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.
Timely and efficient:
Once you meet the eligibility criteria set by Citibank, you can easily transfer the balance from one credit card of another bank account that you have to your Citibank credit card. This transfer can be done within a very short span of time. This will help to pay off your current credit card debt.
Reduces financial burden:
Citibank will charge you an interest when you perform a balance transfer transaction. The lower credit card interest rate is, the less will be your financial burden.
Citibank also offers a lot of teaser rates if you are an existing customer and will also launch a lot of offers from time to time. These offers and benefits for example, could be interest-free periods, lower interest rates, etc.
In order to make use of the balance transfer facility you need to meet the eligibility criteria of Citibank.
For the Citibank balance transfer service, the bank has not fixed any term as it is determined. Generally, the tenure has been decided by taking into consideration the amount transferred and many other factors. The bank will offer a tenure of 3/6/9 or 12 months.
The bank will charge you a transaction fee/commission fee and this will range between 1% - 5% of the amount of your debt. Ideally, you should keep in mind the processing fee when you apply for a credit card balance transfer facility.
Funds can be transferred via Demand Draft or NEFT. As a customer, you have to provide details of the other bank name, customer’s name of the other bank details and other credit card number.
You can also call Citibank Credit Card Customer Care and they will help you out. You can also register online by filling an application form and the executive will call you on your registered mobile number.
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.
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.
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.
No, balance transfers will not earn any rewards points.
When you apply for a Citibank credit card, you can easily apply and transfer a balance from other financial institution.
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.
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.
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.
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.
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