balance transfer offer

[JohnK]

Not necessarily a Veda hit - standard practice. There was no BT fee; completely free.

Interesting.

There must be a few different offers out there. Fee free would have been nice but I am not complaining.

 

[amaroo]

Data point. Yesterday SWMBO received a general snail mail offer from NAB - 0.0% for 15 months....no fee.

 

[M@rcoPolo]

Data point. Yesterday SWMBO received a general snail mail offer from NAB - 0.0% for 15 months....no fee.

+1 I received an offer yesterday from NAB - targeted - 0% on purchases for 12 month + no annual card fee for the first year for their NAB low rate card...

Will come in handy as I was planning to take up the Citibank 0% BT offer for 6 months and will need to put the Citi card in the draw during that period

 

[DC3]

Not necessarily a Veda hit - standard practice. ......

knasty, are you able to elaborate on "standard practice", please? Does this mean that that they may not do a Veda check?

I have a Citi offer for a 50% increase in my credit limit, but would prefer no Veda hits for a while, so haven't taken it up as yet.

 

[JohnK]

Data point. Yesterday SWMBO received a general snail mail offer from NAB - 0.0% for 15 months....no fee.

New card? Balance transfer or purchases?

Time to call NAB again.

 

[amaroo]

New card? Balance transfer or purchases?

Old card. Balance transfer only.

to call NAB again.

Free money for 15 months - crazy! Might come in handy as she has to clock up $15K spend for her new Investec CC bonus of 100,000 QFF points.

 

[knasty]

knasty, are you able to elaborate on "standard practice", please? Does this mean that that they may not do a Veda check?

I have a Citi offer for a 50% increase in my credit limit, but would prefer no Veda hits for a while, so haven't taken it up as yet.

What I meant was apparently it us standard practice to.do q credit review when requesting a credit increase rather than just processing it if prompted by Citi. They won't look at Veda unless/until they do a credit check.

 

[JohnK]

Old card. Balance transfer only.

Free money for 15 months - crazy! Might come in handy as she has to clock up $15K spend for her new Investec CC bonus of 100,000 QFF points.

Not so crazy. I have paid more than enough interest.

Apparently I was sent this offer on 22 July. I missed it. I have until 31 August to take up offer. Time running out.

 

[evilbrian]

Not offering tax advice, but putting a capital amount on your loan (or in offset account) does not actually derive income so there should be no income tax liability.

Totally correct - no tax liability whatsoever.

 

[aerotravel]

I found this on FAQ site: Balance Transfer - Citibank Australia

Thought I'd get your feedback on it.

What is paid first, my Balance Transfer or other transactions I make on my account?
If your credit contract was formed on or after 1 July 2012, we will apply your payments to parts of your credit card balance with the highest interest rate first. If your credit contract was formed before 1 July 2012 and you haven't asked us to change the order in which we apply payments on your account, we will apply your payments to the parts of your credit card balance with the lowest interest rate first.



I pay my Visa Signature card in full every billing cycle. Opened my card in Dec 2013.

Scenario:
Offered 6 months Balance Transfer of 0%. Either transfer credit from another card or take cheque.
- I take the cheque offer say $10k (invest somewhere e.g. high interest saver acc/shares) and continue using the card for my usual purchases on average of $2k per month.

When I make payments (to pay off my monthly purchases), my payment pays off my purchases first before the balance transfer? Which means I can take advantage of the 0%p.a. for 6 months and continue using this card without paying APR of 20.99% p.a. at all?

 

[evilbrian]

I found this on FAQ.

Thought I'd get your feedback on it.

What is paid first, my Balance Transfer or other transactions I make on my account?
If your credit contract was formed on or after 1 July 2012, we will apply your payments to parts of your credit card balance with the highest interest rate first. If your credit contract was formed before 1 July 2012 and you haven't asked us to change the order in which we apply payments on your account, we will apply your payments to the parts of your credit card balance with the lowest interest rate first.



I pay my Visa Signature card in full every billing cycle. Opened my card in Dec 2013.

Scenario:
Offered 6 months Balance Transfer of 0%. Either transfer credit from another card or take cheque.
- I take the cheque offer say $10k (invest somewhere e.g. high interest saver acc/shares) and continue using the card for my usual purchases on average of $2k per month.

