I was looking at my HR site for more work benefits to take advantage of, and I've found one that I really think I should investigate further.
We have offers from Citibank called 'Citibank At Work' where we get discounted rates over and above those available to the general public. This one caught my attention:
Citibank Personal Credit
Consolidate your debts with a low 5.9% for life on balances you transfer and a great 12.99% p.a. ongoing interest on purchases and cash advances.
- $0 Transaction fees and ongoing fees
- 5.9% for life on balance transfers
- Low 12.99% p.a. ongoing
- Annual fee of $69
If I compare this to my current personal loan it seems like a really good deal, one that could save me over $3000 interest over the course of paying it off.
- $9 monthly ongoing fee = $108 per year
- 13.45% p.a. (variable)
I would of course actually have to get approved for the full remaining amount of my personal loan, and I have no idea how tough Citibank are, but I think it’s definitely something to look at.
It’s my largest single balance and will be the last debt I pay off, so if I can save interest accumulating along the way then that’s a good thing right?