Funds Transfer - 'Send me a cheque'?

[vilemerchant]

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%.

 

[robertz]

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

 

[vilemerchant]

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 cough anyway so I'm pretty happy with that

 

[robertz]

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 cough' is going to be a very painful experience.
I let them 'Own my cough' 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

 

[vilemerchant]

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 cough' is going to be a very painful experience.
I let them 'Own my cough' 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

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 cough for too much longer

 

[vilemerchant]

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'.