Please help: Citi Flex Line of Credit, what is this??
-
So I got an invitation letter of "Citi Flex Line of Credit", so I applies and immediately approved for #11,000 initial credit line. I requested $6000, and it said they will send me a check in 7-10 business days. Does that mean I can deposite that $6000 to my bank account? It's not a credit card, so what it is? Anyone ever used Citi Flex Line of Credit? thanks
It's a way for CitiBank to take your money.
-
So I got an invitation letter of "Citi Flex Line of Credit", so I applies and immediately approved for #11,000 initial credit line. I requested $6000, and it said they will send me a check in 7-10 business days. Does that mean I can deposite that $6000 to my bank account? It's not a credit card, so what it is? Anyone ever used Citi Flex Line of Credit? thanks
It's very likely an extremly high interest loan with penalties that will boost the interest rate if you make a single late payment. These are a really bad idea no matter how good you think you are with money.
Anyone who thinks he has a better idea of what's good for people than people do is a swine. - P.J. O'Rourke
-
So I got an invitation letter of "Citi Flex Line of Credit", so I applies and immediately approved for #11,000 initial credit line. I requested $6000, and it said they will send me a check in 7-10 business days. Does that mean I can deposite that $6000 to my bank account? It's not a credit card, so what it is? Anyone ever used Citi Flex Line of Credit? thanks
-
So I got an invitation letter of "Citi Flex Line of Credit", so I applies and immediately approved for #11,000 initial credit line. I requested $6000, and it said they will send me a check in 7-10 business days. Does that mean I can deposite that $6000 to my bank account? It's not a credit card, so what it is? Anyone ever used Citi Flex Line of Credit? thanks
Please send them the amount how much you have to pay for them. Otherwise the Interest rate will be high and you will be in trouble.
Regards, Satips.:rose:
-
So I got an invitation letter of "Citi Flex Line of Credit", so I applies and immediately approved for #11,000 initial credit line. I requested $6000, and it said they will send me a check in 7-10 business days. Does that mean I can deposite that $6000 to my bank account? It's not a credit card, so what it is? Anyone ever used Citi Flex Line of Credit? thanks
-
No, I have not used it before. But one of my frined got affected by this and i helped him by rending some amount of Money for him.
Regards, Satips.:rose:
-
So I got an invitation letter of "Citi Flex Line of Credit", so I applies and immediately approved for #11,000 initial credit line. I requested $6000, and it said they will send me a check in 7-10 business days. Does that mean I can deposite that $6000 to my bank account? It's not a credit card, so what it is? Anyone ever used Citi Flex Line of Credit? thanks
There is no free lunch. The very fact that you're having to ask these kind of questions should clue you in to immediately close the account and move on.
¡El diablo está en mis pantalones! ¡Mire, mire! Real Mentats use only 100% pure, unfooled around with Sapho Juice(tm)! SELECT * FROM User WHERE Clue > 0 0 rows returned Save an Orange - Use the VCF! VCF Blog
-
There is no free lunch. The very fact that you're having to ask these kind of questions should clue you in to immediately close the account and move on.
¡El diablo está en mis pantalones! ¡Mire, mire! Real Mentats use only 100% pure, unfooled around with Sapho Juice(tm)! SELECT * FROM User WHERE Clue > 0 0 rows returned Save an Orange - Use the VCF! VCF Blog
Jim Crafton wrote:
There is no free lunch. The very fact that you're having to ask these kind of questions should clue you in to immediately close the account and move on.
Well Said Jim.:)
Regards, Satips.:rose:
-
So I got an invitation letter of "Citi Flex Line of Credit", so I applies and immediately approved for #11,000 initial credit line. I requested $6000, and it said they will send me a check in 7-10 business days. Does that mean I can deposite that $6000 to my bank account? It's not a credit card, so what it is? Anyone ever used Citi Flex Line of Credit? thanks
Run away from it. Don't walk, run. If you want credit take out a loan. Credit card cheques, which is what you seem to be describing, are usually at a much higher interest rate than a normal credit card (from 20% to 40% APR). They are gven to people with lower credit ratings as their rates offset their higher risk. For that $6,000 you borrow, you may end up repaying up to $14,000 over a typical 4-5 years to repay. That cost of borrowing is more than you actually borrow. Hidden cost of credit card cheques[^] Nobody gives you money without asking for more in return. In this case, it is possibly the most inefficient and expensive way of borrowing money that you could get. Some loan sharks will give you a better deal. Seriously, they will. I'm not able to talk about the US Citibank operations, but where they operate in Europe they are widely regarded as exploitative and have been investigated by the financial authorities for their irresponsible lending practises. A quick Google for 'citiflex line of credit' gives hundreds of 'avoid at all costs' hits. As a rule of thumb never accept credit that is offered to you out of the blue, only when you are actively looking for it.
