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Appreciate that you’ve provided your experience with the Citi Flex Loan. Ideally, it may help with visitors who happen to be thinking about this latest financing item.
That flex mortgage was at the mercy of the apr hierarchy. Meaning, any time you curently have a lowered apr harmony transfer on that card, and you use a flex loan on remaining available balance, whatever across the minimum payments (your current flex loan payment, plus the minimum from the balance transfer) goes toward the flex loan.
In case the balances transfer is for 1 . 5 years, along with your flex loan is for 36months, and also you making above the minimum money, believing that you’ll have paid down that transfer times, you’ll be in for a rude awakening when that time are upwards. You will simply be able to making lowest money towards it until that flex loan was paid in full.
Most helpful article; thank you a whole lot!
Be careful because of the terms and conditions on these “loans” they truly are merely another balance transfer. They are not that loan in the sense that the cost is similar each month, in addition they never determine whatever you might currently have on the profile. They have been just another form of an equilibrium move.
I thought that these people were addressed like another entity, and what you may had or used on the cards would be managed like the “loan” wasn’t there. They even-set within the web site to program the “Flex mortgage” as a different region. Making certain you knew it absolutely was a loan for XXX sum of money with a group number of repayments and a set rate of interest, right after which it can say whatever your own payment per month might possibly be. It showed simply how much was left you “loan” and exactly how numerous repayments you had offered.
But the report I got that period showed when the flex loan apr got over other things had been in the credit, after that such a thing on top of the minimum would run towards that mortgage. Very, it’s not an “additional” repayment around minimum you should have. It’s being compensated in one rate as your latest acquisitions but it is apr will establish whether or not it gets something on the minimal or not. In order for great 10.99per cent interest 36 period stability move I’d going just isn’t acquiring any thing more as compared to lowest payment per month for the reason that it “loan” is actually having whatever more than their particular “monthly payment” are together with minimum due to the exchange.
Got I understood that I was gonna be having to pay it straight back at the same price as a typical balances transfer, making use of greater apr. price taking over anything over the minimum repayments, I would personallynot have taken it. Not a way.
BTW, NEVER EVER have over restrict on your own mastercard unconditionally. The payment cycle to my cards begins from the seventeenth associated with the period, and I got out that “loan” in the 16th, the mortgage levels lead my personal borrowing limit for the maximum, although next day the attention costs throughout the latest stability transfer I had onto it arrived because of and forced it over by $22.50. This was in-may. The June statement was released therefore had a large observe stating that my personal “flex Arrange” aka my personal “Flex mortgage” interest rate might possibly be increasing to 24% additionally the total number of costs accessible to me would change from 36 to 30 creating in August 28. Now that I think from it, we believe that my stability transfer we already got is roofed in “Flex program” and now THAT 10.99percent rates goes to 24percent.