Credit Card Insider has partnered with CardRatings for our coverage of credit card products. Citi Flex Plan offers are made available at Citi's discretion. Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. Personal loans, for example, currently average about 11 percent interest, and you can also secure a fixed monthly payment and a payoff date that will never change. If these branded programs don’t do it for you, you could research loans through other financial institutions. The standard variable APR for Citi Flex Plan is 13.49% - 23.49%, based on your creditworthiness. If that sounds bad, look at the other option: When you request and get approved for a product change, your existing Freedom account will be transferred to a new Flex card. Citi® Double Cash Card - 18 month BT offer Each plan will use up your credit card balance, like a typical purchase would. Citi Flex Plan offers are made available at Citi’s discretion. Earn 15,000 bonus points after you spend $1,000 in purchases with your card within 3 months of account opening; redeemable for $150 in gift cards at thankyou.com A Citi Flex Plan could be a good way to make necessary purchases, if you’re in a pinch and can’t afford to pay in full immediately. As you pay off your Citi Flex Loan, you won’t have to make an extra payment each month; the amount due on your account will include both your credit card’s minimum payment due as well as the fixed monthly payment for your Citi Flex Loan. But you should avoid them otherwise, because you’ll end up paying more than you normally would and could hurt your credit temporarily due to increased utilization. Citi may have its own not so good points I am not aware of, but for my purposes they have served my wife and I well. Citi Flex Plan offers are made available at Citi’s discretion. Citi decides what amount you’re eligible for, and you get to choose your repayment term. In the case of a Citi Flex Loan, you’ll be able to choose the amount you’d like, and how long to pay it off. You’re already in the Citi system and approved for a line of credit, so you won’t have to go through a lengthy process or fill out a full loan application to get started. For American Express cardholders, there are the Pay Over Time and Pay It Plan It® financing programs. Or perhaps you have a car, but it needs some work done to get back into shape. Still, for shorter payment plans with lower purchase amounts, Citi Flex Pay can be an excellent option that offers a predictable payback plan and low APRs. More Highlights Just keep an eye out to see if Citi has reached out. Both offer competitive interest rates since you’re using the value of your home as collateral, and may let you borrow up to 85 percent of your total property value. Chase provides similar programs: My Chase Plan and My Chase Loan. The payment will also be added to your regular required monthly credit card payment, so you won’t have to worry about making two separate payments. Citi may have its own not so good points I am not aware of, but for my purposes they have served my wife and I well. American Express offer customers a pay over time plan. There are other drawbacks to using either of the Citi Flex Plans too, like impeding payments of balances at 0% rates. You don’t earn credit card rewards, including cash back or rewards points, on Citi Flex Loans. Citi Flex Plan offers are made available at Citi's discretion. The standard variable APR for Citi Flex Plan is 13.99% - 23.99%, based on your creditworthiness. This means that you can work on improving your credit score by making timely payments in full each month. If that sounds bad, look at the other option: When you request and get approved for a product change, your existing Freedom account will be transferred to a new Flex card. See More Details & Reviews About TheCiti® Double Cash Card – 18 month BT offer Here’s an explanation for I just got seven pages of changes to the terms of my Citi Costco card that go into effect September 23. Earn 15,000 bonus points after you spend $1,000 in purchases with your card within 3 months of … Installment plan services, such as Affirm and Afterpay, have become increasingly popular – especially during the pandemic.. I just got seven pages of changes to the terms of my Citi Costco card that go into effect September 23. All Rights Reserved. At Bankrate we strive to help you make smarter financial decisions. The standard variable APR for Citi Flex Plan is 14.74% - 24.74%, based on your creditworthiness. Standard APR when taking part in the Citi Flex Plan is a variable 14.74% - 24.74%, depending on creditworthiness. Just make sure you’re not able to get a lower APR elsewhere. ... tomorrow i plan on calling a manager, this is some BS. Tip: Even if your Citi Flex Plan APR is higher than your card’s APR, you can still avoid interest on your card balance by paying your statement balance in full. Some cards won’t even charge a balance transfer fee to do so. So if purchases you make with your credit card carry a higher APR than that of your Flex Loan, you’ll have to pay down your purchase balance before you can apply any extra payments to the loan (the same goes for balances from balance transfers and cash advances). When you have a Citi Flex Loan or Citi Flex Pay on your account, you can still avoid paying interest on purchases if you pay your Citi Flex Plan Payment Amount plus your statement balance (not including your Citi Flex Plan balance) in full by the payment due date shown on your statement each billing period. I am really worried, as well, regarding what the closure of my Citi Flex line of credit will do to my 745 credit score. You won’t have to worry about two payments as your Flex Plan payment is added to your regular monthly payment. Borrowing money doesn’t have to be stressful, but you should do some research to make sure you’re getting the best deal and find the best payoff plan for you. If you are in a circumstance where you needs funds or you are using funds to pay off higher interest debt, the Citi Flex Plan could be a good option for you. The standard variable APR for Citi Flex Plan is 13.99% – 23.99% based on your creditworthiness. Shop with confidence knowing that you have dependable protection benefits, including $0 Liability on Unauthorized Purchases and Citi® Identity Theft Solutions. We do not include the universe of companies or financial offers that may be available to you. The Citi Flex Loan offers a lump sum of cash, while the Citi Flex Pay plan lets you choose one credit card purchase to pay down over time. Hello everyone, Hubby and I have been rebuilding credit for about a year and a half now. