Citi credit card balance transfer guide

Move your debt to a Citi credit card and save on charges with a low or 0% p.a. interest rate during the introductory period.

Last updated:

This window of time can help you pay off debt faster, as most or all of your repayments will go towards the balance you’ve transferred. At the end of the introductory period, the low or 0% interest rate will change to your Citi credit card’s standard cash advance rate.

While most balance transfer credit cards let you move debt from a credit card, Citi is one of the few companies that offer balance transfers for personal loan debt. Use this guide to learn more about the process so you can decide if a Citi balance transfer credit card is right for you.

Citi Credit Card Balance Transfer Offer

Citi Rewards Platinum Credit Card - Balance Transfer Offer

0% p.a. for 26 months on balance transfers
with a one-time 1.5% balance transfer fee

Offer ends 30 November 2019

Eligibility criteria, terms and conditions, fees and charges apply

Citi Credit Card Balance Transfer Offer

Save on credit card costs with a $0 first year annual fee and 26-month balance transfer offer. Plus, Citi reward Points and complimentary travel insurance perks.

  • $0 p.a. annual fee for the first year ($199 p.a. thereafter).
  • 21.49% p.a. on purchases
  • 0% p.a. for 26 months with 1.5% BT fee on balance transfers
  • Cash advance rate of 22.24% p.a.
  • Up to 55 days interest free
  • Minimum income requirement of $35,000 p.a.
Go to Site
Promoted

Comparison of Citi balance transfer credit cards

Rates last updated October 22nd, 2019
$
% p.a.

Your search criteria didn't return any products. Click to reset your filter options and search again
Name Product Balance transfer rate Purchase rate (p.a.) Annual fee Amount Saved Product Description
Citi Rewards Platinum Credit Card - Balance Transfer Offer
0% p.a. for 26 months with 1.5% balance transfer fee
21.49% p.a.
$0 p.a. annual fee for the first year ($199 p.a. thereafter)
Earn reward Points per $1 spent, take advantage of a 0% p.a. for 26 month balance transfer offer, plus $0 first year annual fee.
Citi Clear Platinum Credit Card
0% p.a. for 9 months
0% for 9 months, reverts to 14.99% p.a.
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Enjoy a $0 first year annual fee and a 0% introductory rate on purchases and balance transfers. Plus, complimentary purchase insurance cover.
Citi Rewards Platinum Credit Card - Exclusive Offer
0% p.a. for 13 months
0% for 13 months, reverts to 21.49% p.a.
$49 p.a. annual fee for the first year ($149 p.a. thereafter)
Finder Exclusive:
Save with 0% interest on purchases and balance transfers for 13 months (with no BT fee). Plus, a discounted $49 annual fee for the first year.
Citi Rewards Platinum Credit Card
0% p.a. for 15 months with 1% balance transfer fee
21.49% p.a.
$49 p.a. annual fee for the first year ($149 p.a. thereafter)
80k bonus Citi reward Points when you spend $3,000 in 90 days and 40k the second year, up to 120,000 total. 120k Points = 48k Velocity Points.
Citi Rewards Signature Credit Card
0% p.a. for 15 months with 1% balance transfer fee
21.49% p.a.
$199 p.a. annual fee for the first year ($395 p.a. thereafter)
Offers 120,000 bonus reward Points, a $199 first year annual fee, airport lounge passes and premium perks.
Citi Signature Qantas Credit Card
0% p.a. for 15 months
21.49% p.a.
$49 p.a. annual fee for the first year ($444 p.a. thereafter)
Get up to 150,000 bonus Qantas Points when you meet the spend requirement, a first year annual fee discount and complimentary travel perks.
Emirates Citi World Mastercard
0% p.a. for 9 months
21.49% p.a.
$149 p.a. annual fee for the first year ($299 p.a. thereafter)
Receive up to 60,000 bonus Skywards Miles and pay half the annual fee for the first year.

Compare up to 4 providers

Rates last updated October 22nd, 2019
$
% p.a.

