Banking on a CLI from Citi to complete a BT Transaction by 1/2010

[DI]

I have a Platinum Select card that I opened with Citi July 2009.  It has a $4000 CL.  I'm still being waved a 0% APR BT rate for 9 months.  I have until 4/2010 to use it.  I am wanting to take advantage of the offer by transferring my last $4900 car balance to the card. I am ready to say see ya to GMAC!  I will pay the balance off within 9 months.  What are my chances of seeing the luv button in December with a $2000 CLI?  My credit is pristine with less than 1% utilization out of $26,600 available credit.

[Anonymous]

I thought we talked about this before, ran all the numbers and concluded the savings were so minimal that it wasn't worth incurring the fee to make the BT. Moving installment debt to revolving and paying a $147 BT fee to do so is not a good plan.

[DI]

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@Anonymous wrote:
I thought we talked about this before, ran all the numbers and concluded the savings were so minimal that it wasn't worth incurring the fee to make the BT. Moving installment debt to revolving and paying a $147 BT fee to do so is not a good plan.

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We did, but I came up with a different calculation than you all.  I currently pay around $47 in interest each month.  I still have 11 months left to pay.  But I will pay it off in May 2010 instead of October 2010. I can recoup to BT fee in three months and still have a significant savings. I have savings to pay the loan off if Citi tries something fishy during the 9 months.

[Anonymous]

It's an installment loan. The interest is not level - it decreases every month. The calculation I presented before was correct. You seem determined to do this. You state you need a CLI to be able to do it. That means you will be looking for a CLI so you can max out the card. It is a bad plan - actual costs do not justify it let alone the potential risks (costs) you may incur. I stated before don't do it and I do so again. There is no "there" there.

[DI]

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@Anonymous wrote:
It's an installment loan. The interest is not level - it decreases every month. The calculation I presented before was correct. You seem determined to do this. You state you need a CLI to be able to do it. That means you will be looking for a CLI so you can max out the card. It is a bad plan - actual costs do not justify it let alone the potential risks (costs) you may incur. I stated before don't do it and I do so again. There is no "there" there.

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You're right.  I forget about that.  After 5 years of paying GMAC, I'm just tired of seeing its name.  I'll just keep making extra payments rather than do a BT.  Thanks!

[Jazzzy]

DI...I think that's a good decision.

The last thing you need is AA from another one of your cards if they don't like to see you with a maxed out card when they soft you. AA from one card can be the beginning of a cycle of AA.

[DI]

Thanks Lynette!  I may have to hear this again from you all if and when Citi give me a CLI.  I'm going to be tempted. 

[Anonymous]

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@Anonymous wrote:
It's an installment loan. The interest is not level - it decreases every month. The calculation I presented before was correct. You seem determined to do this. You state you need a CLI to be able to do it. That means you will be looking for a CLI so you can max out the card. It is a bad plan - actual costs do not justify it let alone the potential risks (costs) you may incur. I stated before don't do it and I do so again. There is no "there" there.

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+1