I did this. I had a huge plumbing expense and did not want to pull from my investments. My Flex Loan is the only balance on my account. I got it locked in at 7.99% for 60 months. I can pay any amount over minimum payment. I do not use credit cards for daily purchases. This was a good option as opposed to personal loan.
@LoganAllec
Жыл бұрын
I agree! It’s a good option and better than many alternatives.
@albertoviscencio7425
4 ай бұрын
You can use the money as cash, correct?
@lincmerc1581
4 ай бұрын
@@albertoviscencio7425 Yes. I used it electronically.
@TheDobbleD
Жыл бұрын
At 3:08 , what is the answer to the first question "How does a Citi Flex Loan appear on my statement?" Great video BTW! Subbed
@treniesablunt
3 жыл бұрын
Thank u Alex 💓 I have this type of loan thru my credit union and it's helping me to build my credit
@catt3911
3 жыл бұрын
Great video, you covered everything perfectly.
@Jimfromearthoo7
Жыл бұрын
Why did my Citi flex loan minimum monthly payment increase (174 to 183) this month?
@antman674
Жыл бұрын
So does this reflect as a separate balance on your acount from your credit card balance? In other words, do you still have access to your full credit limit on your card while you pay off the loan separately? Or is this kind of like a glorified cash advance? And is the loan reflected on your credit report as a personal loan - and on-time payments also reported?
@roninheart19
Жыл бұрын
it's like using your card to buy something, only its money. It'll show up on your balance, and you'll still be able to use any remaining credit limit to make purchases. The amount for your monthly payment on the loan is just added on top of the purchases for the month. so if your loan payment is 100 a month and you use the card to buy something for 100 extra, the bill will be 200 dollars. If you pay less than 200 dollars, the first 100 will pay off what you purchased, and the rest will go towards the balance of your loan, since it will have a lower interest rate than the rate for whatever you purchased (it pays highest interest rate balances first).
@TheDobbleD
Жыл бұрын
For anyone who's done this -- did the amount show in your account in 1 day? 2 days? Longer?
@nicholasdean3467
3 жыл бұрын
Are you ever going to do a video about credit unions vs banks?
@kat.k1920
3 жыл бұрын
Credit Unions are good. Much lower interest on car loan. 8.9%.
@kam5333
Жыл бұрын
on your credit report, does it show up as revolving credit or an actual loan?
@sharonducci7089
3 жыл бұрын
I won’t get a Citibank flex loan card I want to be offered a very good interest rate for an extended period of time that’s what I like I don’t spend money because it’s offered to me I spend it when I need to
@manuelmacias5192
2 жыл бұрын
Wait so I can pay off this loan quicker if I do decide to apply correct?
@LoganAllec
2 жыл бұрын
Yes, you can.
@jaredbrown1201
Жыл бұрын
If I take out the citi flex loan, could I transfer the balance of that Loan to a 0% interest credit card with chase?
@briankeith1007
2 жыл бұрын
Hello,great content, are you going to do a Follow up to your results from getting the flex loan?
@kevint6569
3 жыл бұрын
First national bank of omaha has these as well.
@kay44
11 ай бұрын
Does anyone know if there are other credit cards doing this ? Appreciate ur replies
@licey71
3 ай бұрын
Is this simple interest? Did not catch it if you mentioned it.
@mikecopros79
2 жыл бұрын
great video. Question though: I was thinking on taking out $6.4K to payoff my car loan (4.9% and still 34 months to pay it off and I make $250 pymt x month on it). If I take out this loan for a 36 month period, my monthly pymt goes down to $198 x month, I end up paying less in overall interest and if I keep making my $250 pymt x month, i can actually shave off 8 months to pay this off... sounds like a win win... what do u think?
@edwardharrell46
2 жыл бұрын
Bro I was thinking the same thing.
@hawkeye8082
7 ай бұрын
100%=credit usage it will kill your credit
@WheelerRickRambles
5 ай бұрын
Sooo…they commingle current cc balance with new monies from flex loan.
@LoganAllec
5 ай бұрын
Yes, exactly.
@Pokka676
Жыл бұрын
Can i pay off citi flex loan early to avoid much interest rate?
@LoganAllec
Жыл бұрын
Yes, you can.
