Citibank Credit Card Balance Transfers

Citibank Credit Card Balance Transfers: Application Process

Applying for Citibank Credit Card balance transfers is relatively simple. As a new customer, you can apply for a balance transfer on the same application as your credit card. You will need a few details about the account you are requesting the transfer to take place from such as the name and address of the card issuer, the name of the card holder, the number and type of the credit card as well as the amount of the balance transfer.

Those who already have credit cards have a few options available to them. One is to apply for a balance transfer online via the Citibank Internet banking system. Simply go to the Account Services section and then select Credit Cards and, subsequently, Balance Transfer. Additionally, a balance transfer may be requested via telephone, mail or fax.

If you opt for Citibank Credit Card balance transfers you should be aware that the minimum amount requirement is $500 while the maximum is equal to the available credit limit you have on your card the day you request the transfer.

			Interest Rate (p.a.)	Balance Transfer Rate (p.a.)	Annual fee	Cash Advance Rate (p.a.)
Citibank Clear Platinum Card	11.99%	21.74%	0% for 12 months with 3% handling fee	$99	55 days
Citibank Emirates Platinum Card	20.99%	21.24%	0.9% for 12 months	$229	55 days
Citibank Rewards Credit Card – Platinum Card	20.99%	21.74%	0.9% for 15 months	$199	55 days
Citibank Clear Card	15.99%	21.74%	6.9% for 6 months	$65	55 days
Citibank Rewards Credit Card – Classic Card	20.99%	21.74%	6.9% for 6 months	$89	55 days
Citibank CitiBusiness Gold	0% for 4 months (reverts to 20.74% )	21.49%	0% for 4 months	$74 (half price annual fee for the first year thereafter $149)	55 days
Citibank BP Credit Card	20.89%	21.39%	0% for 6 months	$89	55 days

Citibank Credit Card Balance Transfers: Duration

When applying for Citibank Credit Card balance transfers it takes approximately two weeks or ten working days for the application to go through and the transfer to be made. It all really depends on how long it takes the cheque from Citibank to reach the other financial institution and how quickly they process everything as well.

On the other hand, if you have made a request via CitiPhone then it can take anywhere from five to ten working days. You can check the status of your balance transfer through the Internet banking system. If you feel the process is taking too long, before calling Citibank to have the cheque cancelled and reissued, check with the receiving institution in case it is taking them slightly longer to process it.

Citibank Credit Card Balance Transfers: Other Considerations

While Citibank Credit Card balance transfers are a great way to reduce debt and consolidate all of your credit card loans into a single minimum payment, you should also be aware of the fact that the amount will not count towards any rewards programmes. Additionally, any payments you make on the credit card will first go to pay off the balance transfer, which has a lower interest rate than any purchases you make.

Citibank offers consumers a wide range of choices when it comes to balance transfers, with interest rates ranging from 0 to 5 percent.