I have an existing Citibank platinum card and recently came to know that Citibank only offers balance transfer as cheque to self . The catch is the offer is only for the new customers . I would like to understand if any fellow ozbargainers have succeeded in getting the approval while being existing Citibank client . Any thoughts on this will be highly appreciated.
They have 0% - 2.9% offers all the time - you have to keep checking the my offers tab in the online banking.
Sometimes they will even send one out in the post.
Mine never work online so I have to call them up.
You should ring them up and ask them.
I'm on my third 0% in a row, each time its finished they offered me another period, always been over the phone, the last one they offered to increase my limit and make it 12months instead of 6months.
And ive never had it come as a cheque, they always deposit the money directly to my mortgage and then I transfer it across to the offset.
Thanks all for the valuable input. Just a genral question , If I transfer my BT to another card , Can start using citibank card again . I am happy with the travel insurance and other stuffs and don't want to keep away these benefits locked in till I stay in BT period.
you can't, or shouldnt use the card once you BT. Any charges to the card after the transfer can not be payed down until after the debt from the BT is cleared, so you will end up paying the interest on every charge you make.
For example… 20,000 limit balance transfer 80% = 18K into your account. and then go and make another purchase with the remaining 2K, your next payment will reduce the 18K which is 0%, but you will be paying maximum interest on the 2k @ 20+% whatever it is.. and you'll have to pay back the full 18K before you can start removing the 2K getting interest.
Once you get the Balance Transfer best to lock the card away and not touch it again. I signed up with the signiture deal a few years ago and the cards have been locked in a safe since. Its more value having the 20K sitting in my offset then it is to be using the card..although I have another card with travel insurance and other features that Ive been using as my day-to-day card.
Need to choose if you want the lump sum or have a day-to-day card with points and travel insurance etc.. can't have it both ways.
I called them couple of time and they told me there is not balance transfer
The banks do offer deals to existing customers as well new customers.
From time to time I have had various offers from Citibank as well as ANZ, NAB and WBC for balance transfers. The rates have been at zero percent (some at very low % as well). Some have had a BT fee while others haven't.
The offers can be somewhat random. Like getting a new offer when you have an existing offer which may have 3 or 4 months to run.