Guide to Citibank Balance Transfer Credit Cards
Posted October 26th, 2009
and last modified January 13th, 2010A Citibank balance transfer might be a good way to reduce the rate of interest you are paying on credit card debt.
A balance transfer is when you transfer the balance of one credit card onto another card. Usually this is done to take advantage of lower interest rates and to make card management easier. There are a few things you should know before you set up a balance transfer.
Best Citibank Balance Transfer Credit Card*
Combine both low interest and a platinum reward’s program and you have the Citibank Clear Platinum Visa Card – a rare breed of credit card. Enjoy a host of benefits and reward’s without the high rates and fees.
- 11.49% on purchases and
20.99%on cash advances.- 0.99% p.a. for 6 months balance transfer offer.
- An $49 (First Year, Save $50) annual fee and $19 additional for every supplementary card.
- Free International Travel Insurance
- Access to limited edition entertainment experiences through Visa Platinum Privileges and an exclusive Visa Concierge service.
- Get up to 25% off on retail shopping, travel and dining through Citibank World Privileges
Citibank balance transfer guidelines:
- The minimum amount for a balance transfer is $500.
- Customers who do not currently have a Citibank card can apply for a card and the transfer at the same time. Citibank will need information on the current card and the amount you would like to transfer. Current customers may apply for a balance transfer on line, by fax, mail, or telephone.
- Requests for a Citibank balance transfer take up to ten business days to process.
- The maximum amount you can transfer is your available credit limit on the day of the transfer.
- The actual balance transfer process takes anywhere from five to ten days or more depending on the method you used to make the transfer.
- Citibank balance transfers are not eligible for rewards points.
- Your interest rate on a balance transfer is likely to be less then the interest rate on purchases. As such, any payments you make will be applied to the balance transfer or the debt with the lowest interest rate, first.
The last point is important to remember when doing a Citibank balance transfer. What this means to you is that any purchases you make will continue to accrue interest until the balance transfer is paid off. If you are smart you will discontinue use of the Citibank card until the balance transfer is paid in full in order to avoid paying excessive amounts of money in interest. You might consider having a separate card just for purchases because it could take a while to pay off a large balance transfer. If you think you will continually make balance transfers then you may even want to use the Citibank card for that purpose only.
A Citibank balance transfer can help you manage your credit accounts and more importantly save money. It is key that you understand how the interest works and if you are using an introductory offer when it runs out. Be sure to pay your bill on time to avoid losing any of your valuable benefits.
Related posts:
- Citibank Balance Transfer
- Guide To Citibank Visa Credit Cards
- Citibank Credit Cards Exclusive TV Offer – citibank.com.au/save & citibank.com.au/tv
- Citibank Clear Credit Card – 2.9% balance transfer for 6 months
- Citibank Silver Credit Card – Rewards & 2.9% Balance Transfer for 12 months
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Editor's Choice: Our Top Credit Cards
Bankwest Lite MasterCard
Cheapest Credit Card
The lowest stress mastercard, with Australia's lowest MasterCard purchase rate of just 10.75% p.a.
St George Vertigo
Best Bank
Low 2.99% for 6 months (reverts to 11.99%) p.a. interest rate and balance transfer rate, from one of Australia's most respected banks.
Coles Group Source MasterCard
Citi Clear Platinum Visa
Low Interest
An excellent low interest credit card offer with 11.49%interest on purchases and 0.99% for 6 months on balance transfers .
Bankwest Zero Platinum MasterCard
No Annual Fee
Excellent introductory offer with a $0 annual fee for the life of the credit card and a 1.99% p.a. for 9 months on balance transfers