Comments on: Citibank Balance Transfer Offer

By: Balance Transfers Helper

Balance Transfers Helper — Mon, 21 Jun 2010 13:59:42 +0000

Rudy, I think they are offering different deals to different people, based on data they have on the customer. Balance transfer checks like the ones you received are particularly dangerous, especially if you have a balance on the card already. That is due to the payment allocation you mention above, where they can use all of the minimum payment to reduce the debt with the 0% rate while other balances rack up interest. Unfortunately, Citi does offer some of the longest 0% rates available and charges tame 3% fees (compared to 4 or 5% balance transfer fees from others.) Thus, while the offer you got wasn't particularly good, the deals they are offering to new customers are. Kind of a catch 22.

By: Rudy

Rudy — Sat, 19 Jun 2010 20:12:50 +0000

I visited the site and they are making the O% interest till to end 6/2011 with an APR of 19.9 thereafter. Now that the law requires banks to have higer interest balances paid first, Citibank has figured around it by offering 0%,; xisting low interest rate balances get paid first, then the 19.9% rates kick-in a year later. They have sent me two mailers with checks encouraging I make up to four balance transfers with fine print on the 19.9% after the year is up. They even upped my limit after reducing it. Useless for large balance transfers.

By: Balance Transfers Helper

Balance Transfers Helper — Tue, 15 Jun 2010 16:23:01 +0000

Dee, While this is definitely not fair, it is important to be careful when doing balance tranfers, especially when you get offers in the mail. I don't in anyway condone this behavior, but I always advise people to continue making payments on old credit cards until you see the balance transfer appear on your old card. Credit card companies can take up to a month to transfer balances and (apparently!!!) change their minds at any time.

By: dee cole

dee cole — Mon, 14 Jun 2010 22:16:45 +0000

We received an offer of a bal. trans. through CITI that we couldn’t refuse. We were told it went through. I received my credit card and a letter saying the (large amt.) was transferred to the creditor we wanted the money paid to. We had not received any kind of bill from CITI so after a month we called CITI and they said the bal. trans. never went through as CITI stopped it because the original offer should never have been mailed to us. So now we will have interest of 2500.00 on the creditor that was not paid. CITI acknowledged that they did not call or write to us when they knew about their error.
You can’t even imagine how mad we are and CITI has not heard the last of us.

By: Balance Transfers Helper

Balance Transfers Helper — Tue, 17 Nov 2009 16:31:25 +0000

Good Customer, 19.99% is no bargain. Sorry if something I wrote lead you to believe otherwise. Perhaps I was being sarcastic, but unclear. No one with good credit should be paying more than 15%-anything more than that should prompt you to move your balances to a new credit card.

By: Good Customer

Good Customer — Tue, 17 Nov 2009 15:05:02 +0000

I got this letter. I had to transfer $3000 or more in order to keep my current terms. Otherwise my rate would be raised to 19.99%. Reading your articles I realize that 19.99% is a bargain, but it still sucks. I opted out and canceled the care. Yes, I have excellent credit, pay in full each month ($1,000-1,500), and have been a good customer for 15 years. The customer service agent did not offer me any other terms.