How does a line of credit from Citibank work?
Citibank’s Custom Credit Line starts at $1,500 and goes up to $25,000 — which you can draw from as you need. You’ll only pay interest on the amount you borrow, with variable rates that range from 10.49% to 22.49% depending on your state of residence.
However, it offers the flexibility to convert your variable-rate balances to fixed-rate, fixed-term payments any time you want. You’ll also be on the hook for a $50 annual fee, though it’s waived for Citigold and Citi Priority customers.
To qualify, you’ll need to have a Citibank deposit account of at least $500 as well as a Citibank mortgage, credit card or deposit account that’s at least three months old.