CREDIT CARD BALANCE TRANSFER®

Enjoy more savings with Citi Balance Transfer® Credit Cards

Enjoy more savings with Citi Balance Transfer® Credit Cards


Get lower interest rates. Simply transfer your other card's balances to your Citi® Card.


What is a Credit Card Balance Transfer?

A credit card balance transfer lets a consumer move the outstanding debt from one credit card to another. It is ideal for anyone who wants to move their outstanding credit amount to another credit card that has a lower rate of interest, flexible tenor, etc.

You can check out Citibank balance transfer credit cards to get attractive interest rates and other benefits.


How do Credit Card Balance Transfers Work?

When your request for a credit card balance transfer gets approved, your outstanding amount will be paid by the new card provider to the original issuing bank. The outstanding debt from your previous card will move to the new card. Once transferred, a new rate of interest, which is lower than the regular rates, will be applied.

If you are looking for the best balance transfer credit cards in the Philippines, you can check out Citibank balance transfer credit cards. They offer a low converted monthly factor rate and flexible tenor.


Why use Balance Transfer Services?

By using credit card balance transfer, you can enjoy various advantages such as:

  • Convenient Repayment
  • Save money
  • Reduced repayment duration
  • Access to benefits provided by the new card

How do I do a balance transfer with Citibank?


If you want to initiate a balance transfer from your Citibank credit card, then follow the steps below:

  • Log in to your Citibank account
  • Select the option “Transfer a balance” from the account page
  • Provide your card info from where you want to transfer the balance.

If you want to apply for a new Citi credit card, check the steps below:

  • Check the four types of Citibank balance transfer credit cards
  • Initiate the credit card application process for the card that you have selected
  • While applying, select the option to transfer your balance from your existing credit card
  • Fill in the information about your existing credit card
  • Mention the amount you want to transfer
BALANCE TRANSFER

BALANCE TRANSFER

Consolidate all your other credit card balances into one lighter monthly payment on your Citibank Credit Card

Benefits

Benefits of Credit Card Balance Transfers

  • Enjoy a low converted monthly factor rate.
  • Consolidate your other credit card balances into one monthly payment and due date.
  • Pay light monthly installments at flexible tenor choices of 6, 12, 18, 24, 36, 48 and 60 months.

  • Balance Transfer Fees and Charges

  • A Processing Fee of P900 will be charged to your Citi credit card once your Citi Balance Transfer application is approved.


Computation Table for Balance Transfer Rates

Term Converted Monthly Factor Rate* Annual Effective Interest Rate**
12 1.00% 23.70%
18 1.00% 23.92%
24 1.00% 23.84%
36 1.00% 23.39%
48 1.00% 22.85%
60 1.00% 22.31%

Call CitiPhone at (02) 8995-9999 from 8AM to 9PM daily to apply.

Call CitiPhone at (02) 8995 9999 8 AM to 9 PM daily to apply.

*Application for Balance Transfer is subject to further validation and credit approval by Citibank®. The converted monthly factor rate may vary depending on your credit performance on your Citi® Card. Terms and Conditions apply.

*The Converted Monthly Factor Rate, is presented as a guide that can be used to derive the monthly installment (interest plus principal). Monthly Installment Due = {Principal Amount x [1+(Converted Monthly Factor Rate x Term)]}/Term

Where Term is the number of months that you will be paying for the Monthly Installment Due. It does not include the period covered by the first statement of account (period covered by the initial interest).

**The Effective Interest Rates (EIR) above are based on interest computed on a fixed 30-day period per month. The actual EIR of the installment transaction may be higher or lower as this includes the Initial Interest and Processing Fee.

The charging of the Principal Amount is deferred for the first statement of account and will begin on the second Statement of Account after the approval date, and an initial interest will be charged in consideration for the longer payment period provided to you to repay the Principal Amount. The initial interest is computed based on the actual number of days from the approval date of your Installment Transaction to your statement date, and will be charged on your first Statement of Account issued following the approval date. The initial interest is calculated by multiplying (i) the approved Principal Amount, (ii) the applicable monthly EIR, and (iii) the number of days from the approval date to the first statement date; and dividing the total by 30 days. It will be reflected on your Statement of Account as the charge on Month 0 [Balance Transfer Initial Int].

The Monthly Installments Due will be reflected on your second and succeeding Statements of Account after the approval date.

For any concerns, you may call us at (632) 8995-9999 or send us a message through www.citibank.com.ph.

Citibank, N.A. Philippine Branch is regulated by Bangko Sentral ng Pilipinas with contact details at https://www.bsp.gov.ph.

  • Be Prepared.