When I make payments (to pay off my monthly purchases), my payment pays off my purchases first before the balance transfer? Which means I can take advantage of the 0%p.a. for 6 months and continue using this card without paying APR of 20.99% p.a. at all?

Correct - as long as you pay off the total outstanding balance of your purchases (as listed on your statement) each month.

 

[knasty]

Correct - as long as you pay off the total outstanding balance of your purchases (as listed on your statement) each month.

Interesting - I thought the card needed to go in the bottom drawer for the period of the balance transfer...?

 

[knasty]

Evilbrian is this personal experience of yours? The Citi website seems to indicate otherwise ie. they will apply payments to the purchases first, but you get no interest free days unless you pay the entire balance (including balance transfer) meaning you'll accrue daily interest on every purchase until you make payment. I guess you could pay every day after a transaction to limit the interest to one day, but to be safe I'll use my NAB Velocity Visa during the BT period as the Citi rep was very evasive when I asked this exact question.

How will my Balance Transfer affect my interest free days?
You will not receive the benefit or be eligible for interest free days on purchases unless you pay the Closing Balance in full every month (including any Balance Transfers).

What is paid first, my Balance Transfer or other transactions I make on my account?
If your credit contract was formed on or after 1 July 2012, we will apply your payments to parts of your credit card balance with the highest interest rate first. If your credit contract was formed before 1 July 2012 and you haven't asked us to change the order in which we apply payments on your account, we will apply your payments to the parts of your credit card balance with the lowest interest rate first.

 

[Hammando]

knasty, are you able to elaborate on "standard practice", please? Does this mean that that they may not do a Veda check?

I have a Citi offer for a 50% increase in my credit limit, but would prefer no Veda hits for a while, so haven't taken it up as yet.

I got a credit limit invitation from Citi in the mail last week, rang them and asked if the would be doing a Veda search, they said no. They asked me 3 questions on income and being able to afford the increase and then the increase was immediately approved.

Best to give them a call to confirm yourself.

 

[evilbrian]

Evilbrian is this personal experience of yours? The Citi website seems to indicate otherwise ie. they will apply payments to the purchases first, but you get no interest free days unless you pay the entire balance (including balance transfer) meaning you'll accrue daily interest on every purchase until you make payment. I guess you could pay every day after a transaction to limit the interest to one day, but to be safe I'll use my NAB Velocity Visa during the BT period as the Citi rep was very evasive when I asked this exact question.

How will my Balance Transfer affect my interest free days?
You will not receive the benefit or be eligible for interest free days on purchases unless you pay the Closing Balance in full every month (including any Balance Transfers).


What is paid first, my Balance Transfer or other transactions I make on my account?
If your credit contract was formed on or after 1 July 2012, we will apply your payments to parts of your credit card balance with the highest interest rate first. If your credit contract was formed before 1 July 2012 and you haven't asked us to change the order in which we apply payments on your account, we will apply your payments to the parts of your credit card balance with the lowest interest rate first.

I stand corrected Knasty - good pickup. I'd done one of these with NAB a year ago and they hadn't pulled this stunt, but it's clear that Citi are trying to be a bit too clever here.

 

[Aussie_flyer]

I stand corrected Knasty - good pickup. I'd done one of these with NAB a year ago and they hadn't pulled this stunt, but it's clear that Citi are trying to be a bit too clever here.

I thought nab, and all banks are the same. If you have an outstanding balance whether a BT or not, you do not get interest free days

 

[RAM]

I stand corrected Knasty - good pickup. I'd done one of these with NAB a year ago and they hadn't pulled this stunt, but it's clear that Citi are trying to be a bit too clever here.

who's trying to be a bit too clever.....

 

[knasty]

For every one of us on here who is 'clever' and uses this to our advantage, there must be 10 who are not and get hit with interest on purchases, or on the BT after it expires, or both! With the generous credit limits Citi offers i can see how people can get into trouble if they are not financially savvy. For the rest of us, it's a beast to exploit...

 

[jlien]

Received BT cheque yesterday, banked it into my offset account today. Took about 9 working days since I called up.

 

[tim374]

I'm waiting for an offer to appear, but am not holding my breath until I've had the card at least 9 months (seems to be a magic timeframe they have for credit limit increased, may also apply to account offers). It just keeps telling me to call Citi, but I don't want to do that until my 0% at ANZ is nearly finished in case a good online offer appears in the meantime.