Thought this offer would be good to post as we have threads dedicated to finding the spending patterns that get invitations for 0% for life offers. This is for new accounts:
Details: 0% until 5/1/07. After that make a minimum of $50 in purchases each billing period to extend your 0% APR on balance transfers until paid in full. Offer code is F1K6. Apply by calling 1-800-538-7619
3% BT fee, min $5, max $75 with the offer.
Analysis: The current rate on this card is 14.24%. For every month of purchases (assuming exactly $50 which shouldn't be hard for FW'ers) you will be accumulating about $.59 per month in interest, plus the interest on the interest. So there is plenty of upside given the amount you take out is large, which by reallocating other citi cards it should be fairly easy if you have existing accounts.
Edit: Title updated to reflect no minimum purchase offer.
efficacyman said:Thought this offer would be good to post as we have threads dedicated to finding the spending patterns that get invitations for 0% for life offers. This is for new accounts:
Details: 0% until 5/1/07. After that make a minimum of $50 in purchases each billing period to extend your 0% APR on balance transfers until paid in full. Offer code is F1K6. Apply by calling 1-800-538-7619
3% BT fee, min $5, max $75 with the offer.
Analysis: The current rate on this card is 14.24%. For every month of purchases (assuming exactly $50 which shouldn't be hard for FW'ers) you will be accumulating about $.59 per month in interest, plus the interest on the interest. So there is plenty of upside given the amount you take out is large, which by reallocating other citi cards it should be fairly easy if you have existing accounts. \\ Green for you!
Where was this advertised? Newspaper? Have a scan?
SUCKISSTAPLES said:efficacyman said:Thought this offer would be good to post as we have threads dedicated to finding the spending patterns that get invitations for 0% for life offers. This is for new accounts:
Details: 0% until 5/1/07. After that make a minimum of $50 in purchases each billing period to extend your 0% APR on balance transfers until paid in full. Offer code is F1K6. Apply by calling 1-800-538-7619
3% BT fee, min $5, max $75 with the offer.
Analysis: The current rate on this card is 14.24%. For every month of purchases (assuming exactly $50 which shouldn't be hard for FW'ers) you will be accumulating about $.59 per month in interest, plus the interest on the interest. So there is plenty of upside given the amount you take out is large, which by reallocating other citi cards it should be fairly easy if you have existing accounts. \\ Green for you!
Where was this advertised? Newspaper? Have a scan? In the sunday coupon flyer today:
Citi Diamond Preferred Mastercard: 0% until 5/1/07. After that make a minimum $50 in purhcases each billing period to extend your 0% APR on balance transfers until paid in full. apply at here (offer code F1K6) or call 1-800-538-7619.
SUCKISSTAPLES said:Better yet, apply for BOTH!!!!!
SIS, I have both a diamond rewards MC & AMEX, but would LOVE to take advantage of this offer. I got those cards in June/July of this year, and both currently have balances in the 70% util range (cash earning interest). those are my only high % balances, FAKOs in the 725 range. what would be the best play to take advantage of this offer & maximize chances of getting approved?
Are the 0% BT offers still on the online screen for those cards to request a new BT?
If so, pay them off, and apply for the new card. Hopefully you get approved, and even if you dont, you can still go back to online screen and do the BT again.
SUCKISSTAPLES said:Are the 0% BT offers still on the online screen for those cards to request a new BT?
If so, pay them off, and apply for the new card. Hopefully you get approved, and even if you dont, you can still go back to online screen and do the BT again.
BT offers still avail online--will take your advice. thanks!!
Regardless of what some people have been limited to, there is no maximum. Many people have been able to get multiple cards. Check the old drivers edge and ATT posts people got several cards of each, even the same ones.
Citi has a "2apps within 60 days" policy they sometimes like to throw around, but so many people have been able to exceed it , so its best to just keep trying and getting more till they say no.
Please know these facts before you apply for this card.
0% on balance transfer if you make $50 purchase every month. This is a very big catch!!! Because, 0% is only on BT, so you have to repay that $50 used for the purchase every month before the due date or else the 14% interest would be slapped on the account But the actual point is, when ever you make any payments, the lowest interest rate will be paid off first, so if you make a purchase of $50 before you repay that $50 you have to pay off the BT amount as BT has 0% which is lower than that purchase APR This is a general rule for any card. Any payments made will be applied towards lower APR first before you pay the higher APR. So to use this 0% APR for life, you have to do this balance transfer every month and repay it every month. There is a BT fee of 3% so citi would be gaining by this and not the customer, if you pay 3% fee every month for BT, Do u think this card is worth applying ??? I am not against citi card or for that matter any card. But this is how it works, and all these rules are not made clear by most of these card companies to their customers. This is written in fine print of the card agreement policy. Most of us would not spend any time reading the fine print, and even though we read that,, some of that stuff is hard to understand.