Terms and Conditions

TERMS AND CONDITIONS OF THE CITI BALANCE TRANSFER FACILITY

In these Terms and Conditions of the Citi Balance Transfer Facility ("Terms and Conditions"), "Card" means all credit cards issued by us, Citibank, N.A. (Philippine Branch) (also referred to as "we", "our", or "us"), while "you" refers to the select Citi principal Cardholders who are of good credit standing and who are eligible to avail of Citi Balance Transfer. By availing of Citi Balance Transfer, you agree to the following Terms and Conditions, and all applicable terms and conditions under the Citi Card Agreement and all related provisions of the Citi Installment Facilities:

  1. Citi Balance Transfer is an installment facility where select Citi Cardholders of good credit standing who qualify for Citi Balance Transfer may apply to transfer to his Card his outstanding credit card balances with other banks and pay the same, together with applicable interest and other fees, on installment basis ("Installment Transaction"). To avail, you must be the principal cardholder of the Citi Card account and of the credit card account with the other bank or card company, and your account/s with Citi and with the other bank/s or card company/ies must be in good credit standing.

  2. The Citi Balance Transfer request will be subject to verification and credit approval by us. The approved total Citi Balance Transfer Amount must not exceed the total amount due with the other credit card company and the unused portion of your Citi Card Relationship Limit or Account Credit Limit, as applicable. We may at our option require a minimum availment amount for Citi Balance Transfer.

  3. Where we approve a request for Citi Balance Transfer, the total Citi Balance Transfer Amount (“Principal Amount”) shall be subject to these Terms and Conditions and all applicable terms and conditions under the Citi Card Agreement and all related provisions of the Citi Installment Facilities.

  4. You should continue to pay the required amount due on your other credit card/s until our payment is reflected in your other credit card's/s' statement/s of account/s. We will not be liable for any interest, penalty, or any other charges on your other card in case you fail to do so.

  5. You warrant that the amount/s transferred from the other credit card account/s is/are free of claims and is/are not subject to any dispute. Once the Citi Balance Transfer application is approved, we can no longer reverse the Citi Balance Transfer transaction.

  6. Citi Balance Transfer transactions shall not earn points, rebates and miles ("Usage Privileges").

  7. You expressly agree that charging of the Principal Amount is deferred for the first Statement of Account, and acknowledge that you will pay an initial interest in consideration of the longer payment period provided to you to repay the Principal Amount. The Monthly Installments Due will be reflected on your second and succeeding Statements of Account after the approval date, and the interest component of the Monthly Installment Due will be computed as set out below.

  8. The initial interest is computed based on the actual number of days from the approval date of your Installment Transaction to your first statement date after the said approval date. It will be charged on your first Statement of Account issued following the approval date. The initial interest is calculated by multiplying (i) the approved Principal Amount, (ii) the applicable monthly Effective Interest Rate (EIR) [computed as set out below] and (iii) the number of days from the approval date to the first statement date; and dividing the total by 30 days.

    It will be reflected on your Statement of Account as the charge on Month 0 [Balance Transfer Initial Int].

  9. The Monthly Installment Due will be billed and reflected on your SOA after the Posting Date as [Installment Facility or Merchant Name (001:00x)] and so forth.

    You may compute the monthly installment due (“Monthly Installment Due” or “MID”) using the following formula:

    Principal Amount x [1+(Converted Monthly Factor Rate x Term)]
    -----------------------------------------------------------------------------------------------
    Term

    Where Term is the number of months that you chose for your Installment Transaction.

    Each MID of your Installment Transaction will be included in the Minimum Amount Due (“MAD”) in your SOA until the end of the Term of the Installment Transaction.

    The MID of your Installment Transaction comprises the billed Principal and interest components, which are computed on a diminishing balance basis. The Interest and principal components of the Monthly Installments Due vary each month and are computed as follows:

    • Interest component:

    Prior month's outstanding principal balance x monthly Effective Interest Rate (EIR), where monthly
    EIR = (1 + Annual EIR)1/12 -1.

    • Principal portion:

    Monthly Installment Due - interest component for the month.

    The Monthly Installments Due will be reflected on your second SOA from the approval date and succeeding Statements of Account as [Balance Transfer(001:00x)] and so forth.

  10. Your availment of the Citi Balance Transfer means you agree to pay us interest on the Principal Amount on the dates specified in the SOA at the applicable Converted Monthly Factor Rate with a corresponding Effective Interest Rate per annum based on the outstanding principal balance and the Term.

