should be fine. Like mentioned previously, however, you will receive a short term fico hit until the card is back under 50% util.

This of course depends on your overall profile, but see below a pic from CreditKarma, that Citi was at 98% initially, 3 or 4 months ago. That person has a very stable profile (elder relative) and the balance is for a low amount, but percentage was/is high. Monthly payments are 3x the minimum, with some ocasional extra $100 or so. She could pay it off faster, but prefers to use the BT for the whole term.

And in your case, 10k out of 15k won't be that high (percentage-wise).

Re: Citi Balance Transfer Direct to Checking

Anonymous — Fri, 02 Oct 2015 17:47:21 GMT

axlm thank you thats very helpful But now Im not sure if the monthly payments I had in mind will be 2x or 3x the minimum and Id like them to be so thats something to consider. After the first $1k payment is there a way to calculate the minimum due for the remaining $9k? Or would I have to wait and check the statement?

Re: Citi Balance Transfer Direct to Checking

axlm — Sat, 03 Oct 2015 01:52:44 GMT

Her min payments were like $35 top, right now are like $29, IIRC. I'm pretty sure I read somewhere something about how min payments are calculated (something like 2-3% of certain amount??), but I can't tell you off the top of my head.

But sure many of the gurus here have a clue . Good luck!

Edit: re. min payment calculation, ~~see here, tho not sure how up to date that info is.~~

Edit 2: after more googling, the minimum payment calculation method should be on your agreement. For example, I found this for a Citi Simplicity:

You may pay all or part of your account balance at any time. However, you must pay at least the minimum payment due by the payment due date each month. Your minimum payment due equals:
1. Any amount past due; plus
2. Any amount over your credit limit; plus
3. The greater of:
      • The new balance shown on your statement, if it is less than $20;
      • $20 if the new balance is at least $20;
      • 1% of the new balance (the result is rounded down to the nearest dollar), plus any billed interest or minimum interest charge; or
      • 1.5% of the new balance (the result is rounded down to the nearest dollar).
The minimum payment due is never more than the new balance

Re: Citi Balance Transfer Direct to Checking

Anonymous — Fri, 02 Oct 2015 18:03:56 GMT

Thanks!

Re: Citi Balance Transfer Direct to Checking

Anonymous — Fri, 02 Oct 2015 18:18:27 GMT

Curious- others with Citi accounts (not new) is there somewhere online to see if they have a BT offer for you?

Re: Citi Balance Transfer Direct to Checking

Anonymous — Thu, 08 Oct 2015 18:18:21 GMT

@Anonymous wrote:
Curious- others withCiti accounts (not new) is there somewhereonline to see if they have aBT offer for you?

I have had Citi Dividend for a year and after my promo period, I went to "Account Management" and "View Available Balance Transfer Offers" under the category "Balance Transfers, Lines, and Loans," which is beneath the category "Statements & Communications Center"

Re: Citi Balance Transfer Direct to Checking

Anonymous — Thu, 08 Oct 2015 19:17:28 GMT

@Anonymous wrote:
@Anonymous wrote:
Curious- others withCiti accounts (not new) is there somewhereonline to see if they have aBT offer for you?
I have had Citi Dividend for a year and after my promo period, I went to "Account Management" and "View Available Balance Transfer Offers" under the category "Balance Transfers, Lines, and Loans," which is beneath the category "Statements & Communications Center"

Thanks. I guess that's my answer: none. lol

After I asked the original question, I poked around the site more and I remembered that when I'd gotten them before, they were on the front page, right in my account summary view.

Re: Citi Balance Transfer Direct to Checking

Anonymous — Thu, 08 Oct 2015 20:18:03 GMT

I haven't experienced any negativity from Citibank while carrying a large balance on my Simplicity credit card. My CL has gone from $3800 to 20k in a year. I think you have an excellent plan and shouldn't have any problems. It's the same methodology I generally use when carrying a large balance with them.

Data points: CL 20k; minimum payment this month $265; pay $200 every week; Current Utilization: 85%; Original Utilization: 98%

Skip "Pay off up to 4 creditors" and go directly to "Get money for Personal Use" and fill in the information. I got the money within 24 hours.

It has never taken a BT 3 weeks for Citi. Yes. You are reading the terms correctly. I pray you have the best outcome on your surgery.

Re: Citi Balance Transfer Direct to Checking

Anonymous — Thu, 08 Oct 2015 20:23:41 GMT

@Anonymous wrote:
Curious- others with Citi accounts (not new) is there somewhere online to see if they have a BT offer for you?

I have the Simplicity and my BT offers are advertised on the main page. Sometimes, I get a page after the log in that states I have a BT offer available too.

Re: Citi Balance Transfer Direct to Checking

Anonymous — Thu, 08 Oct 2015 20:25:21 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
Curious- others withCiti accounts (not new) is there somewhereonline to see if they have aBT offer for you?
I have had Citi Dividend for a year and after my promo period, I went to "Account Management" and "View Available Balance Transfer Offers" under the category "Balance Transfers, Lines, and Loans," which is beneath the category "Statements & Communications Center"
Thanks. I guess that's my answer: none. lol

After I asked the original question, I poked around the site more and I remembered that when I'd gotten them before, they were on the front page, right in my account summary view.

You can always ask via online chat or call CS to see if your type of account will offer future BTs.

Re: Citi Balance Transfer Direct to Checking

taxi818 — Thu, 08 Oct 2015 21:51:07 GMT

I also did it Hf. But i requested a real check. Not direct deposit. it took about 10 days and the check was in my hand. Of course citi does not care. I did it with a 0% offer and can do it again before november 6th. but i will not since i pay off what i used. they are hoping you will drag it out and pay a little interest on it at least.

Re: Citi Balance Transfer Direct to Checking

taxi818 — Thu, 08 Oct 2015 21:53:17 GMT

@lhcole77 wrote:
Citi is wicked fast. Mine showed up next day. Not sure about the % to BT though. The most I've done with Citi is 40%. That's just because I don't like the idea of more than one card reporting more than 50%. My BofA is right now so I'm just sticking to that.

Now you tell us iHcole77.

I did this last month with my cap one. Took 4k out. 18 months. 0% and 2% transfer fee. took me up to 73% usage and my score dropped like 29 points because of it. It has since rebound 12 of those points. but yikes. Now im gonna pay it down below 50% asap.

Re: Citi Balance Transfer Direct to Checking

taxi818 — Thu, 08 Oct 2015 21:59:12 GMT

@Anonymous wrote:
Eh Im not micromanaging my scores, have nothing I need to apply for in the near future so not really a concern since I know util has no memory. That will fix itself in time.
Thanks Lyythine

Thats exactly where i am now Hf. No point in micro managing. Since i have absolutly everything i need. Got my car loan last month and im good for 2 years. so all my balances are on a 2 year pay down. im not in a rush and i could care less about the fico fluctuation each month. when i need to apply for something. like another car loan. then i will worry. I took the 4k out last month and will pay down. in 6 months will take another 5k for a huge deserved vacation.