topic Re: 0% BT offer -- Is it a trap? in Credit Cards

0% BT offer -- Is it a trap?

Anonymous — Sat, 23 May 2009 23:49:25 GMT

Just received 0% BT offer from my existing Citi card for 6 months. One of the terms and conditions is "we reserve the right to conduct a credit review, including obtaining third party credit reports..." Is acceptance of this offer a trap for AA? Is it a hard inquiry?

Re: 0% BT offer -- Is it a trap?

Anonymous — Sun, 24 May 2009 04:14:01 GMT

I'd normally say not to worry about it..and I really do think you'd be safe accepting the offer. However, a post here just a few days ago about an offer from Chase would have me be a bit more careful. Read the original post in the link below.

http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&thread.id=162598

Re: 0% BT offer -- Is it a trap?

Anonymous — Sun, 24 May 2009 05:10:45 GMT

Thanks for the link. Scary environment when you have to look at every CC offer with suspicion.

Re: 0% BT offer -- Is it a trap?

Anonymous — Mon, 25 May 2009 00:32:41 GMT

Yeah, it is scary. Citi isn't Chase though and your credit history with Citi may be much better than the other posters history with Chase. Hopefully, someone else who has received this offer from Citi will chime in soon.

Message Edited by VEEnVEGAS on 05-24-2009 05:32 PM

Re: 0% BT offer -- Is it a trap?

Anonymous — Sun, 24 May 2009 14:34:59 GMT

There was an article in our city newspaper today about a woman who is a longime Discover creditcard customer. They offered her zero interest balance for six months (which would increase to more than 9% after). The transfer went through, and two days later she received a notice from them saying the terms are changing and it was no longer a fixed rate.

That example is just bad business to me ... a true bait and switch. As my parents always said, "If it sounds too good to be true, it probably is." Be careful OP ... beware and be careful.

Edit to add: I realize my post is not about the CITI offer specifically, however just wanted to provide another example of what is happening in the current economic climate with 0% balance transfer offers and longtime customers with good history.

Message Edited by PurpleHaze on 05-24-2009 10:34 AM

Re: 0% BT offer -- Is it a trap?

Anonymous — Sun, 24 May 2009 15:25:55 GMT

PupleHaze,

Thanks for your input. Although I was offered the BT by Citi, I think its highly relevant to expand the discussion to any "special offers to good customers" by any CCC.