A Balance Transfer involves transferring the existing balance(s) on your current credit cards, store cards or loans to a new Citibank Credit Card. It can mean big savings by reducing the interest charged on your existing card balance - along with streamlining the number of cards you hold.
Once your balance has been transferred, be sure to close your old credit card account as this will not occur automatically.
Take a look at the Balance Transfer details for each Citibank Credit Card and discover the competitive rates you can enjoy.
When applying for your new Citibank Credit Card, you can apply to transfer a balance from another financial institution. You will need to provide us with key details of that account, including:
- Name the account is held in
- Type of card/ account
- Card/ account number
- Amount to be transferred
- Issuing organisation's name and address.
To find out how to apply for a Citibank Credit Card as well as all the features and benefits, please visit our Switch to Citibank section at citibank.com.au/switch
Sign on to Citibank Online, go to 'Account Services', then 'Credit Cards' and choose the Balance Transfer option. Alternatively, call us on 13 24 84. You can also mail or fax back a completed application form: Citibank Credit Cards, Emirates Citibank Platinum Card.
Any account balances from other financial institutions/stores, such as:
- Visa and MasterCard (all banks)
- Most store cards (e.g. David Jones and Myer)
- Personal Loans
- Lines of credit.
The balance must be in the name of the primary account holder.
- Existing Citibank account balances
- Account balances from financial institutions/stores outside Australia
- Amounts greater than your available credit limit. We may limit balance transfers in your account to a proportion of your credit limit. The credit limit is subject to our credit criteria.
At the end of the Balance Transfer period, the rate will revert to the cash advance rate. For example, if your balance transfer rate is 2.9% p.a. for 12 months, at the end of the 12 month Balance Transfer period your rate will revert to the cash advance rate.
The minimum amount you can transfer to your Citibank Credit Card is $500.
We may limit Balance Transfers in your account to a proportion of your credit limit. The credit limit is subject to our credit criteria.
We can only process your request up to the available credit you have on the day it is processed. If you do request a Balance Transfer in excess of your Credit Limit, we will inform you and you may change your request. Please note that Balance Transfers may be capped to a percentage of your total available Credit Limit.
The Balance Transfer is treated as an extension of credit on your account so it reduces your available credit.
You don't have to, but if you would like to close the other accounts you will need to arrange this with the other financial institutions or stores.
Currently no fees are charged for Balance Transfers.
If your credit contract was formed on or after 1 July 2012, we will apply your payments to Balance Transfer with the highest interest rate first. If your credit contract was formed before 1 July 2012 and you haven't asked us to change the order in which we apply payments on your account, we will apply your payments to the Balance Transfer with the lowest interest rate first.
Balance Transfers do not earn rewards points.
Balance Transfers can take up to 10 business days to process. You should allow additional time for any cheques to be received at the other financial institution. You can monitor your account via Citibank Online to check if the transaction has appeared in your account. If the time frames have elapsed, you may also wish to contact the other financial institution prior to having the cheque stopped and reissued.
You will not receive the benefit or be eligible for interest free days on purchases unless you pay the Closing Balance in full every month (including any Balance Transfers).
If your credit contract was formed on or after 1 July 2012, we will apply your payments to parts of your credit card balance with the highest interest rate first. If your credit contract was formed before 1 July 2012 and you haven't asked us to change the order in which we apply payments on your account, we will apply your payments to the parts of your credit card balance with the lowest interest rate first.
Cheque to Self is a way to access funds at the Balance Transfer rate. By requesting a Cheque to Self, you will receive a cheque that you don't just have to use to pay off another credit card. You can use the funds on anything - holidays, groceries, school fees etc. The cheque will be made out in the primary account holder's name for them to cash or deposit into their bank account. This is a great opportunity to access funds at the reduced rate advertised for Balance Transfers and, as long as the funds are paid back within the specified timeframe, can help you get the things you want now, without paying the regular interest rate on your credit card.