Citibank Balance Transfer @ 4.99% APR Until Paid Off!!!

[RossMAN]

Originally posted by: kranky
Just a warning: if you transfer a balance at a very low APR, you should stop using that card for new purchases. Most CC issuers will apply your payments to the balance with the lowest APR first.

So if you continue to charge on the card, all your new purchases will be racking up interest at the "normal" APR while all of your payments go towards paying off your low APR balance.

Good advice as always, thanks.

 

[SLEEPER5555]

Originally posted by: DVDKing
Hi Sleeper5555 How did you get the 0% until 7-03 ? Just call them up and ask ? Is this on NEW balance transfer or it is on the balance transfer you already made from another account to Citibank for 5.9% fixed ? Currently, I have over $15 grands with citibank at a fixed rate of 3.9%, but if I can get 0% until 7-03, I may switch to that.

I just went through that link posted above and it said 0.0% till 7-31-03 so i tranfered some over! as a note mine was limited not like the others are getting for unlimited time

 

[SLEEPER5555]

Originally posted by: LostHiWay

Originally posted by: Conscript

Originally posted by: fragged
Ya, thanks to the fact that I was 30 days late on a bill back in 1969, they won't offer me that deal...

i dont' know if you're joking or not, but if the infraction is over seven years away, then the credit agencies are required to remove it from your history. Even bancruptcy is removed from your credit history ofter 7 years.

Actually Bancruptcy is on on your report for life. It may no longer have an impact on your credit score after 7 years but it will always be noted on the reported. That is not good.

Nope bad marks are gone after 7 years and bankruptcies are for 10 years.

 

[alfonsors]

Another interesting offer from First USA Platnum. I called them to see if they would match a 4.9% offer (until paid off) of my ATT Platnum card. They told me that they have an offer to give me 4.75% on balance transfers. Other details, that I will need to verify when I receive the info, are that the fee is $8.00 a month, but you are able to transfer other balances over without additional tranfer fees for every transaction. The rep said that purchases are also 4.75% but cash advances are higher 19% or something like that.

I paid off my credit cards a few years ago and vowed never to rack them up. Recently I've been helping my parents with there finances and found out they were paying some rediculous rates on a 15,000.00 loan (around 25% yearly) My father sends large payments (around 700.00-1000.00) and still around 200.00 goes to interest a month .. to top it off they charge him 50.00 a year fee for using there loan services and one of those crappy @ss insurance plans. I figured if most of the offers require 3% or 50.00 max transfer fee I would be spending 100 dollars either way to consolidate two of their credit cards but definitely saving mucho dollars in the long run for my parents. This seem like a pretty cool deal if you don't have cards to jump back and forth two and are looking for more than a year of paying off a loan. Otherwise if you are looking on paying it off withing 6 months to year I would keep and eye out for those 0% - 2.99% no transfer fee deals.

I actually did get one of those 0% for a year with no tranfer fee checks from Chase but I did not have enough available credit to put my parents two main bill togethers and I did not want to request a higher spending limit which would have been about triple what they give me now.

Good luck
From California - Where most people live out of there means -but look good doing it

 

[Jstic]

There is a catch to all of these balance transfer low interest deals. You will always be paying off the lowest interest rate portion of your bill first. So if you have say $2,500 at 9.9% and transfer $2,000 to be paid back at 3.9% for the life of the loan, you will be accumulating interest on the $2,500 the entire time you are paying off the low interest balance transfer. If you figure it out over time, you really save next to nothing. That is unless you can pay large chunks and get rid of both in a short time.

 

[Hector13]

I never keep a credit card balance. Why dont you people try to spend less than what you earn or at most what you earn. Can you explain why you people pay this high interest for credit cards while some people are trying to earn at least 2.75 on their savings. It cannot be because you guys are poor you can always drop your DSL/GYM/paper subscription etc to save you money. Isn't it. I am just trying to comprehend the situation.

While I have never carried a credit card balance, its not always a terrible thing to have a balance. Its just depends on what your "time-value of money" is. I know I will be making more in a few years than I am now (like most recent college grads or people still in college), so I rather spend $1000 now and enjoy it than have $1200 two years from now.

Originally posted by: Jstic
There is a catch to all of these balance transfer low interest deals. You will always be paying off the lowest interest rate portion of your bill first. So if you have say $2,500 at 9.9% and transfer $2,000 to be paid back at 3.9% for the life of the loan, you will be accumulating interest on the $2,500 the entire time you are paying off the low interest balance transfer. If you figure it out over time, you really save next to nothing. That is unless you can pay large chunks and get rid of both in a short time.

There is also a catch to not reading a thread before posting in it. kranky posted the same info a few posts before yours and rossMan quoted the post as well.

