Citi Rewards Card – Balance Transfer Offer

Offers one of the longest balance transfers on the market right now at 30 months, but no interest-free days while you have it.

When you apply by 28 February 2022, you can get a 0% p.a. interest rate on balance transfers for the first 30 months, with no balance transfer fee. Because you won't get interest free days during this period, you'll want make sure you can pay off any purchases you make straight away.

In addition to the balance transfer, you’ll save $100 on the first year annual fee, earn Citi Rewards points for your spending, receive complimentary overseas travel insurance, purchase insurance and access to a 24/7 concierge service.

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Amy Bradney-George

Last Updated Jan 27, 2021

0% p.a.

Balance transfer rate

for 30 months

21.49% p.a.

Purchase rate

Reward point

Per $ spent

$49 p.a.

Annual fee

for the first year ($149 p.a. thereafter)

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Details

Product Name	Citi Rewards Card - Balance Transfer Offer
Rewards program	Citi Rewards Program
Balance transfer rate	0% p.a. for 30 months
Balance transfer revert rate	Cash Advance Rate (22.24% p.a.)
Balance transfer limit	80% of available limit
Purchase rate	21.49% p.a.
Annual fee	$49 annual fee for the first year ($149 p.a. thereafter)
Interest-free period	Up to 55 days on purchases
Cash advance rate	22.24% p.a.
Min credit limit	$6,000
Max credit limit	$100,000
Card type	Mastercard
Foreign currency conversion fee	3.4%

Minimum income	$35,000
Available to temporary residents	No
Joint application	No

Pros

0% p.a. on balance transfers for the first 30 months, with no BT fee
$49 annual fee for the first year
Complimentary travel and purchase insurance
Earns 1 Citi reward Point per $1 spent

Cons

Balance transfer reverts to the high 22.24% p.a. cash advance rate
The 21.49% p.a. purchase interest rate is relatively high
You will not be eligible for interest-free days on retail purchases while you have a balance transfer

Rewards program	Citi Rewards Program
Bonus points	N/A
Rewards points per $ spent	1
Rewards points cap	10,000

Annual fee	$49 annual fee for the first year ($149 p.a. thereafter)
Minimum monthly repayment	2% of the closing balance or $30, whichever is greater
Late payment fee	$30
Foreign currency conversion fee	3.4%
Cash advance fee	3.5% or $3.50, whichever is greater
Overseas cash advance fee	$5
Additional cardholder fee	$90
Number of additional cardholders	4

Go to Citi's site More info

Review by

Amy Bradney-George

[email protected]

Amy Bradney-George has been writing about personal finance for more than 13 years – including over 600 articles as a senior writer for Finder. Her work has also appeared in publications including Money Magazine, The Sydney Morning Herald, Financy, ABC News Australia and Equity Magazine. Amy has a Bachelor of Arts in Journalism and Drama from Griffith University.

Expert review

If you want to save on interest costs, this Citi Rewards card offers one of the longest balance transfer offers on the market, giving you 30 months to pay off your debt with a 0% interest rate. Its reduced $49 annual fee for the first year could also help you keep costs down in the shorter term. But with a revert rate of 22.24% p.a., you will need to pay the entire debt off during the introductory period if you want to avoid high interest charges.

The Citi Rewards Card also earns 1 point per $1 spent on eligible purchases, with a high points cap of $10,000 per statement period on your domestic spending (but no cap for overseas spending). Keep in mind, however, that if you are consolidating debt with a balance transfer, you should not be focused on earning rewards. You will also not be eligible for interest-free days while you carry a balance transfer debt.

Other features include complimentary travel and purchase insurance covers, a concierge service and mobile payments through Apple Pay and Samsung Pay.

How to apply

You can apply for this credit card offer in around 15 minutes and receive a response instantly. Before you apply, make sure you've met the eligibility requirements and have the necessary documents and details on hand.

Eligibility criteria

Eligible balance transfer debt. You can transfer balances from credit cards, store cards and personal loans not issued by Citi, from a minimum of $500 up to 80% of your credit limit.
Minimum income. You must earn at least $35,000 to apply for this card.

Residency. You must be an Australian citizen or permanent resident.
Credit history. You must have a good credit score to apply for this card. If you're not sure what's on your credit history, you can check it and get your credit score for free through Finder.
Age. You must be at least 18 years old to apply.

