citi-balance-transfer-guide

Citi credit card balance transfer guide

Reduce your credit card debt with a Citi balance transfer.

If you’re struggling to make a dent in your debt, then it might be time to explore some of the debt consolidation options available. A balance transfer with Citi could be your answer to clearing your debt for good. Here’s a summary of some of the features, benefits and conditions you can expect if you conduct a balance transfer with Citi.

Citi Rewards Platinum Credit Card

0% p.a. for 24 months on balance transfers
with a one-time 1.5% balance transfer fee

Offer ends 31 January 2018

Eligibility criteria, terms and conditions, fees and charges apply

Citi Credit Card Offer

Take advantage of Citi Rewards Platinum Credit Card's 0% p.a. for 24 months balance transfer offer and a reduced annual fee for the first year.

  • $49 p.a. annual fee for the first year ($149 p.a. thereafter).
  • 20.99% p.a. on purchases
  • 0.00% p.a. for 24 months with 1.5% BT fee on balance transfers
  • Cash advance rate of 21.74% p.a.
  • Up to 55 days interest free
  • Minimum income requirement of $35,000 p.a.
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Rates last updated November 18th, 2017
$
% p.a.

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Name Product Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Amount Saved Product Description
Citi Rewards Platinum Credit Card
0% p.a. for 24 months with 1.5% balance transfer fee
20.99% p.a.
$49 p.a. annual fee for the first year ($149 p.a. thereafter)
Earn Reward Points per $1 spent as part of the Citi Rewards Program, plus receive complimentary international travel insurance.
Citi Platinum Credit Card - 100k Bonus Points
0% p.a. for 15 months with 1% balance transfer fee
20.99% p.a.
$49 p.a. annual fee for the first year ($149 p.a. thereafter)
Earn 100,000 reward Points, take advantage of a long-term balance transfer offer and receive complimentary travel insurance.
Citi Simplicity Card
0% p.a. for 15 months with 1.5% balance transfer fee
19.99% p.a.
$0 p.a.
Earn 5% cashback on eligible purchases (capped at $50 per month) for the first 90 days from card approval.
Citi Rewards Classic Credit Card
0% p.a. for 15 months with 1.5% balance transfer fee
20.99% p.a.
$49 p.a. annual fee for the first year ($99 p.a. thereafter)
Receive 1 point per $1 spent on all eligible Domestic Spend (up to $5,000 per period) and membership to the Citibank Dining Program.
Citi Signature Credit Card
0% p.a. for 15 months with 1% balance transfer fee
20.99% p.a.
$199 p.a. annual fee for the first year ($395 p.a. thereafter)
Earn from 1 Point per $1 spent on selected purchases and receive a complimentary Priority Pass membership with two airport lounge visits per year.
Citi Qantas Signature Credit Card
0% p.a. for 6 months
20.99% p.a.
$199 p.a. annual fee for the first year ($395 p.a. thereafter)
Earn from 0.5 Qantas Points per $1 spent on selected purchases and get 2 airport lounge visits per year.
Citi Clear Platinum
14.99% p.a.
$99 p.a.
Receive complimentary insurance covers and a 24-hour concierge service. Also enjoy free wine when you dine with the Citibank Dining Program.
Emirates Citi World Mastercard
0% p.a. for 9 months
20.99% p.a.
$149 p.a. annual fee for the first year ($299 p.a. thereafter)
Earn up to 1.5 Skywards Miles for every $1 spent and indulge in carefully curated local and global experiences.
Citi Prestige Card
0% p.a. for 6 months
20.99% p.a.
$700 p.a.
Earn from 1 Point per $1 spent on selected purchases and enjoy unlimited airport lounge access with a complimentary Priority Pass.

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Rates last updated November 18th, 2017
$
% p.a.

