But, there are times when a Citi Flex Loan may be a cheaper way to either: Learn how it works to see if you should keep it in mind for future borrowing on your Citi credit card. While our articles may include or feature select companies, vendors, and products, our approach to compiling such is equitable and unbiased. Which credit card reward programs let you shop with points on Amazon? With the Flex Loan, you can make a purchase, and limit the term to as little as 12 months. She has been featured on the "Today" show and in The New York Times. That product was an unsecured line of credit that customers could access by writing checks, featuring fixed monthly payments. Editorial Disclosure: This content is not provided or commissioned by the bank advertiser. Instead of getting $10,000, you’ll receive just $9,400. It may offer a lower interest rate than your regular credit card APR. Citi Flex Loans are types of Citi Flex Plans, along with Citi Flex Pay. Sounds like they starting something like Amex's Plan It, plus the addition of using Flex Loan . And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free. Opinions expressed here are author’s alone, not those of the bank advertiser, and have not been reviewed, approved or otherwise endorsed by the bank advertiser. Pre-qualified offers are not binding. Any outstanding balance on one or more of your cards will need to be paid according to the original terms. 8 / 10. Nat, Queensland, reviewed over 5 years ago . Additionally, it includes the updated terms to your credit card agreement. Comparing Chase Freedom vs. We may mention or include reviews of their products, at times, but it does not affect our recommendations, which are completely based on the research and work of our editorial team. Platinum Credit Card from Capital One Credit Card Review, Discover it Student Cash Back vs. In general, before making a nonessential purchase, it’s a good idea to save up enough money to buy it outright in order to avoid interest and fees entirely. Another advantage of a Citi Flex Loan is that there are no origination fees. In most cases, the interest rate on the Flex Loan should also be lower than your regular credit card rate. Convenience . The maximum loan amount is your credit limit (unless the Flex Loan maximum has been set at a lower level by the bank). Learn about the Citi Flex Loan as we review this financing option that lets you borrow against your existing credit card's credit line at a lower interest rate. Eligible Citi cardholders who have recently made a qualifying purchase on Amazon will notice a new choice when they go to check out: They will be able to select an option to split their purchase into monthly payments over a period of time ranging from three to 48 months (depending on purchase size) and will be charged an interest rate lower than their card’s standard purchase rate. If you have a major purchase or a need for funds on a short-term basis, you can access the Flex Loan portion of your credit limit, and pay it off in as little as 12 months. Compare United Airlines Rewards Credit Cards: The MileagePlus Explorer vs. Club. Capital One Secured MasterCard vs. First Progress Platinum Elite MasterCard, American Express Serve vs Bluebird by American Express Card Review, Citi Simplicity vs. Still, it gives Citi credit card customers the ability to have better control over at least a portion of their outstanding credit card balance. Kevin Mercadante is a former mortgage loan officer emerging from the Financial Meltdown as a self-employed “slash worker” – blogger/freelance blog writer – on Out of Your Rut. Though it may be lower than your regular Citi credit card rate, it may be higher than what you would pay for a typical personal loan, especially when you compare it to the top online personal loans available. The Citi Flex Loan will be transferred to your bank account in 1-2 business days or mailed to you via check (check should arrive within 10 days). There are also no application fees and no credit check involved when you access your Citi Flex Loan. So that wonderful 10.99% interest 36 month balance transfer I had going is not getting anything more than the minimum monthly payment because that "loan" is taking whatever over their "monthly payment" is and the minimum due to the transfer.
Had I known that I was going to be paying it back at the same rate as a standard balance transfer, with the higher apr. The introduction of the Citi Flex Plan (and Citi Flex Loan) has recently been introduced. Property and Casualty insurance services offered through NerdWallet Insurance Services, Inc.: Licenses, NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer AccessLicenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812, We want to hear from you and encourage a lively discussion among our users. Many or all of the products featured here are from our partners who compensate us. Flex loans (which have more in common with a line of credit than an installment loan) may give you fast access to cash, but you could pay a high price for that convenience. Citi Flexible Allocation 6 Excess Return Index ... Before investing in any investment product linked to the Index, you should carefully review the disclosure materials including risk disclosures provided to you in connection with that investment. rate taking over everything above the minimum payments, I wouldn't have taken it. Kimberly Palmer is a credit card and personal finance expert at NerdWallet. With Citi Flex Loan, you can take out a loan on your eligible Citi card’s credit line at a fixed interest rate. Compare these deals from our partners and citi flex pay review disadvantages with credit cards outshine rest! The `` Flex Loan, where you need to make a formal application, Citi Loan! To bundle them together into one instalment Plan on your credit balances to pay interest... Credit inquiry through the bank advertiser can function much like a personal Loan, but a... T be nearly as flexible and/or questions are answered can make a purchase, the! Payflex pretax accounts and benefits including HSAs, FSAs, HRAs, benefits. 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