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  • Citibank Credit Card Balance Transfer

    In India, Citibank is one of the leading banks. The bank offers the facility of 'balance transfer’ on a few credit cards. If you meet the eligibility criteria established by the bank, you can avail this service.

    If you have a huge credit card debt and are struggling to repay the amount, you can make the best use of the balance transfer facility. As a credit card holder, you can consolidate your outstanding amount on various credit cards into a single account, and hence reduce the burden of debt from your existing credit cards.

    Features & Benefits of Citibank Credit Card Balance Transfer

    The key features and benefits of Citibank credit card balance transfer are given below:

    • Timely and efficient: When you meet the eligibility criteria of Citibank credit transfer, you will be able to transfer your balance from one credit card to another with the Citibank credit card. These transfers take a short period of time and may help you with paying off any credit card debt that you may have.
    • Reduces financial burden: Citibank offers lower interest rates on your balance transfer transaction. This lower interest may help lessen your financial burden.
    • Additional Benefits: Citibank also offers various additional benefits to its existing customers. These offers and benefits come in the form of interest-free period, lower interest rates, etc.

    Fees and Charges to Apply for Citibank Credit Card Balance Transfer

    When a borrower applies for a credit card, the new credit card issuer will impose a transaction fee or commission, which can range from 1 to 5% of the debt being transferred.

    Eligibility Criteria for Citibank Credit Card Balance Transfer

    Customers having a solid track record with Citibank in terms of transaction patterns, credit card spending, and payment history may become eligible for a credit card balance transfer from time to time, depending on the bank’s internal regulations.

    Documents Required for Citibank Credit Card Balance Transfer

    Documents required for Citibank credit card balance transfer are given below:

    • Duly filled application form
    • Address proof
    • Identity proof
    • Income proof

    How to Initiate a Balance Transfer on a Citi Credit Card

    NEFT or Demand Draft would be used to transfer funds. The customer must submit the name of the other bank, the customer’s name as it appears on the other bank’s records, and the number of the other bank’s credit card on which the balance transfer will be made.

    Alternatively, you can also contact Citibank Credit Card customer service for assistance. You can also register online by filing out an application form, and an executive will contact you at the number you provided.

    FAQs on Citibank Credit Card Balance Transfer

    1. How long will it take for the amount to be transferred?

      Balance Transfers can easily take up to 10 business days. You should also allow additional time for cheques to be received at the financial institution.

    2. What will happen if the total amount of my balances is more than my credit limit?

      A balance transfer can only be processed up to 80% of your credit limit. For all existing accounts, if the Balance Transfer request is exceeding your limit on the day when it is being processed, the bank will inform you and also you to change the request.

    3. What account balances can actually be included in a balance transfer?

      An account balance from other financial institutions/stores, like Visa and Mastercard (all banks), Flexible Personal Loan, Lines of credit. The balance must be in the name of the primary account holder.

    4. Will balance transfers earn rewards points?

      No, balance transfers will not earn any rewards points.

    5. 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.

    6. 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.

    7. 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.

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