Your search criteria didn't return any products. Click to reset your filter options and search again
Name Product Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Amount Saved Product Description
St.George Vertigo Platinum - Online Offer
0% p.a. for 24 months
12.74% p.a.
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Platinum card benefits plus 0% p.a. for 24 months on balance transfers (with no BT fee) and $0 annual fee in the first year. Ends 13 December 2017.
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
0% p.a. for 18 months
20.74% p.a.
$129 p.a.
Earn 3 bonus Velocity Points per $1 for the first 3 months, a first year annual fee refund and a yearly $129 Virgin Australia Gift Voucher.
Westpac Low Rate Card - Online Only Balance Transfer Offer
0% p.a. for 24 months with 2% balance transfer fee
13.49% p.a.
$59 p.a.
Take advantage of 0% p.a. for 24 months on balance transfers with a 2% balance transfer fee when you apply online by 31 January 2018.
NAB Premium Card
0% p.a. for 20 months with 2% balance transfer fee
19.74% p.a.
$90 p.a.
Benefit from premium perks including travel insurance, Platinum Concierge Service plus 0% p.a. for 20 months on balance transfers.
Citi Platinum Credit Card - 100k Bonus Points
0% p.a. for 15 months with 1% balance transfer fee
20.99% p.a.
$49 p.a. annual fee for the first year ($149 p.a. thereafter)
Earn 100,000 reward Points, take advantage of a long-term balance transfer offer and receive complimentary travel insurance.
ANZ Platinum Credit Card - Exclusive Offer
0% p.a. for 12 months
0% p.a. for 3 months (reverts to 19.74% p.a.)
$0 p.a. annual fee for the first year ($87 p.a. thereafter)
Exclusive to finder, receive 0% p.a. interest on purchases for 3 months and 0% p.a. on balance transfers for 12 months with no balance transfer fee.
HSBC Platinum Credit Card
0% p.a. for 22 months with 2% balance transfer fee
19.99% p.a.
$129 p.a.
Earn 1 Reward Point per $1 of eligible spend and receive complimentary travel and purchase protection insurances.
Bankwest Breeze Classic Mastercard
0% p.a. for 13 months with 2% balance transfer fee
0% p.a. for 13 months (reverts to 12.99% p.a.)
$79 p.a.
Receive up to 55 days interest-free on purchases and free worldwide emergency card replacement.
St.George Vertigo Visa - Online Offer
0% p.a. for 18 months
13.24% p.a.
$0 p.a. annual fee for the first year ($55 p.a. thereafter)
Take advantage of 0% p.a. for 18 months on balance transfers (with no BT fee). Plus, $0 annual fee in the first year. Ends 13 December 2017.
Bank of Melbourne Vertigo Platinum
0% p.a. for 24 months with 2% balance transfer fee
12.74% p.a.
$99 p.a.
Get a range of complimentary insurance covers, access to a 24/7 concierge and up to 55 days interest-free on purchases.
NAB Low Fee Card
0% p.a. for 16 months with 2% balance transfer fee
19.74% p.a.
$30 p.a.
Receive complimentary purchase protection insurance, special offers from Visa Entertainment and up to 44 days interest-free on purchases.
Virgin Money Low Rate Credit Card
0% p.a. for 14 months
11.99% p.a.
$49 p.a.
Receive a discounted annual fee, $100 cashback when you meet the spend requirement and up to 44 days interest-free on purchases.
BankSA Vertigo Visa
0% p.a. for 18 months with 2% balance transfer fee
13.24% p.a.
$55 p.a.
Get up to 55 days interest-free on purchases and be protected by a 24/7 fraud monitoring service.
NAB Low Rate Platinum Card
4.99% p.a. for 6 months
0% p.a. for 9 months (reverts to 13.99% p.a.)
$100 p.a.
A platinum card that offers 0% p.a. for 9 months on purchases. Plus 4.99% p.a. on balance transfers for 6 months.
Citi Rewards Platinum Credit Card
0% p.a. for 24 months with 1.5% balance transfer fee
20.99% p.a.
$49 p.a. annual fee for the first year ($149 p.a. thereafter)
Offers a long-term balance transfer. Earn extra points on eligible international spend, plus complimentary travel insurance.
Woolworths Everyday Platinum Credit Card
0% p.a. for 14 months
19.99% p.a.
$0 p.a. annual fee for the first year ($49 p.a. thereafter)
Receive a $50 eGift Card when you apply by 31 January 2018 and make an eligible purchase by 28 February 2018.
American Express Essential Credit Card
0% p.a. for 12 months with 3% balance transfer fee
14.99% p.a.
$0 p.a.
Get Smartphone Screen Insurance of up to $500 when you pay for your phone or contract with your Essential Credit Card.
American Express Explorer Credit Card
0% p.a. for 12 months with 1% balance transfer fee
20.74% p.a.
$395 p.a.
Receive a $400 Travel Credit every year and up to two entries per year to the American Express Lounge at Sydney International Airport.
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 60,000 bonus Velocity Points in the first 3 months on eligible spend and enjoy a discounted annual fee of $64 for the first year.
Qantas Premier Platinum
0% p.a. for 15 months
19.99% p.a.
$149 p.a. annual fee for the first year ($299 p.a. thereafter)
Fly further with 75,000 bonus Qantas points, up to 2 Qantas Points per $1 spent and 2 yearly complimentary Qantas Club lounge invitations.

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Compare Citi Credit Cards

What is a balance transfer?

A balance transfer allows you repay your debt faster by consolidating your debts onto the one low interest credit card. Balance transfers can be a suitable solution if you have an outstanding debt on a high interest credit card and want to take advantage of a promotional low rate of interest. The low interest period gives you some breathing room to meet your repayments and clear your debt before the card reverts to higher interest rates.

What are the benefits?

  • Period of low interest rates. Citi offer promotional low rate periods of 0% p.a. for up to 12 months. The main feature of the balance transfer is the promotional low interest period. It’s recommended that you make the most of this time and aim to have your debt cleared before the promotional period ends.
  • Quick application process. Applying for a Citi credit card is simple. The application process should take less than 15 minutes to complete if you have all your personal information ready, and you can expect a response in 60 seconds once you submit the form.
  • Online budgeting tool. Citi offer a useful online budgeting tool to help you take control of your finances and repay your debt within the promotional time period.