Required documents

Personal details. This includes your full name, date of birth, marital status and number of dependents, residential address, email address and contact number. You'll also need to provide a valid form of ID, such as your driver's licence or passport.
Employment details. Provide details of your work history, including your current job, salary and your employer's contact details. You may also need to provide details about previous jobs, as well as recent payslips or Tax Assessment Notices to help verify your income.
Financial details. Include information about any income from other sources, such as superannuation, investments or shares, as well as savings accounts. You'll also need to provide details of any existing debts and loans such as mortgages, plus regular expenses such as rent, groceries and household bills.
Balance transfer details. If you're planning to transfer a balance, you need to provide the total amount of debt you want to transfer, as well as details of the card or personal loan accounts you want to transfer a balance from.

Go to Citi's site More info

Card benefits

Balance transfer offer. Take advantage of 0% p.a. interest for the first 30 months on balance transfers, with no balance transfer fee. At the end of the introductory period, any unpaid balance will be charged at the variable cash advance rate, currently 22.24% p.a. This offer is valid when you apply by 28 February 2022 and request the balance transfer as part of your application. Please also note that purchases will not be eligible for interest-free days while you have a balance transfer.
Annual fee discount. Apply by 28 February 2022 and get a reduced $49 annual fee for the first year. After the first year, the annual fee is $149.

Citi Rewards. This card gives you a Citi Rewards membership and allows you to earn 1 point per $1 spent on eligible domestic and international spend. There is a domestic spend cap of $10,000 per statement period, but no cap for eligible international spend. The Citi Rewards Program offers a wide range of ways to use your points, including transfers to three frequent flyer programs (Emirates Skywards, Singapore Airlines KrisFlyer and flybuys), as well as travel, merchandise and gift cards available through the Citi Rewards store.
Transfer personal loan debt. Citi is one of the few providers that allow you to transfer the balance of a personal loan to a credit card. Line of credit accounts can also be included in a balance transfer to the Citi Rewards card.
Complimentary travel insurance. Purchase your overseas travel tickets with this card and you and your family can be covered for medical expenses, trip cancellation due to unexpected circumstances, loss or theft of personal items and more.
Other complimentary insurances. This card also gives you access to purchase protection insurance that protects you against loss, theft or damage to a covered item purchased with the card. You'll also get an extended warranty cover for eligible items and a guaranteed pricing scheme that refunds the difference in price if you use the Citi Rewards credit card to purchase an eligible item and you see it on sale for less somewhere else.
Citibank Dining Program. You can enjoy a free bottle of wine at participating restaurants around Australia when you dine and pay with your Citi Rewards Card. Learn more about this program in the full guide.
Mobile payment compatibility. Make payments by tapping your eligible smart device at a contactless terminal when you add this card to the Apple Pay or Samsung Pay wallets.
Linked Diners Club Card. If you want to boost your rewards potential, you also have the option of applying for a Linked Diners Club Card (LDCC), which earns 2 points per dollar spent on eligible transactions, uncapped. Please note that separate Diners Club eligibility requirements and rewards terms and conditions apply to this card.
Complimentary mobile phone insurance. Use the Citi Rewards Card or linked Diners Club Card to pay your monthly mobile plan and you'll get cover for accidental damage that affects the way your smartphone is supposed to work. You also get cover for theft when it's unavoidable. This complimentary insurance is underwritten by AIG Insurance and, as with any policy, it's a good idea to check the policy document for full details of what's covered and how to make a claim.

Rates & fees

Annual fee. Outside of any promotions, this card charges a standard annual fee of $149.
Purchase interest rate. The variable interest rate for purchases is 21.49% p.a.

Interest-free days. If you pay your balance in full by the due date on each statement, you can get up to 55 days interest-free on purchases. You will not be eligible for interest-free days while you carry debt from a balance transfer.
Cash advances. This card charges a variable cash advance rate of 22.24% p.a. You will also be charged a one-time fee of 3.5% of the transaction amount or $3.50 (whichever is greater) on domestic transactions, and $5 on overseas cash advances.
Foreign transaction fees. If you use your Citi Rewards Card for transactions in a foreign currency, the standard 3.4% fee will apply.
Additional cardholders. You can add up to 4 additional cardholders to the account for a $90 annual fee per additional card.
Credit limits. You can request a credit limit from $6,000 up to $100,000. The credit limit you're approved for will depend on the bank's lending criteria and your financial history.

Go to Citi's site More info

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Citi Rewards Card – Balance Transfer Offer