Citi Balance Transfer
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Summary
Citi Balance Transfer Review 2024
Citi Balance Transfer is a balance transfer type personal loan scheme by Citibank Singapore. Balance Transfer allows for the outstanding amount in one account to be transferred to another account with a lower interest rate.
Loan Features & Details
1) Key Features
- A 6 month interest-free balance transfer with for new Citibank customers, with a processing fee of 1.58% for new Citibank customers
- Monthly minimum repayment of 1.0% or S$50, whichever is higher
- Minimum loan of S$500 – 90% of credit limit
- Interest rate of 20.95% for Citibank Ready Credit customers and 26.9% for Citibank Credit Card customers are the 6 month interest-free period
2) Eligibility
- Age: 21 years and above
- Minimum income requirement: S$30,000
- New and existing customers are eligible for Citibank’s balance transfer
3) Fees
- Late payment charge: S$100
- Overlimit fee: S$40
4) Application Process
How to apply?
- Head to Citibank’s website to apply for the balance transfer online
- Complete a short application form with your particulars
- A Citibank banking officer will drop you a call the next business day to complete the application
Supporting documents
- Copy of NRIC (front and back)
- Past 12 month’s CPF statement or latest Income Tax Notice of Assessment
- Latest computerised payslip
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Summary
Citi Balance Transfer Review 2024
Citi Balance Transfer is a balance transfer type personal loan scheme by Citibank Singapore. Balance Transfer allows for the outstanding amount in one account to be transferred to another account with a lower interest rate.
Loan Features & Details
1) Key Features
- A 6 month interest-free balance transfer with for new Citibank customers, with a processing fee of 1.58% for new Citibank customers
- Monthly minimum repayment of 1.0% or S$50, whichever is higher
- Minimum loan of S$500 – 90% of credit limit
- Interest rate of 20.95% for Citibank Ready Credit customers and 26.9% for Citibank Credit Card customers are the 6 month interest-free period
2) Eligibility
- Age: 21 years and above
- Minimum income requirement: S$30,000
- New and existing customers are eligible for Citibank’s balance transfer
3) Fees
- Late payment charge: S$100
- Overlimit fee: S$40
4) Application Process
How to apply?
- Head to Citibank’s website to apply for the balance transfer online
- Complete a short application form with your particulars
- A Citibank banking officer will drop you a call the next business day to complete the application
Supporting documents
- Copy of NRIC (front and back)
- Past 12 month’s CPF statement or latest Income Tax Notice of Assessment
- Latest computerised payslip
Plans (2)
Citi Balance Transfer (Citi Ready Credit)
3.60%
EFFECTIVE INTEREST RATE
2%
FLAT INTEREST RATE
1.58%
PROCESSING FEE
Citi Balance Transfer (Citi Credit Cards)
3.65%
EFFECTIVE INTEREST RATE
2%
FLAT INTEREST RATE
1.58%
PROCESSING FEE
Citi Balance Transfer (Citi Ready Credit)
3.60%
EFFECTIVE INTEREST RATE
2%
FLAT INTEREST RATE
1.58%
PROCESSING FEE
0.0
0 Reviews
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Citibank Personal Loan Interest Rates for Citi Balance Transfer
Tenure (months) | 6 months |
|---|---|
Nominal Interest Rate | 0% |
Processing Fee | 1.58% |
EIR for Credit Card p.a. | 3.65% |
EIR for Ready Card p.a. | 3.60% |
For new to bank customers
Tenure (months) | 6 months | 12 months |
|---|---|---|
Nominal Interest Rate | 0% | 0% |
Processing Fee | 2.50% | 5.50% |
Effective Interest Rate for Credit Card p.a. | 5.81% | 7.87% |
Effective Interest Rate for Ready Card p.a. | 5.72% | 7.58% |
For existing customers
Features: Pros and Cons of Citi Balance Transfer
- Lowest interest rates for personal loans, at 0%
- Low processing fees
- Available for 6 - 12 months, with the 6 months tenure being most value worthy
- Effective Interest Rates from 5.81% p.a.
- Low minimum payment of at least 1%, one of the lowest in Singapore
- Suitable for short-term loan option
- Flexible Payment
For Credit Card: Pay a minimum of 1% of the transfer amount (or S$50, whichever is greater)
For Ready Credit: Pay a minimum of 3% of the transfer amount (or S$45, whichever is greater)
- Post loan maturity: If you are unable to service your debt on time, essentially ending your 0% interest duration, the bank will start charging high interest rates.
- 20.95% for Citibank Ready Credit holders and
- 26.9% for Citibank credit card holders
Other Fees: what else to look out for?
- Service Fee: 2.5% upfront
- Min Balance Transfer: S$500
Should I apply for Citi Balance Transfer?
If you are a new Citibank customer looking for a short-term solution to tide you through the next 6 months (and no more than that), then this loan might just be the one for you.
Eligibility: who can apply for Citibank Balance Transfer?
- S$30,000 for Singaporeans and PRs
- S$42,000 for foreigners
- Citi Balance Transfer requires either a Citibank Ready Credit Account or Citi Credit Card
Contact Citibank Singapore:
Tel: +65 6225 5225.
Contact us at [email protected] should you require any assistance or spot any inaccuracies.
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