Citibank Balance Transfers

2007-11-14 14:42:52

( Financial )



Reasons to Do Balance Transfers

Most major credit card companies offer balance transfers which can provide you with immediate cash for emergencies such as medical expenses or tuition fees.

Another reason for doing balance transfers is to consolidate all your debts under one account for easier monitoring. You choose where you want to transfer all your outstanding balances to, so that you can just pay only one creditor. Expectedly, you select the one account whose interest rates are the lowest, and whose payment terms are most flexible.

How to Do Citibank Balance Transfers

By far, Citibank offers one of the fastest and most convenient balance transfer services. You can do a Citibank balance transfer transaction if you have an active Citibank credit card. You will not need any special balance transfer card for doing the transaction.

If you also have an existing Citibank deposit account, you can use any Citibank ATM to request for a balance transfer to your deposit account. Just follow the instructions and prompts in the ATM closely and make sure that you are entering the correct account information and amount of transfer.

Citibank also allows you to do balance transfers through its website, if you have an active Citibank credit card. You need to follow registration procedures to be able to access your account through Citibank's site.

After you log on to the site, you can choose Manage My Account tab, then choose Balance Transfers, and follow the rest of the sequence to complete the transaction. You can instruct the site to send you the Citibank balance transfer in check form to be mailed directly to your address, or have it deposited directly to your bank account.

When you request a Citibank balance transfer, you will be given the terms and conditions about the transfer and the corresponding APR. You should read this part carefully and make sure that you understand everything that is involved with this transaction.

Special Perks from Citibank

Certain Citibank credit cards, such as the Home Rebate Platinum card and the Citibank Professional Cash card, charge no balance transfer fees and offer 0 APR on balance transfers for the first twelve months.

If you have one of these special cards, you should make sure that such are the conditions for your Citibank balance transfer. Also keep track of the twelve-month deadline for 0 APR and repay your liabilities promptly.


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