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Appreciate you’ve provided your experience with the Citi Flex Loan. Ideally, it helps with people who happen to be looking at this newer financing product.
That flex financing try at the mercy of the apr hierarchy. Definition, any time you already have a diminished apr balance move on that cards, and you also need a flex financing throughout the continuing to be offered balance, whatever within the minimum costs (your latest flex financing installment, in addition to the minimum about balance move) goes toward the flex financing.
When your balances move is actually for eighteen months, plus flex loan is actually for 36months, and you create a lot more than the minimum repayments, believing that you’ll have paid back that exchange times, you’ll be in for a rude awakening when the period is actually up. You will simply be able to generate minimal payments towards they until that flex financing try paid in complete.
Most educational article; many thanks so much!
Be careful because of the small print on these “loans” these are typically yet another stability exchange. They may not be a loan in the same manner that your payment is the identical monthly, plus they don’t determine anything you might curently have on your own profile. These include just another form of an equilibrium exchange.
We thought that they certainly were managed like an independent organization, and anything you got or spent on your credit might possibly be treated just as if the “loan” was not here. They even-set within the website to program the “Flex financing” as an independent area. Guaranteeing you realized it was financing for XXX amount of cash with a collection number of money and a set rate of interest, after which it could state whatever your own payment per month could be. It showed how much ended up being left you “loan” and how a lot of payments you had available.
Nevertheless the report I got that period shown when the flex loan apr was actually above other things that is throughout the credit, then things across the minimum would run towards that loan. Very, it is not an “additional” payment within the minimal you should have. Really are compensated in one rate as your latest acquisitions but it is apr will establish if this will check these guys out get understanding during the minimum or perhaps not. With the intention that wonderful 10.99per cent interest 36 period balances move I had heading isn’t obtaining anything more as compared to minimum payment per month because that “loan” try taking whatever more their “monthly installment” try and also the minimal as a result of transfer.
Had I identified that I happened to be will be having to pay it straight back in one rates as a standard stability transfer, because of the greater apr. speed taking on every thing above the minimum repayments, I wouldnot have taken it. Absolutely no way.
BTW, NEVER EVER have any over maximum on your bank card for ANY reason. The billing routine back at my card begins on 17th for the month, and I took aside that “loan” regarding the sixteenth, the loan quantity lead my personal borrowing limit on max, nevertheless the following day the interest charges regarding the recent stability move I experienced upon it emerged because of and pressed it over by $22.50. It was in-may. The June statement arrived on the scene plus it got a big observe proclaiming that my “flex strategy” aka my “Flex mortgage” interest could be going up to 24percent therefore the overall quantity of payments open to myself would go from 36 to 30 creating in August 28. Since i do believe of it, I think that my personal balances move we currently got is included inside the “Flex strategy” yet again 10.99% speed will go to 24percent.