Citibank Ready Credit Loan

    Citi is one of the largest players in the Singapore market, and offers a wide range of banking products and services. The bank offers customers with the balance transfer option on credit cards and the Ready Credit Account. This means you can transfer your credit card balance or your existing credit line balance to your Citibank Balance Transfer account. The option comes with competitive features, including a 0% interest for the first 6 months.

    Let’s take a detailed look at the Citibank Balance Transfer provision in Singapore and see what you can expect from the product.

    Features and benefits of the Citibank Balance Ready Credit Loan

    • The main idea of the product is to help reduce interest payments and maximize savings.
    • The balance transfer option is available on the Citi Ready Credit account as well as credit cards.
    • The option offers heightened flexibility as far as making monthly payments are concerned.
    • The interest rate is 0% for the first 6 months. Only a service fee of 1.58% will be charged.
    • Customers applying for the Ready Credit balance transfer option should have a minimum transfer amount of S$500.
    • For Ready Credit, customers have to pay a minimum of 3% of the amount transferred, or S$45, whichever sum is higher, through the period of the tenure.
    • The balance transfer option is available for both new and existing Citi customers in Singapore.

    Citibank Balance Transfer Interest Rates

    The table below indicates both interest rates that can be enjoyed upon applying for a balance transfer option for personal line of credit with Citi Singapore. Here are the rates:

    Rates for new Citi customers

    Tenure in months 3-month tenure 6-month tenure
    Interest Rate (Nominal) (p.a.) 0% 0%
    Effective Interest Rate (p.a.) for Citi Ready Credit Account 6.69% 3.60%
    Processing Fee 1.58% 1.58%

    Rates for existing Citi customers

    Tenure in months 3-month tenure 6-month tenure
    Interest Rate (Nominal) (p.a.) 0% 0%
    Effective Interest Rate (p.a.) for Citi Ready Credit Account 5.72% 7.58%
    Processing Fee 2.50% 5.50%

    Citibank Balance Transfer Eligibility for Ready Credit Loan

    The parameters you need to meet for getting this kind of loan are:

    • Minimum age: 21 years
    • Annual income:
      • Singaporeans and Permanent Residents - S$30,000
      • Foreigners - S$42,000

    Documents required for Ready Credit Loan

    • For salaried individuals and self-employed individuals who are citizens or PRs:
      • Front and back copy of NRIC
      • Latest Income Tax Notice of Assessment, CPF Contribution Statement for last 12-months, latest computerised payslips, bank statements for the last 3-months.
      • Loan statement from existing loan.
    • For Foreigners:
      • Valid work permit and Employment Pass.
      • Copy of Passport.
      • Loan statement from existing debt entity.

    How to apply for Citibank Balance Transfer

    You can apply for the balance transfer option from Citi by visiting the official Citi Singapore website, navigating to the balance transfer page, and clicking on the ‘Apply Now’ option available on the web page.

    The next step would require you to submit your documents. An executive will then get in touch with you to obtain further information. Your application will then be processed and reviewed by the bank.

    You can also go to any Citi branch in Singapore and apply for the Balance Transfer option.


      Q. Is there a minimum payment for Citibank Balance Transfer?

      A. Yes, for credit card accounts, a minimum payment of 1% of the transferred amount has to be made. In the case of Ready Credit accounts, a minimum payment of 3% of the transferred amount has to be made.

      Q. How long will Citibank Balance Transfer take to become active?

      A. After you’ve submitted the application, Citi will take a minimum of about 5 working days to approve the facility.

      Q. What if I default on a payment for Citibank Balance Transfer?

      A. If you default on a payment, the offered interest rates will not be applicable anymore. Prevailing interest rates on credit card and loan accounts (not the balance transfer rates) will then hold applicable.

      Q. Can I do balance transfer for more than 1 credit line to Citi Singapore?

      A. Yes. But this is subject to terms and conditions. If the balance on multiple credit lines is not more than your credit limit or four months’ salary, then you the balance of over 1 account can be transferred to Citibank Balance Transfer.

      Q.Is Citibank Ready Credit loans a typical loan product?

      A. Citibank Ready Credit loans is not a typical personal loan scheme as the credit is offered through a credit card.

      Q. Can the credit limit of Citibank Ready Credit be extended?

      A. Yes. You can ask for a credit limit review if you are in need of more funds. The credit limit increase can be temporary or permanent as per your requirements.

      Q. Can I get a Citibank Ready Credit Card without opening a Ready Credit account?

      A. No. The credit card is linked to the Citibank Ready Credit account and does not come independently.

      Q. What is the credit limit of my Citibank Ready Credit Card?

      A. The credit limit of the credit card linked to the Ready Credit Account is as much as that of the credit line.

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