Citi Diamond Rewards Credit Card with 0% Balance Transfer Offer
Guest: JoyJoy
Post subject: Citi Diamond Rewards Credit Card with 0% Balance Transfer Offer
Posted: Mon Feb 27, 2006 6:38 pm
I need some information regarding this reward card. Now this card offers "0% APR on balance transfers until 3/1/2007 as long as your first balance transfer posts to your account within 3 months of becoming a cardmember. Plus, you'll receive 3 bonus months at your 0% APR until 6/01/07 if your first balance transfer and $100.00 in purchases post to your account and are not returned within 3 months of becoming a cardmember." ($100.00 gift card with 10,000 bonus thank-you points after your first purchase).
Suze Orman supposedly said on her show that if one balance transfers on a card NOT to also use it for purchases also until you pay off the balance transfer in full. Would this be an incidence where that would not apply? I am being asked this and I haven't the faintest idea what the answer is but said I could get an answer from this board. Thank you in advance!
_________________
J~J
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: tonygoldston
Posted: Mon Feb 27, 2006 7:05 pm
If you have 0% on purchases for the length of the Balance Transfer offer you are fine. Where the problem comes in is if you do a BT at 0% for 12 months and then a $100 purchase at 12% any payments you make would be credited to the lower 0% balance first. So you would be accruing interest on the purchase balance over the 12 months. Not a lot of money at $100 but it can get people in trouble.
In your case, if you have to make a $100 purchase in the first 3 months make the purchase in the first month, pay it in full, and then do the BT with $0 balance on the account. And then you don't have to worry about the interest.
tony
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: JoyJoy
Posted: Mon Feb 27, 2006 7:40 pm
[quote="tonygoldston"]If you have 0% on purchases for the length of the Balance Transfer offer you are fine. Where the problem comes in is if you do a BT at 0% for 12 months and then a $100 purchase at 12% any payments you make would be credited to the lower 0% balance first. So you would be accruing interest on the purchase balance over the 12 months. Not a lot of money at $100 but it can get people in trouble.
In your case, if you have to make a $100 purchase in the first 3 months make the purchase in the first month, pay it in full, and then do the BT with $0 balance on the account. And then you don't have to worry about the interest.
tony[/quote]
Thanks for your expedient reply. You're right on target as the 0% APR is only on BT and not on purchases and cash advances, until 3/01/07.
Purchase will be made and PIF just like you advised and then BT. Again thanks for the education. It's easy to misread these offers and end up in trouble like you said.
_________________
J~J
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Board Monitor
Board Monitor/ Administrator
Posted: Tue Feb 28, 2006 9:22 am
J~J,
Greetings! Just an FYI to let you know that http://www.CardRatings.com is offering a $25 bonus rebate on this card for a limited time:
http://www.cardratings.com/cashbackcreditcards.html
Good luck and let us know how things turn out...
_________________
Best Regards,
Curtis Arnold
Board Monitor
http://www.cardratings.com
(501) 663-0314
Sign up for our free monthly e-mail newsletter!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Ira
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Tue Feb 28, 2006 12:09 pm
Curtis,
Your generosity is exceeded only by your good looks!
_________________
Do not let what you cannot do interfere with what you can do.
Ira
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Post subject: Citi Diamond Rewards Credit Card with 0% Balance Transfer Offer
Posted: Mon Feb 27, 2006 6:38 pm
I need some information regarding this reward card. Now this card offers "0% APR on balance transfers until 3/1/2007 as long as your first balance transfer posts to your account within 3 months of becoming a cardmember. Plus, you'll receive 3 bonus months at your 0% APR until 6/01/07 if your first balance transfer and $100.00 in purchases post to your account and are not returned within 3 months of becoming a cardmember." ($100.00 gift card with 10,000 bonus thank-you points after your first purchase).
Suze Orman supposedly said on her show that if one balance transfers on a card NOT to also use it for purchases also until you pay off the balance transfer in full. Would this be an incidence where that would not apply? I am being asked this and I haven't the faintest idea what the answer is but said I could get an answer from this board. Thank you in advance!
_________________
J~J
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: tonygoldston
Posted: Mon Feb 27, 2006 7:05 pm
If you have 0% on purchases for the length of the Balance Transfer offer you are fine. Where the problem comes in is if you do a BT at 0% for 12 months and then a $100 purchase at 12% any payments you make would be credited to the lower 0% balance first. So you would be accruing interest on the purchase balance over the 12 months. Not a lot of money at $100 but it can get people in trouble.
In your case, if you have to make a $100 purchase in the first 3 months make the purchase in the first month, pay it in full, and then do the BT with $0 balance on the account. And then you don't have to worry about the interest.
tony
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: JoyJoy
Posted: Mon Feb 27, 2006 7:40 pm
[quote="tonygoldston"]If you have 0% on purchases for the length of the Balance Transfer offer you are fine. Where the problem comes in is if you do a BT at 0% for 12 months and then a $100 purchase at 12% any payments you make would be credited to the lower 0% balance first. So you would be accruing interest on the purchase balance over the 12 months. Not a lot of money at $100 but it can get people in trouble.
In your case, if you have to make a $100 purchase in the first 3 months make the purchase in the first month, pay it in full, and then do the BT with $0 balance on the account. And then you don't have to worry about the interest.
tony[/quote]
Thanks for your expedient reply. You're right on target as the 0% APR is only on BT and not on purchases and cash advances, until 3/01/07.
Purchase will be made and PIF just like you advised and then BT. Again thanks for the education. It's easy to misread these offers and end up in trouble like you said.
_________________
J~J
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Board Monitor
Board Monitor/ Administrator
Posted: Tue Feb 28, 2006 9:22 am
J~J,
Greetings! Just an FYI to let you know that http://www.CardRatings.com is offering a $25 bonus rebate on this card for a limited time:
http://www.cardratings.com/cashbackcreditcards.html
Good luck and let us know how things turn out...
_________________
Best Regards,
Curtis Arnold
Board Monitor
http://www.cardratings.com
(501) 663-0314
Sign up for our free monthly e-mail newsletter!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Ira
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Tue Feb 28, 2006 12:09 pm
Curtis,
Your generosity is exceeded only by your good looks!
_________________
Do not let what you cannot do interfere with what you can do.
Ira
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 3:39 PM
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