Choose a delivery method for the money, such as a direct deposit to a bank account or mailed check. Flex Loans are available only with an existing Citi credit card. If you already have an outstanding balance against your credit limit, the new loan will represent an additional monthly payment. Theyre more of a hybrid between personal loans and traditional credit card credit limits. Even if youve had a Citi account for years, its possible no Flex Loan provision will be offered. Smaller charges, under $75, don't trigger an offer for Flex Pay. Holly Johnson writes expert content on personal finance, credit cards, loyalty and insurance topics. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. See if your Citi credit card has an offer to help you handle life's expected and unexpected expenses.
Though Citi Flex Loans adds an additional option to your credit card account, there are some limitations you need to be aware of. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). Your monthly payment is instantly calculated. The interest rate of this offer will remain fixed for the duration of the loan. Only you can decide. Personal loans may offer higher loan amounts and lower rates than alternatives, especially if you have excellent credit. 
But this compensation does not influence the information we publish, or the reviews that you see on this site. Sign on to see if you have a Citi Flex Loan offer and get more out of your card today. If you qualify, a 0% intro APR credit card is an interest-free loan, as long as you pay the balance before the introductory offer period ends. When viewing your online account activity, recent larger purchases may be identified with a link, Eligible for Citi Flex Pay. Click the link. The billing cycle on my card starts on the 17th of the month, and I took out that "loan" on the 16th, the loan amount brought my credit limit to the max, but the next day the interest fees on the current balance transfer I had on it came due and pushed it over by $22.50. Liliana is an editor and journalist with a background in feature writing on the Bankrate Credit Cards team. Actual Offer Terms will vary. 
If disabled the content or the functionality of the website can be limited or unavailable. It will give you the ability to maintain at least part of your outstanding card balance as a fixed-rate term loan. If we obtain a consumer report about you, it will be a "soft inquiry" that should not affect your credit score. May not be cheaper than a personal loan or using a 0% balance transfer offer. Therefore, this compensation may impact how, where and in what order products appear within listing categories. We are not contractually obligated in any way to offer positive or recommendatory reviews of their services. Similar products are available from Chase and American Express, for example. You can also call Citi customer service to ask if youre eligible for a Citi Flex Loan. Holly Johnson writes expert content on personal finance, credit cards, loyalty and insurance topics. Meaning, if you already have a lower apr balance transfer on that card, and you use a flex loan on the remaining available balance, whatever over the minimum payments (your current flex loan payment, plus the minimum on the balance transfer) goes to the flex loan.
If your balance transfer is for 18 months, and your flex loan is for 36months, and you make more than the minimum payments, thinking that you will have paid off that transfer time, you will be in for a rude awakening when that time is up. Personal loans, for example, are currently offered with fixed interest rates as low as 4.98 percent for those who qualify, and you can also secure a fixed monthly payment and payoff date that will never change. better manage your credit balances to pay them off more quickly. Coverage.com services are only available in states where it is licensed. Buy now, pay later vs. credit cards: Which is right for you?
For example, if you take a $10,000 personal loan, with a 6% origination fee, youll pay a full $600 for the fee. They are just another version of a balance transfer.
I believed that they were treated like a separate entity, and whatever you had or spent on your card would be treated as if the "loan" wasn't there. Once you've completed the loan process and received your funds, you can view the details of your Flex Loan on your next statement summary under Citi Flex Plan. And no hidden fees. The following categories of product may not qualify for the FlexPay promotion: cell phones over $500, jewelry over $1,000, gaming over $1,000, coins over $500, TVs over $2,500, computers over $1,500 (all desktops, all laptops and all tablets), HSN gift cards, home protection plans, Auto-Ship and select Andrew Lessman products. That will force you to pay off at least part of your balance on a fixed schedule, rather than letting it roll forward for years. Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Flexible payback periods of one to three years. With Citi Flex Loan, you may be eligible to turn a portion of your Citi card's available credit line into a fixed-interest loan. The loan increases your percentage of credit utilization and amounts owed, which makes up 30 percent of your FICO credit score. It just gives you the ability to categorize some of your outstanding balance as a fixed-rate loan, rather than revolving debt. While increasing your credit utilization can harm your score, the most important factor that makes up your FICO Score is payment history, accounting for 35 percent. We do not include the universe of companies or financial offers that may be available to you. 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. Whats more, even if you have a Flex Loan provision, it may not be a permanent feature of your credit card. If youre looking for a better alternative, Citi Flex Loans are worth exploring. The maximum loan amount is your credit limit (unless the Flex Loan maximum has been set at a lower level by the bank). Well ship your exchange for free. You have money questions. HSN does not assess interest charges or fees on FlexPay or ExtraFlex. In most cases, the interest rate on the Flex Loan should also be lower than your regular credit card rate. So how do we make money? Items that qualify for VIP Financing will not be eligible for ExtraFlex. Unless you have the discipline to pay your balance off in full each month, you may carry a balance forever. With this combination of expertise and perspectives, we keep close tabs on the credit card industry year-round to: At Bankrate, we focus on the points consumers care about most: rewards, welcome offers and bonuses, APR, and overall customer experience. 2022 Bankrate, LLC. Pre-qualified offers are not binding. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. Unlike traditional personal loans, where you need to make a formal application, Citi Flex Loans work within your existing credit card arrangements. If you already owe $3,000 on your credit card, with a monthly payment of $60, your new payment will be $166, with a combined balance of $8,000. If you dont take advantage of the Flex Loan, the full credit limit will be available for your credit card. Citi Flex Loan offers may be presented on your Account Overview page, or you may be able to view available offers by selecting the Services/Credit Card Services option at the top of the page. Buy now, pay later already comes standard on many credit cards, Citi Flex Pay allows monthly payments on big Amazon purchases. Citi has not indicated that it will be a permanent feature of any account, but rather one that will be made available from time to time. In other words, this option is best for purchases you make with plastic, but not really useful if you need cash. The minimum amount you can borrow with a Citi Flex Loan is $500, and the maximum depends on your income, credit limit and additional factors that apply when you request the loan. Citi Flex Plan is an umbrella term for two financial products: Citi Flex Loan and Citi Flex Pay. The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired. Bankrate has answers. Actual Offer Terms will vary. You will only be able to make minimum payments towards it until that flex loan is paid in full.