@Pokka676
Жыл бұрын
I have another question. How soon can you get the fund available.. thanks again
@storybrooke83
10 ай бұрын
Just got a flex loan. They charged me interest on top of my minimum payment, which already had the principle and interest figured into it. I had nothing else charged on the card. Is this an error? Customer Service seems to confused.
@yvettearguello4940
7 ай бұрын
@storybrooke83 did you end up paying extra interest?
@rubenfabela9285
3 ай бұрын
Update???
@VistaBrook
3 ай бұрын
Did you dispute this? They are charging me interest on already interest added monthly payment.
@VistaBrook
3 ай бұрын
@rubenfabela9285 called customer service but their answer is vague. They say the charge is valid.
@jaycobmelo1904
Жыл бұрын
What I don’t understand is isn’t the interest already in the monthly payment? Why do they add more interest?
@yanks120251
Жыл бұрын
Did you ever figure this out. Cause I just took out a flex loan and was surprised in my next statement that there was extra interest charged
@jaycobmelo1904
Жыл бұрын
@@yanks120251 i guess that’s part of the catch because it makes no sense i paid off the loan because of this.
@rubenfabela9285
3 ай бұрын
Update anyone???
@jaycobmelo1904
3 ай бұрын
@@rubenfabela9285 I’m sure what they are doing is not legal when you calculate your payment times the months of the loan you are already paying interest so I don’t understand I’ve stoped using the flex loan
@VistaBrook
3 ай бұрын
Facing the same issue. Charged extra interest on first statement. I am sure next statement will have the added interest again.
@jcampbell07
2 жыл бұрын
is that mean you can't use the credit card until you paid the loan and your credit utilization is going to be high?
@wagagagaggag
11 ай бұрын
11.99% APR as of november 2023, what a day we live in.
@LoganAllec
10 ай бұрын
Yikes! Now is not the time to be in debt! Of course, that's way better than most credit cards!
@wagagagaggag
10 ай бұрын
@@LoganAllec what would you do if there is a timely purchase that you want to make but you won’t get the money until saving for a few more months. Would you take out a flex loan to pay for it?
@rubenfabela9285
3 ай бұрын
8.99% as of 6/24
@Mad-i134
Жыл бұрын
First credit card. My goal is to build credit and earn points. What are my options in using this particular card?
@sharonducci7089
3 жыл бұрын
I actually utilize one of theirs and it was the first card I had to pay off because the other cards that I called and get try to get a lower interest rate by calling were much better and for a longer period of time so I will no longer use what they offer I’ll go after my own offer
@seawallbreeze9616
2 жыл бұрын
So this will actually drop your score then if you're utilizing close to the limit of your card am i right ? Utilization is known to drop your score.
@LoganAllec
2 жыл бұрын
Yes, that’s likely since it uses up credit card utilization rather than being a separate installment loan.
@nolajohnson372
10 ай бұрын
How is ultization 61,000 of avalible credit across all your cards with no other balance across no other cards. So that means my uktization would be low correct.
@ManguconBL
2 жыл бұрын
Hi, i took a citi flex loan for $2, 000 but it dropped my credit score from 747 to 700, will it be up again when i pay the first installment or do i have to pay it all so my credit score goes up again?
@samb7105
2 жыл бұрын
Yes it goes up . Probably your credit utilization went up like sky high, once that drops you ill be fine.
@theartistnyc
5 ай бұрын
Does this max out your credit card though?
@LoganAllec
5 ай бұрын
Yes, Citi Flex Loans count toward your card's credit limit.
@wsherrian25
3 жыл бұрын
Thanks Logan
@purpellnurpell8095
25 күн бұрын
Do you know if you have to provide proof of income to get the flex loan?
@LoganAllec
24 күн бұрын
I didn't.
@nicholasdean3467
3 жыл бұрын
Wait so does the flex loan count towards your credit utilization? 1:00
@johnboggs5964
3 жыл бұрын
Yes be careful
@musashi-san____1409
2 жыл бұрын
Yes. It tanked my credit score. Went from 800 to like 625.
@mistrbravado
2 жыл бұрын
@@musashi-san____1409 This is what I came here to find out and I was waiting for him to say something and he didn't. So, thank you!
@kingshark3503
28 күн бұрын
Thanks, I'll take this on like a charge acct. Then but that no credit check and etc. Is worth it. Just gotta pay it off or calculate the ccu I want exposed.