Your search criteria didn't return any products. Click to reset your filter options and search again
Name Product Balance transfer rate Purchase rate (p.a.) Annual fee Amount Saved Product Description
HSBC Platinum Credit Card - Balance Transfer Offer
0% p.a. for 22 months
19.99% p.a.
$129 p.a.
Enjoy a balance transfer offer, yearly annual fee refund, airport lounge passes and complimentary insurance covers.
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
0% p.a. for 22 months with 1% balance transfer fee
20.74% p.a.
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Save with a 0% p.a. interest rate on balance transfers for the first 22 months, with a 1% balance transfer fee. Plus, a reduced $64 first year annual fee.
Citi Rewards Platinum Credit Card - Exclusive Offer
0% p.a. for 13 months
0% for 13 months, reverts to 21.49% p.a.
$49 p.a. annual fee for the first year ($149 p.a. thereafter)
Finder Exclusive:
Save with 0% interest on purchases and balance transfers for 13 months (with no BT fee). Plus, a discounted $49 annual fee for the first year.
St.George Vertigo Classic
0% p.a. for 18 months
13.99% p.a.
$55 p.a.
Get 0% p.a. interest for up to 18 months on balance transfers with no balance transfer fee. Plus, a low annual fee and purchase rate.
Virgin Australia Velocity Flyer Card - Bonus Points Offer
0% p.a. for 18 months
20.74% p.a.
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Earn up to 70,000 bonus Velocity Points when you meet the spend requirement. Plus, save with a 0% interest for 18 on balance transfers.
Citi Rewards Platinum Credit Card - Balance Transfer Offer
0% p.a. for 26 months with 1.5% balance transfer fee
21.49% p.a.
$0 p.a. annual fee for the first year ($199 p.a. thereafter)
Earn reward Points per $1 spent, take advantage of a 0% p.a. for 26 month balance transfer offer, plus $0 first year annual fee.
Bendigo Bank Low Rate Mastercard
0% p.a. for 18 months with 2% balance transfer fee
11.99% p.a.
$45 p.a.
Save with a 0% p.a. for 18 months on balance transfers, plus a low variable purchase interest rate of 11.99% p.a. on purchases. Ends 31 Oct 2019.
Citi Clear Platinum Credit Card
0% p.a. for 9 months
0% for 9 months, reverts to 14.99% p.a.
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Enjoy a $0 first year annual fee and a 0% introductory rate on purchases and balance transfers. Plus, complimentary purchase insurance cover.
BOQ Low Rate Visa Credit Card
0% p.a. for 14 months
13.49% p.a.
$55 p.a.
A no-frills card offering 0% on balance transfers for the first 14 months with no balance transfer fee. Ends 31 Oct 2019.
HSBC Platinum Qantas Credit Card
0% p.a. for 12 months
19.99% p.a.
$0 p.a. annual fee for the first year ($79 p.a. thereafter)
Save with a $0 first year annual fee and a long-term balance transfer offer. Plus, complimentary travel insurance.
BOQ Platinum Visa Credit Card
0% p.a. for 12 months
20.74% p.a.
$0 p.a. annual fee for the first year ($129 p.a. thereafter)
Enjoy 1,000 bonus Q Rewards points/month, a 12-month balance transfer offer and $0 first year annual fee. Ends 31 Oct 2019.
Qantas Premier Platinum
0% p.a. for 18 months
19.99% p.a.
$199 p.a. annual fee for the first year ($299 p.a. thereafter)
Get up to 120,000 bonus Qantas Points (20,000/month) when you spend $1,500/month for the first 6 months. Ends 31 October 2019.
St.George Vertigo Classic - Exclusive Offer
0% p.a. for 6 months
0% for 14 months, reverts to 13.99% p.a.
$0 p.a. annual fee for the first year ($55 p.a. thereafter)
Finder Exclusive:
Low rate card offering 0% p.a. interest on purchases for the first 14 months and on balance transfers for 6 months. Plus, a $0 first year annual fee.
HSBC Platinum Credit Card
0% p.a. for 12 months
0% for 12 months, reverts to 19.99% p.a.
$129 p.a.
0% p.a. on purchases and balance transfers with no BT fee. Plus, a yearly annual fee refund when you spend $6,000 and 2 lounge passes per year.
CUA Low Rate Credit Card
0% p.a. for 13 months
11.99% p.a.
$0 p.a. annual fee for the first year ($49 p.a. thereafter)
Take advantage of a 0% p.a. balance transfer rate for 13 months, $0 first year annual fee, and a low variable 11.99% p.a. interest rate on purchases.
Westpac Low Rate Card
2019 Winner
Westpac Low Rate Card
0% p.a. for 16 months
13.74% p.a.
$59 p.a.
A no frills, low rate card offering 0% p.a. interest on balance transfers for the first 16 months, with no balance transfer fee.
Virgin Money Low Rate Credit Card
0% p.a. for 14 months
11.99% p.a.
$49 p.a.
Get a $49 annual fee, 10% cashback on purchases made in the first 3 months (capped at $100) and a 14-month balance transfer.
BankSA Vertigo
0% p.a. for 18 months
13.99% p.a.
$55 p.a.
Enjoy a 0% p.a. interest rate for up to 18 months on balance transfers. Plus, a low annual fee and purchase interest rate.
Bank of Melbourne Vertigo Classic
0% p.a. for 18 months
13.99% p.a.
$55 p.a.
Enjoy 0% p.a. interest for up to 18 months on balance transfers. Plus, a low annual fee and competitive purchase rate.

