A Balance Transfer involves transferring the existing balance(s) on your current credit cards, store cards or loans to a new Citi 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 Citi Credit Card and discover the competitive rates you can enjoy.
To see if you’re eligible for a Balance Transfer, sign in and go to My Offers. Alternatively, call us on 13 24 84.
When you apply for a Citi Credit Card, you can apply to transfer a balance from another financial institution.
You can complete an application online or call us on 13 24 84 and we can submit an application on your behalf. 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
- Name of issuing organisation
- Biller Code and Reference Number
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
You cannot include the following in a Balance Transfer:
- Existing Citi account balances
- Account balances from financial institutions/stores outside Australia
- Amounts greater than your available credit limit. You can only transfer up to 80% of the available credit limit of your Citi Credit Card. 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 as per the terms and conditions of your credit card. For example, if your balance transfer rate is 3.9% p.a. for 12 months, at the end of the 12 month Balance Transfer period your rate will revert to the cash advance rate.
A minimum of $500 applies per request. You can transfer as much of the balance from your other credit card, store card, personal loan or line of credit as you like, provided the amount is no more than 80% of the available credit limit on your Citi Credit Card. For example, if you are approved for a $10,000 credit limit, you can Balance Transfer $8,000. The credit limit is subject to our credit criteria.
Balance transfers can only be processed up to 80% of your total credit limit. For existing accounts, if a Balance Transfer request would result in exceeding your available credit limit on the day it is processed, we will inform you so you can change your initial amount requested.
A Balance Transfer fee may apply.
If you are an existing cardholder, check My Offers to see if you have an offer available. If you do, your offer will clearly state if there is a BT fee.
If you are a new customer, the product information will disclose if a balance transfer fee applies.
If your credit contract was formed on or after 1 July 2012, we will apply your payments to the 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.
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).
For credit contracts 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. This means that Retail Transactions are repaid before promotional Balance Transfers. For credit contracts formed before 1 July 2012 where 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.
For more information, please refer to 'Application of Payments' within the terms and conditions of your product.
If you choose to receive the funds via cheque, these can be sent to your residential address or straight to the financial institution of your choice. Please note that it will take 10 working days for the cheque to be received.
If you choose to receive the funds via BPay please ensure you include the BPay transfer details. Note that it will take 1 - 2 business days for the funds to be received.