Key learning points
- Citi offers some of the longest introductory APRs for balance transfers, with some cards saving you money in interest for up to 21 months
- You can complete a balance transfer with Citi after you are approved for a qualifying Citi card or if you receive an offer on an existing account
- Citi credit cards with introductory APR offers include the Citi Simplicity® Card, Citi® Diamond Preferred® Card, Citi® Double Cash Card, and Citi Rewards+® Card
Citi is an advertising partner.
Citi offers some of the longest introductory balance transfer APRs on the market. Some Citi cards save you money in interest for up to 21 months, which may be enough time to pay off all your high-interest credit card debt. Some Citi maps are also expanded0 percent introductory APRon purchases, while others give you cash back for every dollar you spend. find the right thingbalance transfer cardit can help you save money and get your finances back on track. Here's an overview of what you need to know about Citi balance transfer cards and the steps you need to takeconsolidate your credit card debt.
Balance transfer with Citi
Transfer a balance to a new card
If you haven't already signed up for a Citi balance transfer card, you canrequest a cardand, if approved,set up your balance transferat the same time. After approval of your new account, you will be given the opportunity to transfer a balance from an existing card during the application process. To initiate the transfer, all you have to do is provide the account number of your other account, the name of the card issuer, and the amount of debt you wish to transfer.
Transfer a balance to an existing card
If you already have a new Citi credit card and want to transfer a balance, you should know that you will most likely run into a time limit. With the Citi Simplicity® Card, Citi® Diamond Preferred® Card, Citi® Double Cash Card, and Citi Rewards+® Card, you can only take advantage of the introductory balance transfer offer if you start your balance transfer within four months after opening the account. .
If you are within that time frame, here are the steps to follow:
- Sign in to your Citi account and click "Payments & Transfers" at the top of the page.
- Click on 'Balance Transfers'.
- Click 'View available balance transfer offers'.
- Select the balance transfer offer you wish to execute and enter the required information, such as the account number of the credit card from which you wish to transfer a balance and the amount of the balance transfer.
If you make it past the four-month period, let's say you've had a Citi account for years, it's worth noting that you may still receive balance transfer offers on your Citi account from time to time.
In addition, you can also contact Citi Customer Service and initiate a balance transfer over the phone. All you need to do is call the number on the back of your card while you have your account details ready.
How to check the status of your balance transfer
You can check the status of your Citi balance transfer through your account. All you have to do is:
- Sign in to your Citi account.
- Click on 'Payments and transfers' at the top of the page.
- From there, click on 'Balance Transfers'.
- Then click 'View balance transfer status'.
What you need to know after completing a balance transfer with Citi
Your Citi balance can be transferredlast between two and 21 daysfrom start to finish, so you'll want to keep an eye on your old account until it shows a balance of $0. You must also continue to make payments on your accountold credit card accountuntil the balance transfer is complete. If a balance keeps showing up and you don't make a payment on your old card by the due date, you may be stuck paying late charges and see your credit score drop.
Once your balance transfer is fully processed and your old account shows a balance of $0, you can choose to keep that account open or call your card issuer and close it. just remember thatkeep old accounts openis generally positive for yousolvencyas old accounts can extend the average length of your credit history (even if you don't use them).
Best Citi Credit Cards for Balance Transfers
Citi offers a varietycompetitive credit card offers, including cards that offer a 0 percent introductory APR for a limited time. Be sure to compare Citi balance transfer cards in terms of their benefits, introductory balance transfer offers, rewards, and fees beforechoose a card.
The following Citi credit cards offer the best balance transfer terms:
Citi Simplicity Card: Best for Debt Consolidation
OfCiti Simplicity-kaartoffers a 0 percent introductory APR on balance for 21 months (then a variable APR of 18.99 percent to 29.74 percent), which is one of the longest introductory APR offers on the market today. There is no annual fee, but you must pay an initial balance transfer fee of $5 or 3 percent of the transfer amount (whichever is greater) for balance transfers completed within four months of the opening of the account.
Plus, with the Citi Simplicity Card, you pay no late fees orgood annual percentage rate. Other benefits for cardholders include a 0 percent introductory APR on purchases for the first 12 months (followed by a variable APR of 18.99 percent to 29.74 percent), the flexibility to choose your own Expiration and $0 Fraud Liability.
Citi Diamond Preferred Card: Best for purchases and balance transfers
OfCiti Diamond Preferred-kaartalso offers a 0 percent introductory APR on balance for 21 months and a 0 percent introductory APR on purchases for 12 months (then a variable APR of 17.99 percent to 28.74 percent). You also avoid an annual fee, but you must pay a balance transfer fee of 5 percent ($5 minimum) on the debt you transfer, and balance transfers must be completed within four months of account opening.