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. A security deposit is required. Taking out a Citi Flex Loan does have the potential to impact your credit score in a negative way. Citi Flex Plan offers are made available at Citi's discretion. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. While the Citi Flex Plans can help if you’re in a bind, you should still take a look at a few different options that could be less expensive. Receive dependable shopping protection benefits with the Diamond Preferred Card, including $0 Liability on Unauthorized Purchases and Citi Identity Theft Solutions. You can choose to have them distributed via mail or by direct deposit. Experts suggest keeping your overall amounts owed below 30 percent of your available credit. Any opinions, analyses, reviews, or evaluations provided here are those of the author’s alone, and have not been reviewed, approved, or otherwise endorsed by the Advertiser. Gone is the generous $10,000 coverage per stolen or damaged item. He said they can offer at 4.99 % if i take up their free bank account offer. Citi will occasionally review your credit card account and determine if you’re eligible for its Flex Plans: Citi Flex Loan or Citi Flex Pay. Once approved, your credit limit will be equal to your security deposit (minimum of $200). With a fixed APR of 12%, your options would look something like this: You should pick the shortest duration you’re able to afford, saving yourself some money by reducing the amount of overall interest the balance will accrue. A Citi Flex Loan lets eligible Citi cardmembers convert part of their credit card account’s credit limit into a personal loan. That means by taking advantage of one of these offers, you’d end up saving yourself money on interest. Citi Bank is a well-known financial institution that has a history of good and bad practices. Just like the Citi Flex Loan, once you get word from Citi, you’ll be able to choose a single credit card purchase and how much time you’d like to pay it down. You have money questions. These loans don’t come with any fees, including the pricey. How you receive your funds is up to you. That’s how you can avoid paying interest on your purchases. I was looking for a Personal loan for about 20k and few of the comparsion sites shows Citibank as offering at 6.99% interest. Citi Flex Pay is a somewhat simpler option. Citi Flex Plan offers are made available at Citi’s discretion. Credit Card Insider and CardRatings may receive a commission from card issuers. Another thing to be aware of is that using a Citi Flex Loan will increase your credit utilization because it’s using your credit card’s credit limit. DISCLAIMER: All information posted to this site was accurate at the time of its initial publication. Before you move forward with a Citi Flex Loan, consider whether it aligns with your needs and ability to repay. Along with credit cards, Citi provides the opportunity for a few different financing options specifically for Citi credit card users. Afterwards, it’ll be added to your required monthly credit card payment. Both Citi Flex Loans and Citi Flex Pay are options available when you create a Citi Flex Plan, Citi’s program offering cardholders more flexible payment options and fixed terms. The standard variable APR for Citi Flex Plan is 15.99% – 24.99%, based on your creditworthiness. Shop with confidence knowing that you have dependable protection benefits, including $0 Liability on Unauthorized Purchases and Citi® Identity Theft Solutions. 2% cash back on all other purchases from Costco and Costco.com. You don’t have to apply for more credit, thus there will be no hard inquiry on your credit report. Now, Citi cardholders have the option of accessing both more readily through Citi Flex Loans. If you’ve made $100 in purchases during the prior billing statement, you may be responsible for a minimum payment of $15, for example. Keep an eye on APRs and payoff schedules, and be sure to compare offers to find what might work best for you! But this isn’t the worst thing in the world, because at least that balance won’t be accruing interest. Show More The content created by our editorial staff is objective, factual, and not influenced by our advertisers. American Express offer customers a pay over time plan. But interest rates can be high, and there are other risks you should know about before you apply for a flex loan. Citi Flex Plan offers are made available at Citi… The 0% interest rate would obviously be lower than that of your Citi Flex Plan. Occasionally, Citi will review your credit card account to determine your eligibility for a Citi Flex Plan. The claim is that these changes are associated with a new "feature" called Citi Flex Plan which looks like a way for them to entice you into interest-bearing debt. You can see how all that might play out below. Credit Card Insider receives compensation from some credit card issuers as advertisers. © 2020 Bankrate, LLC. It’ll affect your credit utilization, potentially having a negative impact on your. Citi Flex Plan offers are made available at Citi's discretion. But you can still avoid paying interest on purchases. While there are no fees for accepting the loan, the balance will still accrue interest at a fixed APR. 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