When the balance or the money owed from one credit card account is transferred to another account held by a different company, this process is called as a balance transfer. This facility is becoming increasingly common in the present day scenario wherein credit card issuers are offering more and more incentives to attract new customers to avail this facility offered. Some of them include providing interest free periods and a promotional low interest rate structure. A balance transfer helps significantly to save on your existing credit card debts.
Citibank started its Singapore operations in the year 1902 but under the banner of IBC (International Banking Corporation). It was one of the first American banks to establish presence in Singapore. It officially started its operations under the name Citibank in 1982 by providing banking solutions using an array of financial products and services. Even though it ventured in the retail banking sector much later than other banks in Singapore, it has not fallen short of making its presence felt here. Citibank has emerged as a great market player by acquiring market shares in many key businesses including secures assets, investments and deposits, unsecured lending and secures assets to name a few. In the year 1999, Citibank was awarded QFB (Qualifying Full Bank) license by the MAS (Monetary Authority of Singapore). With a heavy concentration on people management, it has earned great recognition and acknowledgement in the financial market. Citibank Global Consumer Group was rewarded the People Developer Standard in 2003 by SPRING Singapore. Standards, Productivity and Innovation Board honored Citibank with this award to recognize and commend their efforts for their practice of people management. It is also known for popularizing ATMs (Automated Teller Machines) in Singapore way back in 1980.
Using Balance transfer facility on Citibank Credit Card you can reduce your interest payments and significantly increase your interest savings. You are given the liberty to use the amount for anything that you wish for with just making the minimum payments due throughout the loan tenure.
For a balance transfer amount of SGD 10,000 please find below your rates and savings for a 6 month tenure –
|24% Interest paid using another Credit Card||SGD 1200|
|Service Fee + EIR + 0% Interest rate with Citibank||SGD 250|
|YOUR SAVINGS||SGD 950|
Terms and Conditions