What else should I consider?

  • Deciding which credit card is right for you. You can conduct a balance transfer with a number of Citi credit cards, and each one comes with different benefits and balance transfer offers. To find the right one for you, consider the size of your debt, the promotional interest rate and the length of time the offer is available to determine whether it’s the right option for you. Start by comparing Citi credit cards.
  • Annual fee. Credit cards can incur an annual fee. It’s important to consider the annual fee so you can understand the total cost of the card when you’re trying to consolidate your debts.
  • Avoid using your card to make purchases. Ideally, you should only be using your Citi balance transfer credit card for debt consolidation, not purchases. Even if you can earn rewards points on purchases, you should concentrate on repaying your debt, not growing it. If you want to use the card for emergencies or purchases after the balance transfer is paid, you’ll want to consider the purchase rate as well.
  • Revert rate. If your debt isn’t cleared after the promotional low rate period ends, your remaining balance will collect the much higher cash advance interest rate.
  • Eligible banks. You can transfer any non-Citi products with an outstanding balance to a new Citi credit card, including other credit cards, store cards or loans within Australia. You can check if your bank is eligible here.
    Balance transfers not allowed between the following issuers and Citi:
      • IMB
      • Suncorp
      • CUA
      • Bank of Queensland
      • Virgin
  • Balance transfer fee. The Citi Rewards and Citi Rewards Platinum credit cards charge a balance transfer fee of 1.5%. Currently, no other Citi balance transfer products charge this fee.
  • Credit card limit request. Before applying, calculate what your credit card limit request will be. Your total balance transfers cannot exceed of your credit limit with Citi, so you’ll want to make sure that the Citi credit card can support your entire debt.
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How to apply for a Citi balance transfer

You can apply if you’re over 18, an Australian permanent resident and have a good credit rating. The application process will take around 10 minutes to complete and you’ll receive a response within 60 seconds of submitting the form. You’ll need to have the following information handy so you can answer the questions on the application form:

  • Contact details
  • Details about your employment (employment status, primary occupation and employer's contact details)
  • If you’re self-employed, you’ll need to provide your accountant's name, the name of the accounting firm, and their contact phone number
  • Gross income and monthly expenses
  • For balance transfers, name on account, type of card or account, card or account number, the amount being transferred, and the issuing organisation's name and address

The application process

  1. Selecting a credit card. Once you’ve compared your options and decided on a card, you can click on the green ‘Go to Site’ button located on the right of the comparison table to begin your online application.
    CitiClassic
  2. Contact details. First off, you’ll need to provide your contact details, marital status, driver’s licence number, residential address and phone details.
  3. Employment details. This is where you’ll need to provide details about your employment, including the company’s name, address and contact numbers.
  4. Finances. In this section, you’ll need to detail your personal income and expenses, so make sure you have copies of recent bank statements, payslips and invoices read. You’ll also need to request the credit limit you need, so you’ll need to have decided on this before applying to make sure it can support your balance transfer.
  5. Balance transfer. Now it’s time to fill and submit your balance transfer application. Here you’ll need to provide details of the amount you’ll like to transfer and details of your old account including the organisation name, biller code and BPAY customer reference number.
  6. Card options. Here you can opt in for extra features such as CardAssure purchase security, an additional cardholder and your membership in the rewards program.
  7. Review. Ensure the details you’ve entered are correct and you understand the terms and condition before you submit your application.
  8. Verify your identity and income details. You’ll be asked to supply copies of your driver’s licence and Australian passport via email, fax or post. Depending on your employment situation, the following may also need to be supplied:
      • If you’re self employed, your two most recent tax returns or assessments
      • If you’re employed on a casual, contractual or temporary basis, your employment contract and your most recent tax return or assessment
      • If you’re retired, your superannuation fund statement or a letter from Centrelink that is less than 60 days old
      • If you receive a salary, two months of pay slips less than 60 days old
  9. Track your application. Once you have uploaded the required documents, you can track your application process through the link provided in the email you received containing your application reference number.

It can take up to 5-7 business days for your application to be approved. It will then take 3-5 business days for you to receive your card and ATM PIN. It will take a further 1-2 business days for your balance transfer to be completed once you’ve activated your account. Once the balance transfer is complete, don’t forget to advise your previous bank to cancel your account if you don’t want to keep it open.

Completing a balance transfer with Citi could be your key to debt consolidation. However, as many issuers and credit cards offer balance transfer options, it’s a good idea to do your research and ensure you find the right credit card with the right features for your financial situation. Use our balance transfer credit cards comparison to find the right offer for you.

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3 Responses

  1. Default Gravatar
    PaulaMay 19, 2015

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

    • Staff
      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

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