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  • Credit Card BYTES FROM OUR KITCHEN

    Citibank Credit Card Balance Transfer

    Balance Transfers help customers reduce the burden of a big credit card bill, by allowing them to transfer their outstanding balance to another credit card and subsequently pay it off in installments. Unlike the usual credit card bills, in this case, customers can enjoy a fixed rate of interest and also get a fixed EMI each month, which will help them pay off the debt as seamlessly as possible. Citibank offers the facility to a select bunch of customers, who can reduce their debt burden, provided that they meet the eligibility. Here’s what the whole process looks like.

    • 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 you will be charged on a Citibank Balance Transfer depends on a number of key factors. These include your credit score, your relationship with the bank, as well as your negotiating ability. Here are a list of charges you.

    Description Charge
    Rate of interest 18% per annum
    Processing Fee 2.5% of the transfer amount or Rs. 300, whichever is higher
    Goods and Service Tax Goods and Service Tax will be levied
    Late payment fee As specified in the loan document at the time of availing the facility
    Preclosure charges 3% of the outstanding principal amount

    How to apply for a Citibank Credit Card Balance Transfer

    In order avail a Citibank credit card balance transfer, you need to contact the bank either online or by visiting a branch, upon which they will give you all the information on how to go about the process.

    FAQs on Citibank Credit Card Balance Transfer

    1. Can I get a Credit Card Balance Transfer even if I don’t have a Citibank credit card?

      Unless you receive a balance transfer offer from Citibank through their email or other marketing campaigns, you need to have an existing Citibank Credit Card to avail the facility.

    2. What will be the interest rate on a Citibank Credit Card balance transfer?

      Interest rates on a Citibank balance transfer can range between 12% to 26%. How high or low an interest rate will be is dependent on your credit history, your repayment history, and your relationship with the bank?

    3. What is the maximum balance transfer I can avail on my credit card?

      There is not set limit as such when availing a balance transfer. However, the maximum you can get is up to 75% of the credit limit you have available on your card.

    4. What if the credit limit available is less than the amount I want to avail the transfer for?

      In your case, sadly, the balance transfer may not work. Your credit limit has to be higher than the transfer amount you are looking to avail.

    5. Is there a pre-closure penalty on the balance transfer facility?

      Yes. You will have to pay a 3% penalty if you are choose to prepay your loan before the tenure you have already chosen.

    6. What are the interest rates like on the Citibank Credit Card Balance Transfer facility?

      Interest rates range between 18% to 24% per annum on the balance transfer facility offered by Citibank, with the  average holding at 21.37%.

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