This card also allows you to choose your own expiration date. you also getciti-entertainmentaccess, which allows you to pre-purchase tickets for concerts, sporting events and more.
Citi Double Cash Card: The best way to get a fixed amount back
OfCiti Double Cash-kartis unique in that it offers bothcash back rewardsand a long-term balance transfer offer. You get a 0 percent introductory APR on balance transfers for 18 months (followed by a variable APR of 18.99 percent to 28.99 percent). You also have the opportunity to2 percent money backon everything you buy: 1 percent when you make a purchase and another 1 percent when you pay for it. This card also comes with no annual fees.
With this card, you get a 3 percent introductory percentage balance transfer fee ($5 minimum) on all balances you transfer within the first four months of account opening. There is a 5 percent penalty ($5 minimum) on all transfers completed after four months.
When it comes toredeem rewards, with this card you can redeem your rewards for statement credits, direct deposits, checks orbasic points Citi ThankYou, which offer more redemption options, such as Amazon purchases or gift cards.
Citi Rewards+ Card: Best for Rewards on Everyday Spend
OfCiti Rewards+ CardWith no annual fee, it's a good card for both balance transfers andDaily expenses. You get a 0 percent introductory APR on balance transfers and purchases for 15 months (followed by a variable APR of 18.49 percent to 28.49 percent). Please note that an initial balance transfer fee of 3 percent (minimum $5) applies to transfers completed within the first four months of account opening. After that, a 5 percent (minimum $5) balance transfer fee will apply.
As for daily rewards, you earn 2X points at grocery stores and gas stations (up to $6,000 in purchases per year, then 1X points) and 1X points for all other purchases. You can also earn a welcome bonus of 25,000 points (worth €250) if you spend €1,500 within three months of account opening. Also, Citiround up all your rewardsto the nearest 10X points, meaning a $3 coffee will earn you 10X points. Plus, this card comes with access to Citi Entertainment andMasterCard Card Benefits.
Frequently Asked Questions about Citi Balance Transfers
Citi does not list explicit limits on how often you can transfer balances from other cards to a Citi credit card. However, the amount of debt you transfer (plus balance transfer fees) cannot exceed the available credit limit of your Citi credit card.
(Video) Should I Transfer My Credit Card Balance To A 0% Interest Account?You may not transfer a balance from one Citi credit card to another Citi credit card. If you have debt on a Citi credit card that you want to consolidate, you'll need thecredit cards to transfer the highest balancefrom other issuers (such as Wells Fargo, Discover, and Bank of America).
Citi balance transfers are not eligible for rewards. Only purchases made with your card are eligible for cash back or reward points.
it all comes down to
Citi offers some of the best balance transfer cards available today. None of the Citi credit cards we've featured charge an annual fee, and all of them extend APR offers for more than a year. With so much time to pay off debt without interest, you could put a big dent in your debt, or evenpay it off forever. Before selecting a card, compare all cards with each othertransfer cards with the highest balancein the market to find the right card for you.
FAQs
Does Citibank charge a fee for a balance transfer? ›
There's no annual fee, but you'll be required to pay an introductory balance transfer fee of $5 or 3 percent of the amount of the transfer (whichever is greater) for balance transfers completed within four months of account opening. Also, with the Citi Simplicity Card, you won't pay any late fees or penalty APR.
How do I get rid of balance transfer fee? ›Usually, the only way to avoid balance transfer fees is to find a card that waives the fee entirely, and these types of cards are usually issued by credit unions. It's also possible that you'll come across a credit card with an intro balance transfer fee offer.
How do I get a Citi balance transfer offer? ›- Log in to the online account and select “Payments and Transfers” near the top.
- Select “Balance Transfers” then “View Available Balance Transfer Offers.”
- Select an offer to begin the transfer.
Citi takes between 2 and 21 days to process balance transfers and you can expect a similar range for most credit card companies that accept balance transfers.
Is Citibank good for balance transfers? ›The Citi® Double Cash Card has a generous no-interest period for balance transfers, and it charges a relatively modest 3% balance transfer fee if you transfer in the first 4 months of cardholding. Plus, its high cash-back rate for all purchases makes it a card worth holding onto even after you've paid down your debt.
How much will it cost in fees to transfer a $1000 balance? ›It costs $30 to $50 in fees to transfer a $1,000 balance to a credit card, in most cases, as balance transfer fees on credit cards usually equal 3% to 5% of the amount transferred. Some credit cards even have no balance transfer fee, but it's rare for cards that do this to also have a 0% introductory APR on transfers.
