Citibank credit card balance transfer guide

Information verified correct on September 28th, 2016
citi-balance-transfer-guide

Reduce your credit card debt with a Citi balance transfer.

If you’re struggling to make a dent in your debt, then it might be time to explore some of the debt consolidation options available. A balance transfer with Citi could be your answer to clearing your debt for good. Here’s a summary of some of the features, benefits and conditions you can expect if you conduct a balance transfer with Citibank.

Citi Rewards Credit Card - Platinum Card

Citi Credit Card Offer

Earn bonus points from the Citi Rewards Platinum Credit Card and a low interest rate of 0% p.a. for 24 months on balance transfers.

  • $199 p.a. annual fee for the first year ($249 p.a. thereafter) annual fee
  • 20.99% p.a. on purchases
  • 0% p.a. for 24 months with 1.5% balance transfer fee on balance transfers
  • Cash Advance Rate of 21.74% p.a.
  • Up to 55 days interest free
  • Minimum Income Requirement of $35,000 p.a.
Rates last updated September 28th, 2016
$
% p.a.

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Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Interest Saved
Citi Qantas Signature Credit Card
Earn up to 70,000 bonus Qantas Points on eligible spend, plus enjoy a 0% p.a. for 6 months offer on balance transfers.
0% p.a. for 6 months 20.99% p.a. $99 p.a. annual fee for the first year ($395 p.a. thereafter) Go to site More info
Citi Rewards Credit Card - Platinum Card
Enjoy a reduced annual fee on the first year, 0% p.a. for 24 months balance transfer offer, Citi Reward Points on eligible spend, plus a complimentary travel insurance.
0% p.a. for 24 months with 1.5% balance transfer fee 20.99% p.a. $199 p.a. annual fee for the first year ($249 p.a. thereafter) Go to site More info
Citi Qantas Prestige Credit Card
Enjoy a balance transfer offer of 0% p.a. for 6 months and earn up to 70,000 bonus Qantas Points on minimum spend.
0% p.a. for 6 months 20.99% p.a. $350 p.a. annual fee for the first year ($700 p.a. thereafter) Go to site More info
Citi Rewards Credit Card - Classic Card
A low interest rate offer on balance transfers with up to points for every dollar spent.
0% p.a. for 12 months 20.99% p.a. $99 p.a. Go to site More info
Citi Simplicity Card
Enjoy up to 55 interest-free days and a low interest rate on purchases plus enjoy free bottles of wine from Citibank Dining Program. Offer ends on 31 March 2017.
11.99% p.a. for 24 months (reverts to 19.99% p.a.) $0 p.a. Go to site More info
Citi Rewards Credit Card - Signature
Receive 75,000 bonus Reward Points with a low balance transfer offer.
0% p.a. for 6 months 20.99% p.a. $199 p.a. annual fee for the first year ($395 p.a. thereafter) Go to site More info
Citi Rewards Platinum Card - Cashback Offer
Earn $250 cashback on eligible spend, plus enjoy 0% p.a. balance transfer offer for 12 months, discounted annual fees for the life of the card and a complimentary travel insurance.
0% p.a. for 12 months 20.99% p.a. $99 p.a. annual fee for the first year ($199 p.a. thereafter) Go to site More info
Citi Clear Platinum Card
A credit card with a balance transfer and purchase offer of 0% p.a. for 9 months.
0% p.a. for 9 months 0% p.a. for 9 months (reverts to 14.99% p.a.) $99 p.a. Go to site More info
Emirates Citi World MasterCard
Enjoy up to 10% off Emirates flights on your first spend when you book before 31 December 2016. Also pay a reduced annual fee for the first year.
0% p.a. for 9 months 20.99% p.a. $149 p.a. annual fee for the first year ($299 p.a. thereafter) Go to site More info
Citi Prestige Card
Receive 70,000 bonus rewards points on your first spend and a low interest rate on balance transfers.
0% p.a. for 6 months 20.99% p.a. $700 p.a. Go to site More info
 
Rates last updated September 28th, 2016
$
% p.a.

