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?
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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.
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 still think you will see the occasional "No balance transfer fee with this offer". Some of the Citibank ads in the sunday paper have no balance transfer fee, but it changes from week to week.
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.
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.
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.
OK, my question is what is my standard BT fee according to my agreement? I sure wouldn't know without going and digging my cardholder agreement out of the file. No, I don't expect anyone to know my T&C, my point is that I care about as much about that fee as I do the cash advance fee, the over the limit fee, the bounced payment fee, the fee for incurring too many fees or the APR if I don't pay in full or take a cash advance. Who the heck does non-promo BTs anyway? Anyway, as of yesterday I've received no change in T&C though I have been getting those stupid 'privacy' notices. You know, the notices that tell you they have no respect for your privacy.
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....
FWIW, i got a Citicard recently, and enclosed with my new card was a statement saying that the transfer fee cap was actually $250, not the $75 printed in all of the other literature that came with the card. In reality, i actually paid no fees when i did my 0% BT. I agree with WalStMonky that this change of terms is a non-issue.
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!
My husband just got this notice in the mail. It's for a card that is currently somewhere in the bottom of his sock drawer, i.e. it really doesn't affect us. I just BTed for 0% and $0 transfer fees onto a new Citibank Card. Have not gotten a notice yet. I don't think it will affect the money I have there currently anyway.
All I hope for is that this is not a trend to get rid of 0% BTs because that would really hurt.
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.
Regardless, the change in terms are to the regular BT on your account (as WalStMonky pointed out). That would be BT that do NOT use a promo and go by the interest rate on your original T&C (like the same rate as purchases or cash advance rate or something else like that). This change in terms does NOT affect promotional offers. Promotional offers will say either no fee, a capped fee, or an uncapped fee. It doesn't affect any offers you already have or any offer will will get.
Now, a different question is whether Citibank will stop offering no fee BT promos, but I doubt it.
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?
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