topic BT on new CITI card in Credit Cards

BT on new CITI card

Anonymous — Thu, 19 Nov 2009 14:59:55 GMT

Hello All,

For some crazy reason, after all of the app success I've had in the past 2 months (applied and approved for AMEX Gold, Discover More & Chase Freedom), I felt the need to apply for the CITI Forward card. I did so only after seeing success and nice CLs from fellow myfico community members. Well, I applied and much to my surprise was approved for $7K, bringing my total CL to $14,500.

Of course, I have noticed a bunch of the ratejacking and balance chasing by other members, so I was curious about doing a balance transfer on my new CITI. I have $2000 sitting on my Cap1 and $800 sitting on my BoA, and I really don't like having more than one balance report per month. Would I be alright in transfering the entire balance total of $2800 from my Cap1 and BoA accounts, and just paying the balance down on my CITI? Would this be negative in CITIs eyes? Could it possibly trigger AA? I don't expect to take more than 2 months to pay that balance down.

Whenever this baby reports, total Util will be 19.3%...when I get the balance down to $1300, the util will be just under 9%.

Any thoughts would be greatly appreciated.

Re: BT on new CITI card

Anonymous — Thu, 19 Nov 2009 15:21:13 GMT

BP2003 wrote:
Hello All,
For some crazy reason, after all of the app success I've had in the past 2 months (applied and approved for AMEX Gold, Discover More & Chase Freedom), I felt the need to apply for the CITI Forward card. I did so only after seeing success and nice CLs from fellow myfico community members. Well, I applied and much to my surprise was approved for $7K, bringing my total CL to $14,500.

Of course, I have noticed a bunch of the ratejacking and balance chasing by other members, so I was curious about doing a balance transfer on my new CITI. I have $2000 sitting on my Cap1 and $800 sitting on my BoA, and I really don't like having more than one balance report per month. Would I be alright in transfering the entire balance total of $2800 from my Cap1 and BoA accounts, and just paying the balance down on my CITI? Would this be negative in CITIs eyes? Could it possibly trigger AA? I don't expect to take more than 2 months to pay that balance down.

Whenever this baby reports, total Util will be 19.3%...when I get the balance down to $1300, the util will be just under 9%.

Any thoughts would be greatly appreciated.

Citi won't mind - in fact they will love it. Citi likes use. Just make sure your payments are at least 6% of the balance. That said consider the numbers carefully. The BT is not free (I suspect a 3% BT fee will be charged). If you are going to pay off the balance in 2 months it may not make financial sense to incur the fee to use the 0%.

Re: BT on new CITI card

Anonymous — Thu, 19 Nov 2009 15:48:35 GMT

It's true, CITI loves usage. If I were you I would try and pay that balance down asap though.

I have a CITI cash returns card that I would charge 500/month and PIF for about 6-7 months (and they would always offer me BT offers but I never accepted) and recently I started charging more and eventually carrying a balance of around 1,500-2,000 yet they still offered me multiple balance transfer options once again, so I transferred over 1,600 from BOA and sent CITI a payment of around $400 last month and I just got the rate increasing letter.

Interest is going from 9.24% to 13.99%

I will not be opting out however. The increase isn't that bad, and they have grown with me from a 2,700 initial limit to 9,000 over the past 2 years.

Re: BT on new CITI card

DI — Thu, 19 Nov 2009 15:52:57 GMT

@Anonymous wrote:
Hello All,
For some crazy reason, after all of the app success I've had in the past 2 months (applied and approved for AMEX Gold, Discover More & Chase Freedom), I felt the need to apply for the CITI Forward card. I did so only after seeing success and nice CLs from fellow myfico community members. Well, I applied and much to my surprise was approved for $7K, bringing my total CL to $14,500.

Of course, I have noticed a bunch of the ratejacking and balance chasing by other members, so I was curious about doing a balance transfer on my new CITI. I have $2000 sitting on my Cap1 and $800 sitting on my BoA, and I really don't like having more than one balance report per month. Would I be alright in transfering the entire balance total of $2800 from my Cap1 and BoA accounts, and just paying the balance down on my CITI? Would this be negative in CITIs eyes? Could it possibly trigger AA? I don't expect to take more than 2 months to pay that balance down.

Whenever this baby reports, total Util will be 19.3%...when I get the balance down to $1300, the util will be just under 9%.

Any thoughts would be greatly appreciated.

Congrats! You got credit when credit was due. Long as you pay the card off within 6 months you should be fine. I don't think the BT would trigger any AA's from other creditors.

Re: BT on new CITI card

Anonymous — Thu, 19 Nov 2009 15:53:32 GMT

I really appreciate the advice from you all!

Re: BT on new CITI card

Anonymous — Thu, 19 Nov 2009 20:15:46 GMT

If you plan to pay the balances off within two months there is absolutely NO way it would be to your benefit to do a balance transfer, unless it were fee free.

Oh, what CRA does citi pull from?

Message Edited by thrasher865 on 11-19-2009 12:15 PM