,Very informative article; thank you so much!
,Be careful with the fine print on these "loans" they are just another balance transfer. Instead of getting $10,000, youll receive just $9,400. Our editorial team does not receive direct compensation from our advertisers. Finally, dont forget to compare Citi Flex Loan terms to those you can get with a 0 percent APR credit card. So, it is not an "additional" payment over the minimum you should have. Another advantage of a Citi Flex Loan is that there are no origination fees. Most financial experts recommend keeping your total utilization below 30%. You can customize these terms during the loan process. You're probably going to pay less in interest if you just applied for a regular personal loan. That makes it more of a promotional offer than an ongoing benefit, similar to the way credit card companies occasionally offer a temporarily low rate on new purchases and balance transfers. About the author: Greg Karp is a personal finance expert at NerdWallet.
Making sure you knew that it was a loan for XXX amount of money with a set number of payments and a set interest rate, and then it would say whatever your monthly payment would be. Coverage.com may not offer insurance coverage in all states or scenarios. Select a loan amount and payment terms both based on your eligibility. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. Greg Karp is a personal finance expert at NerdWallet. Payments are ineligible to earn rewards points, cash back or miles. Your order ships right away, so you can start enjoying your purchase now. In addition to writing for Bankrate and CreditCards.com, Johnson does ongoing, Claire Dickey is a product editor for Bankrate, CreditCards.com and To Her Credit. Opinions expressed here are authors alone, not those of the bank advertiser, and have not been reviewed, approved or otherwise endorsed by the bank advertiser. You can pay your loan off in fixed monthly installments with both a fixed interest rate and schedule (up to 60 months) so you know exactly when youll be free of debt. Experts suggest keeping your overall amounts owed below 30 percent of your available credit. With no-hassle funding like that, it's ideal for those planned-or unplanned-expenses in life. As your credit utilization drops, your credit score may also improve. You can then choose to use the Flex Loan provision if it works to your advantage, or ignore it completely if it doesnt. Learn about the Citi Flex Loan as we review this financing option that lets you borrow against your existing credit card's credit line at a lower interest rate. You won't use this option on a regular basis. A Red Ventures company. MORE: Card issuers are offering cheaper ways to access your credit line. That may not be quite sufficient for all that you want to do with the personal loan. Is a Citi Flex Loan a good idea? But you will also have the option to receive a check by mail. Bankrate.com is an independent, advertising-supported publisher and comparison service. However, this does not influence our evaluations. Youre already in the Citi system and approved for a line of credit, so you wont have to go through a lengthy process or fill out a full loan application to get started. At Bankrate we strive to help you make smarter financial decisions. Interest rates on Citi Flex Loans are definitely higher than you can get with credit cards that offer a 0 percent APR on purchases for a limited time. We are an independent, advertising-supported comparison service. All financial products, shopping products and services are presented without warranty. Probably the two biggest advantages of the Citi Flex Loan are: One of the major disadvantages of credit cards is their revolving nature. Citi Flex Loans arent personal loans in the strict sense. Its easy to apply for personal loans online, and you can get your money deposited into your bank account within a similarly short time. Thank you! (Citi already offers standard personal loans to borrowers.). Both offer competitive interest rates, since youre using the value of your home as collateral, and may let you borrow up to 85 percent of your total property value. is an interest-free loan, as long as you pay the balance before the introductory offer period ends. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered. MyBankTracker and CardRatings may receive a commission from card issuers. Many or all of the products featured here are from our partners who compensate us. Our partners compensate us. As you pay off your Citi Flex Loan, you wont have to make an extra payment each month; the amount due on your account will include both your credit cards minimum payment due as well as the fixed monthly payment for your Citi Flex Loan. This can be a major factor because personal loan lenders typically charge an origination fee of between 1% and 6% of the loan amount. They also show up as separate accounts on your credit reports, helping to diversify your accounts and indicate you can handle different types of credit, ultimately lifting your scores. Any opinions, analyses, reviews or recommendations expressed in this article are those of the authors alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Pre-qualified offers are not binding. They even set up the website to show the "Flex Loan" as a separate area. Should you accept an early retirement offer? Your APR is fixed for the duration of your Flex Loan. You also choose your payment timeline depending on eligibility and pay it back in fixed monthly installments. JavaScript enables you to fully navigate and make a purchase on our site. View our list of partners. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. MORE: Buy now, pay later already comes standard on many credit cards, MORE: Citi Flex Pay allows monthly payments on big Amazon purchases. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. For example, if you are purchasing computer equipment for $2,000, you may be able to use a Flex Loan to make the purchase at the register. This information may be different than what you see when you visit a financial institution, service provider or specific products site. Lower interest rate than carrying the balance at your normal credit card rate. However, use of your HSN Card or other credit card for FlexPay or ExtraFlex payments may result in interest charges and other fees in accordance with the terms and conditions of your individual credit card agreements.
