Credit facilities help out in scenarios which require urgent expenses or when one needs to plan out how a large expenditure would need to be split up so that the financial burden is eased in a smart way. When speaking of managing expenses, spending on credit cards is also one. No matter how a credit card helped initially in meeting expenses, its dues have to be paid. Different banks have various schemes and interest rates ruling their credit cards and based on situations, doing a transfer of the pending dues of one bank to another might land the individual with preferential rates of interest. Known as a balance transfer, this is the process of transferring a portion (or whole) of the amount one owes from one credit facility to another, owned by the same person, thereby eliminating hassles related to paperwork and formalities. Citibank credit service offers this special feature on its Citibank credit cards, enabling card members to transfer balance at ease. All the rates and features of the facility are solely dependent on the discretion of the bank and one should confirm of the latest changes pertaining to the facility from Citibank.
Features and Benefits of Citibank Balance Transfer
Some of the features and benefits of Citibank card balance facility are mentioned below.
- Repayment period – Repayment periods can be as high as 36 months under this facility for cardholders. The exact periods allowed are 6 months, 9 months, 12 months, 18 months, 24 months, 30 months and 36 months
- No processing fee – No processing fee is associated with Citibank Balance transfer facility
- Low interest – Cardholders who utilise this feature need to pay interest at nominal rates of 5.32% per annum to 5.81% per annum. The effective interest rate of 9.9% per annum is still almost a third than the contemporary rate of 18% per annum
- Minimum amount – The minimum transfer amount under the card balance facility is RM 1000
- Tenure – Seven tenures ranging from 6 months to 3 years are available
- Simple – A Citibank representative is just a call away to help out on the process. Alternatively, one could call the direct line for Balance Transfer facility and get the process started
- High transfer cap – Up to 90% of the total available credit line can be transferred
- High saving – One can save more compared to the products offered by other banks
- Fixed repayments – Repayment amounts are constant for the length of the tenure, allowing easy tracking of credit payments
|Effective Interest Rate||6 months||9 months||12 months||18 months||24 months||30 months||36 months|
|9.9% per annum||5.81% flat per annum||5.56% flat per annum||5.44% flat per annum||5.35% flat per annum||5.32% flat per annum||5.32% flat per annum||5.33% flat per annum|
|Transfer Amount (RM)||Monthly Payment Amount (RM)|
|6 months||9 months||12 months||18 months||24 months||30 months||36 months|
Table highlighting the benefits of using Citibank balance transfer
Balance Transfer Process as per Citibank
Citibank’s card balance transfer facility is one of the easiest to implement and utilise. Individuals can opt for two available methods with Citibank –
Call Citibank Central – A central call-desk facility at Citibank will connect customers with a representative who can guide them through the balance transfer process and requisite requirements to be met.
Call Citibank Balance Transfer Facility Helpline –
This is a practically easier method to adopt. Again, the process is much shorter than calling Citibank Central. A representative will guide customers through the entire process.
Citibank Balance Transfer Promotion
This is a promotional offer by Citibank that enables you to transfer your outstanding balance from other credit cards to your Citibank Credit Card and earn a host of benefits.
- Pay flat interest rates ranging from 5.32% to 5.81% annually.
- Combine your credit cards balances to Citibank credit card and manage your finances better.
- For every RM 1000 you transfer, pay as low as RM 32.23 per month.
- Flexible monthly instalment tenures that include 6, 9, 12, 18, 24, 30 or 36 months
Offer Validity: The offer would remain valid till 31st December, 2016.
How to apply: You can avail this offer by contacting the bank.
*** Please read the terms and conditions carefully before you avail this offer.
Citibank Balance Transfer FAQ’s
Who is eligible for a Citibank Credit balance transfer?
Which currency can be used under this facility?
How is the monthly instalment calculated under the transfer program?
What is the minimum payment a cardholder should make after using this facility?
What is the maximum amount one can transfer using this facility?
This facility can be used only by principal cardholders who have a credit card supplied by Malaysian Financial Institutions. Secondary cardholders cannot utilise this facility.
The entire process can be completed only in Ringgit Malaysia. All amounts are billed in RM.
Each monthly instalment is calculated by using a simple formula. The total amount transferred plus the interest on this amount is divided by the total instalment period (in months) to give the monthly instalment.
A cardholder is expected to pay a minimum amount equivalent to 5% of the monthly instalment due every month or the minimal amount as decided by Citibank.
The maximum amount one can transfer is restricted to 90% of the credit limit available to a cardholder on his/her Citibank credit card.
Other Bank Balance Transfer Plans
- AEON Balance Transfer Plan
- AffinBank Balance Transfer Plan
- AmBank Balance Transfer Plan
- BSN Balance Transfer Plan
- CIMB Balance Transfer Plan
- HSBC Balance Transfer Plan
- Maybank Balance Transfer Plan
- OCBC Balance Transfer Plan
- Public Bank Balance Transfer Plan
- RHB Balance Transfer Plan
- UOB Balance Transfer Plan