Compare up to 4 providers

What you'll find in this guide

What are the benefits of getting a balance transfer with Citi?

The features of a Citi balance transfer credit card can help you get the following benefits:

  • Save on interest. Use the table above to see how much you could save by typing in the amount of debt you want to transfer and your current interest rate.
  • Consolidate debts. If you have a combination of credit card and personal loan debt, transferring it to a Citi card means you’d only have to make one repayment per month and would only have to manage one account.
  • Pay off debt faster. If you plan your repayments based on the length of the introductory period, you could cut months off the time it takes to get your balance to $0.

Are there any risks to getting a balance transfer with Citi?

A balance transfer with Citi comes with the similar risks to other credit cards and debt products, including:

  • High standard interest rates. If you have debt left over at the end of the introductory period, it will be charged interest at the cash advance rate for your card. This is typically above 19% p.a. and the costs can quickly add to your balance.
  • Temptation to spend. If you make new purchases on a balance transfer credit card, they will be charged interest at the standard variable purchase rate. Unless you factor the purchases into your repayments, it could take you even longer to pay off your original debt.
  • Impact on your credit score. Applying for a balance transfer credit card can lower your credit score by adding a new inquiry to your credit history. Keeping your old accounts open after the transfer or struggling to make repayments could also have a negative impact on your credit score.

Different ways a balance transfer can affect your credit score

What rates and features should I look at when choosing an offer?

  • The introductory interest rate and length of the offer. These details give you an idea of how much you can save and how long you’ll get the low or 0% interest rate. For example, one card might offer 0% p.a. interest on balance transfers for the first 12 months, while another could offer 2% p.a. interest for 24 months.
  • The balance transfer fee. Some Citi cards charge a one-time balance transfer fee that’s calculated as a percentage of the debt you move to the card (typically between 1-2.5%).
  • The annual fee. If you get a Citi credit card with an annual fee, it will be added to your balance when you activate the card, then charged each year on the anniversary of your account opening. Make sure you include this cost in your repayment plan to stay on top of your balance.
  • The revert rate when the introductory period expires. This is the interest rate that is charged for any balance transfer debt you have left at the end of the introductory period. For Citi credit cards, this is also the cash advance rate.
  • Eligible debts. You can request a balance transfer from Australian credit cards, store cards, lines of credit and personal loans that are held with other financial institutions. You won’t be able to get a balance transfer from an existing Citi or Citigroup account, which includes those held with Bank of Queensland, Coles Mastercard, Suncorp Bank, IMB, Qantas Money and Virgin Money.
  • Balance transfer limits. You can transfer a minimum of $500 and up to 80% of your available credit limit to a Citi credit card. Just keep in mind that you won’t know what your credit limit is until you have applied and been approved for the card. If you're worried your credit limit will be too low for your balance transfer, check out this guide to explore your options.

