Citibank Personal Credit – Review & Application
Citibank Personal Credit is a line of credit that offers you a low interest for on balance transfers.
This credit account is a bit different in that you access the credit line by using a Visa debit card. But that doesn’t detract from the fact that this is the perfect choice for the astute user who wants to get rid of their high interest card and consolidate their debt balance.
Finding a balance transfer offer with an exceptionally low rate of 2.9% p.a. for 12 months is rare, and shouldn’t be overlooked. The advantage of an offer like this is that you know that you won’t get hit with an interest rise if your balance is taking more than 6 months to repay. Other credit providers generally only offer short introductory periods that often leave you struggling at the end of the period because your interest rate shoots back up to a standard rate again.
Review of Citibank Personal Credit Visa
Over the last few years Australians have become more budget conscious and many are finding themselves struggling to bring escalating high interest credit cards into a manageable position. Many credit card providers are taking advantage of the consumer need to find an equitable solution by bringing out introductory balance transfer offers with zero or low interest rates for a short term period.
On the surface these look appealing and offer potential solutions but many don’t realise that if they fail to pay their balance by the time the offer period runs out they become liable for the standard rate of interest – putting them right back where they started from.
Citibank Personal Credit is a bit different to your standard credit card account; it is a line of credit that you access by using your Citibank Visa debit card. Not only can you consolidate your debts with this extraordinary balance transfer, but you can also make purchases at a very attractive rate as well.
Key Features of Citibank Personal Credit
- 2.9% p.a. for 12 months balance transfers
- Cash advances and purchases eligible for 15.59% p.a. low interest on Citibank Personal Visa Card
- Withdraw fee free cash from more than 1200 ATMs throughout Australia or 820,000 worldwide as well as everyday purchases
- No transaction fees when using your Citibank Personal Credit Card
- Use ATMs worldwide to access your money from Citibank Personal Credit or through your local Visa Debit card
Extra Features
- You can pay your other credit cards with a Citibank credit line
- High credit limits ranging from $5,000 up to $25,000 (based on meeting credit requirements and purpose of loan)
- Ongoing credit line, as you make repayments you can borrow again
- Make purchases locally, online or via the telephone with your Citibank Personal Credit Card. You can withdraw cash as required or request a chequebook if that is your preferred method of payment
- What makes this card different is the exceptionally low interest rate. Save yourself money by using Citibank Personal Credit to refinance your outstanding balances from other credit cards.
Whilst is not unusual, especially in today’s competitive market to see balance transfers with low introductory offers, finding one that is a fixed low rate for 12 months is extremely rare. If you are really serious about getting your debt balance reduced or paid off this would have to be one of your best opportunities to do so. If you have seen a few balance transfer offers for 0%, don’t be fooled into thinking this one is more expensive, if you read the small print those types of offers are usually only available for 3-6 months at the longest, this is an offer for 12 months – do the math!
With all the credit providers competing for your custom with this feature and that offer it gets confusing to know just what the best value deal is for you. Citibank Personal Credit quite simply is the answer to getting your finances in order and saving yourself money on high interest rates. You have the flexibility to still be able to spend with an attractive interest rate, whilst knowing that paying off your debt isn’t going to cripple your budget.
Read the official terms and conditions
| Minimum Income | Minimum Age | 18 years of age | |
| Residency | Permanent Australian Resident | Credit Rating Requirement | Good |
| Min Credit Limit | $5,000 | Max Credit Limit | $25,000 |
| Annual Fee | $99 | Balance Transfer Fee | |
| Minimum Repayment | 2.75% | Interest Charged From | PurchaseDate |
| Late Payment Fee | $30.00 | Over Limit Fee | $40.00 |
| Overseas Emergency Replacement | $0.00 | Overseas ATM Balance check | $0.00 |
| Overseas ATM Withdrawal | $0.00 | Foreign Currency Conversion Fee |
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