Want a 9 Month, Interest-Free Loan?
Written: Jan 31 '02 (Updated Feb 02 '02)
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Pros: One of the most competitive credit card offers around.
Cons: Eventually, the introductory interest rate ends.
The Bottom Line: If you have good credit, why not?
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| nghiemr's Full Review: Citibank |
Provided you have good credit and can pay back your balance in the end, Citibank currently has one of the best introductory credit card offers around...0% interest on balance transfers for up to 9 months on many of their cards.
You can even take the balance transfer as a check written out to yourself, which means the funds can not only be used to pay off other cards, but also as cold hard cash. I'm personally using it toward some conservative investments, making use of what I see as an interest-free, short-term loan.
Selection of Cards
This offer is available on many of Citibank's standard cards, platinum cards, and rewards cards. Some of these are the Platinum Select, Citi Smart Card, Diamond Preferred Card, and Driver's Edge Platinum Select. The terms and conditions of each card vary and are specified at the web site. Many of these cards have no annual fee.
Application Process
Applying for a card is amazingly streamlined and automated. If things go smoothly, you won't need to speak to a single person. Just go to the Citibank web site (http://www.citibank.com/us/cards), chose a card, and apply using their secure online application. All you need to gather is your personal information. If approved, you'll be instantly notified of the available credit on your new card. You then have the option of taking it the balance transfer as a check, in which case, Citibank will actually make an immediate increase to the original credit limit.
I chose to take the balance transfer on my new Platinum Select card as a check for the maximum available credit. Citibank charges a balance transfer fee of 3% of the transferred amount or a maximum of $50, so if you're going to use the credit limit as a "loan," it pays to cut yourself one big check to incur one maxed-out fee instead of many little ones. Also remember that you will still have to pay at least the minimum monthly payments. The introductory rate will expire exactly 9 months from the date you applied for the card.
I received the card and check about a week after I applied for the card, which I think is very timely compared to some other major companies I've dealt with.
Web Site
Citibank's web site is sophisticated, with lots and lots of links to click, and more information than you will probably ever need. Once you're a cardholder, you can sign up for Cardmember Central to access your account information online and make online payments. The account information is detailed, well-formatted, and easy-to-read. You also have the option of getting electronic statements instead of paper statements.
Overall Thoughts
After doing a lot of comparison shopping, I found Citibank's offer to be one of the best credit card deals available. Citibank shouldn't be the only one to benefit from such a valuable opportunity, though. If you have the financial discipline to beat this credit card company at its own game, then apply for one of their cards. Get their money upfront for a minimal fee, invest it or spend it wisely, then avoid the interest at the back end by paying back the balance in full before the 9 months are up. I've successfully done this with similar offers on other company's cards. If planned carefully, this could be one of the best interest-free credit card opportunities you'll ever encounter.
Recommended:
Yes
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Epinions.com ID:
nghiemr
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 - Top 1000 |
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Location: Los Angeles, CA
Reviews written: 66
Trusted by: 69 members
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