Ðavid Wulff What kind of music should programmers listen to?
Join the Code Project Last.fm group | dwulff
I'm so gangsta I eat cereal without the milk -
Run away from it. Don't walk, run. If you want credit take out a loan. Credit card cheques, which is what you seem to be describing, are usually at a much higher interest rate than a normal credit card (from 20% to 40% APR). They are gven to people with lower credit ratings as their rates offset their higher risk. For that $6,000 you borrow, you may end up repaying up to $14,000 over a typical 4-5 years to repay. That cost of borrowing is more than you actually borrow. Hidden cost of credit card cheques[^] Nobody gives you money without asking for more in return. In this case, it is possibly the most inefficient and expensive way of borrowing money that you could get. Some loan sharks will give you a better deal. Seriously, they will. I'm not able to talk about the US Citibank operations, but where they operate in Europe they are widely regarded as exploitative and have been investigated by the financial authorities for their irresponsible lending practises. A quick Google for 'citiflex line of credit' gives hundreds of 'avoid at all costs' hits. As a rule of thumb never accept credit that is offered to you out of the blue, only when you are actively looking for it.
Ðavid Wulff What kind of music should programmers listen to?
Join the Code Project Last.fm group | dwulff
I'm so gangsta I eat cereal without the milkDavid Wulff wrote:
As a rule of thumb never accept credit that is offered to you out of the blue, only when you are actively looking for it.
That is the best advice really.
Upcoming events: * Glasgow: Mock Objects, SQL Server CLR Integration, Reporting Services, db4o, Dependency Injection with Spring ... * Reading: Developer Day 5 Never write for other people. Write for yourself, because you have a passion for it. -- Marc Clifton My website
-
Run away from it. Don't walk, run. If you want credit take out a loan. Credit card cheques, which is what you seem to be describing, are usually at a much higher interest rate than a normal credit card (from 20% to 40% APR). They are gven to people with lower credit ratings as their rates offset their higher risk. For that $6,000 you borrow, you may end up repaying up to $14,000 over a typical 4-5 years to repay. That cost of borrowing is more than you actually borrow. Hidden cost of credit card cheques[^] Nobody gives you money without asking for more in return. In this case, it is possibly the most inefficient and expensive way of borrowing money that you could get. Some loan sharks will give you a better deal. Seriously, they will. I'm not able to talk about the US Citibank operations, but where they operate in Europe they are widely regarded as exploitative and have been investigated by the financial authorities for their irresponsible lending practises. A quick Google for 'citiflex line of credit' gives hundreds of 'avoid at all costs' hits. As a rule of thumb never accept credit that is offered to you out of the blue, only when you are actively looking for it.
Ðavid Wulff What kind of music should programmers listen to?
Join the Code Project Last.fm group | dwulff
I'm so gangsta I eat cereal without the milkDavid Wulff wrote:
If you want credit take out a loan. Credit card cheques, which is what you seem to be describing, are usually at a much higher interest rate than a normal credit card (from 20% to 40% APR).
No, from what I gather, it's more like a personal loan than credit card cheques. The APR they gave me is around 14%. I know how auto loan and mortgage work, but never had a personal loan before. So I'm still waiting for the package that they are supposed to send within 7 to 10 business.
-
David Wulff wrote:
If you want credit take out a loan. Credit card cheques, which is what you seem to be describing, are usually at a much higher interest rate than a normal credit card (from 20% to 40% APR).
No, from what I gather, it's more like a personal loan than credit card cheques. The APR they gave me is around 14%. I know how auto loan and mortgage work, but never had a personal loan before. So I'm still waiting for the package that they are supposed to send within 7 to 10 business.
Link2006 wrote:
The APR they gave me is around 14%.
14% is still far too high for a personal loan. You should aim for 6% to 8% for anything less than £10k ($18k), unless you have a history of really bad credit risk (in which case I would seriously look at whether you need it.) My advice still stands thoough -- never accept credit that is offered to you out of the blue. Get into debt when you need to, not when the bank wants to make some extra money off you.
Ðavid Wulff What kind of music should programmers listen to?
Join the Code Project Last.fm group | dwulff
I'm so gangsta I eat cereal without the milk -
So I got an invitation letter of "Citi Flex Line of Credit", so I applies and immediately approved for #11,000 initial credit line. I requested $6000, and it said they will send me a check in 7-10 business days. Does that mean I can deposite that $6000 to my bank account? It's not a credit card, so what it is? Anyone ever used Citi Flex Line of Credit? thanks
So, you apply for it and get 6,000 BEFORE you know anything about what your getting into?? A fool and his money are soon parted!
A guide to posting questions on CodeProject[^]
Dave Kreskowiak Microsoft MVP Visual Developer - Visual Basic
2006, 2007