 

[jolottashakn]

What I have learned to do to minimize the possibility of charges accumulating at a much higher interest rate on a card I've used for a promotional balance transfer, prior to using any balance transfer at a promotional rate, is

1. 1. Review the last three statements for that credit card looking for any retailers/service providers whom I have authorized to make monthly charges to my card, e.g., cable TV, telephone phone, DSL, ISP, storage, magazine subscriptions or AAA (which may only be annually), utilities, anyone whom I have authorized to use my cc no in an ongoing basis.

1. 2. I then change those retailers/service providers to my new "daily use card" (the one I'm gonna pay off every month).

1. 3. Wait a few days and confirm the changes has taken by calling them back or logging on.

1. 4. Take the card out of my wallet. Wrap it in tape so I won't forget and grab for my next Hot Deal on-line purchase.

1. 5. Authorize the balance transfer.

1. 6. Confirm funds have been paid by checking the on-line statement (or calling) of the debt/card I paid off/down.

1. 7. Report the card (the one whose offer for a promotional rate balance transfer I have used) lost.

This last step prevents merchants from using the number you gave/authroized them several months back and you may have forgotten about.

What has always happened in my case is that within a few days I have a new card (which I immediately physically label "do not USE till promotion paid off")

And then six months later, it happens all over again.

 

[Conscript]

Originally posted by: LostHiWay

Originally posted by: Conscript

Originally posted by: fragged
Ya, thanks to the fact that I was 30 days late on a bill back in 1969, they won't offer me that deal...

i dont' know if you're joking or not, but if the infraction is over seven years away, then the credit agencies are required to remove it from your history. Even bancruptcy is removed from your credit history ofter 7 years.

Actually Bancruptcy is on on your report for life. It may no longer have an impact on your credit score after 7 years but it will always be noted on the reported. That is not good.

you are 100% correct.

 

[Jstic]

Yup, they see a 15 year old bankruptcy on your credit report and they will make up just about any bogus reason not to give you credit. Legally they cannot hold it against you, In reality it will always
be held against you.

 

[Conscript]

Originally posted by: Jstic
Yup, they see a 15 year old bankruptcy on your credit report and they will make up just about any bogus reason not to give you credit. Legally they cannot hold it against you, In reality it will always
be held against you.

wrong. The credit angencies remove the information completely, as if it never existed.

 

[Jstic]

Wrong, some will purge records after 7-10 years. Some will keep these records on file for as long as they like. I worked for Equifax for two years.

 

[Conscript]

Originally posted by: Jstic
Wrong, some will purge records after 7-10 years. Some will keep these records on file for as long as they like. I worked for Equifax for two years.

again, I'm not talking about laziness, I'm tlaking about law. If I ask for my credit report from equifax, and it shows anything from 11 years ago, I have legal recourse to have them rmove it. It is not up to the credit agencies, it is a matter of law.

 

[rimshaker]

Originally posted by: rimshaker
I currently have a permanent APR of 6.65% on all my major credit cards... anyone else have lower? Cause if so, imma call and ask them to lower it again

I'm assuming no one has lower than 6.65% permanent APR then. Damn, hope the feds don't raise rates for a while.

 

[SLEEPER5555]

Originally posted by: Conscript

Originally posted by: Jstic
Wrong, some will purge records after 7-10 years. Some will keep these records on file for as long as they like. I worked for Equifax for two years.

again, I'm not talking about laziness, I'm tlaking about law. If I ask for my credit report from equifax, and it shows anything from 11 years ago, I have legal recourse to have them rmove it. It is not up to the credit agencies, it is a matter of law.

this is correct like i said before normal marks are 7 years bankrupcies are 10 years then by law they should be removed if they are not then you dispute it and they will remove. I am 100% positive on this but if you do not beleive check google!

 

[dataspaz]

 

[dataspaz]

Originally posted by: rimshaker

Originally posted by: rimshaker
I currently have a permanent APR of 6.65% on all my major credit cards... anyone else have lower? Cause if so, imma call and ask them to lower it again

I'm assuming no one has lower than 6.65% permanent APR then. Damn, hope the feds don't raise rates for a while.

as said in before go here for a 5.5% fixed rate

 

[rimshaker]

Originally posted by: dataspaz

Originally posted by: rimshaker

Originally posted by: rimshaker
I currently have a permanent APR of 6.65% on all my major credit cards... anyone else have lower? Cause if so, imma call and ask them to lower it again

I'm assuming no one has lower than 6.65% permanent APR then. Damn, hope the feds don't raise rates for a while.

as said in before go here for a 5.5% fixed rate

Uhhhh.. it may be 5.50%, but a $35 annual fee?? I don't think so. Maybe i should've rephrased my question to say annual fee cards don't count. Cause, depending on your actual balance, paying $35 a year is like $3 per month in finance charges... and that definitely doesn't compare to having a low permanent 6.65% with NO annual fee.