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.
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.)|
Citi offers the following benefits on 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.
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.