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Compare balance transfer credit cards
Most credit card promotional offers are only available to new cardholders as a way to encourage applications. This means you can't balance transfer with your existing card company. However, switching will likely offer you more savings than sticking with your current bank.
One of the frustrating things about being an existing customer is that you often don't get access to the same deals as new customers. This is because banks want to attract new customers, so they offer special deals, offers and interest rates that existing customers aren't eligible for.
A great example of this is credit card balance transfer offers.
Some banks may let you transfer balances to your existing credit card with them, but it usually has to be transferred from a card that's not with them. For instance, if you had 2 different Westpac cards, you couldn't transfer the balance from 1 card to another.
However, if you had a Westpac card and a NAB card, you could transfer the NAB card's balance over to the Westpac card. It can get even trickier if you wish to balance transfer from 1 bank to another and they're owned by the same parent company.
What are the benefits of doing a balance transfer with your existing bank?
While existing cardholders don't get the most competitive balance transfer, bonus point or 0% interest rate offers, you can still get benefits from using a familiar card (listed below).
Also, if you have a weak credit score, you may not get approved for another card. If you're in this position, it might be worth calling your credit card provider and letting them know you're not happy. Occasionally, your provider will offer you an annual fee discount or extra perks to encourage you to stay.
Overall, if you're keen to get access to bonus points or better perks, you'll be better off transferring your balance to a new card with a different bank, so you can take advantage of the discounts and offers as a new customer.
What perks can I get as an existing cardholder?
- Bonus points offers. Occasionally, card providers will allow you to earn bonus points on specific spending. For example, American Express often awards bonus points when you spend with a partnered retailer during a promotional period and Qantas lets you earn triple bonus points on certain promotional flights or hotel bookings.
- Cashback offers. Some banks offer a promotional cashback offer instead of bonus points. For example, you might be able to receive 2% back on all eligible spending within a specific period.
- Network perks. Card payment networks provide a host of exclusive travel, lifestyle, shopping, dining and entertainment offers to existing cardholders. For example, Visa Entertainment, Mastercard Priceless Cities and American Express Experiences all offer cardholders entertainment perks such as presale concert tickets, event discounts and access to private lounges.
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Sarah Megginson leads a team of experienced writers and editors as the head of editorial at Finder. As a finance and property journalist for more than 15 years with expertise across home loans, personal finance and managing your budget, Sarah is also a media spokesperson for Finder and regularly appears on Sunrise, Today, Seven News, Studio 10 and radio shows.
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Citibank is a great option for new Citi customers seeking 6-month balance transfers, but is not as good for individuals seeking other interest-free periods or existing Citi customers. This is because the bank offers competitive rates on 6 month interest free balance transfers to new customers, while its offers to existing customers tend not to be competitive. Additionally, Citibank's balance transfers with 3 and 12-month interest-free durations are less competitive with other banks in Singapore.
| Competitive offers for 6 month interest-free balance transfers to new Citibank customers |
| Minimum monthly repayment of 1% or S$50, whichever is higher |
| Transfer amount: S$500 - 90% of credit limit |
Table of Contents
- What Makes Citibank Stand Out to Borrowers
- Who Can Apply: Eligibility Criteria
- Other Charges and Fees
- How to Apply for Citibank's Funds Transfer
What Makes Citibank Stand Out to Borrowers
Citibank offers competitive fee rates for its 6 month interest-free balance transfers. These transfers have processing fees of just 1.58% to new customers, making them among the cheapest balance transfer options. However, Citibank's offers aren't competitive for existing customers who have had any banking relationship with the company in the past 12 months. Also, Citibank's rates to borrowers seeking 3 and 12 month interest-free balance transfers are less competitive than its offers for 6 month interest-free transfers.
Additionally, Citibank charges relatively high interest rates upon the conclusion of its balance transfers' interest-free periods. These rates are 20.95% for Citibank Ready Credit customers and 26.9% for Citibank credit card customers. This indicates that borrowers that do not expect to repay their loans within 6 months should consider a 12 or 18 month balance transfer in order to avoid accruing a significant amount of interest after their interest-free period concludes.
Citibank's credit card balance transfer requires monthly repayments of 1% or S$50, whichever is higher. This is one of the lower requirements among balance transfers in Singapore. Meanwhile, the Ready Credit balance transfer requires a much higher monthly repayment of 3% or S$45, whichever is higher.
Summary of Citibank's Balance Transfer Costs
| 3 months | 1.58% | 6.73% | 6.69% |
| 6 months | 1.58% | 3.65% | 3.60% |
| 6 months | 2.50% | 5.81% | 5.72% |
| 12 months | 5.50% | 7.87% | 7.58% |
| * rates for existing customers |
Who Can Apply: Eligibility Criteria
To be eligible for Citibank's balance transfers, borrowers must have annual incomes of at least S$30,000. Citibank offers balance transfers to both new and existing customers. With that said, the bank offers much more competitive rates to new customers.
Other Charges & Fees
In addition to its processing fee, Citibank charges a late payment fee of S$100 and a S$40 penalty for borrowers whose outstanding balance exceeds their credit limit.
| Late Payment Charge | S$100 |
| Overlimit Fee | S$40 |
How to Apply for Citibank's Balance Transfer
Individuals interested in Citibank's balance transfers can apply online. Applicants must provide their NRIC/Passport number/FIN, annual income amount and contact information.
Read Also:
- What Is a Balance Transfer?
- Balance Transfer vs Debt Consolidation Plan: Which Is Better?
- How to Find the Best Loan