Remember to make all your payments on time, or you will have to pay an interest of 18 % above a possible late payment fee. I am really worried, as well, regarding what the closure of my Citi Flex line of credit will do to my 745 credit score. My limit was $12,000 which was maxed out once I consolidated everything. rate taking over everything above the minimum payments, I wouldn't have taken it. | Citi Flex Loan Review: Pay Less Interest By ... Southwest Rapid Rewards Plus Credit Card Review. Still, it gives Citi credit card customers the ability to have better control over at least a portion of their outstanding credit card balance. Disclaimer: NerdWallet strives to keep its information accurate and up to date. It also has the advantage that there is no application fee for each Flex Loan you take. Citi Flex Plan. better manage your credit balances to pay them off more quickly. Over the past year and a half it has been lowered 3 times by more than half of the original amount. There are basically two ways to use this: Pay for eligible transactions under a Citi Flex Plan; Use your credit line to access funds and pay for those funds under a Citi Flex Plan. However, the tie between flex loans and card payments does come with some drawbacks. With this feature, for qualifying purchases of $100 or more, eligible cardholders can opt for a monthly payment plan instead of purchasing the item outright with their Citi card. Convenience . The Citi® Diamond Preferred® Card, from our partner, Citi, is a solid option for those looking to consolidate debt and pay it off over an extended period … Also important to note, you will find the effective date when the new feature to your account will take place. What’s more, even if you have a Flex Loan provision, it may not be a permanent feature of your credit card. With this letter includes a summary of the changes which will be taking place to your credit account. From huge sign-up bonuses to generous rewards, NerdWallet's best credit cards outshine the rest. Customer service . But precisely because it eliminates the revolving aspect of credit cards, it won’t be nearly as flexible. Nat, Queensland, reviewed over 5 years ago . I've had this account for three years where my credit limit started out at $15,500. MyBankTracker generates revenue through our relationships with our partners and affiliates. You may pay off your Citi Flex Plan balance early at any time, however, payments made in excess of the Minimum Payment Due will be applied first to the balance on your account with the highest APR, then to the balance with the next highest APR, and so on. With the Flex Loan, you can make a purchase, and limit the term to as little as 12 months. Our partners cannot pay us to guarantee favorable reviews of their products or services. They even set up the website to show the "Flex Loan" as a separate area. With Citi Flex Loan, you can take out a loan on your eligible Citi card’s credit line at a fixed interest rate. Features . It is important to pay them in full and on time. So that wonderful 10.99% interest 36 month balance transfer I had going is not getting anything more than the minimum monthly payment because that "loan" is taking whatever over their "monthly payment" is and the minimum due to the transfer.

Had I known that I was going to be paying it back at the same rate as a standard balance transfer, with the higher apr. The Flex Loan does not represent the extension of additional credit. When evaluating offers, please review the financial institution’s Terms and Conditions. Selecting Citi Flex Pay doesn’t require an application or trigger a credit inquiry. 9. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. As described above, a certain amount of your existing credit limit will be available for a Flex Loan. In that way, it will function as a limited-use feature in very specific situations. So how do we make money? Citi Flex Pay. However, sometimes that’s not possible, and that’s when borrowing money — whether through installment loans or on a credit card — can come in handy. Overall rating 8 / 10 . A free inside look at company reviews and salaries posted anonymously by employees. Unlike traditional personal loans, where you need to make a formal application, Citi Flex Loans work within your existing credit card arrangements. Advertiser Disclosure: Many of the savings offers appearing on this site are from advertisers from which this website receives compensation for being listed here. Close. This may influence which products we write about and where and how the product appears on a page. Personal finance expert at NerdWallet about PayFlex pretax accounts and benefits including HSAs, FSAs,,. More than half of the changes which will be deducted from your credit card Review, Discover it Student Back! – 23.99 % based on your Citi Mobile App application, Citi pay! Triple-Digit APRs, composed of high interest rates and fees that you 've shared your experience with the Loan. An eligible purchase information from your Loan amount please Review the financial institution ’ s credit line accurate up. 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