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Now I am wondering how this works. One ought to get some sort of document that describes the deal.
Actually, I am not really in need of a loan.

Your post isn't very clear in what you are asking. You called for a credit line reduction, and were offered 0% until July 2005, and are thinking it over. You also state you don't need a loan.

It seems you probably aren't getting replies since it's not clear what you are looking for.

FWIW, I have a 0% with CitiBank until May 2005. I also took advantage of a 0% from them in 2002/2003. I didn't have a problem last time, and don't anticipate one this time either.

I took the BT offers, because I had balances at higher rates, so it was worth it to me to put those balances at 0%. Since you don't need a loan at this time, I'm not sure what you are considering about this deal.

In terms of how it worked: I had them BT less than my full credit line to a card with a higher rate. I then paid the minimum payment monthly. (I believe CitiBank charges about 2% for the minimum.) Once the 0% expires, the rate changes from 0% to the regular rate on the card, and interest begins to accrue on any remaining unpaid balance (if it has not yet been paid in full). Paying only the minimums will not get the balance paid off before the 0% expires.

If at any time a minimum payment is not received by the due date, your 0% rate will be gone, and you will have a balance at the regular rate for the card, or at a much higher penalty rate.

I hope this has helped ... If not, could you please explain what specific information you are looking for?

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