Funds Transfer - 'Send me a cheque'?

Discussion in 'CitiBank Rewards Program' started by vilemerchant, Jun 12, 2007.

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  1. vilemerchant

    vilemerchant Intern

    May 8, 2007
    83
    0
    Recently got my new Citibank Clear Visa. Playing around in my CB online banking I noticed under 'MY OFFERS' you can initiate a funds transfer, either to another CC, another account or 'send me a cheque'.

    Anyone any idea if they charge fees on this? And also, my card has 0% balance transfers for 6 months, would they count being sent a cheque as a balance transfer at 0? I'm guessing not..

    When I got the card they wouldn't let me balance transfer from my Gold MyCard as MyCard got bought out and are now a subsidiary of Citibank, so if I can get sent a cheque cheaply (compared to cash advance fees) this would be a good way of at least transferring my 17.99% MyCard debt to the 9.95% CB Clear Visa, even if I can't get 0%.
     

  2. robertz

    robertz Member

    Sep 15, 2005
    134
    2
    Atlanta, GA, US
    Im pretty sure the 0% ONLY applies to the transfer you make when you opened your card or that piece of paper.
    It DOESNT apply to "My Offers".

    What I would do is, If you have another card sitting there doing nothing (Non-sh_tibank), balance transfer to that card, even if it has a $0 balance, withdraw money and pay off your MYCARD.

    Might not be the best way, but an option.

    Rob
     
  3. vilemerchant

    vilemerchant Intern

    May 8, 2007
    83
    0
    Just got off the phone with Citi. When I asked about the MYCARD he offered me a convenience cheque at 6.9% for 6 months (which I can then pay off the mycard with). 17.99 to 6.99 is a pretty good deal considering they already owned my ass anyway so I'm pretty happy with that :)
     
  4. robertz

    robertz Member

    Sep 15, 2005
    134
    2
    Atlanta, GA, US
    Thats look OK.
    I suppose an important question to ask is if the money is classed as a 'cash withdraw' rather than 'purchase', therefore after the 6 months it might be at the higher rate (Over 18%).

    Remember letting Sh_tibank 'owning your ass' is going to be a very painful experience. ;)
    I let them 'Own my ass' for a few years and they seemed to take advantage of it every time they needed a little extra revenue. (Increasing rates, Intl transaction conversion, local and Intl debit withdrawals charges etc) Oh, Dont get me started on their call centres.......

    Best of luck.

    Rob
     
  5. vilemerchant

    vilemerchant Intern

    May 8, 2007
    83
    0
    Nah it should be good. I'm fairly sure it's counted as a balance transfer except paid out as a cheque, plus, the standard rates for that card are 9.99% for purchases AND cash advances, so that's about as bad as it could get.

    They won't be owning my ass for too much longer :D
     
  6. vilemerchant

    vilemerchant Intern

    May 8, 2007
    83
    0
    #6 vilemerchant, Jul 11, 2007
    Last edited: Jul 11, 2007
    These convenience cheques are even better than I thought. Going by my statement, it seems when you make payments the money actually comes off your normal high-interest rate balance, you don't pay down your 'promo-rate' balance first. The interest you pay on your promo-rate balance is also added to that balance, so the amount you have at the cheap rate actually increases each month.

    Bloody weird that it's working like this since their conditions clearly state 'transferred balances will be repaid first'.
     
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