very very low Interest Rate for personal loans

[eggnog]

Was browsing the net and just saw this link from citibank. Thought It might help some members here I personally don't use it/will not use it as do not have any personal debts. What really surprised me is that it advertises 6.9% IR for all balances on loans transfered to this product - WOW, thats even cheaper than home loans. Please DYOR


http://www.creditworldaustralia.com...tml?ppc=Overture&name=Personal+Loans&cost=1.4

 

[ger]

I think the 6.99 is only for the amount you
transfer then goes to 12.99


# Low rate of 6.9% p.a.* for life on balance transfers†
Transfer your current personal loan to Citibank Personal Credit and reduce the interest rate to 6.9% for the life of the transfer. Stop paying high interest on your current personal loan.
# 12.99% p.a. ongoing saves you even more
Low ongoing interest rate on purchases and cash advances. Use it for everyday purchases, and you save even more. With flexibility in mind you can borrow additional money, quickly and easily with no additional paperwork up to your credit limit.



Terms & Conditions
Citibank Personal Credit - Terms:
* 6.9% p.a. interest rate applies only to balances transferred with this offer.
† Balance transfers are repaid first. Transactions made other than with this offer will be subject to Citibank's standard Personal Credit rate currently 12.99% p.a., which is variable, subject to change and Citibank's credit criteria.
# Low annual fee of $69 applies. Currency conversion fee applies to transactions made in a foreign currency. Other service fees and charges including late payment fee and dishonour fees may apply.
^ The credit line of $5,000 to $25,000 is subject to Citibank credit criteria.

 

[hobo-jo]

there had to be a catch, notes above annual fee and higher rate on further borrowing.

though with the right management this product could certainly work well for some people.

 

[rodimus]

I have this card. It is fantastic. The interest charged is very low each month.

Considering most credit cards is around 12.99 - 19.99%.

 

[Shonnie]

thanks for the tip! My credit just got approved and now i can use it to pay off my 18% credit card 7% is awesome in comparison!

 

[letiha]

Thats great Shonnie - just make sure that your other card is only used for emergencies etc.

Very tempting to pay one out and then it slowly crreps up again

 

[brays]

Hi

we both applied for Citibank personal credit a few months back as a cash flow just in case with building the IP and taking a 6 wk OS holiday (ended up not needing it in the end as the builder is very slack and only cut the block yesterday instead of August as we were orignially told).

We found dealing with Citibank to be very painful. My husband's inital application was rejected - we think because they didn't beleive what his salary actually is. With a bit of toing and throwing his application was reassed and credit given. He requested the money be transferred from our loan - still haven't seen it 3 mths latter.

My application went through with out any problems but getting the money transferred to the cr card was an issue as they processed the application in my maiden name instead of my married name (applied for it in my married name) and the cr card is in my married name. Ended up taking around 1 mth to get the money through.

On the otherhand we did a simular thing a few yrs back where we applied for redy credit loans at 4.9% for life as the interest rate was better than our home loan rate. No dramas at all with that.

 

[pennyk]

We have a Citibank Ready Credit, with a low transfer rate like this.
We have also found it fantastic for getting out of a squeeze we were in at the time.
The only catch is that you pay the higher percentage of interest on the interest you accrue, even if you pay off a higher amount than the monthly requirement.
So, if you are charged $20 interest on your original transfer amount, that $20 is then added to your total and you are charged the full interest rate on that amount. We are paying the card down very quickly, so its a fairly negligle amount for us. But I can imagine if you had a high amount on the card, and you didn't pay much off that it could add up fairly quickly.