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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.
Balance Transfers are offered to selected 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.
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:
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.
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.
|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|
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.