Citi Flex loan questions?

[Jojo567]

Can I pay it off early without a fee?

Does citi look at it as a cash advance? Or is there no negative damage to relationship? 

Any downsides to it?

[CaptJOB]

Pretty sure you can pay off early with no penalty.

Not a cash advance. Likely has a lower APR than just charging on the card. Looks like normal credit utilization to the credit bureaus($15k flex loan against a $20k credit limit shows as 75% utilization assuming no other balances on the card).

[trant3]

Can pay it off early, ive done it several times no issues. Its not treated as a cash advance.

[M_Smart007]

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@trant3 wrote:

Can pay it off early, ive done it several times no issues. Its not treated as a cash advance.

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THIS^^^^^

[LakeLife]

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@Jojo567 wrote:

Can I pay it off early without a fee?

Does citi look at it as a cash advance? Or is there no negative damage to relationship? 

Any downsides to it?

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The only downside is that it will count as UTIL against your CL and TCL, but other than that there is no fee for early payoff.  It's not considered a cash advance, because it's setup as an installment loan in addition to or in lieu of your minimum monthly payment.  There's nothing to keep you from making additional payments though.

We used it for my wife's business, and it worked great.  The interest rate at the time was under 8%, and we paid it off a couple of years early.

[MyLifeStory2023]

Beware of using the Flex Loans and Credit card at the same time. My payments have more than doubled even though I carry a $100 balance on the credit card portion of my card. My flex loan payment is $60 and my minimum monthly payment is now $160 which requires me to pay off my credit card every month. 

[gingerflower]

@MyLifeStory2023 

I totally agree with you because this is the same situation DH is dealing with Citi Bank. The Flex loan is ok as long as you don't have  a balance on the Cc at time of doing the Flex Loan.

[Dart]

This sounds like the question I wanted answered:

Can I take the loan.  Pay it off  in 2 weeks.  They use it again in two weeks?

or is it a one and done perk?

[yam1rts]

I never carry a balance but did use a flex loan, within 3 weeks I paid my charges and loan amounts. Account balance is now zero and closing date is tomorrow. Will wait to see what the statement brings back as far as interest from the loan. I’ll pay that and see if I can pull another loan. Promise I’ll be back and let you guys know if I can repeat.

[Wavester64]

I have a question for this as well.

Say I take a Flex loan for $1200, to pay off in 12-months.

With interest the loan would be say $105 per month.

Say after 3-months I want to pay it off, am I paying the $5 interest as well
for the 9-months I don't have the loan outstanding at all, or does Citi deduct
any interest since the loan is paid off?

I am assuming it's NOT the latter & you still need to pay the interest even though the loan is paid
off, but just checking