topic Re: Multiple CLI and a new Citi DC. in Credit Cards

Multiple CLI and a new Citi DC.

Anonymous — Wed, 24 Feb 2016 13:35:28 GMT

My wife I have been on a mission since Jan 1. "Pay-Pay-Pay". Since then 1/3 of our debt is gone, no more maxed out cards, and our utilization is significantly improved. It will take most of this year to get the CC debt and my student loan paid off, but we now have a solid plan. After getting an education here I learned that credit comes to those who ask. Multiple CLIs, mostly SP. I also opened a Citi Double Cash and did a BT from high APR store cards that we sucked up accruals on for blowing the time limit for 0% deals. Never again. So, mostly I'm finally posting here to say Thank You. Going to the garden now.

Re: Multiple CLI and a new Citi DC.

myjourney — Wed, 24 Feb 2016 03:19:21 GMT

Welcome to the forum and congrats to you both

Re: Multiple CLI and a new Citi DC.

Anonymous — Wed, 24 Feb 2016 03:23:56 GMT

While I won't presume anything about your personal situation, I was curious about something. Why BT to the DC and not the DP? The Citi Diamond Preferred has 2 years 0% (the longest in the industry I think) and a lower APR after that when compared to the DC.

The DC is a solid card, I love and carry it myself, but as its primary purpose is to get you 2% back on your purchases I'm curious about the BT.

Re: Multiple CLI and a new Citi DC.

myjourney — Wed, 24 Feb 2016 03:28:49 GMT

@Anonymous wrote:
While I won't presume anything about your personal situation, I was curious about something. Why BT to the DC and not the DP? The Citi Diamond Preferred has 2 years 0% (the longest in the industry I think) and a lower APR after that when compared to the DC.

The DC is a solid card, I love and carry it myself, but as its primary purpose is to get you 2% back on your purchases I'm curious about the BT.

DP 21 months

DC 15 months with rewards

Difference 6 months

So I can see why one might look at the long term picture if the debt can be paid down over that amount of time (15 Months) and choose DC for the rewards

Re: Multiple CLI and a new Citi DC.

Anonymous — Wed, 24 Feb 2016 13:37:49 GMT

I had a DP card but a few years ago, when the issuers started jacking up people's rates, I said no and had to closed the card because I was carrying a high balance, not to mention being pissed that they were wanting to take away my 7.9 rate. I went with the DC because I plan to use it for everything except groceries and gas and will pay off the BT way before time is up one the 0%. I'll be putting in for a Amex BCP at some point to maximize grocerie and gas cash back.

Re: Multiple CLI and a new Citi DC.

Anonymous — Wed, 24 Feb 2016 03:36:02 GMT

@myjourney wrote:
@Anonymous wrote:
While I won't presume anything about your personal situation, I was curious about something. Why BT to the DC and not the DP? The Citi Diamond Preferred has 2 years 0% (the longest in the industry I think) and a lower APR after that when compared to the DC.

The DC is a solid card, I love and carry it myself, but as its primary purpose is to get you 2% back on your purchases I'm curious about the BT.
DP 21 months
DC 15 months with rewards
Difference 6 months
So I can see why one might look at the long term picture if the debt can be paid down over that amount of time (15 Months) and choose DC for the rewards

I certainly see your point, though consider this... You get the DC because you're going to use it for your daily spending. By combining daily spend and a balance you're trying to pay down on the same card you increase the liklihood of not paying down the debt. Most financial advisers would recommend that in this scenario you'd have one card for paying down debt and the other for every day spending. It's easier to keep track of your debt repayment and pay down balances.

Re: Multiple CLI and a new Citi DC.

Anonymous — Wed, 24 Feb 2016 13:38:13 GMT

Won't be using the DC for cash back until the BT is paid off. Using a Cap1 QS1 till then.

Re: Multiple CLI and a new Citi DC.

myjourney — Wed, 24 Feb 2016 03:45:34 GMT

@Anonymous wrote:
@myjourney wrote:
@Anonymous wrote:
While I won't presume anything about your personal situation, I was curious about something. Why BT to the DC and not the DP? The Citi Diamond Preferred has 2 years 0% (the longest in the industry I think) and a lower APR after that when compared to the DC.

The DC is a solid card, I love and carry it myself, but as its primary purpose is to get you 2% back on your purchases I'm curious about the BT.
DP 21 months
DC 15 months with rewards
Difference 6 months
So I can see why one might look at the long term picture if the debt can be paid down over that amount of time (15 Months) and choose DC for the rewards
I certainly see your point, though consider this... You get the DC because you're going to use it for your daily spending. By combining daily spend and a balance you're trying to pay down on the same card you increase the liklihood of not paying down the debt. Most financial advisers would recommend that in this scenario you'd have one card for paying down debt and the other for every day spending. It's easier to keep track of your debt repayment and pay down balances.

Sorry but I beg to differ even tho I see your point of view

Keeping track of more accounts and debts is not always the best solution when you can have it all in one place and it's not for everyone (micro managing a lot of accounts)

After all the BT card will require payment in full of all new charges so may as well know what is needed along with throwing extra for the BT amount

Re: Multiple CLI and a new Citi DC.

galahad15 — Wed, 24 Feb 2016 16:59:16 GMT

Congrats on the new DC card!

Re: Multiple CLI and a new Citi DC.

Anonymous — Wed, 24 Feb 2016 17:11:18 GMT

Great job!

Re: Multiple CLI and a new Citi DC.

Anonymous — Thu, 25 Feb 2016 01:25:48 GMT

Well, I hauled off and applied for the Amex BCP card too... Will they 61-day 3X CLI a 20k card?