The best Citi balance transfer cards
Citi has multiple options for consumers who want to transfer an existing balance. Citi® Double Cash Card :
- Balance transfer fee: Intro fee of $5 or 3% of the amount of each transfer, whichever is higher, for balance transfers completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5)
- 0% introductory period: 18 months
- Note: Balance transfers must be completed within four months of account opening. This card doesn’t offer an introductory 0% APR on purchases.
- Regular APR: 14.74% to 24.74% variable
- Worth noting: You will earn 2% cash back on all purchases with this card – 1% when you make your purchase and 1% when you pay for your purchase.
Citi Simplicity® Card :
- Balance transfer fee: $5 or 5% of the amount of each transfer, whichever is higher
- 0% introductory period: 21 months
- Regular APR: 15.49% to 25.49% variable
- Worth noting: Balance transfers must be completed within four months of account opening. The card also offers a 0% intro APR on purchases for 18 months (15.49% to 25.49% variable APR thereafter). The Citi Simplicity card charges no late fees or penalty interest rates.
Citi Rewards+® Card :
- Balance transfer fee: Intro fee of $5 or 3% of the amount of each transfer, whichever is higher, for balance transfers completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
- 0% introductory period: 15 months
- Regular APR: 14.24% to 24.24% variable
- Worth noting: Balance transfers must be completed within four months of account opening. This card also comes with a 0% introductory purchase rate for 15 months (14.24% to 24.24% variable APR thereafter). The Citi Rewards+ card charges no annual fee. It offers 2 ThankYou points per dollar spent at supermarkets and gas stations (up to $6,000 per year in purchases, then 1 point per dollar) and 1 ThankYou point per dollar on all other purchases. Every purchase is rounded up to the nearest 10 points ($2 soda earns 10 points, $13 movie ticket earns 20 points).
Citi® Diamond Preferred® Card :
- Balance transfer fee: $5 or 5% of each transfer, whichever is higher
- 0% introductory period: 21 months
- Regular APR: 14.49% to 24.49% variable
- Worth noting: Balance transfers must be completed within four months of account opening. This card’s 0% introductory period for new purchases is also 18 months (14.49% to 24.49% variable APR thereafter).
What you should know about Citi balance transfers before applying
There are limits to balance transfers with Citi credit cards, according to the party :
- Transfers aren’t immediate. According to Citi, it will take at least 14 days after you open your new Citi card for your balance transfer to close.
- You can transfer any amount, but there is a limit. Citi says your total balance transfer plus any transfer fees must be lower than your available credit limit.
- You can’t transfer your balance from an existing Citi card to another Citi card.
- Don’t stop making payments on your existing credit card until you are sure your balance transfer has closed and your debt is on your new Citi card.
- You need to request a balance transfer quickly. Citi requires you transfer any balances during the first four months of opening your new account.
How to improve your chances of approval for a balance transfer
Ash Exantus, head of fiscal education and fiscal authorization coach in the New York City office of BankMobile, said that banks will look at both your credit score and debt-to-income ratio when determining whether you qualify for a proportion transplant. Exantus said your credit score is particularly important. Your grudge might be high adequate to qualify for a balance transfer. But if your score international relations and security network ’ t a strong one, you might take a hit when that 0 % offer expires, he said. “ What will your matter to rate be after your basic crack is up ? ” Exantus asked. The higher your citation score, the lower your pastime pace should be, but that ’ s not always the case. It ’ randomness authoritative to remember, besides, how much you can transfer will depend on the citation limit on your new Citi calling card. Your credit rating score will help determine how high this limit is. And if your limit international relations and security network ’ thyroxine high adequate, you might not be able to transfer all your debt to your modern batting order. How much you can transfer will depend on the credit limit on your modern Citi card. If your restrict international relations and security network ’ t eminent enough, you might not be able to transfer all your debt to your new menu.
Read more: Credit Saint Credit Repair Review
“ If you can entirely transfer separate of your debt, a transplant generally international relations and security network ’ deoxythymidine monophosphate deserving it, ” Exantus said. “ If you are paying off debt on two cards, it can get complicated. If you are going to do a libra transfer, you want to be able to transfer the full counterweight from your existing card. ” however, you can calm experience some savings if you can only transfer partially of your high-interest debt. You ’ ll good have to learn how to manage multiple card payments .
How to initiate a balance transfer on a Citi credit card
If you already own a Citi credit card :
- Log in to your account and choose the “transfer a balance” option from your account page.
- Start the process by providing key information about the card from which you want to transfer a balance.
If you are applying for a newfangled Citi credit card :
- Start a credit card application for one of the balance transfer cards Citi offers.
- During your application, you will be given the option to transfer a balance from an existing card. Select this option to proceed.
- Provide basic information about your existing card and state how much you want to transfer. Remember, there’s no guarantee that you will be able to transfer the entire amount as Citi will need to evaluate your creditworthiness when establishing how much of a credit limit you will qualify for.
How to make a balance transfer work
A balance wheel transfer won ’ t improve your fiscal position if you don ’ thymine oversee to pay off your debt before that 0 % promotional offer expires. The key, then, is to do whatever it takes to slash that transfer debt quickly. Kevin Gallegos, vice president of Phoenix operations for Freedom Debt Relief, said consumers should always follow a family budget, something that is particularly authoritative after initiating a balance transfer. “ Live within your means or, better even, below your means, ” Gallegos said. “ Know precisely what you have to spend each month and spend less. It means taking responsibility and choosing where your money goes. ” Jon Dulin, Philadelphia-based owner of fiscal locate CompoundingPennies, said it ’ s all excessively easy to rack up credit calling card debt again. He did this after graduating from college, a design he continued until he discovered he was depressed. once he addressed that issue, he paid off his credit menu debt, including the money he transferred, in two years. He recommends consumers who are constantly transferring balances search for the real reason for their outgo issues. “ Buying stuff gave me a high, but that high wore off faster and faster, ” Dulin said. “ It ’ s authoritative to take an judgment of your life. That ’ s not easy. It ’ s not fun. But it can help you change your spend habits. ”
editorial Disclaimer The editorial message on this page is based entirely on the objective assessment of our writers and is not driven by ad dollars. It has not been provided or commissioned by the accredit calling card issuers. however, we may receive compensation when you click on links to products from our partners .