Citi Balance Transfer Reviews and Comparison - Seedly
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Citi Balance Transfer

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Personal Loans/Citi Balance Transfer
Personal Loans/Citi Balance Transfer
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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

Details

Citi Balance Transfer Review 2020

  • Lowest interest rates for personal loans, at 0%
  • Low processing fees
  • Tenure available for 6 - 12 months
  • Effective Interest Rates EIR from 5.81% p.a.
  • Low minimum payment of at least 1%, one of the lowest in Singapore
  • 2.5% upfront service fee
  • Suitable for short-term loan option

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.

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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.