Credit cards with a fixed repayment option

Citibank has introduced a fixed payment option on all its credit cards that allows customers to convert part of their revolving credit card balance to a term payment arrangement at a lower interest rate.

Citi Australia’s Alan Machet said consumers had the choice of making an individual transaction over $500 using the fixed payment option or converting at least $1,000 of their card balance. Terms are for six, 12 or 24 months.

Source: Banking Day