Citibank Balance Transfer Offer

Yesterday I got a call from Citibank. They were offering a balance transfer of maximum 20,000 pesos which is half of my credit limit with Citibank. Basically what happens is that they ask if you have an existing credit card from another bank with an existing balance. So they will then offer to pay for that and let you charge it to your credit card (in this case Citibank) at a low interest rate depending on the promo. Their rate for me was 0.49% per month.

This was my first balance transfer and I was curious. I could have paid my BPI Mastercard bill but I wanted to know how a balance transfer works.

I already received a text message that my balance transfer has been approved and I just need to wait for 5 days (I’m assuming banking days) for the terms and conditions.

I’ll be paying approximately 1,700 pesos a month and the total interest for one year is just about 1,200 pesos or I think 21,200 pesos divided in 12 months. I’m pretty sure the calculation is a bit more complex though.

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1 Comment »

  1. […] use the Citibank cards for emergency purchases and paying my bills. Lately, I posted about the balance transfer they offered me. Honestly, their offer was subpar. 12 months and interest rate of 0.49%. It was an […]


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