Application requirements to get a balance transfer with Citi

The introductory low or 0% interest rate offered on a Citi credit card is only available for balance transfer requests that are made during your credit card application. So make sure you include the debt amount you want to transfer and the account details. To find out about the general eligibility requirements and supporting documentation you’ll need, check out the “How to apply” section of our Citi credit card guide.

Other details to keep in mind

  • How long the balance transfer takes. Citi balance transfers typically take up to 10 working days from when you activate your card. Remember to keep making repayments on your old accounts during this time.
  • Minimum repayments. Even when you have a 0% p.a. balance transfer rate, you’ll still need to pay the minimum amount listed on each statement before the due date.
  • No interest-free days. Citi does not offer interest-free days when you carry a balance, so any new purchases you make will be charged interest at the card’s purchase rate.
  • Closing old accounts. If you want to close your old account, you need to do that on your own.
  • Reward points. You won’t earn points for a balance transfer to a Citi credit card that offers rewards. With these cards, points are only earned on eligible purchases, such as your everyday shopping.
  • Payment allocation. If you have debt from both a balance transfer and new purchases, your repayments will go towards the debt that attracts the highest interest rate first. This means new purchases would get paid off faster than your balance transfer during the introductory period, which also increases the risk that you’ll still have debt when the balance transfer rate reverts.

Can I get a balance transfer if I already have a Citi credit card?

While you can’t balance transfer debt from one Citi account to a new Citi credit card, Citi does sometimes offer other options to existing customers. To see if there are any current offers available, log in to your account and click on “My Offers”, or call Citi on 13 24 84. Alternatively, you can balance transfer your Citi credit card debt to a credit card from another provider.
Images: Shutterstock

Back to top
Was this content helpful to you? No  Yes

Related Posts

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.

3 Responses

  1. Default Gravatar
    PaulaMay 19, 2015

    Is the Simplicity Citibank card not available as previously advertised at 0% interest – for how long?

    • Avatarfinder Customer Care
      JonathanMay 19, 2015Staff

      Hi Paula, thanks for your inquiry!

      The Citi Simplicity currently has a promotional rate for balance transfers of 0% for 12 months. Please see the following link for the Citi Simplicity card review page.

      Cheers,

      Jonathan

  2. Default Gravatar
    ChrisJune 11, 2011

    Hi,Is this credit card transfer offer valid also for people living in New Zealand?
    Best regards
    Chris

Credit Cards Comparison

Rates last updated October 22nd, 2019
Name Product Purchase rate (p.a.) Balance transfer rate Annual fee Product Description
HSBC Platinum Credit Card - Balance Transfer Offer
19.99% p.a.
0% p.a. for 22 months
$129 p.a.
Enjoy a balance transfer offer, yearly annual fee refund, airport lounge passes and complimentary insurance covers.
Latitude Low Rate Mastercard
9.89% p.a.
$69 p.a.
Offers a competitively low interest rate and annual fee, plus up to 55 interest-free days on purchases.
Qantas Premier Platinum
19.99% p.a.
0% p.a. for 18 months
$199 p.a. annual fee for the first year ($299 p.a. thereafter)
Get up to 120,000 bonus Qantas Points (20,000/month) when you spend $1,500/month for the first 6 months. Ends 31 October 2019.
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
20.74% p.a.
0% p.a. for 22 months with 1% balance transfer fee
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Save with a 0% p.a. interest rate on balance transfers for the first 22 months, with a 1% balance transfer fee. Plus, a reduced $64 first year annual fee.

Compare up to 4 providers

* The credit card offers compared on this page are chosen from a range of credit cards finder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

Ask a question
Go to site