    For example:

    Term* (Months) Converted Monthly Factor Rate** Annual Effective Interest Rate***
    12 1.00% 23.70%
    18 1.00% 23.92%
    24 1.00% 23.84%
    36 1.00% 23.39%
    48 1.00% 22.85%
    60 1.00% 22.31%

    *The Term in this table refers to the number of months that you will be paying for the Principal Amount and the applicable interest. The Term does not include the period covered by the first statement of account (period covered by the initial interest).

    **The Converted Monthly Factor Rate (CMFR) is presented as a guide that can be used to derive the Monthly Installment Due (principal plus interest).

    ***The computation of Annual Effective Interest Rate includes a Processing Fee of Php 900.

    NOTE: THE EFFECTIVE INTEREST RATES (EIR) IN THE EXAMPLE ABOVE ARE BASED ON INTEREST COMPUTED ON A FIXED 30-DAY PERIOD PER MONTH. THE ACTUAL EIR OF THE INSTALLMENT TRANSACTION MAY BE HIGHER OR LOWER AS THIS INCLUDES THE INITIAL INTEREST AND THE PROCESSING FEE.

  11. If your Citi Balance Transfer request is approved, you shall be charged a non-refundable Processing Fee of Php 900 for each Citi Balance Transfer Transaction.

  12. We will charge the interest rate and/or fees as disclosed at the date of availing the Installment Transactions which shall be applicable during its entire Term and no additional fees and interest will be charged for this Installment Transaction, ONLY if you pay in full the Total Amount Due of your SOA by the Payment Due Date every month until you have paid all installments. However, if you pay (or had paid) an amount that is:
    (i) equal to or greater than the Minimum Amount Due but less than the Total Amount Due indicated in your current (or previous) SOA, the billed portion of the Principal Amount of your MID in your current SOA will be subject to the prevailing monthly retail interest charge from one day after Statement Date to one day before payment date. Interest will be compounded on a monthly basis.
    (ii) less than the Minimum Amount Due as reflected in your current (or previous) monthly SOA, the billed portion of the Principal Amount of your MID will be subject to the prevailing monthly retail interest charge from one day after Statement Date to one day before payment date and additionally any unpaid portion of the billed portion of the Principal Amount of your MID will also be subject to the prevailing monthly retail interest charge from the payment date to the next Statement Date. Interest will be compounded on a monthly basis. Usual Late Charges will also apply. The above is subject to the terms of our Citi Card Agreement.

    Illustration
    This illustration focuses on Citi Balance Transfer Installment Transaction of Php 50,000 for 12 months and straight retail transaction of Php 5,000, assuming you have paid the MAD on the Payment Due Date.

    Statement Date January 4
    Payment Due Date January 21
    Billed MID
    Principal Portion
    Interest Portion
    Php 4,667.67
    Php 3,772.62
    Php 894.05
    Billed Straight Retail Transactions Php 5,000.00
    MAD specified in the Statement of Account
    Billed MID plus 1% of the Billed Straight Retail Transactions (Php 4,667.67 + Php 50)
    Php 4,717.67
    Total Amount Due Php 9,667.67
    Payment made on January 21 (equivalent to MAD) Php 4,717.67
    Retail interest rate as set out in the Statement of Account 2% per month
    [A] Interest charged on the Principal Portion of your billed MID (Php 3,772.62) + straight retail transactions (Php 5,000.00) from 1 day after current statement date to 1 day before payment date (16 days) at a retail interest rate of 2% per month Php 93.57
    [B] Interest charged on the Unpaid Portion of the Total Amount Due (Php 4,950.00) from payment date to next statement date (January 21 to February 1 = 12 days) Php 39.60
    Next Statement Date February 1
    Total interest charged in February 1 Statement
    [A] + [B]
    Php 133.17
  13. If your Card account is past due for 60 days or more, the Installment Transaction will be cancelled. Any remaining unpaid balance will be billed to the Card account in full and will be subject to the prevailing monthly retail interest Charge. Please refer to the Citi Card Fees and Charges for the prevailing rates, fees and charges at www.citibank.com.ph/cardsrandf.

  14. If you wish to cancel an Installment Transaction before its Term ends, you may do so without a prepayment penalty. In that case, you agree to pay in full the unpaid portion of the Principal Amount and the cancellation processing fee equivalent to 4% of the unbilled portion of the Principal Amount, plus accrued interest charges on the cancelled Installment Transaction computed based on the actual number of days from the last Statement Date until the date of cancellation.

    The accrued interest is calculated by multiplying (i) the remaining unbilled portion of the Principal Amount, (ii) the applicable monthly EIR [computed as set out above] and (iii) the number of days from the last statement date to the date of cancellation; and dividing the total by 30 days.

