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Appreciate you’ve shared your experience with the Citi Flex mortgage. Hopefully, it may help with users who happen to be thinking about this brand new loan product.
That flex loan are subject to the apr hierarchy. Definition, if you actually have a lowered apr balances move thereon cards, and you need a flex loan on continuing to be available balances, whatever during the minimal costs (your present flex mortgage cost, and the minimal throughout the balances exchange) goes to the flex mortgage.
In the event your stability move is for eighteen months, and your flex mortgage is actually for 36months, while generate over the minimum money, believing that you have paid that move time, you will end up set for an impolite awakening whenever that point is actually right up. You will only manage to make minimal payments towards it until that flex financing try paid in complete.
Really educational post; thanks much!
Be cautious together with the terms and conditions on these “loans” they truly are yet another balance transfer. They’re not that loan in the sense that the fees is the same each month, in addition they never impact anything you might have on your profile. These are generally yet another form of an equilibrium move.
We believed that they certainly were managed like a separate organization, and whatever you decide and have or spent on the card is addressed as though the “loan” wasn’t there. They even set up the web site to reveal the “Flex financing” as another location. Making sure you realized it absolutely was a loan for XXX amount of money with a set few repayments and a collection interest rate, and it can state whatever their monthly payment might be. This may be indicated how much ended up being leftover for you “loan” and just how lots of costs you had available.
But the statement I got that thirty days suggested that in case the flex financing apr was actually a lot more than other things that was actually on card, subsequently nothing over the minimal would go towards that loan. Very, it is not an “additional” payment across minimal you ought to have. It’s being settled in one rate since your current shopping but it is https://maxloan.org/payday-loans-ga/ apr should determine if this gets understanding over the minimum or perhaps not. To ensure great 10.99per cent interest 36 month stability exchange I got supposed just isn’t obtaining any other thing more versus lowest monthly payment because that “loan” is actually using whatever more their “monthly installment” was and also the minimal due to the move.
Have I recognized that I was gonna be spending it back in one speed as a regular balances exchange, with all the higher apr. rates taking over anything above the minimum repayments, I wouldnot have used it. Not a chance.
BTW, DON’T EVER have over maximum on the credit card for ANY reason. The payment period back at my cards begins regarding seventeenth in the thirty days, and that I took away that “loan” throughout the 16th, the mortgage levels put my borrowing limit for the max, although next day the attention charges throughout the recent balance transfer I’d on it emerged because of and pressed it over by $22.50. This was in May. The Summer statement arrived and it had a huge find saying that my “flex Arrange” aka my personal “Flex Loan” interest would-be increasing to 24% and the full quantity of money available to myself would change from 36 to 30 creating in August 28. Given that i do believe of it, I suspect that my personal stability transfer I already had is included inside the “Flex Arrange” and now THAT 10.99per cent rate goes to 24%.