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Citi Clear Credit Card: 0% Interest for 36 Months on Balance Transfers, $99 Annual Fee @ Citibank

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Balance transfer rate - 0% p.a. for 36 months with no balance transfer fee. Reverts to cash advance rate. Please note, no interest free days apply to retail purchases while you have a balance transfer.

Annual fee - $99
Additional cardholder fee - $0. You may have up to four (4) additional cardholders, who must be 16 years or older.
Retail purchase rate - 14.99% p.a. or pay off eligible purchases at a fixed interest rate over a set term with a Citi Instalment Plan.
Cash advance rate - 22.24% p.a.
Interest free period - Up to 55 days interest-free on retail purchases (unless you have a balance transfer).
Minimum credit limit - $6,000
Maximum credit limit - $100,000

Citi Instalment Plans: Break big expenses into smaller, fixed monthly repayments.
Citi Instalment Plans make it easier to pay for life's expenses, whatever they are and whenever they crop up. You can break purchases into smaller, more manageable monthly repayments at a fixed rate over a set term.

Your total balance transfers may not exceed 80% of your credit limit. The 0% p.a. interest rate will apply to balances transferred with this offer within 90 days from card approval, for a period of 36 months, commencing from the date the balance transfer is processed. At the end of the balance transfer period, the interest rate on any outstanding transferred balance will revert to the variable Annual Percentage Rate for Cash Advances, currently 22.24% p.a. This offer excludes balances transferred from Citi unsecured credit products. Please note you will not be entitled to any interest free days on retail purchases whilst you have a balance transfer. This means that all spend will be charged interest at the applicable annual percentage rate. For important information to consider before taking up a balance transfer, please click here. Offer ends 29 June 2022. Post this advertised date; Citi reserves the right to continue, withdraw or change the offer at any time without notice.

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closed Comments

  • $99 annual fee tho

    • I guess the deal here is 36 months and I do not see this posted in OzBargain before. I am in the market for a balance transfer card and I think this is a good deal.

    • But you can make $3200 per year if you get 4% on your $80K balance!

      • Isn't there repayments so your balance would go down so you can't earn the full $3200

  • is the card transparent?

    • I hope so, otherwise no deal.

    • Nope. And clear is the opposite of what they want it to be 36 months later.

  • Isn't this their normal deal they just advertise on tv?

  • Cash rate 22.24 it reverts to…is
    it worth it

    • 3 years to pay back is the key point.

  • +1

    NAB have a better deal…

    • 36 month balance transfer at 0% interest
    • First year annual fee waived (usually $59)
    • No balance transfer fee
    • 12.99% purchase rate
    • 21.74% cash advance rate
    • $1000 minimum credit

    https://www.nab.com.au/personal/credit-cards/nab-low-rate-ca…

    It's worth nothing that NAB has purchased Citibank too

  • If you make say a $10,000 balance transfer to this card and then buy something costing $200.

    And you pay back the $200 after 1 week do you only get charged interest on that one week or is the interest on the $200 charged until you have paid off the whole card.

    Where on Citibank's website can I find the answer to this question? Thanks.

    (I am not after opinions. No offense.)

    • -1

      My understanding is that once you do a balance transfer, you do not use the card. The moment you use it for purchase, the interest rate is on the whole outstanding amount.

      • That's not right. The interest rate is applied separately to the balance transfer it won't change for 36 months.

        If you make a purchase it will attract the purchase rate, and credit card payments are always applied against the highest interest rate first.

    • It says on this deal that interest free days are only available when you don't have a balance transfer. So you will get charged 1 week of interest on that $200 in your example.

      I suggest that the best use of balance transfer credit cards is to not put any purchases on it, just use it for the balance transfer feature only; allowing you pay off the balance.

      • So I would need to pay the $200 off in a week and then make the minimum monthly repayment in full to only be charged the 1 weeks interest on the $200.

        It sounds right, does make sense but I would like to see it explicitly stated somewhere on Citibank's website. (Certainly, as they admit to defying consumer regulations RE: FPOs (see link below)).

    • +1

      I would also warn people in taking out an FPO as citibank violates the National Consumer Credit
      Protection Act 2009 and does not pay off the highest interest rate first.

      https://www.citibank.com.au/global_docs/pdf/MCG15638_1118.pd…

      Page 10 and 11.

      • Wow. I didn't know that.

    • My advice, don't use the card while the balance transfer is active. Source: my own experience
      https://www.ozbargain.com.au/node/513479

  • Is it possible to balance transfer a personal loan to one of these cards?

    • Not usually.

      It usually needs to be another credit card.

      However, it is possible to balance transfer from an existing credit card you have [from another bank] (even if it has no overdue balance; Citibank does not check nor close your existing credit card). Then (after the transfer happens) ring the bank of the existing card and ask them to move the credit card surplus to your savings account you have with them. Doing it over the phone may/should avoid a credit card transfer fee. Then simply pay off your personal loan from your savings account.

    • This particular card no, but Citi’s Ready Credit you can by using their ‘cheque to self” feature.

      • I talked to Citi on Webchat and they dont do 'cheque' anymore, instead they can transfer the 80% of your limit to a saving account.

        • Same outcome. But did they say you can do it with this particular card? I wouldn’t trust Citi, because you might find you apply for this card and then they don’t let you do that. Their argument if you bring up web chat would be that they were speaking in general terms not this particular card. Be careful.

          • @justdigi: Yes, I mentioned this particular card and deal. Is there any other way I can make sure before applying?

            • @mhc: I don’t have any recommendations sorry. I screenshot everything and recorded all conversations and I still had to take Citi to the AFCA. The resolution was technically in my favour but all that involved was cancelling my account and removing the application from my credit reports.

  • Can you balance transfer a tax debt?

    • The balance transfer needs to be another credit card. So if you can pay your tax debt using a credit card, then transfer the balance to this card it would work.

      • I talked to Citi on Webchat they can transfer the 80% of your limit to a saving account.

        • Keen to know if you went ahead with this and if it worked out the way you’d hoped?

          Was the application process painful?

  • Could the people that would actually benefit the most even qualify for another credit card to do the balance transfer?
    I don't understand these balance transfer deals.

    • To consolidate existing credit card debts.

      To be effective ppl need to ensure the transfer amount + annual fee is paid off in the term (36 months in this case). Best way is set an auto payment on payday (amount = transfer amount + annual fee divided by number of pays in the term).

      Also, you shouldn't use the new card. And cut up all or all but one of your other credit cards. ( And pay it off monthly).

      If you can't do all that… then this is a TRAP.

      (Oh, you are asking how can ppl with heaps of credit card debt qualify for another card; its a TRAP).

      • yeah pretty much asking how people in so much debt would qualify for another CC

  • Anyone know how one would go about using this to offset interest in their home loan? Just would be curious to know if possible before applying.

  • Can you transfer a personal loan to this?

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