How to minimize the cost of a cash advance, California Consumer Financial Privacy Notice. Property, casualty, life and health insurance services offered through NerdWallet Insurance Services, Inc. (CA resident license no. Citi Flex Plan allows cardholders to access their credit cards line of credit in new ways, besides the usual purchases at stores and online merchants. If youre on the fence about a Citi Flex Loan, make sure to consider some of the alternatives. Citi Flex Loan Fast funds, right from your Citi Card. Your balances, Minimum Payment Due, and all the details of your Citi Flex Loan will be shown in your statement summary under Citi Flex Plan. These loans dont come with any fees, including the pricey. Need the same item in a different size or color? With Citi Flex Loan, you can take out a loan on your eligible Citi cards credit line at a fixed interest rate.
If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. The offers that appear on this site are from companies that compensate us. Sign on now to see if you have an available Citi Flex Loan offer. You choose how much you want according to your eligible loan amount and available credit. 1999 - 2022 HSN, Inc. All Rights Reserved. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Since youre already a Citi customer, with an approved credit limit, you can simply access the loan when you choose to. With the Flex Loan, you can make a purchase, and limit the term to as little as 12 months. This will give you the ability to determine how quickly you want to pay the purchase off. The offerings are part of a larger trend among major credit card issuers giving customers new ways to tap their credit line on a card account. Cardholders can essentially use their cards credit limit to borrow money conveniently and less expensively than the typical sky-high interest rates that credit cards charge. Taking the loan increases your credit utilization rate how much of your credit limit is used. But for practical purposes, they can function much like a personal loan, but with a much faster process. We believe everyone should be able to make financial decisions with confidence. Citi Flex Loans are types of Citi Flex Plans, along with Citi Flex Pay. It is being paid at the same rate as your current purchases but it's apr will determine if it gets what is over the minimum or not. Now that I think of it, I suspect that my balance transfer I already had is included in the "Flex Plan" and now THAT 10.99% rate will go to 24%.
Yeah. Bankrate follows a strict editorial policy, so you can trust that were putting your interests first. Get an idea of what you'd pay based on your eligible loan amount. Advertiser Disclosure: Many of the offers appearing on this site are from advertisers from which this website receives compensation for being listed here. At Bankrate, we have a mission to demystify the credit cards industry regardless or where you are in your journey and make it one you can navigate with confidence. It may offer a lower interest rate than your regular credit card APR. The Citi Flex Loan cant be applied to your current outstanding balance due, perhaps in an attempt to get a lower interest rate or set the definite payoff term. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. The June statement came out and it had a big notice saying that my "flex Plan" aka my "Flex Loan" interest rate would be going up to 24% and the total amount of payments available to me would go from 36 to 30 starting in August 28. If you have a major purchase or a need for funds on a short-term basis, you can access the Flex Loan portion of your credit limit, and pay it off in as little as 12 months. We use JavaScript to create the most functional website possible for our customers. But, there are times when a Citi Flex Loan may be a cheaper way to either: Learn how it works to see if you should keep it in mind for future borrowing on your Citi credit card. If you have any account or order questions please contact our HSN FlexPay Eligibility Department at 800-879-2559. Citi may make the offer available to you from time to time. We believe by providing tools and education we can help people optimize their finances to regain control of their future. Both Citi Flex Loans and Citi Flex Pay are options available when you create a Citi Flex Plan, Citis program offering cardholders more flexible payment options and fixed terms. As described above, a certain amount of your existing credit limit will be available for a Flex Loan. 
Choose direct deposit to receive funds in as little as one business day, or check by mail. 
