Citibank Balance Transfer changing over to 3% fee with no maximum

yeah got it... heh they catching on to the B/T game you think?

This isnt new...people have been talking about this for awhile....We shall see if new account offers are nixed...for now there are still offers with no fee bt's....most FW'ers probably dont use many bt's from existing accounts....even with BOFA, folks have reported at least calling in to get fees capped...

i got this notice, but my notice says i have the right to opt out of this change until my card expires? so that goes until the end of next year.

my question is does this affect any BT promos on the card that i haven't used yet? this card has a 0 for 12 that i've been waiting to use until one of my current 0% BT's is up.

dolmar said: y2chen said: i got this notice, but my notice says i have the right to opt out of this change until my card expires? so that goes until the end of next year.

my question is does this affect any BT promos on the card that i haven't used yet? this card has a 0 for 12 that i've been waiting to use until one of my current 0% BT's is up.

I got the notice and read the fine print if you call and OPT OUT Citibank will close your account but any balances you currently have on the card will remain at there current promo/normal rate till paid in full. This does not mean if you have 0% for 12 months and close your account you will keep 0% till paid in full this means once your promo rate expired you will be switched to whatever is your current rate on the card.I think he was asking a little different question, but I understand it because I'm in the same boat. I have a 0% for 12 months from the date of 1st transfer, which for me expires at the end of June. I think he was asking about transfers that he has not requested yet, but still has the offer for.

And to answer that, I don't believe those are affected. For me at least, when I go online and check BT offers, 0% for 12 months with no fee is still listed. Its an intro offer, so I don't think that'll disappear on you. I'll be watching closely because I intend to use mine in June just after my current 12 month promo ends.

Who the heck does non-promo BTs anyway?

That is why I posted that it really shouldnt matter for FW'ers...might cut down on the people BT'ed repeatedly in 1500 increments from dividend select....

maddybeagle said: Who the heck does non-promo BTs anyway?

That is why I posted that it really shouldnt matter for FW'ers...might cut down on the people BT'ed repeatedly in 1500 increments from dividend select....

Well maybe, but I've got no fee BTs on my Dividend Select for another 5 months. But I don't limit myself to 1500 a pop. Why just yesterday I requested 1503.20!

I got this as well. Citibank is probably testing the waters to see if other card issuers follow. I would suspect that the business is too competitive for this to stick. For every AOR out there, there's 1,000 people that are in over their heads with credit and moving funds between cards trying to stay afloat.

rasher said: I got the notice as well. Let me attempt to ask some clear questions:

1. I have a BT offer, 0% for 12 months, NO FEE. I was not planning on using this offer until June when an existing BT offer I'm using runs out.

2. My notice says I have a right to opt out of the change in terms. If I do this, will I lose my BT offer?

3. If I don't opt out, it sounds like I'd better make my BT prior to April 3, right?

I received 3 notices yesterday and have the exact same questions as above....

Thanks for the heads-up. Indeed, it seems to be affecting only REGULAR BT terms (where usually there was a cap), not necessarily any promotional offers they may have. I wonder if Citi retentions (or even CSRs) be able to waive the BT fees if asked.

Edit: Just checked some of my Citi online BT offers. One is 3% with cap of $75 and another is no-fee, and a non-promo interest rate roughly 1/2 of the regular purchase rate for 6 months. We'll see if those offers remain after April 3rd.

fatwallet2099 said: I got 5 notices (we have 12 cards in all) today that Citibank is changing their Balance Transfer Fee to 3% with no maximum effective April 3rd. Anyone else get this?

I was wondering if anyone could help with my situation:

I need the money and was offered BT 3% fee, max of $75 at 4.99 until paid in full.

I got this letter too that says "the change will be effective for all billing periods on or after April 3, 2007". According to my Account Summary, my next statement due date is 4/6/07.

If I make the BT (today), would the no max limit apply to me anyway? If so, is it wise for me to make a call and tell them I would like to opt out? (my card expires 3/31/2010, which would essentially be making it a 3 year loan at 5% + $75 BT fee).

Feedback is really appreciated. Thanks.

I see, thank you for clarifying. You're basically saying that the "no max fee" is non-issue and won't apply to me because the offer I recieved is actually considered a promo and not a regular BT. (But I should try to do this before 4/3 or else it's possible it might change).

Thank you again.

LustfortheMoment said: Look at the coupons in your Sunday paper. Last week, the Boston Globe had an ad for a Citi Diamond Preferred Card with 0% x 12months without a BT fee.

--- there is no sign that these offers are going to dry up soon ---

I got that notice too

Little question to whom? The 0% deals have been going away for years now, and I'm having no problem finding 0% no fee offers for my upcoming AOR. Well except for the problem of deciding which 20 to go for. IMO they're more plentiful, and for longer terms than ever.

Prentiss said: I cancelled my only Citibank card. Glad I did because Chase is MUCH BETTER, in fact the Chase rebate program was higher than the existing Citibank card with premium card (Signature or World, my choice) and PAYPASS.

Citibank was lowered to 2% and so I cancelled the card. It was useless. Chase is a higher 3% rebate card.

Chase rocks over Citibank, no comparision for the CC division IMHO.

I used to dislike Chase but now Chase has gotten to be really good.


get ready chase is doing the exact same thing, it was set into motion about 5 months ago.

dudetheobscure said: WalStMonky said: Little question to whom? The 0% deals have been going away for years now, and I'm having no problem finding 0% no fee offers for my upcoming AOR. Well except for the problem of deciding which 20 to go for. IMO they're more plentiful, and for longer terms than ever.

As mentioned, they may still be around for newbies like you planning some kind of "mega-AOR", just withering up for current customers.

Yeah, that would be me, Mr. Newbie, lol. I won't hold my breath dude.

I thought this was april fools - then 8 letters in two days! Aw geez, this sux - I was holding out on two BT's with citi that are 12 from the start date and no fee. I wonder if that offer will stick.