Is it worth it to pay a balance transfer fee? ›Is a balance transfer fee worth it? If you have a significant amount of credit card debt, the 3% balance transfer fee (or sometimes even a 5% fee) is absolutely worth paying when transferring your balance to a card that has a 0% intro APR offer, but only if you still need time to pay off a balance.
Is 3% balance transfer fee worth it? ›Is a 3% balance transfer fee worth it? Yes, a 3% balance transfer fee is worth it as long as the card's balance transfer APR saves you more money on interest charges. The combination of a 0% introductory APR and a 3% balance transfer fee is usually cheaper than allowing interest to accrue at your card's regular APR.
Do balance transfers negatively affect your credit? ›In some cases, a balance transfer can positively impact your credit scores and help you pay less interest on your debts in the long run. However, repeatedly opening new credit cards and transferring balances to them can damage your credit scores in the long run.
What is the catch to a balance transfer? ›But there's a catch: If you transfer a balance and are still carrying a balance when the 0% intro APR period ends, you will have to start paying interest on the remaining balance. If you want to avoid this, make a plan to pay off your credit card balance during the no-interest intro period.
Why am I not getting balance transfer offers anymore? ›
You probably stopped getting balance transfer offers because your credit score decreased, you've opted out, or issuers have reduced the number of offers available. The best balance transfer credit cards usually require at least good credit, so if your score drops, you may no longer be eligible for offers.
How do you qualify for a balance transfer? ›Balance transfer credit cards typically require good credit or excellent credit (scores 670 and greater) in order to qualify.
How do I know if my balance transfer was approved? ›We recommend checking every couple of days to see if the original card issuer has received the funds. You'll typically see it reflected on your account just like a normal credit card payment.
Can I still use my credit card after a balance transfer? ›You may continue using the card as before even if you've paid the entire balance. Closing the account might have a negative effect on your creditworthiness.
Does Citibank have instant transfer? ›Sending a Payment
Upon your receipt of an RFP, you may request through Citi® Online or Citi Mobile® that Citibank send an Instant Payment in an amount you designate to the Person submitting that RFP or, alternatively, you can elect to disregard the RFP.
Up to INR 100,000 / day / account for UPI Transactions (subset of IMPS limit of INR 500,000).
How much can I transfer with Citibank? ›| Domestic | Outgoing Limits | |
|---|---|---|
| Citi International Personal Account | $18.75 | $250,000 per business day |
| Citi Global Executive Account | $18.75 | $250,000 per business day |
| Citi Global Executive Preferred Account | Waived | No limit for transfers made in US Dollars 4 |
| All other accounts | $25.00 | $50,000 per business day |
Payments and transfers services
Sending funds or making payments to accounts with other financial institutions domestically or internationally. Daily funds transfer limit of $100,000 (or foreign currency equivalent).
Often this amount falls somewhere between 3% and 5%, depending on the lender. Say you want to transfer a $2,000 balance to a card with a 3% balance transfer fee. This means your balance transfer fee would come out to $60.
What does a 3% fee min $10 applies to all balance transfers mean? ›A balance transfer fee is a charge assessed by a credit card company for moving a debt from a credit card or loan to a different credit card. The typical balance transfer fee is 3% of the amount transferred, with a minimum fee of at least $5 or $10.
How much is too much for a balance transfer? ›
Credit card providers typically determine the amount of debt you can move in relation to your credit limit. Many issuers are generous, giving cardholders the ability to transfer their full credit limit, but in some cases, your transfer limit may be capped at 75 percent of your overall credit limit.
What is the downside of a balance transfer? ›The cons of balance transfers include balance transfer fees, high regular APRs, and above-average score requirements. Generally, when you transfer a balance, you're shifting high-interest debt to a credit card with a lower interest rate.
Can balance transfer fees be waived? ›Some cards may waive balance transfer fees for balances transferred within a certain period of time after opening your account. Other than that, it's unlikely you'll be able to convince a credit card issuer to waive a balance transfer fee.
How can I avoid transfer fees? ›- Choose a bank which offers to waive wire transfer fees as part of the account package.
- Use an alternative payment method — ACH transfers in the US are often cheaper than wires, for example.
Negative credit score impact: repeatedly opening cards and transferring balances. Balance transfers will hurt your credit score if you make a habit of opening new credit cards and repeatedly transferring balances between them.
Is 0% APR balance transfer worth it? ›If researched thoroughly, zero percent or low-interest credit card balance transfer can be a good way to combine multiple, higher-interest credit card balances into one, lower-interest card. Once you consolidate your debit into one card, you can focus on making one monthly payment and paying down debt faster.
Is it OK to have 2 balance transfer cards? ›Yes, you can do multiple balance transfers. Multiple transfers might be possible from several cards to one card or even several cards to several cards. A transfer often involves the amount of money you borrow from one card being applied electronically to the balance of another card.
