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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
...see more

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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
...see more

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

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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.