Credit Card Balance Transfer
The utility factor of credit cards is no longer restricted to making purchases alone. What used to be once a mobile credit instrument aimed at easing your daily spends has today opened up to a plethora of opportunities, creating great value for the customer. If you’ve been using credit cards to for routine and exclusive financial transactions, you will agree to the fact that they have made our life simpler.
Some of the most unique and outstanding utilities of credit cards are bills payment service, interest free installment options and of course, balance transfer. Most of these benefits offered have a dual benefit where you not only get to fulfill a specific transaction, but also save money on the sidelines.
For those of you looking for debt consolidation in terms of paying off credit card debts, one of the most recommended routes you can take is to get the balance transferred to a single credit and save loads of interest charges payable in the future. It also helps in exercising financial discipline as you are paying off the balance in a specific term.
CitiBank Credit Cards
Being an international banking organization operating in multiple geographies, Citi in the Philippines lives up to its international brand and presence in the Philippines with a plethora of credit and investment products for individuals. In its credit cards division, the Citi offers the following cards for Filipinos.
- Citi Cash Back Card
- Shell Citi Card
- Citi Platinum Visa
- Citi Rewards Card
- Mercury Drug Citi Card
- Citi PremierMiles Card
The option to transfer balance from non-Citibank credit cards is available on the entire portfolio of cards for individuals. One can positively look at consolidating balances at low interest rates and a wide payment tenor with Citibank.
Citibank Balance Transfer
- The key advantage of availing the balance transfer is the low monthly factor rate that Citi offers for consolidating balances from other credit cards.
- To initiate a BT, the cardmember needs to ensure at least P5,000 is being transferred from the other bank credit card.
- The cardmember can be eligible for exclusive rates depending on the credit history and the type of card they hold.
- Flexible term options are available to repay the transferred balance. It offers 6, 12, 18, 24 and 36 month term to repay in installments along with applicable interest charges.
- The cardmember can use online banking option to check out offers in this regard and also to apply for balance transfers online by logging into the net banking account.
- Citi offers one of the lowest monthly rates on balance transfers at just 0.99 % per month (factor rate), uniform on all term options.
- There is no upfront fee payable for processing the BT request.
Steps to apply for Balance transfer with Citibank
Citi maintains two different channels to help you with BT. The customer can either call CitiPhone or apply online via internet banking. Before initiating a transfer, make sure you keep handy, information such as your Citi credit card details, information pertaining to card you wish to transfer the balance from and so on. Once you have this information ready, you can initiate a transfer online or via phone.
Once submitted, the representatives at Citi will keep you posted on the turn around time required for the approval and further processing. You will also receive written confirmation via email and other communication channels.
Frequently Asked Questions
- Is there a penalty for pre-termination of the payment arrangement availed on the balance transfer ?
- I have missed a couple of payments on my Citi credit card that includes dedicated payments for the balance that I transferred from another bank credit card. What are the repercussions?
- Please provide the contact the number for Citibank customer service.
- Can you please give details on the rates applicable for balance transfers on Citi credit cards?
- Is there a limit on how much I can transfer?
If you decide to pay off the outstanding balance before the actual close date, a penalty is charged at the rate of 4% of the outstanding balance in the account.
If the account is past due for more than 60 days continuously, the BT arrangement will be nullified by Citi and the outstanding balance will be treated as regular balance with interest charges at the rate applicable for retail transactions.
You can call CitiPhone on (02) 995-9999 for all queries and issues pertaining to your credit card including balance transfer. The phone line is operational 24/7.
The monthly factor rate is 0.99% for all term options. Refer to the table below for a break up.
|Term||EIR (Effective Interest Rate) per annum|
|6 months||22.04 percent|
|12 months||23.45 percent|
|18 months||23.67 percent|
|24 months||23.59 percent|
|36 months||23.15 percent|
You can transfer up to the extent of credit availability with a minimum cap of P5,000, subject to the terms and conditions laid out by Citi.