Author Topic: Cons of Citi Simplicity for Balance Transfer?  (Read 2540 times)

Offline aygordo

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Cons of Citi Simplicity for Balance Transfer?
« on: November 13, 2016, 08:39:05 PM »
I want to do a balance transfer to a 0% apr card.  Is there any reason NOT to tranfer to the Citi Simplicity card?  It seems like it has the longest grace period (21 months) of no interest.
Thanks!

Offline Iz

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Re: Cons of Citi Simplicity for Balance Transfer?
« Reply #1 on: November 13, 2016, 08:57:37 PM »
Did you check out Chase Slate?

Offline David Smith

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Re: Cons of Citi Simplicity for Balance Transfer?
« Reply #2 on: November 13, 2016, 08:59:35 PM »
A business card such as ink cash or simply cash would be better for your credit score.

(The best way to do a BT is generally to find a bank with a nice promo APR, preferably on a business card, and fund a bank account with the card. You can then use the cash to pay off the card you'd like to transfer from, and pay off the new card over the promo APR period.)
Who do you think you are fooling? You think you are going to pull a quick one on your Creator? Good luck with that.
JTZ

Offline mmgfarb

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Re: Cons of Citi Simplicity for Balance Transfer?
« Reply #3 on: November 13, 2016, 09:13:19 PM »
A business card such as ink cash or simply cash would be better for your credit score.

(The best way to do a BT is generally to find a bank with a nice promo APR, preferably on a business card, and fund a bank account with the card. You can then use the cash to pay off the card you'd like to transfer from, and pay off the new card over the promo APR period.)
+1 but not everybody knows which banks allow large amounts of funding with a CC.
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Offline Iz

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Re: Cons of Citi Simplicity for Balance Transfer?
« Reply #4 on: November 13, 2016, 09:13:53 PM »
+1 but not everybody knows which banks allow large amounts of funding with a CC.
...and doesn't consider it a CA.

Offline mmgfarb

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Cons of Citi Simplicity for Balance Transfer?
« Reply #5 on: November 13, 2016, 09:14:05 PM »
...and doesn't consider it a CA.
Exactly (Although that's decided by the CC not the bank)
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Offline aygordo

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Re: Cons of Citi Simplicity for Balance Transfer?
« Reply #6 on: November 13, 2016, 09:17:38 PM »
I looked at Chase Slate and its 0% is only 15 months with 5% BT fee after 60 days.
Simplicity is 21 months with 3% BT fee

The business cards are 9 & 12 months...

Offline Iz

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Re: Cons of Citi Simplicity for Balance Transfer?
« Reply #7 on: November 13, 2016, 09:19:50 PM »
I looked at Chase Slate and its 0% is only 15 months with 5% BT fee after 60 days.
Exactly, so do the BT right away, and there won't be any fee. You'll be covered for 15 months, which should be enough time to breathe and figure s/t else out. :)

Offline aygordo

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Re: Cons of Citi Simplicity for Balance Transfer?
« Reply #8 on: November 13, 2016, 10:04:56 PM »
Thanks folks