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Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Interest Saved
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Offers 0% p.a. interest rate on balance transfers for 18 months to help you manage your existing credit card balance with a reduced annual fee in the first year.
0% p.a. for 18 months 20.74% p.a. $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
St.George Vertigo Visa
Introductory offer of 0% p.a. for 18 months on balance transfers and 1% p.a. for 12 months on purchases, plus a low annual fee.
0% p.a. for 18 months 1% p.a. for 12 months (reverts to 13.24% p.a.) $55 p.a. Go to site More info
Westpac 55 Day credit card
Enjoy a balance transfer offer of 0% p.a. for 16 months, an introductory purchase rate of 1% p.a. for up to 12 months, plus a waived annual fee for the first year if applied by 11 October 2016.
0% p.a. for 16 months 1% p.a. for 12 months (reverts to 19.84% p.a.) $0 p.a. annual fee for the first year ($30 p.a. thereafter) Go to site More info
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
0% p.a. for 15 months 19.99% p.a. $149 p.a. Go to site More info
Westpac Low Rate Card
A no frills credit card with an introductory rate of 0% p.a. for 18 months on balance transfers and 1% p.a. for 12 months on purchases.
0% p.a. for 18 months 1% p.a. for 12 months (reverts to 13.49% p.a.) $59 p.a. Go to site More info
St.George Vertigo Platinum
A platinum card with a balance transfer offer of 0% p.a. for 20 months and an introductory purchase offer of 1% p.a. for 12 months with an annual fee waiver for the first year.
0% p.a. for 20 months 1% p.a. for 12 months (reverts to 12.74% p.a.) $99 p.a. Go to site More info
NAB Low Rate Credit Card
The NAB Low Rate Card offers 0% p.a. on purchases and balance transfers for 15 months. This card also comes with a low annual fee.
0% p.a. for 15 months with a one off 2% balance transfer fee 0% p.a. for 15 months (reverts to 13.99% p.a.) $59 p.a. Go to site More info
ANZ First Visa Credit Card - Exclusive Offer
Take advantage of this exclusive offer and enjoy 0% p.a. for the first 12 months on balance transfers and 0% p.a. for the first 3 months on purchases.
0% p.a. for 12 months 0% p.a. for 3 months (reverts to 19.74% p.a.) $30 p.a. Go to site More info
Virgin No Annual Fee Credit Card
Enjoy a long term balance transfer plus a $100 cashback offer (spend criteria applies) and never pay an annual fee for this card.
0% p.a. for 18 months with 2% balance transfer fee 18.99% p.a. $0 p.a. Go to site More info
NAB Low Fee Card
Enjoy a low introductory rate of 0% p.a. on balance transfers and purchases for 15 months.
0% p.a. for 15 months with a one off 2% balance transfer fee 0% p.a. for 15 months (reverts to 19.74% p.a.) $30 p.a. Go to site More info
Compare Citi Credit Cards

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What is a balance transfer?

balance transfer allows you repay your debt faster by consolidating your debts onto the one low interest credit card. Balance transfers can be a suitable solution if you have an outstanding debt on a high interest credit card and want to take advantage of a promotional low rate of interest. The low interest period gives you some breathing room to meet your repayments and clear your debt before the card reverts to higher interest rates.

What are the benefits?

  • Period of low interest rates. Citi offer promotional low rate periods of 0% p.a. for up to 12 months. The main feature of the balance transfer is the promotional low interest period. It’s recommended that you make the most of this time and aim to have your debt cleared before the promotional period ends.
  • Quick application process.  Applying for a Citibank credit card is simple. The application process should take less than 15 minutes to complete if you have all your personal information ready, and you can expect a response in 60 seconds once you submit the form.
  •  Online budgeting tool. Citi offer a useful online budgeting tool to help you take control of your finances and repay your debt within the promotional time period.

What else should I consider?

  • Deciding which credit card is right for you. You can conduct a balance transfer with a number of Citi credit cards, and each one comes with different benefits and balance transfer offers. To find the right one for you, consider the size of your debt, the promotional interest rate and the length of time the offer is available to determine whether it’s the right option for you. Start by comparing Citi credit cards.
  • Annual fee. Credit cards can incur an annual fee. It’s important to consider the annual fee so you can understand the total cost of the card when you’re trying to consolidate your debts.
  • Avoid using your card to make purchases. Ideally, you should only be using your Citi balance transfer credit card for debt consolidation, not purchases. Even if you can earn rewards points on purchases, you should concentrate on repaying your debt, not growing it. If you want to use the card for emergencies or purchases after the balance transfer is paid, you’ll want to consider the purchase rate as well.
  • Revert rate. If your debt isn’t cleared after the promotional low rate period ends, your remaining balance will collect the much higher cash advance interest rate.
  • Eligible banks. You can transfer any non-Citi products with an outstanding balance to a new Citi credit card, including other credit cards, store cards or loans within Australia. You can check if your bank is eligible here.
    Balance transfers not allowed between the following issuers and Citi:
      • IMB
      • Suncorp
      • CUA
      • Bank of Queensland
      • Virgin
  • Balance transfer fee. Citi does not charge a balance transfer fee.
  • Credit card limit request. Before applying, calculate what your credit card limit request will be. Your total balance transfers cannot exceed 80% of your credit limit with Citibank, so you’ll want to make sure that the Citi credit card can support your entire debt.
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How to apply for a Citi balance transfer