Is it bad to have a lot of credit cards with zero balance? ›It is not bad to have a lot of credit cards with zero balance because positive information will appear on your credit reports each month since all of the accounts are current. Having credit cards with zero balance also results in a low credit utilization ratio, which is good for your credit score, too.
Do balance transfers always work? ›A credit card balance transfer done strategically — say, by moving debt from a high-interest card to one with a long 0% APR promotion — can save you a bundle in interest charges. But it's not a cure-all for debt. Sometimes, it might even hurt more than help.
How many credit cards is too many to have open? ›It's generally recommended that you have two to three credit card accounts at a time, in addition to other types of credit. Remember that your total available credit and your debt to credit ratio can impact your credit scores. If you have more than three credit cards, it may be hard to keep track of monthly payments.
Why might a balance transfer fail? ›
Your credit limit is too low
The issuer will hold your balance transfer request until they are able to confirm the amount to transfer in relation to your credit limit. If your credit limit is lower than the amount of money you requested to transfer from another card, the issuer will likely reject the request.
There are 2 main costs of a balance transfer: Your transfer fee, which is a percentage of the amount you're moving added on to your balance at the time of the transfer. And interest, which you'll pay over time until your balance is cleared. This is based on your balance transfer interest rate.
Can I write balance transfer check to myself? ›Yes, you can write a balance transfer check to anyone you want. Even if you're planning to use the check to pay off another credit card or a loan, the process can go more smoothly if you write the check to yourself and make the payment online rather than mailing the balance transfer check to the lender.
Can a bank decline balance transfer? ›Yes, a balance transfer request can be denied. A credit card balance transfer can be denied if you have a poor credit history, your transfer request exceeds your credit limit, or you request to transfer a balance to another card from the same issuer, among other reasons.
How long should a balance transfer take? ›A balance transfer occurs when you move a balance from one credit card to another, and this process typically takes about five to seven days. But a word of warning: Some credit card issuers can take 14 or even 21 days to complete a balance transfer.
Is it easy to get a balance transfer? ›Qualifying for a top-rated balance transfer credit card is generally easier if you have a good or excellent credit score (between 670 and 850). You might still be able to find a balance transfer credit card with a credit score below 670, but it will probably have a shorter intro APR period.
How does balance transfer work for dummies? ›A balance transfer moves a balance from a credit card or loan to another credit card. Transferring balances with a higher annual percentage rate (APR) to a card with a lower APR can save you money on the interest you'll pay.
Can balance transfer fee be avoided? ›You can avoid balance transfer fees by finding credit cards with no fees or introductory periods where no fees are charged. You'll have no transfer fees if you transfer your balance during the introductory period.
Do balance transfers affect your credit score? ›In some cases, a balance transfer can positively impact your credit scores and help you pay less interest on your debts in the long run. However, repeatedly opening new credit cards and transferring balances to them can damage your credit scores in the long run.
Are balance transfers free? ›Balance transfers come with certain costs and limitations, though. Generally, you'll have to pay a balance transfer fee — usually 3% to 5% of the total transferred. And if your balance transfer card's limit is low, you might not be able to transfer your full balance.
Can a balance transfer be denied? ›
If you attempt to transfer a balance from one credit card to another card from the same card issuer, your balance transfer will likely be denied. Most issuers have restrictions on transferring balances between accounts.
Is there a catch to balance transfers? ›The catch with balance transfer credit cards is that a 3-4% transfer fee usually applies, and you will have to start paying interest on the remaining balance when any 0% introductory period ends.
Can you use a credit card to pay another credit card? ›No, you cannot use a credit card to pay other credit card bills. However, credit cards often have options like cash advance or balance transfer that give you access to "cash" funds. If you are short on money to pay your bills, you can use these funds to pay off your balance.
What does a 3% balance transfer fee mean? ›A balance transfer fee is the cost some cards charge, often between 3% and 5% percent, when you transfer your debt from one card to another to help consolidate debt and pay off your cards faster. Timing can play a big part in how much you pay to transfer a balance.
How many times can you balance transfer? ›Can you do multiple balance transfers? Yes, you can do multiple balance transfers. Multiple transfers might be possible from several cards to one card or even several cards to several cards.
What are the rules for balance transfers? ›After the card's issuer pays the original lender, you will owe the issuer of the card rather than your original lender. After you transfer a balance to a credit card, you will be responsible for paying at least the minimum amount required by the issuer each month. This amount will be listed on your monthly bill.
What type of fee is a balance transfer fee? ›A balance transfer fee is a fee charged to transfer an outstanding balance to a different credit card. A credit card company is permitted to charge you a balance transfer fee on a zero percent rate offer.