New Way to Quickly Get Funds from your Citi Card
Not so long ago, Citi launched a new feature aimed at current Citi credit cardholders – Citi® Flex Loan. The whole point is that, if you own a Citi credit card, now you may be offered to borrow money from this account’s credit limit and pay it back at a fixed APR, in fixed monthly payments over a set period.
Despite the name, Citi Flex Loan is not exactly a personal loan in its usual sense. Its main difference and advantage over loans is that you don’t need to specially apply for the offer or go through the hard check procedure which may impact your score in a bad way. You will receive one combined statement and one minimum monthly payment on your credit card account.
The borrowed amount is completely based on the available credit on your card at the time you request your Citi Flex Loan. For example, if your total credit limit is $10,000, but you carry a balance of $3,000 which means that your current available credit limit is $7,000, you will only be allowed to get up to the latter sum with the Citi Flex Loan feature.
You don’t obligatory have to take the whole amount. It’s up to you to choose. But remember that the minimum amount you are allowed to borrow is $500. Another thing you can select yourself in your Citi online account is the period to pay off the debt: 12, 24, 36, 48, or 60 months.
Once you configure all the settings and before accepting these conditions, you will see the real-time breakdown indicating such details as the loan amount, the monthly payment, the loan term, and the APR offered. If that suits you, you agree and wait for the issuer to accept your request.
After that, there are two ways how you can get the money. The first is a direct deposit into your bank account which will come in 1-2 business days. The second is a check, which will be payed to you within 10 days.
Basically, the Citi Flex Loan option is more similar to a cash advance but turns out to be much cheaper. When withdrawing cash from an ATM, you have to pay a one-time fee for the very fact of the transaction proceeding, and then, on top of everything, a huge APR applies. With Citi Flex Loan, you won’t be charged a fee for receiving money, and the rate is usually much lower and does not change throughout the repayment period.
Unfortunately, the feature may not be available for all the cardmembers. Or, according to cardholders owning several Citi cards, it may be offered only on some of those. To see if you are eligible, you can log in to your Citi Online or call Citi Customer Service.
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