You can apply if you’re over 18, an Australian permanent resident and have a good credit rating. The application process will take around 10 minutes to complete and you’ll receive a response within 60 seconds of submitting the form. You’ll need to have the following information handy so you can answer the questions on the application form:

  • Contact details
  • Details about your employment (employment status, primary occupation and employer’s contact details)
  • If you’re self-employed, you’ll need to provide your accountant’s name, the name of the accounting firm, and their contact phone number
  • Gross income and monthly expenses
  • For balance transfers, name on account, type of card or account, card or account number, the amount being transferred, and the issuing organisation’s name and address

The application process

  1. Selecting a credit card. Once you’ve compared your options and decided on a card, you can click on the green ‘Go to Site’ button located on the right of the comparison table to begin your online application.
    CitiClassic
  2. Contact details. First off, you’ll need to provide your contact details, marital status, driver’s licence number, residential address and phone details.
  3. Employment details. This is where you’ll need to provide details about your employment, including the company’s name, address and contact numbers.
  4. Finances. In this section, you’ll need to detail your personal income and expenses, so make sure you have copies of recent bank statements, payslips and invoices read. You’ll also need to request the credit limit you need, so you’ll need to have decided on this before applying to make sure it can support your balance transfer.
  5. Balance transfer. Now it’s time to fill and submit your balance transfer application. Here you’ll need to provide details of the amount you’ll like to transfer and details of your old account including the organisation name, biller code and BPAY customer reference number.
  6. Card options. Here you can opt in for extra features such as CardAssure purchase security, an additional cardholder and your membership in the rewards program.
  7. Review. Ensure the details you’ve entered are correct and you understand the terms and condition before you submit your application.
  8. Verify your identity and income details. You’ll be asked to supply copies of your driver’s licence and Australian passport via email, fax or post. Depending on your employment situation, the following may also need to be supplied:
      • If you’re self employed, your two most recent tax returns or assessments
      • If you’re employed on a casual, contractual or temporary basis, your employment contract and your most recent tax return or assessment
      • If you’re retired, your superannuation fund statement or a letter from Centrelink that is less than 60 days old
      • If you receive a salary, two months of pay slips less than 60 days old
  9. Track your application. Once you have uploaded the required documents, you can track your application process through the link provided in the email you received containing your application reference number.

It can take up to 5-7 business days for your application to be approved. It will then take 3-5 business days for you to receive your card and ATM PIN. It will take a further 1-2 business days for your balance transfer to be completed once you’ve activated your account. Once the balance transfer is complete, don’t forget to advise your previous bank to cancel your account if you don’t want to keep it open.

Completing a balance transfer with Citi could be your key to debt consolidation. However, as many issuers and credit cards offer balance transfer options, it’s a good idea to do your research and ensure you find the right credit card with the right features for your financial situation. Use our balance transfer credit cards comparison to find the right offer for you.

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3 Responses to Citibank credit card balance transfer guide

  1. Default Gravatar
    Paula | May 19, 2015

    Is the Simplicity Citibank card not available as previously advertised at 0% interest – for how long?

    • Staff
      Jonathan | May 19, 2015

      Hi Paula, thanks for your inquiry!

      The Citi Simplicity currently has a promotional rate for balance transfers of 0% for 12 months. Please see the following link for the Citi Simplicity card review page.

      Cheers,

      Jonathan

  2. Default Gravatar
    Chris | June 11, 2011

    Hi,Is this credit card transfer offer valid also for people living in New Zealand?
    Best regards
    Chris

Credit Cards Comparison

Rates last updated September 28th, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Enjoy a 0% p.a. balance transfer offer for 18 months and also earn 2 bonus Velocity Points in the first 3 months on everyday spend.
20.74% p.a. 0% p.a. for 18 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
ME Bank frank Credit Card
Enjoy a low and consistent interest rate on purchases and cash advances, combined with no annual fee.
11.99% p.a. $0 p.a. Go to site More info
St.George Vertigo Visa
Introductory offer of 0% p.a. for 18 months on balance transfers and 1% p.a. for 12 months on purchases, plus a low annual fee.
1% p.a. for 12 months (reverts to 13.24% p.a.) 0% p.a. for 18 months $55 p.a. Go to site More info
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
19.99% p.a. 0% p.a. for 15 months $149 p.a. Go to site More info

* The credit card offers compared on this page are chosen from a range of credit cards CreditCardFinder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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