^or you could just pay the interest on the $50, which can be offset if you know where to put your BT money.
This deal is NOT worth it if you're going to be paying off the BT everymonth and retransferring. Matter of fact, I don't think it will even work that way.
SUCKISSTAPLES said:Regardless of what some people have been limited to, there is no maximum. Many people have been able to get multiple cards. Check the old drivers edge and ATT posts people got several cards of each, even the same ones.
Citi has a "2apps within 60 days" policy they sometimes like to throw around, but so many people have been able to exceed it , so its best to just keep trying and getting more till they say no.
I've gone over the top with citi, maxed out on number of cards, but I can still throw the wife under the bus . I'm maxed on Chase too and she is pretty close but maybe one more 0% for life citi for her. I'll wait until next month when some Chase BT's are due and will bring down total utilization to available credit ratios. Thanks for the scan Baldrick! The timing is nice with that December 15th expiration date, pay BT off before 11/28, apply for 0% for life before 12/15.
rbjrk said:Please know these facts before you apply for this card.
0% on balance transfer if you make $50 purchase every month. This is a very big catch!!! Because, 0% is only on BT, so you have to repay that $50 used for the purchase every month before the due date or else the 14% interest would be slapped on the account But the actual point is, when ever you make any payments, the lowest interest rate will be paid off first, so if you make a purchase of $50 before you repay that $50 you have to pay off the BT amount as BT has 0% which is lower than that purchase APR This is a general rule for any card. Any payments made will be applied towards lower APR first before you pay the higher APR. So to use this 0% APR for life, you have to do this balance transfer every month and repay it every month. There is a BT fee of 3% so citi would be gaining by this and not the customer, if you pay 3% fee every month for BT, Do u think this card is worth applying ??? I am not against citi card or for that matter any card. But this is how it works, and all these rules are not made clear by most of these card companies to their customers. This is written in fine print of the card agreement policy. Most of us would not spend any time reading the fine print, and even though we read that,, some of that stuff is hard to understand.
That's why you only pay the interest. This BT offer effectively lasts as long as you want it to, which should be based on when you start earning less interest than you're paying. At 14%, you'd effectively need to have about a 3x leverage (3x BT vs. 1x payments), where the break even point is. You'd want to stop this deal before you hit that point (or earlier when it becomes not worth your time).
Does anyone know if you can request a check or an ACH with this card's BT offer?
rbjrk said:Please know these facts before you apply for this card.
0% on balance transfer if you make $50 purchase every month. This is a very big catch!!! Because, 0% is only on BT, so you have to repay that $50 used for the purchase every month before the due date or else the 14% interest would be slapped on the account But the actual point is, when ever you make any payments, the lowest interest rate will be paid off first, so if you make a purchase of $50 before you repay that $50 you have to pay off the BT amount as BT has 0% which is lower than that purchase APR This is a general rule for any card. Any payments made will be applied towards lower APR first before you pay the higher APR. So to use this 0% APR for life, you have to do this balance transfer every month and repay it every month. There is a BT fee of 3% so citi would be gaining by this and not the customer, if you pay 3% fee every month for BT, Do u think this card is worth applying ??? I am not against citi card or for that matter any card. But this is how it works, and all these rules are not made clear by most of these card companies to their customers. This is written in fine print of the card agreement policy. Most of us would not spend any time reading the fine print, and even though we read that,, some of that stuff is hard to understand. Sorry, your post was almost as hard to understand as the cc fine print. Try this: "Your payments go towards the 0% balance first, and the $50 purchases continue to accrue interest at 14."
djspray said:But with the offer(F1K7) requiring no $50 minimum purchase, the interest would be accruing at 14% on just a couple $0.01 purchases every month, right?
Hot. Looks like it would, just like previous Discover offers.
djspray said:But with the offer(F1K7) requiring no $50 minimum purchase, the interest would be accruing at 14% on just a couple $0.01 purchases every month, right?
Hot.
Yes, that is the whole point of doing this. I've got two 0% for life BTs from Discover but this is the first I had seen from Citi.
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. I'm maxed on Chase too and she is pretty close but maybe one more 0% for life citi for her. I'll wait until next month when some Chase BT's are due and will bring down total utilization to available credit ratios. Thanks for the scan Baldrick! The timing is nice with that December 15th expiration date, pay BT off before 11/28, apply for 0% for life before 12/15.