@pnkpixie84
2 жыл бұрын
what if you have an introductory apr on your credit card? my credit card has a 4.99 apr and the citi flex loan is 5.99 apr... would the excess payment got the the loan and not my credit card?
@esthermaloney1108
3 жыл бұрын
I dont have a citi bank card to apply to make it easier if its a hard pull what you think
@zodakoyt3398
2 жыл бұрын
does it come all in one or monthly payments?
@jermainegaskins3901
Жыл бұрын
They are the best ..
@alphadeer5599
3 жыл бұрын
If I have no balance on my card and borrow let’s say 3K with a payment of $150 Monthly for a 2 Year term. Would I only be paying the set rate installment fee or would it be the installment and a minimum payment that would $150+?
@lincmerc1581
Жыл бұрын
No installment fee on this loan. Just your locked in interest rate. On your statements (online or paper) It reflects two balances. The higher of the two is the amount showing interest to be paid. The lower amount is the payoff amount minus accrued interest. Hope this answered your question. I chose the 60 month payment option. There is no fee for early payoff AND you have the option of making a minimum payment if something comes up in your budget. It gives you fteedom to choose.
@captaingenius-o1c
2 жыл бұрын
So if you have a BALANCE on the same credit card that you are taking the 'FLEX LOAN' to, can you use the that flex loan money to pay off that SAME credit card initial balance?
@JonathanNelly
2 жыл бұрын
I'm wondering the same thing as well. I would assume since you get the funds in your bank account then you could pay more than the minimum payment of your existing balance plus the added minimum payment of your flex loan, which I think should pay off your existing balance. Otherwise you'd be paying a minimum payment that I Clyde's both your existing balance and new flex loan balance until you pay off one or the other.
@tathianamontilla5604
Жыл бұрын
Before a law was passed, you could not use the same money to pay the existing balance because payments were applied to the lowest rate first but since that is not longer the case, as long as your APR for your existing balance is higher, I don’t see why it would not work. What you are basically doing is taking the loan with a lower APR and sending it back so it will be applied to the highest rate. I’ll say try it. :)
@shamialaafzal8576
3 жыл бұрын
I got citi flex loan citi charge me every month interest charges plan 4 why plz tell me
@VistaBrook
3 ай бұрын
Did you dispute this? Did they still charge interest over interest?
@newbeginnings9457
2 жыл бұрын
They wanna charge me 10.99 interest! That’s hilarious because you have 6.99. No thanks
@myaaung2287
2 жыл бұрын
you need to know something extra for interest. It looks like two different interest. for example, minimum pay 215 for $4800 (24 months) loan. it is 200 principle and 15 interest. there will be another interest for 4800 with apr 6.99%. that will be 27.89. after first times 215pay, next month, your interest will be (4800-215)x apr6.99%=25.**.so your second month interest will be (15+(4800-215)6.99%)=$42.89
@BadCarbNoDonut
3 жыл бұрын
Does the Citi Flex Loan subsequently show up as an installment loan on your credit report or does it just remain the same?
@billybob7767
3 жыл бұрын
no it just shows that you're using most your cards available money. It's not listed as a loan because you basically just charged your credit card
@2jcward
2 жыл бұрын
Great question
@Angel-uk2gk
2 жыл бұрын
@@2jcward Great Question
@hawkeye8082
7 ай бұрын
Destroys your credit score not a good idea
@LoganAllec
7 ай бұрын
Not if you don’t max out the card with the loan.
@breezy1007
3 жыл бұрын
Good 4 u
@BadCarbNoDonut
3 жыл бұрын
I see an expiration date for my flex loan offer. So they only offer it for a limited time? Do they offer it again later?
@Jimfromearthoo7
3 жыл бұрын
Mine was offered again!
@BadCarbNoDonut
3 жыл бұрын
@@Jimfromearthoo7 Thanks!
@Stevendave-c4m
2 жыл бұрын
Like wtf damn… some people are damn fucking good mine ain’t a loan guys I don’t know how this dude did it $50k this dude is a pro #Gratecyber
@howyoudurrinhunneh
3 жыл бұрын
My APR is 9.99% Bitches
@olayinkaykmotors1356
2 жыл бұрын
#Gratecyber is like a brother he's kind and hearted young guy his ways are the best ways I rate him with my life.... I strongly believe in his job.
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