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Appreciate that you have discussed your experience with the Citi Flex financing. Ideally, it will help with clientele who will be looking at this new financing item.

That flex mortgage is susceptible to the apr hierarchy. Definition, any time you already have a lowered apr balances transfer on that cards, and you make use of a flex financing from the remaining readily available stability, whatever across minimum money (your latest flex financing payment, in addition to the minimal from the stability transfer) would go to the flex mortgage.

Whether your balances transfer is actually for eighteen months, plus flex loan is for 36months, while make more than the minimum money, convinced that you will have paid back that exchange times, you will end up set for a rude awakening when the period was right up. You will only be able to making minimal repayments towards it until that flex financing was paid-in complete.

Very educational post; thank-you a great deal!

Be cautious because of the conditions and terms on these “loans” they’re yet another stability move. They may not be that loan in the same way your fees is similar every month, plus they you should not impact anything you might have on your profile. They’ve been yet another version of an equilibrium move.

I considered that they certainly were managed like an independent organization, and whatever you had or spent on their card could be addressed as if the “loan” was not truth be told there. They even set within the website to program the “Flex Loan” as a separate location. Guaranteeing you realized it was that loan for XXX sum of money with a set wide range of costs and a set interest, and it could state whatever their payment per month could well be. It suggested exactly how much ended up being leftover you “loan” and just how many payments you’d available.

Nevertheless the statement i acquired that month indicated when the flex financing apr is over whatever else ended up being on the credit, then things within the minimal would run towards that loan. Thus, it’s not an “additional” payment during the minimal you ought to have. It really is being compensated in one rate Maine payday loan online as the latest purchases but it’s apr should determine whether or not it will get understanding during the minimum or perhaps not. In order for wonderful 10.99percent interest 36 month stability exchange I had supposed is not obtaining any other thing more as compared to minimum payment per month for the reason that it “loan” try using whatever more than their own “monthly payment” is actually plus the minimum as a result of move.

Had we recognized that I found myself likely to be spending it straight back in one price as a general balances move, because of the greater apr. rate seizing every thing above the minimal costs, I would personallyn’t have taken it. No chance.

BTW, NEVER EVER have over limitation on your own charge card for ANY reason. The payment pattern on my card initiate in the seventeenth with the thirty days, and I also took away that “loan” on sixteenth, the mortgage amount brought my borrowing limit towards the max, nevertheless overnight the interest costs about present balance exchange I had about it came due and forced it over by $22.50. This is in May. The June declaration arrived therefore got a large find proclaiming that my “flex strategy” aka my personal “Flex financing” interest might be going up to 24% while the total amount of payments available to myself would move from 36 to 30 creating in August 28. Since I think of it, I believe that my balance move we already have is roofed in the “Flex Plan” yet again 10.99% speed will go to 24%.