    In case of promotions where we give you a premium item/s (which include promotional items, Usage Privileges, etc.), we may charge the full monetary equivalent of the premium item should you cancel the Installment Transaction.

  15. Below is a sample repayment schedule.

    CITI BALANCE TRANSFER REPAYMENT SCHEDULE

    PRINCIPAL AMOUNT Php 20,000 TERM 12 MONTHS
    CONVERTED MONTHLY FACTOR RATE 1% ANNUAL EIR 33.40%
    APPROVAL DATE 1/1/2020 NEXT STATEMENT DATE 1/31/2020
    PROCESSING FEE Php 900
    INSTALLMENT PERIOD BALANCE TRANSFER AMOUNT (Php) MONTHLY INSTALLMENT DUE (Php) INTEREST COMPONENT (Php) PRINCIPAL COMPONENT (Php) OUTSTANDING PRINCIPAL BALANCE (Php)
    20,000.00
    0 357.62
    1 1,866.67 357.62 1,509.05 18,490.95
    2 1,866.67 330.64 1,536.03 16,954.92
    3 1,866.67 303.17 1,563.50 15,391.43
    4 1,866.67 275.21 1,591.45 13,799.97
    5 1,866.67 246.76 1,619.91 12,180.07
    6 1,866.67 217.79 1,648.88 10,531.19
    7 1,866.67 188.31 1,678.36 8,852.83
    8 1,866.67 158.30 1,708.37 7,144.46
    9 1,866.67 127.75 1,738.92 5,405.55
    10 1,866.67 96.66 1,770.01 3,635.54
    11 1,866.67 65.01 1,801.66 1,833.88
    12 1,866.67 32.79 1,833.88 0.00
  16. You acknowledge that your Installment Transaction will be maintained for the Term stated in the offers/communication materials, disclosure statement and/or other documents furnished to you and that we have already incurred cost of funds and committed yield to fund sources which finance the Installment Transaction. In case you pre-pay any Installment Transaction before the lapse of the Term, you agree to reimburse us for any loss or additional cost, including but not limited to processing the pre-payment.

  17. In case of (a) any change in law or regulations which gives rise to new additional taxes, higher reserve requirements or similar events, or (b) significant change in the economic environment, we may adjust any applicable charges and Installment interest even before the Term expires.

  18. Please be advised that by clicking/tapping the button, agreeing over the phone and availing of Citi Balance Transfer through your Citi credit card/s, you are providing your explicit consent to Citi’s Data Privacy Terms (Consent for Processing, Profiling and Sharing of Data and Information and Data Privacy Statement) and to the updated Citi Card Agreement and the Citi Card Fees and Charges. For the full Consent and the Data Privacy Statement and latest version of the Citi Card Agreement and the Citi Card Fees and Charges, please go to www.citibank.com.ph/global_docs/pdf/cardstandc.pdf

  19. You acknowledge that by availing of Citi Balance Transfer if your card account is currently insured under CreditShield, there will be an increase in the computation of your CreditShield premiums charged to your card. CreditShield premiums are computed based on a percentage of your credit card’s total outstanding balance, and including the principal component of any unbilled instalment amount/s and unbilled charges.

  20. Please be advised that even if you have not yet activated your card, your request for Citi Balance Transfer may still be processed. To activate your card, download the Citi Mobile App at http://citi.asia/2feYNSR or you may also visit https://www.citibank.com.ph/mobilebanking/card-activation.html.

  21. All Installment Transactions are subject to the Citi Card Agreement and all related provisions of the Citi Installment Facilities.

  22. These Terms and Conditions should be read together with the Citi Card Agreement, to produce a result that is harmonious and consistent. In the event of any inconsistency or conflict between the provisions of these Terms and Conditions and the Citi Card Agreement, these Terms and Conditions shall prevail in relation to the Principal Amount applied under the Facility.

    SUMMARY SCHEDULE OF FEES AND CHARGES

    Processing Fee

    Php 900 for each approved transaction

    Cancellation Processing Fee

    4% of unbilled portion of the Principal Amount

    Monthly Late Charge

    Php 1,500 or the unpaid Minimum Amount Due, whichever is lower. Late Charges do not apply to Citi Simplicity+.

For any concerns, you may call us at (632) 8995-9999 or send us a message through www.citibank.com.ph. Citibank, N.A. Philippine Branch is regulated by Bangko Sentral ng Pilipinas with contact details at https://www.bsp.gov.ph.

For your complaints/concerns, we will endeavor to resolve these within 7 business days. For complaints/concerns requiring more time to resolve, we will be in touch with you and inform you of the progress.