However, it offers Citi mastercard consumers the capacity to have best power over at the least some of these exceptional bank card balances.

Ask a concern

Appreciate that you have shared your own experience with the Citi Flex mortgage. Hopefully, it may help with clients who’re looking at this newer mortgage items.

That flex loan was subject to the apr hierarchy. Definition, should you have a lower life expectancy apr balances exchange thereon card, therefore incorporate a flex mortgage on the staying available stability, whatever during the minimum repayments (your existing flex financing payment, and the minimum in the balance move) visits the flex mortgage.

When your balance transfer is for eighteen months, and your flex loan is for 36months, therefore create above minimal payments, convinced that you have paid down that exchange energy, you will end up in for a rude awakening when that point is up. You will simply be able to create minimum payments towards they until that flex loan is actually paid-in complete.

Extremely educational article; thanks a lot a great deal!

Be mindful with the conditions and terms on these “loans” they might be just another balances exchange. They may not be that loan in the sense that the installment is the identical each month, and so they do not upset anything you might already have on your own account. They truly are just another type of an equilibrium move.

I thought that these people were addressed like another entity, and whatever you had or allocated to your card could be treated like the “loan” was not indeed there. They even set up the web site to reveal the “Flex mortgage” as an independent region. Ensuring you understood that it was that loan for XXX amount of cash with a set range money and a set rate of interest, after which it might say whatever your own payment per month would be. Then it shown how much cash ended up being kept for you “loan” and exactly how lots of repayments you’d offered.

However the report i acquired that month suggested when the flex mortgage apr got above whatever else ended up being on cards, then any such thing within the minimum would get towards that mortgage. Therefore, it is far from an “additional” cost around minimal you ought to have. It is being paid at the same price as the existing shopping but it’s apr should determine if this will get understanding on top of the minimum or otherwise not. In order for great 10.99per cent interest 36 month balance move I had going just isn’t acquiring any thing more than the minimum payment per month for the reason that it “loan” is using whatever more than their particular “monthly cost” is as well as the minimum because of the exchange.

Have I recognized that I became likely to be spending they back once again in one rate as a typical balances exchange, using larger apr. speed overtaking every little online payday loans in OR thing above the minimal payments, i mightnot have taken they. No chance.

BTW, NEVER EVER have over maximum on your own bank card unconditionally. The billing cycle on my card begins on 17th from the period, and that I got on that “loan” from the 16th, the borrowed funds levels lead my borrowing limit with the maximum, nevertheless overnight the interest costs regarding the latest balances move I’d about it came due and pressed it over by $22.50. It was in May. The June statement arrived also it got a huge observe saying that my personal “flex Arrange” aka my “Flex financing” interest rate would-be rising to 24per cent and the complete number of money available to myself would go from 36 to 30 launching in August 28. Now that I think from it, I suspect that my stability transfer we currently had is roofed inside the “Flex Plan” and now THAT 10.99% rates will go to 24percent.