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Re: 0% cash advance game: avoiding fees?
Old 12-30-2005, 10:49 AM   #21
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Re: 0% cash advance game: avoiding fees?

Another trick with citi is to wait 24 hours and apply online for a second card. It will only pull 1 credit report and you can combine the limits and/or reallocate limits from other citi cards.
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Re: 0% cash advance game: avoiding fees?
Old 12-30-2005, 11:39 AM   #22
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Re: 0% cash advance game: avoiding fees?

Quote:
Originally Posted by brewer12345
Funny, I applied this morning for a citi BT card and it came back with an absurdly low limit ($7500). I called them and told them that unless it was at least $20k, they could just cancel the card.
Yeah, I should have clarified a bit...

I got the same low credit limit details when I applied, and called up imediately after doing so. I was told to the credit limit listed online was not necessarily the same as the card would show up with, and any request for a limit increase would have to take place after the card arrived.

A week later, it arrived with the same credit limit mentioned when I applied online...that's when I called in with the cancellation threat, and got the bump within 30 minutes.

Given the different responses here, it sounds like Citi has some formula for determining these things, possibly independent of credit rating. Our credit is excellent, but it's nothing I would consider unusual...perhaps they were more flexible, given that this was our first Citi card, and our credit history doesn't have numerous open/closed cards on it.
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Re: 0% cash advance game: avoiding fees?
Old 12-30-2005, 12:55 PM   #23
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Re: 0% cash advance game: avoiding fees?

Quote:
Originally Posted by Da Nag
Yeah, I should have clarified a bit...

I got the same low credit limit details when I applied, and called up imediately after doing so. I was told to the credit limit listed online was not necessarily the same as the card would show up with, and any request for a limit increase would have to take place after the card arrived.

A week later, it arrived with the same credit limit mentioned when I applied online...that's when I called in with the cancellation threat, and got the bump within 30 minutes.

Given the different responses here, it sounds like Citi has some formula for determining these things, possibly independent of credit rating. Our credit is excellent, but it's nothing I would consider unusual...perhaps they were more flexible, given that this was our first Citi card, and our credit history doesn't have numerous open/closed cards on it.
I have tried many times (when applying) to set a minimum credit
limit that was acceptable to me. I said "If it's not at least______
then don't bother sending it." I was never able to get more until
they actually had issued the card.

JG
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Re: 0% cash advance game: avoiding fees?
Old 12-30-2005, 01:05 PM   #24
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Re: 0% cash advance game: avoiding fees?

Quote:
Originally Posted by brewer12345
Funny, I applied this morning for a citi BT card and it came back with an absurdly low limit ($7500). I called them and told them that unless it was at least $20k, they could just cancel the card. The CSR told me she could help me with a higher limit and that she would call me back within 2 weeks. Come to think of it, of the three CCs I already have (used for actual purchases), the Citi card has by far the lowest limit and has been the least inclined to give me unasked for line increases. MBNA, OTOH, is like a drunken sailor.
Don't feel bad. I'm getting about the same credit limits from Citi. I think the highest was a $10,500 small business credit card from Citi. The lowest from Citi, which I am inclined to take as a joke, was $2850. And this was for a card I actually intended to make all my purchases with! Obviously this amount is insufficient, and I told the CSR so. They said no increase, but after about 6 months, they gave me a "courtesy bump" up by $290 to $3140. We were pretty excited about this amazingly high amount of credit (this is sarcasm).

MBNA is the drunken sailor of the CC industry. After my last round of 0% balance transfers, we got notices from MBNA congratulating us on our new increased credit limits of $16000 and $20,000 respectively on our MBNA cards. I guess they wanted a piece of my 0% action too.
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Re: 0% cash advance game: avoiding fees?
Old 12-30-2005, 01:22 PM   #25
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Re: 0% cash advance game: avoiding fees?

Quote:
Originally Posted by justin
Don't feel bad.* I'm getting about the same credit limits from Citi.* I think the highest was a $10,500 small business credit card from Citi.* The lowest from Citi, which I am inclined to take as a joke, was $2850.* *And this was for a card I actually intended to make all my purchases with!* Obviously this amount is insufficient, and I told the CSR so.* They said no increase, but after about 6 months, they gave me a "courtesy bump" up by $290 to $3140.* We were pretty excited about this amazingly high amount of credit (this is sarcasm).*

MBNA is the drunken sailor of the CC industry.* After my last round of 0% balance transfers, we got notices from MBNA congratulating us on our new increased credit limits of $16000 and $20,000 respectively on our MBNA cards.* I guess they wanted a piece of my 0% action too.*
Yeah, I was surprised at the Citi limit, since the two cards I have gotten over the past year both have limits of better than 20k, and my income has only gone up since then. Oh well, time will tell.
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Re: 0% cash advance game: avoiding fees?
Old 12-30-2005, 01:26 PM   #26
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Re: 0% cash advance game: avoiding fees?

