Guide to Citibank Balance Transfer Credit Cards

A 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.

Featured Citibank Balance Transfer Credit Card

If you are looking to do a balance transfer then there is no better choice than the Citibank Platinum Visa. You will save on interest repayments with an amazingly low balance transfer offer for the entire life of the card. You will also enjoy the privileges of being a platinum credit card holder with privileges such as your own personal concierge available 24/7, complimentary international travel insurance and complimentary personalised rewards points program

• $125 (First Year, Save $125) annual fee
• 20.74% p.a. on purchases
• 3.9% p.a. for life on balance transfers
• Cash Advance Rate of 21.24%
• Minimum Income Requirement of $50,000 p.a.
• Enjoy the freedom of generous credit limits of up to $100,000

Click here to read the Citibank Platinum Card terms and conditions

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.

• Comparison of Top 10 Credit Card Offers

Editor's Choice: Our Top Credit Cards

Credit Card	Card Details	Interest Rate (p.a.)	Cash Advance Rate (p.a.)	Balance Transfer Rate (p.a.)	Annual fee	Interest free days (up to)
HSBC Credit Card	Editor's Choice: 0% for 6 months Balance Transfer & No Annual Fee Featuring a $0 annual fee for life, and 0% p.a. balance transfer for 6 months, the HSBC Credit Card was voted the Best Transactor Credit Card for 2010.	16.99%	20.75%	0% for 6 months	$0	55
Suncorp Clear Options Standard Visa Card	A great 12 month balance transfer offer, combined with a low annual fee and a good interest rate on purchases.	12.24%	17.99%	1.9% for 12 months	$39	0