Citi Adds Flex Loan Feature to Some Citi Credit Cards (Instant Cash Advance for 9.99% APR)

Good afternoon everyone, I just saw this new feature on my Citi online account.  Citi introduced a new feature called Citi Flex Loan (learn more here) where you can basically get a cash advance up to your available credit limit.  If you need a higher credit limit, you can Easily Request a Credit Limit Increase (No Hard Pull) via the Citi App.  I am not saying this is a good idea, but I wanted to share the details with you in case you were interested.  After I logged into my Citi online account, I saw this big banner above my Citi Double Cash Credit Card.  I decided to check it out by clicking the View Offer button. FYI, my total credit limit is $7,700, but my current available credit limit is $7,685.87.

I have 5 Citi credit cards (Double Cash, Premier, and 3 AT&T Access More Credit Cards), but the Citi Flex Loan was only available on my Citi Double Cash.  For the loan amount, it defaults to maxing out your available credit limit, but you can move the slider to change the amount.  From the loan term drop down menu, you can select 12 months, 24 months, 36 months, 48 months, or 60 months.  The monthly payment details will adjust in real-time based on changes to the loan amount and loan term.  If you paid $676 for 12 months, you will have paid $8,112 over that 12 month period (5.6% more than the original amount of the loan).

I clicked the link to view the breakdown of the Citi Flex Loan.  It has the same numbers as above with more information about each item.  The Citi Flex Loan will be transferred to your bank account in 1-2 business days or mailed to you via check (check should arrive within 10 days).

I adjusted the loan term to 60 months to see the change in monthly payment details.  The APR stays the same, but the monthly payment goes down from $676 to $164.  If you paid $164 for 64 months, you will have paid $10,496 over that 60 month period (36.6% more than the original amount of the loan).

Here are updated numbers of the Citi Flex Loan.  The only change is to the monthly payment amount and the loan term.

I doubt I will ever use a Citi Flex Loan, but it is definitely a much better deal that the official Citi Double Cash APR for cash advances of 27.49%.

Maybe it is just me, but Citi loves sending me emails and letters about balance transfers and low APR offers on my Citi Double Cash Credit Card.  For example, here is the email I received this morning.

If you have any questions about the Citi Flex Loan, please leave a comment below.  Have a great day everyone!

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