0% For Life - Two Citi Diamond Preferred (w/$50 purchase each month or two purchases per month)

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: Where was this advertised? Newspaper? Have a scan?

This was in my Sunday paper flyers too (SmartSource)

Scan


Looking closer this is a different offer code (F1K7) and it doesn't have a min purchase per month to extend

Better yet, apply for BOTH!!!!!

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.

What is the Max number of cards we can have from Citi, currently I have 2 cards a Platinum rewards 7k limit card and a Simplicity 4.5k limit card.

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.

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.
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.

clearanceman said:
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.
Yeah, Discover hates me and won't give big CL's.

Will Citi let you go above $25,000 if you reallocate?

I don't see this as much of the deal unless we expect that the 0% for 12 months is going to be over soon.

This 0% offer is good only about 6 months (also 75$ transfer fee) and after that you need to start paying interest. Plus, u need to worry about the 2 purchases.

I like the 0% for 12 months, no fee BT, plus 100$ GC. This promotion puts you 175$ ahead of 0% for life already. IMO.

u2head8 said:

I like the 0% for 12 months, no fee BT, plus 100$ GC. This promotion puts you 175$ ahead of 0% for life already. IMO.

Where is this offer?

u2head8 said: I don't see this as much of the deal unless we expect that the 0% for 12 months is going to be over soon.

This 0% offer is good only about 6 months (also 75$ transfer fee) and after that you need to start paying interest. Plus, u need to worry about the 2 purchases.

I like the 0% for 12 months, no fee BT, plus 100$ GC. This promotion puts you 175$ ahead of 0% for life already. IMO.

I think its very hot if you have the ability to consolidate multiple citi lines into one.

I put together a quick spreadsheet for a 3 year time period, I did a simple interest calc for purchases, but obviously if the rate environment remains consumer friendly then it makes sense

nonsense reason why this is a HOT deal

Online is back up. It's better just call, make sure you call 800-539-9734 and not the one OP posted if you want to get the one with 2 purchases instead of $50.

If you apply online, you will get till May 2007 for BT but if you call, I got till Nov 2007 for Purchases, Cash Advance, and BT. But it took me about 10 min on the phone.

If I already have this card, what are my options? Do I try for a second one? Can I get a 2nd card of the same kind from Citi (I have done it with Chase).

peteo said: Wished it had a 0% BT fee.
yes, but it has a max of $75. So if you have larger lines with Citi, well worth it.

Thanks!

Good one. But with BT Fees and $50 in monthly purchases...I will skip and look for a Discover offer where there is no BT Fees or min purchase restrictions.

samko said: samko said: yeastbeast said: I confirmed with the CSR that upon activating the offer before 5/1/07, I have until 10/01/07 to make subsequent BTs using the same offer.

yeastbeastIf your info is correct, then it would be wise to do another BT just before 10/1/07 in the amount equal to the payments that have been made. I'll check it out later.I just called to check on the deadline to do another BT under the terms of this offer and the rep that I spoke to mistakenly told me the 0% had already expired and when I told her she was wrong, she transferred me to a supervisor who said that I'm still at 0% and that I have until 12/20/07 to make another BT under this offer. Can anyone confirm the deadline to do another BT to re-up our debt?

On a side note, the supervisor noticed my one cent paypal payments and commented that I will maintain my 0% as long as I make the two charges per month. I really didn't want a supervisor to notice the one cent paypal charges, but it seems like he was okay with it.

I looked on my citicards.com for this 0% credit card and the best offer they can give me under Balance Transfers is a 6.9% offer. Duh. Not even 0%.

I looked at my other two Citi cards offers... and I had 0% offers available for those cards... but they had a 3% fee with no cap on both.