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    Citibank Balance Transfer

    1st Year Fee
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    Response Time Within 30 minutes
    Response Time Within 30 minutes
    Response Time Within 30 minutes
    Response Time Within 30 minutes
    Response Time Within 30 minutes
    Response Time Within 30 minutes
    Response Time Within 30 minutes
    Response Time Within 30 minutes

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    Overview of Balance Transfer

    Balance Transfers help customers reduce the burden of a big credit card bill by transferring their outstanding balance to another credit card and paying it off in instalments. Customers can enjoy a fixed rate of interest and EMIs that will help them pay off their debt systematically. A big credit card bill can be converted into a loan and be paid off over a period of time which can reduce the financial burden and stress.

    Citibank Balance Transfer

    Balance Transfers are offered to select customers of Citibank. At its own discretion, Citibank will determine if you are eligible for the balance transfer facility. The process of a balance transfer is simple.

    • Place a request with Citibank for the facility. Alternatively, Citibank may offer you this facility from time to time through mailers, phone or online.
    • The bank will determine your eligibility, and the terms and conditions for this scheme.
    • Under this scheme, the cardmember will be able to transfer the outstanding balance on a credit card of another bank and avail of a Loan on Phone facility from Citibank.
    • The customer can then pay back the loan in instalments by way of automatic debit facility.
    • On the billing date of every month, the set instalment amount will be debited to the customer’s savings account.
    • A fee will be charged for this service and will be levied and billed as stipulated by Citibank.

    Balance Transfer Eligibility

    You can transfer your outstanding balance from another credit card if Citibank finds you eligible. Citibank extends this facility only to select customers. Your eligibility will depend on the following factors:

    • How much balance is outstanding with the other bank
    • How much credit limit is available on your Citibank credit card
    • How much cash limit is available on your Citibank credit card
    • Your credit and repayment history

    Balance Transfer Tenure

    The tenure offered under the Loan on Phone facility will be determined by Citibank. There are no set terms available for the balance transfer facility. Depending on the transfer amount and other factors, your tenure will be determined. You might be offered a choice of 3, 6, 9 or 12 months which you can choose according to your convenience.

    Balance Transfer Rate of Interest and Charges

    The rate of interest charged for Balance Transfers is calculated depending on a number of factors. The rate of interest charged is 12% per annum on a reducing basis. Citibank also charges a processing fee plus service tax. In case you choose to close your Balance Transfer by paying off the full outstanding balance, there will be a preclosure penalty.

    Description Charge
    Interest 12% p.a.
    Processing Fee 1.5% of the transfer amount or Rs. 200, whichever is higher
    Service Tax Service tax which includes Swachh Bharat Cess) will be applicable as notified by the Government of India.
    Late payment As determined by Citibank
    Preclosure charges 3% of the outstanding principal amount

    Apply for Balance Transfer

    To apply for a balance transfer, you will need to contact Citibank. Citibank may make this facility available to you through emails, post, and telephone or online. You can also call Citi phone to find out your eligibility to transfer your outstanding balance. You can then make a request for the facility.

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