I honestly think the Citi credit limits are based on a roulette wheel controlled by a monkey. There is no method to their madness.
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Re: 0% cash advance game: avoiding fees?
Old 12-30-2005, 01:50 PM   #27
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Re: 0% cash advance game: avoiding fees?

Citi ups the limits on each of my two cards every 4-6 months.
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Re: 0% cash advance game: avoiding fees?
Old 12-30-2005, 02:30 PM   #28
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Re: 0% cash advance game: avoiding fees?

I read thru the thread and did not see the answer to this question, but sorry if I missed it. The Balance Transfer is essentially a loan to you 10k at 0% for 1 year.

So how is it paid back? Monthly starting as soon as you receive the cash or in lump sum at the end of a year?
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Re: 0% cash advance game: avoiding fees?
Old 12-30-2005, 02:33 PM   #29
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Re: 0% cash advance game: avoiding fees?

You generally have to pay back a minimum payment (1% or so) every month. After that, you pay off the remaining balance beforethe 0% offer expires.
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Re: 0% cash advance game: avoiding fees?
Old 12-30-2005, 03:03 PM   #30
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Re: 0% cash advance game: avoiding fees?

brewer,
thanks, I just received an AMEX blue with that offer and it's tempting.

What are the pitfalls? If you miss a month payment what happens?

It's tempting. I'm a sucker for sticking it to companies who are suckers
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Re: 0% cash advance game: avoiding fees?
Old 12-30-2005, 03:22 PM   #31
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Re: 0% cash advance game: avoiding fees?

Quote:
Originally Posted by OldAgePensioner
What are the pitfalls?
The biggest one I've seen - they apply all payments to the 0% funds first. So to really take advantage of it, you need to have a zero balance when you transfer funds or take a check, and refrain from charging anything else to the card.

Otherwise, you pay the normal interest rate on every dime over the balance transfer amount, every month. You can't send in extra funds to pay off new charges...they'll just get applied to the 0% balance.

Not sure if all the 0% offers are like this, but the two I've had (Citi and Chase) both were.
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Re: 0% cash advance game: avoiding fees?
Old 12-30-2005, 07:52 PM   #32
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Re: 0% cash advance game: avoiding fees?

Discover card is the same , Payments are applied to the 0% ballange first.

John
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Re: 0% cash advance game: avoiding fees?
Old 12-30-2005, 08:08 PM   #33
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Re: 0% cash advance game: avoiding fees?

So it sounds like this money making scheme is best done on cards that are not to be used except for this purpose.

Who besides Citi, Chase, AMEX, MNBA, Discover, offer this 0% deal?* Sounds like a bit of fun for a retiree needing some diversion.

Here is a small list: http://www.creditcards.com/balance-transfer.php
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Re: 0% cash advance game: avoiding fees?
Old 12-30-2005, 10:17 PM   #34
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Re: 0% cash advance game: avoiding fees?

Quote:
So it sounds like this money making scheme is best done on cards that are not to be used except for this purpose.
right, if the disclosures says 0% for balance transfers, then sock drawer the card. Apparently, there are some people that cant read that they continue to give these offers out.
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Re: 0% cash advance game: avoiding fees?
Old 12-30-2005, 10:21 PM   #35
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Re: 0% cash advance game: avoiding fees?

Quote:
Originally Posted by OldAgePensioner
brewer,
thanks, I just received an AMEX blue with that offer and it's tempting.

What are the pitfalls?* If you miss a month payment what happens?

It's tempting.* I'm a sucker for sticking it to companies who are suckers*
If you miss a payment, the loansharks CC company will raise the rate to 1000% north of 20%... Don't be late!!
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Re: 0% cash advance game: avoiding fees?
Old 12-30-2005, 10:23 PM   #36
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Re: 0% cash advance game: avoiding fees?

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Originally Posted by maddythebeagle
right, if the disclosures says 0% for balance transfers, then sock drawer the card. Apparently, there are some people that cant read that they continue to give these offers out.
Or the people know that they'll pay interest, but don't care. I mean, they really need that new plasma 72" widescreen tv, why not charge it on the card with the 0% offer on it already??
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Re: 0% cash advance game: avoiding fees?
Old 12-31-2005, 09:15 AM   #37
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Re: 0% cash advance game: avoiding fees?

OK before I pull the trigger after New Year, let me see if I got this right (help is appreciated)

1. I apply for a 0% card that does Balance Transfers (By the way what am I Transferring the Balance to?)

2. I do a maximum Balance Transfer.

3. When bill is due I pay just the minimum payment.

4. Just before the 0% grace period ends, I pay off the balance.

5. Meanwhile, I have the money in a money maker, CD, MM or ( mutual fund?)


Is this the gist of it?

I don't use credit cards so I'm not sure what it is or how to do a Balance Transfer?? Anyone, help?
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Re: 0% cash advance game: avoiding fees?
Old 12-31-2005, 01:33 PM   #38
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Re: 0% cash advance game: avoiding fees?

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I don't use credit cards so I'm not sure what it is or how to do a Balance Transfer?? Anyone, help?
call up the cc (they would be more than happy to help you transfer)
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