Citibank Visa Signature Check to Self question

LCarpalTunnel on 06/01/2015 - 13:16

Quick question. I requested an 11k cash advance on my Citibank Signature Visa card (which I hear a lot of people here have, and have done since its 6 months interest free).

I also want to buy say a $900 international flight, and understand that using my citibank card I get free travel insurance if I buy with it.

Thus my question is if I already have 11k out as a "balance transfer" and then spend $900 card, I understand that $900 attracts interest straight away. However, if I pay back $900 and bpay that to my credit card, does that pay off part of the $11,000 the balance transfer first or the $ 900 flight ticket?

Cheers.

Financial

Comments

  • No on 06/01/2015 - 13:31
    +1

    There was some laws passed which say any repayments should go to the highest interest accruing part first.

    As long as the card was issued after 1 July 2012 I think you are ok see here:

    http://www.bankingreforms.gov.au/content/content.aspx?doc=fu…

  • CyberMurning on 06/01/2015 - 13:55
    +2

    nah, there is whole lot discussion on whirlpool, and basically no, do not use your card when you have balance transfer amount on it.

    • CarpalTunnel on 06/01/2015 - 15:22

      I agree, cause you no longer have the up to 55 interest free period. But you get the other benefits right, such as travel insurance, extra warranty, price guarantee for no downside provided you pay it off straight away.

  • donbot on 06/01/2015 - 14:57
    +4

    I did exactly this on my citibank signature with a balance transfer on it. Had a balance transfer outstanding of approx $17k at this point.

    May 19 - Paid something using BPAY on Citibank worth $x
    May 20 - Made payment of $x+$10 (so $10 more than I BPAY) onto Citibank CC
    May 27 - Paid something using online worth $y
    May 27 - Made payment of $y+10 (so $10 more than I paid online) onto Citibank CC

    No interest charged on the statement issued in early June.

    • CarpalTunnel on 06/01/2015 - 15:21
      +1

      The answer I wanted. Thanks for the confirmation, the free travel insurance seems worth the one day or two interest.

      • donbot on 06/01/2015 - 15:54
        +1

        Just for the record, I didnt get charged any interest.. so I dont believe that interest accrues on purchases straight away.

        Having said that, I played it safe and paid for it straight away. Interest on the purchases I made for 45 days wasnt worth the risk of being charged interest.

        • CarpalTunnel on 06/01/2015 - 18:53

          Yeah I've read as soon as you apply for a balance transfer, you have NO interest free period on purchases with the Citi Visa Sig. Either way, better safe than sorry

    • CyberMurning on 06/01/2015 - 16:13

      hmmm surprise to see your case. thanks for confirming.
      OP, if you happen to have family member with citi platinum travelling together, you can use her/him CC and you will also covered in the travel insurance. i have confirmed this with citi staffs.

      • CarpalTunnel on 06/01/2015 - 18:52

        oh cool, I'll keep that in mind if one of my family members happen to get one haha

  • PLANT on 19/04/2016 - 10:40

    Hi all,

    So I have the Fee free Signature card.
    I have been told repeatedly by Ozbargain members and Citibank that I am entitled to a CHEQUE to self once a year at 0% for 12months!
    I have used this offer or benefit before without issue.

    Today I ring up to use it again and knew it was a bad omen when the voice recording said welcome to Platinum Card services???????
    Once I got through I was informed I can only BT at 1.9% for 12months?
    I was transferred to a customer service officer and again informed that, the BT at 1.9%, is the only offer available at this PROMO time?
    Would not check with manager or refer me to another officer or "make my request available" as they have done in the past!

    Is this the new norm?
    Are others being told the same?

    • tomsco on 20/04/2016 - 11:05

      Have you gone through the online banking? Last BT offer I accepted was found there.

      May end up being the same as what was offered on the phone, but doesn't hurt to check.

  • CyberMurning on 19/04/2016 - 11:26
    +1

    "I have been told repeatedly by Ozbargain members and Citibank that I am entitled to a CHEQUE to self once a year at 0% for 12months!"
    wow you have been lied repeatedly… sorry.

    no one ENTITLED to ANYTHING! if they give you an offer you can take it or not take it, and the offer NOT ALWAYS 0%.
    Consider yourself super luck to get that 0%. some never get.

    congratulation, now you know the truth.

Login or Join to leave a comment
Login Join