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    Citibank Credit Card Balance Transfer

    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 Credit Card Balance Transfer

    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.

    Citibank Credit Card Balance transfer Features

    • You can transfer all your other outstanding balances or lines or credit to Citibank with a 0% interest rate for the first 6 months. You will need to pay 2.5% up front as service fee.
    • You will receive cash in hand for all you purchases and investments
    • If you have a Ready Credit, then you will have to pay SGD 45 or a minimum of 3% of the transfer amount, depending on which is higher for your entire loan tenure.
    • If you have a Credit Card, then you will have to pay SGD 50 or a minimum of 1% of the transfer amount, depending on which is higher for your entire loan tenure.

    Interest Rates and Fees

    The interest rates and fees applicable for new and existing customers are shown in the tables below:

    New customers

    Tenure Applied Interest Rate Processing fee EIR (p.a.) Minimum repayment
    3 months 0% p.a. 1.58% 6.73% 1% of the outstanding balance or S$50, whichever is more
    6 months 3.65%

    Existing customer

    Tenure Applied Interest Rate Processing fee EIR (p.a.) Minimum repayment
    6 months 0% p.a. 2.5% 5.81% 1% of the outstanding balance or S$50, whichever is more
    12 months 5.5% 7.87%


    The table below shows the amount you will save as an existing customer if you transfer S$5,000.

    Tenure 6 months
    Processing fee S$125
    Interest charged by other banks (24% p.a.) S$600
    Interest charged by Citibank 0%
    Total savings S$475

    Note: The aforementioned data have been simplified for illustration purpose only.

    Applying for Citibank Credit card Balance Transfer

    • You can call the Citibank hotline to apply
      1. Call into CitiPhone,
      2. Key in your NRIC or card number
      3. Choose balance transfer
      4. Complete the application
    • You can directly speak to the Citiphone officers
    • You can fill and submit the online phone and Citibank will personally get in touch with you

    Terms and Conditions

    • If the minimum monthly payments are not made on time, late charges will be applicable.
    • Citibank Balance Transfer cannot be used to credit another Citibank unsecured credit facility account.
    • For further details on this facility or information on more terms and conditions, please contact the bank or visit their website.

    Things to Consider Before Applying for Balance Transfer

    • The minimum amount you can transfer is S$500.
    • The facility is available for only Citibank main credit cardholders.
    • The application will get approved only if your outstanding balance on your credit card does not exceed 90% of the credit limit.
    • The bank will take five working days to transfer the amount to your designated account.
    • You will not earn any reward points under any of the bank’s loyalty programmes.
    • The minimum interest payable every month to the bank is S$3.
    • You need to earn a minimum of S$30,000 per year to apply for balance transfer.
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