How to Do a Balance Transfer With a Citizens Bank Credit Card
Citizens Bank offers two credit cards that have no annual fees and 0% introductory APRs on balance transfers. Transferring a balance to a Citizens Bank credit card can take up to four weeks, so plan accordingly.
Many or all of the companies featured provide compensation to LendEDU. These commissions are how we maintain our free service for consumers. Compensation, along with hours of in-depth editorial research, determines where & how companies appear on our site.
For consumers seeking ways to save money on high credit card interest, Citizens Bank has two credit cards with introductory balance transfer promotions: the Citizens Bank Cash Back Plus World Mastercard and the Citizens Bank Clear Value Mastercard.
These cards offer a 0% introductory annual percentage rate on balance transfers for 15 billing cycles and 18 billing cycles, respectively, no annual fees, and other potentially worthwhile benefits.
Customers can apply for a balance transfer after being approved for a card. Citizens Bank’s website and customer service can answer many commonly-asked questions about the process.
Many people dealing with credit card debt might find a balance transfer to be a good way of paying down the amount they owe while saving on interest.
How to Transfer a Balance to a Citizens Bank Credit Card
If you’ve decided to do a balance transfer with a Citizens Bank credit card, be sure to follow these steps.
Apply for a Citizens Bank Credit Card
Consumers can apply for Citizens Bank’s two cards online. The process asks the typical questions for the approval process, including employment information and monthly housing payments. For consumers with good credit, they’ll likely receive an immediate response. However, getting the card in hand could take up to seven to 10 days, and even up to 30 days in some cases.
A balance transfer can be requested after the application has been accepted for a new card. This can be done immediately following the approval and executed shortly after the application.
Gather Your Balance Transfer Information
Before conducting a balance transfer, customers will need to have the account number and balance of the card they will be transferring from. They’ll also need to know their monthly payment date because they’ll continue paying off the old card until the new card has absorbed the balance transfer.
If a consumer stops paying the old card’s balance, there is a risk the transfer to the new card will be negated.
Contact Citizens Bank to Initiate Your Balance Transfer
To begin the balance transfer process, cardholders can call the bank at 1-800-684-2222.
Complete Your Balance Transfer
Citizens’ customer service notes it can take up to four weeks to process the balance transfer. It’s also important to note that there is a fee for balance transfers. For the Citizens Bank Cash Back Plus World Mastercard, the fee is either $10 or 4% of the amount of each transfer, whichever number is greater. For the Citizens Bank Clear Value Mastercard, the fee is either $10 or 3%, whichever number is greater.
Remember, it’s important to continue paying minimum monthly payments on the designated accounts until the balance transfer payments appear as credits on the accounts. By requesting a balance transfer, it doesn’t relieve consumers of their debt obligations or accruing interest.
For people conducting balance transfers with Citizens Bank, there are additional factors. According to the bank’s website, by taking advantage of the balance transfer promotion, consumers will pay interest on all purchases made with their credit card unless the entire balance is paid (including transferred balances) fully by the card’s statement due date.
Customers paying entire balances each month will not pay interest on their purchases. This is called a grace period, but there is a caveat.
If a cardholder takes the balance transfer offer to a new account, they will lose this option and begin paying interest on all new purchases — even if the purchase balance is paid fully every month. To avoid paying interest on purchases, cardholders must pay both the transferred balance and purchase balance fully every month.
How to Transfer a Balance From a Citizens Bank Credit Card
If you already carry a balance on your Citizens Bank credit card at its regular APR and decide to get a different credit card with a low- or zero-interest rate, you’ll have to check with the new card’s issuer for guidelines on transferring your balance to that card. The process of transferring your Citizens Bank credit card balance to the new card will probably be similar to the steps above; you’ll just take those steps using the new credit card.
Be aware of any transfer fees from the new card and how they could impact your total cost. Unless you’re fortunate enough to get a credit card with a low regular APR, make sure you know when the new card’s promotional rate will end and try to structure your debt payoff plan according to that. This can ensure you stay on track to get out of debt faster. Otherwise, once the intro rate expires, you’ll be back to paying high interest charges on the remaining debt.
Transferring balances to a new card with introductory offers of 0% APRs, no fees, and a single payment can be appealing, but it doesn’t come without proper best practices. It’s important to continue paying off the current debt on the old card while the balance transfer processes. If that doesn’t happen, Citizens Bank may end the introductory APR and apply the purchase APR if you’re late on payments.
Author: Debbie Baratz
Best Credit Cards by Type
Credit Cards by Brand