How to Do a Balance Transfer With a Citi Credit Card
- November 7, 2018
- Posted by: Debbie Baratz
- Category: Credit Cards
At a Glance:
For people seeking balance transfer options with a Citi credit card, they’ll find three options to meet their needs. Citi’s balance transfer process is straightforward, and its balance transfer cards offer 0% APR for a limited time. If you need to transfer a Citi balance to a different credit card, here’s also what to watch for.
Citi offers several no-annual fee balance transfer card promotions to help consumers save money on credit card interest. These cards also offer different perks including cash back, points, and no fees. After the introductory period, a lower variable APR on transferred balances and new purchases is available for some cards.
Let’s take a closer look at how to do a balance transfer to a Citi credit card.
How to Transfer a Balance to a Citi Credit Card
Consumers will need to know their credit card balances (relevant card numbers and balances) in order to apply for one of Citi’s promotional balance transfer card options. Citi has very specific steps for the process. It also presents a timeline with an expectation that the process will take a minimum of two weeks.
Apply for Citi Cards
To begin, consumers will need to first have a Citi card. If they don’t have one, they can go to Citi’s website for more information and compare their different credit card options.
At publishing time, there are three balance transfer cards that Citi offers: Citi Double Cash, Citi Simplicity, and Citi ThankYou Preferred. Applying for a card can be done by calling the company or applying on Citi’s website.
The questions on the application include basic information that typically only take a few minutes to answer. According to Citi’s website, applicants will be notified within 30 days regarding their application.
Contact Citi to Initiate Your Balance Transfer
Once the balance information is set and the Citi credit card is in hand, the best way to conduct the transfer is to make a phone call to Citi.
How to Transfer a Balance to a Citi Credit Card
Citi has very specific information on its website about how to conduct a balance transfer. This includes the following.
- After receiving a new Citi card, phone the customer service number on the back of the card to transfer balances. According to Citi, balance transfers are made available at its discretion and they are subject to the standard purchase APR unless there’s an applicable introductory and/or other promotional rate.
- Cardholders can transfer any amount, but the total balance transfer amount plus balance transfer fees must be less than their available credit limit. Transfers also can’t include disputed purchases or other charge amounts as consumers could lose their dispute rights.
- After receiving approval of the balance transfer, Citi will pay the balance transfer amount directly to the issuer. The new credit card’s available credit limit will be reduced by the total transfers amount, including fees approved by Citi.
- The balance transfer duration is from the date of first transfer. These transfers must be completed within four months of account opening. There is a balance transfer fee of either $5 or 3 percent of the amount of each transfer, whichever is greater.
Citi also notes that balance transfers can’t come from other issued Citi accounts or ones issued by its affiliates. To confirm the issuer on the account, cardholders can contact www.citi.com/affiliatesproducts for a listing of Citi affiliates and products.
In addition, information regarding transfers notes that interest is charged on the purchases made with the card unless a consumer has a 0% APR, or he pays the new balance on the statement (including the balance transfer) in full by the payment due date each billing period.
If a cardholder defaults under the card agreement, any balance transfer promotional APR will be lost.
Complete Your Balance Transfer
According to Citi’s website, it will take at least 14 days after the card account has been opened to complete the processing of the balance transfer payments. During this time, Citi allows cardholders to either cancel or modify the balance transfer request by contacting the company via phone (the number can be found on the back of the credit card).
In addition, it’s important to continue making payments on the card the balance is being transferred from to allow for confirmation of the completed transfers.
How to Transfer a Balance From a Citi Credit Card
If you’re carrying a balance on a Citi credit card at the regular interest rate and would like to save money on those finance charges, you might want to consider looking for a balance transfer card from another issuer. Remember, Citi won’t permit cardholders to transfer a balance to another Citi-issued credit card.
To transfer a balance from a Citi credit card to a card from another company, the process will probably be similar to the steps above, but will depend on the card you’re transferring to.
First, find a credit card that offers a low interest rate or a 0% introductory APR. Be sure to check the fine print for terms and conditions, fees, and other important information. If you feel confident the card will be a good fit for you, consider applying. Once you’ve been approved and receive the card, then it’s time to get ready to transfer your Citi balance to that card.
Get your Citi account number and determine the amount you’d like to transfer (don’t forget to leave room for fees and some breathing room in general regarding the new card’s limit). Contact the number on the back of the new card or follow the steps online if the company offers that option. Initiate the transfer according to the new card’s process, and keep an eye on the balance for both cards.
Keep making payments to your Citi credit card until you can confirm the balance transfer to the new card is complete. And – perhaps it goes without saying – definitely continue making payments on your Citi card if you haven’t transferred the entire Citi balance to the new card.
Using balance transfers can be a good way to cut down on debt and high interest, but it’s important to remember restrictions and fees may apply. After the Citi balance transfer promotional period, there will be an increase in APRs, up to the regular rate determined by the issuer.