CitiCard Platinum Select Credit Card with Balance Transfer
Guest: guessindigo
Credit Expert (100+ Posts)
Post subject: CitiCard Platinum Select Credit Card with Balance Transfer
Posted: Tue Sep 05, 2006 11:49 pm
Citicards Platinum Select. I requested a check for $36,500 at 1.99% for life. Took 20 days for bofa to cash it, they were dumbfounded I guess. Best part was NO FEE. This was 3 years ago. I saved nearly $700 in finance charges. I've done many many more since then. But lately they are going the way of no max as mouse points out. Or they are asking for a $90 fee (bofa)
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Guest: mouse
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Wed Sep 06, 2006 12:09 am
guessindigo wrote:
Citicards Platinum Select. I requested a check for $36,500 at 1.99% for life. Took 20 days for bofa to cash it, they were dumbfounded I guess. Best part was NO FEE. This was 3 years ago. I saved nearly $700 in finance charges. I've done many many more since then. But lately they are going the way of no max as mouse points out. Or they are asking for a $90 fee (bofa)
I (personally) HAVE NEVER PAID BofA ANY BT FEE
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Bikshu
Posted: Wed Sep 13, 2006 1:33 am
If properly executed a BT or Checking Cash Advance may be the greatest money you have ever borrowed. I see people on a daily basis that use them to get out of unwieldly debt levels, avoid having to take out a HELOC for home improvements, and even invest the funds to earn interest and get free vacations. But as the others pointed out, you need to know exactly what you are getting into, have an escape route if needed, and play by the bank's rules. If you need to setup an automatic payment to avoid late fees and loss of the promo rate, do it. Whatever it takes to make sure the BT works to your advantage, and not the bank's.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: hdporter
Credit Expert (100+ Posts)
Posted: Wed Sep 13, 2006 5:07 am
# of Balances Transfered: 5 to 6 per year
Interest Rate Offered On Transfer: variable
Duration Of Promotional Rate: variable
-- 0% for 12 to 18 mo
-- 1.99% to 4.99% until paid
I'm paying less than 2.25%, on average, on all debt (for 3+ yrs now). Total credit card balances range from $20K to $30K
Fee Paid To Transfer: variable - 0% to 3%
Average rate paid on transfers is less than 2%. Because transfers are paid off ove 2.5 years on average, with the average balance about 1/2 of the transfer amount (I typically steadily pay down balances rather than make minimum payments until end of promo) effective increase to debt cost from fees is less than 1.5% APR.
Combined interest rate and fees yield total effective APR of approx. 3.5%
Did You Save As Expected?: Yes. All monthly payments are made on time so that I've never lost a promotional rate prematurely.
------------
Explanation of debt management:
I'm not aggressive in seeking out new credit card offers with 0% terms. I expect that those who do typically realize effective APR's (including fees) of 1% or less. (I know, mouse -- you don't pay fees
I carry debt that finances durable assets (expected life of 10+ years) and home improvements (e.g. new roof, maintenance on 60+ year old brick ... house age 100+ yrs, replacement windows/casements).
I amortize durable asset purchases over 2-3 years -- financing rather than paying in cash since liquid MM funds are earning 5%. I prefer to preserve the liquidity for future financial flexibility. Home improvements are financed over 5+ years -- can be refinanced with HELOC/loan should interest rates on CC at later date deem it advisable. (Home is 30% leveraged with current mortgage/HELOC debt.)
- Harry
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: mouse
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Wed Sep 13, 2006 8:37 am
hdporter
I HAVE PAID A BT FEE or TWO
MBNA IS $75
But never for BofA
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Credit Expert (100+ Posts)
Post subject: CitiCard Platinum Select Credit Card with Balance Transfer
Posted: Tue Sep 05, 2006 11:49 pm
Citicards Platinum Select. I requested a check for $36,500 at 1.99% for life. Took 20 days for bofa to cash it, they were dumbfounded I guess. Best part was NO FEE. This was 3 years ago. I saved nearly $700 in finance charges. I've done many many more since then. But lately they are going the way of no max as mouse points out. Or they are asking for a $90 fee (bofa)
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: mouse
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Wed Sep 06, 2006 12:09 am
guessindigo wrote:
Citicards Platinum Select. I requested a check for $36,500 at 1.99% for life. Took 20 days for bofa to cash it, they were dumbfounded I guess. Best part was NO FEE. This was 3 years ago. I saved nearly $700 in finance charges. I've done many many more since then. But lately they are going the way of no max as mouse points out. Or they are asking for a $90 fee (bofa)
I (personally) HAVE NEVER PAID BofA ANY BT FEE
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Bikshu
Posted: Wed Sep 13, 2006 1:33 am
If properly executed a BT or Checking Cash Advance may be the greatest money you have ever borrowed. I see people on a daily basis that use them to get out of unwieldly debt levels, avoid having to take out a HELOC for home improvements, and even invest the funds to earn interest and get free vacations. But as the others pointed out, you need to know exactly what you are getting into, have an escape route if needed, and play by the bank's rules. If you need to setup an automatic payment to avoid late fees and loss of the promo rate, do it. Whatever it takes to make sure the BT works to your advantage, and not the bank's.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: hdporter
Credit Expert (100+ Posts)
Posted: Wed Sep 13, 2006 5:07 am
# of Balances Transfered: 5 to 6 per year
Interest Rate Offered On Transfer: variable
Duration Of Promotional Rate: variable
-- 0% for 12 to 18 mo
-- 1.99% to 4.99% until paid
I'm paying less than 2.25%, on average, on all debt (for 3+ yrs now). Total credit card balances range from $20K to $30K
Fee Paid To Transfer: variable - 0% to 3%
Average rate paid on transfers is less than 2%. Because transfers are paid off ove 2.5 years on average, with the average balance about 1/2 of the transfer amount (I typically steadily pay down balances rather than make minimum payments until end of promo) effective increase to debt cost from fees is less than 1.5% APR.
Combined interest rate and fees yield total effective APR of approx. 3.5%
Did You Save As Expected?: Yes. All monthly payments are made on time so that I've never lost a promotional rate prematurely.
------------
Explanation of debt management:
I'm not aggressive in seeking out new credit card offers with 0% terms. I expect that those who do typically realize effective APR's (including fees) of 1% or less. (I know, mouse -- you don't pay fees
I carry debt that finances durable assets (expected life of 10+ years) and home improvements (e.g. new roof, maintenance on 60+ year old brick ... house age 100+ yrs, replacement windows/casements).
I amortize durable asset purchases over 2-3 years -- financing rather than paying in cash since liquid MM funds are earning 5%. I prefer to preserve the liquidity for future financial flexibility. Home improvements are financed over 5+ years -- can be refinanced with HELOC/loan should interest rates on CC at later date deem it advisable. (Home is 30% leveraged with current mortgage/HELOC debt.)
- Harry
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: mouse
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Wed Sep 13, 2006 8:37 am
hdporter
I HAVE PAID A BT FEE or TWO
MBNA IS $75
But never for BofA
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 3:23 PM
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