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.
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.
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.
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.
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