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Discussion in 'Credit Talk' started by brad, Jul 16, 2001.
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The Citi Platinum offer I received was for free balance transfers until 4/1/02. After that there is a fee. You should call them to find out what they set your limit at
Brad, when you do a BT, don't use the card for purchases, it really messes up the deal.
How is that? Don't they list separately on the statement "Purchases" vs. "Balance Transfer"? Can you explain what you mean? Has something happened with your account?
OK, say you have a $3,000 limit. You transfer $2,000 to the card with 2.9% for BT for 9 months. Then you charge $600 in purchases to the card at 12.9%. When you make a payment it will all be applied to the BT, none of it will be applied to the balance you are carrying that was purchases. They are charging you more in interest, and it is just sitting there accruing interest at the higher rate.
See it? You don't want that. When you get a card for BT, don't use that card for anything else until after your BT rate period ends. Any other way is very very expensive.
I hope I explained it clearly.
You can also go here
click on "What happens if I transfer a balance to an account that already has a balance?" and read the explanation there. It is the same scenario, slightly rearranged.
If you do a balance transfer on a card...ONLY DO A BALANCE TRANSFER...
DON'T PURCHASE ANYTHING!!!
Your payments go to the lowest percentage rate first...
Example...You purchase a computer $3,000.00.
Then you Balance transfer $7,000.00 to another card.
Say for this example the balance transfer rate is 1.90%...the purchase rate is 18.99%.
YOU PAY A PAYMENT FOR $3,000.00 THINKING THAT YOUR COMPUTER IS PAID OFF...WRONG...YOU NOW OWE $4,000.00 @ 1.90% AND OWE $3,000.00 @ 18.99% PLUS ACCRUED INTEREST...
I HAVE A B OF A CARD I ONLY USE FOR BALANCE TRANSFERS @ 8.90%...
MY DISCOVERCARD IS USED FOR ALL PURCHASES WHERE ACCEPTED, AND PAID IN FULL EVERY MONTH.
BREEZE STOLE MY ANSWER...TOOK ME TOO LONG TO TYPE...
ON TOP THROWING BACK A FEW PEPSI'S...
So...BRAD, what's the verdict??? Did you call? Did they give you a decent Credit Limit?
Mist,4000.00 limit. I am pleased.
Thank you,Breeze and Mist.