@JetOneTV wrote:Hi there, everyone; 1st off just wanted to thank you for any advice.
Long story short, due to helping out family, etc., we are in debt with Credit Cards, etc...
But for this post, I'm only going to talk about the "Citi Double Cash® Card," previously they closed my account for "NO REASON," and we didn't even know it was closed until a letter came in the mail; I was so upset because they even closed the other Credit Card I had with them and it didn't even have a balance on it, due to family not paying us back we were forced just to leave it alone and put focus on other credit cards paying those down. - Since they closed those two cards, my credit score was already hit so I couldn't do anything anyway...
It's been about 2-3 months since they did this. - I was checking my e-mail and noticed, "We can help you lower your monthly payments," so I went to check out what it was and found out it was the: "Reduced Interest Arrangement."
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Monthly Payment Amount: $153.00 APR: 0.0% Duration 60 months First Payment Due: Mar 10, 2023
- Lowers your interest rate to a fixed APR of 0.0%
- Incur no additional late fees through the duration of your arrangement.
- Changes your monthly payment to a fixed amount.
How Reduced Interest Arrangement Works
Making Your Payments
If your account is currently open, we will close it, and it will remain closed even if you successfully complete the program.
If the account is currently closed, it will remain closed at the end of the program.
If you accept this arrangement, your account will be enrolled, and the arrangement benefits will take effect immediately. You must make the required monthly payments even if a different minimum due amount is shown on your statement.
Your first payment will be due Mar 10, 2023, and subsequent payments will be due by the 8th of each month starting Apr 8, 2023.
You can make extra payments to lower your balance faster and decrease your delinquency. However, you must still pay your agreement amount each month. If you make an extra payment, it will not be applied toward the next payment due.
If you anticipate any problem with your payment, such as your check being returned for non-sufficient funds (NSF), contact us immediately.
Important Reminders - Monthly statements will still be sent. Review your statements to ensure your payment was posted correctly, that no late fees were charged, and that the correct APR is being charged. You will not be eligible for any future payment arrangements with APR reduction and/or no fees. Therefore, it is important that you adhere to the payment schedule.
If your account is on an active arrangement, then your current active arrangement will be terminated and cannot be reinstated upon accepting this new arrangement. Any scheduled payments that have not been processed will be deleted.
What Happens Next
If you do not cancel recurring charges or you make additional purchases, your account will not have a $0.00 balance at the end of the program. If you successfully complete the program, you must pay any remaining balance at the end of your program.
We may report information about your account to credit bureaus. Late payments, missed payments, or other defaults on your account may be reflected in your credit report.
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Is this a good option to do, or is this bad to do this?
It depends. If your account already has a negative on it, then you might as well accept the arrangement.
If it doesn't already have a negative, then you need to find out if they will report your acceptance of this arrangement to the credit bureaus. If not, then I would go for it. If they will report it to the bureaus, then it will probably be a negative.
