Balance transfer to Citibank Plus CARD?

[PLANT]

Hi all,
Can you Balance transfer to a Citibank Plus debit card?
Then can you transfer the balance to another Bank account or do you have to withdraw cash from an ATM machine?
$1K per day limit?

 

[Chicken]

You will need to use the convenience cheque option first, then depost the cheque back into your account.

 

[PLANT]

Well no go as thought but to anz black and free withdrawal of cash at bank... Good times!

 

[dein_gesicht]

This is what I do:
1. BL to another credit card that has nothing owing.
2. Transfer/withdraw those funds from the credit card to normal account (if the credit card is in credit, then you shouldn't be charged any cash advance fees)
3. Transfer to high interest or offset account (you could skip step 2 if you can transfer it straight to this account, depending on the account)

I've done this many times and it works very well. I have a lot in BL at the moment

 

[Chicken]

This is what I do:

There is no need to do all these with Citibank, because you can take balance transfer as a cheque option, where you take it as a Citibank bank cheque.

 

[dein_gesicht]

There is no need to do all these with Citibank, because you can take balance transfer as a cheque option, where you take it as a Citibank bank cheque.

I still follow this process with Citibank as I found that the cheque to self can take a long time to come (it took 8 business day) whereas the BT to another credit card was within 3 business day. Depending on the amount of cash, it might not be worth waiting those extra days

 

[diningdecadence]

i just got this offer today - have no idea why they do it...

what's the maximum cheque you can request? i see it says 80% of credit limit, but what if you've already used say 50% of the credit limit as an outstanding balance?

so basically you get cash at 2.9% loan, but you could then stick it in ING at 4%?

 

[knasty]

Think you'll find you can BT the difference up to 80%. I have just succeeded in paying off my Citi 6 month 0% BT with a St George 16 month 0% BT. Happy days.

 

[Chicken]

what's the maximum cheque you can request? i see it says 80% of credit limit, but what if you've already used say 50% of the credit limit as an outstanding balance?

I have done it so many times over so many years I cannot remember how many times I done this, and I always enter 100% of my available credit limit into the web site when ordering the cheque.

so basically you get cash at 2.9% loan, but you could then stick it in ING at 4%?

You can if you like. I always get 0% for 6 months and put it into my home loan off set earning like 4.8%