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    Citibank Balance Transfer

    With the Citi Balance Transfer Plan, you can transfer part of or the entire outstanding balance from another bank credit card onto your Citibank credit card. Citi also provides Balance Transfer via Instalment Plan where you choose to clear the transferred outstanding balance in a fixed number of months between 6 to 36 months with fixed monthly instalments.

    Citi Balance Transfer Programme in Tabular Form

    The table below shows how the Balance Transfer works:

    Monthly Payment Effective Interest Rate Repayment Period
    A minimum of 5% of total outstanding balance Up to 8.99% p.a. 12 months

    When it comes to Balance Transfer via Instalment Plan, the effective interest rate is 9.9% p.a. and the flat rates applicable for different repayment tenures are given in the below table:

    Repayment Tenure (months) Interest Rate (% p.a.)
    6 5.81
    9 5.56
    12 5.44
    18 5.35
    24 5.32
    30 5.32
    36 5.33

    Benefits of Citi Balance Transfer

    Citi offers the following benefits on balance transfer:

    • Citi credit card allows you to consolidate all your outstanding credit card bills into one monthly instalment.
    • Monthly repayments are now made flexible as you have to pay a minimum of 5% of your total outstanding balance on a monthly basis.
    • Citi offers the balance transfer at an effective interest rate of 8.99% p.a. for a period of 12 months allowing you to clear off your dues faster.

    How to Complete Citi Balance Transfer

    If you are an existing Citi credit cardholder, then you can submit your full name and contact number on Citi’s website. A bank representative will call you on the next working day to carry the application process forward. You can also call the CitiPhone at the numbers: 03-2383 0000 for Kuala Lumpur, 07-268 0000 for Johor Bahru, 04-296 0000 for Penang and 1800 82 1010 for Sabah & Sarawak. You can make this call 24/7.

    Terms & Conditions

    • The bank decides whether the whole or a part of the outstanding balance is to be transferred.
    • You are considered an eligible cardholder for balance transfer programme if you
      • Have not defaulted in paying the instalment by due date
      • Have not crossed the card’s credit limit
      • Have not defaulted in any scheme offered by Citi
    • You must submit your recent bank statement of your other financial institution’s account from where you will be transferring the outstanding balance.
    • Upon approval of balance transfer and submission of relevant documents, it may take around 14 days to transfer the balance to Citi.
    • Citi reserves the right to cancel the balance transfer application if the balance to be transferred exceeds your credit limit or is less than the specified minimum of RM1,000.
    • The transferred balance can be treated as a cash advance. Citi offers finance charges at 18% p.a. on the outstanding interest calculated from the day of approval.
    • If you do not receive any response from Citi on the approval of balance transfer within 14 days of submitting your application, it is understood that the application has been declined.

    FAQs

    Q. Is there an early settlement fee?

    A. No. If you completely settle the transferred balance before maturity, you don’t have to pay an early settlement fee.

    Q. What happens if I fail to pay my instalments?

    A. If you fail to pay the minimum monthly due for 3 or more months at a stretch, a daily interest of 18% p.a. is charged on the outstanding monthly due amount. Even in the case of not settling the entire outstanding balance within the repayment period, the bank imposes a finance charge of 18% p.a.

    Q. What is the minimum outstanding balance that can be transferred?

    A. The minimum outstanding balance that can be transferred is RM1,000.

    Q. Are there any fees and charges applicable?

    A. No. You don’t have to pay any fees and charges additionally.

    Q. Can I get any reward points or cash rebates on balance transfer?

    A. No. You will not receive any reward points or cash rebates on transferring your balance.

    Other Bank Balance Transfer Plans

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