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Citi Flex Loan

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AverageJoesCredit
Legendary Contributor

Citi Flex Loan

Citi has been weird for me lately . Sending me emails on cards to apply , the latest being for Simplicity albeit with no set apr which makes me think its all marketing. Plus i cant get cli on my core legacy cards most likely due to exposure/income.

Ive noticed beside a bt offer on my Diamond Preferred they are offering me a Flex loan at 10.99% apr that i can use up to my full limit of $2800 , no hp, up to 60 months. Pretty neat though i wouldnt really take advantage of it unless i had a higher limit. I know Flex has been discussed a little before but figured id share my little Citi promotionsSmiley Wink.
Message 1 of 25
24 REPLIES 24
CreditCuriosity
Moderator Emeritus

Re: Citi Flex Loan

ya wont use flex loan but have it on my dc as well i think it is 6.99 or 7.99 though.  

Message 2 of 25
Anonymous
Not applicable

Re: Citi Flex Loan

I don't really see the appeal unless you can't get a personal loan and don't mind insane utilization on your card. 

Message 3 of 25
CreditCuriosity
Moderator Emeritus

Re: Citi Flex Loan


@Anonymous wrote:

I don't really see the appeal unless you can't get a personal loan and don't mind insane utilization on your card. 


depends on CL on card obviously as mine sits at 25k, but still wouldnt use it although i certainly can see some people using it to avoid a new account, etc..

Message 4 of 25
AverageJoesCredit
Legendary Contributor

Re: Citi Flex Loan

Wow CC, thats a great apr on yours. If i had your limit and apr id do it, put all my debt there and be done with it. Some of us cant get good personal loans no matter how high. our credit scores are because most places, banks , or CUs want you to have a high income to get one lol. My Amex loan is 8.99 so 10.99 isnt that much higherSmiley Wink
Message 5 of 25
Anonymous
Not applicable

Re: Citi Flex Loan


@CreditCuriosity wrote:

@Anonymous wrote:

I don't really see the appeal unless you can't get a personal loan and don't mind insane utilization on your card. 


depends on CL on card obviously as mine sits at 25k, but still wouldnt use it although i certainly can see some people using it to avoid a new account, etc..


Yeah I mean I get it with that kind of limit but if you have that kind of limit, I bet you can get a personal loan for 60 months at a lower rate without putting it on a credit card where they can rip the rug out from under you by changing terms at any time. I mean imagine if you took a $5K flex loan and Citi decided that was too much risk and slashed your limit? It's an unlikely scenario with your profile I'm sure but it's not as safe as a contract with a fixed rate personal loan and a lot can happen in 60 months. 

For a short term loan, there are BT to checking offers on numerous cards and for those that have CU cards, low APR cash advances are usually an option too. 

Message 6 of 25
Anonymous
Not applicable

Re: Citi Flex Loan


@AverageJoesCredit wrote:
Wow CC, thats a great apr on yours. If i had your limit and apr id do it, put all my debt there and be done with it. Some of us cant get good personal loans no matter how high. our credit scores are because most places, banks , or CUs want you to have a high income to get one lol. My Amex loan is 8.99 so 10.99 isnt that much higherSmiley Wink

I suppose it's true enough about the personal loans. The one I got from Best Egg was 18.99% for $2500 and of course I got the CFA black eye from it too. I suppose it could make sense in your situation but the risks of AA are still very real so it's not something I would do. 

Message 7 of 25
CreditCuriosity
Moderator Emeritus

Re: Citi Flex Loan

Was just putting it out there why non mf people or the likes might consider it.  Yes I certainly could get a lower rate with say lightstream as I have a debt considation loan at 5.95% now due to some medical stuff, but they even offer lower than that for non debt consolidation.  It is an interseting concept, but not for everyone by any means as i will never use it and have a big enough cl to make it "worth while" without killing my utilization.  

Message 8 of 25
AverageJoesCredit
Legendary Contributor

Re: Citi Flex Loan

@Anonymous, i believe terms are set, they cant slash limit of the loan you accept. Let me check later what it says to see if i can copy and paste.
Message 9 of 25
Anonymous
Not applicable

Re: Citi Flex Loan


@AverageJoesCredit wrote:
@Anonymous, i believe terms are set, they cant slash limit of the loan you accept. Let me check later what it says to see if i can copy and paste.

The terms may be fixed for the loan but that doesn't mean that they can't slash the limit on the card in AA. If someone was unable to get a personal loan and needed to take advantage of that offer, a CLD could leave them stuck with a maxed out card and AA domino effect. 

Message 10 of 25
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