How to do a credit card balance transfer with Citi

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Citi® has a rich history dating back to 1812, when a group of merchants worked together to help New York’s banking system compete with early banking competitors in Philadelphia, Boston and Baltimore. Today, the company is the world’s most global bank, supporting clients in more than 160 countries around the world.

The company offers a range of financial services, a real one-stop shop for loans and banking products. One of these products is known as a balance transfer credit card. These cards allow cardholders to pay less interest by transferring high-interest credit card balances to Citi accounts with promotional 0% interest for 12 to 21 months, depending on the credit card offer chosen by the cardholder. ‘borrower. They also come with offers such as reward points and cash back.

What happens when you make a Citi balance transfer?

A Citi balance transfer involves using a Citi card to pay off balances with another lender. The transaction results in the transfer of the balance from the old credit card account to the Citi account, giving the cardholder the opportunity to save money with a promotional interest rate of 0%.

How to do a Citi balance transfer

Those interested in transferring existing credit card balances to Citi should open a new Citi credit card with balance transfer features or transfer balances to their existing Citi account.

How to complete a balance transfer as a new Citi customer

If you don’t already have a Citi account, you’ll need to open a new credit card with the lender. Start by following these steps:

  1. Compare credit card offers with Citi balance transfer. Citi offers five credit cards with 0% promotional interest on balance transfers. Each product comes with its own promotional period, rewards system, and fee structure, so you should compare all the features to determine which is best for your situation.
  2. Learn more. Then click on the ‘Learn more and apply’ link to the right of the job they are interested in and read all the card details on the next page.
  3. Click “Apply Now”. Next, click on the “Apply Now” button and fill in all the requested information as accurately as possible. If you are already a Citi customer, speed up the process by clicking on the “Sign in” link in the upper right corner of the page.
  4. Submit. Finally, review and submit your application for consideration. Citi offers instant approval in some cases, but may need to review the request further, which may take a few days.

In some cases, the Citi credit card application will give you the option to complete the balance transfer after approval by providing the transfer information during the application process. If so, you can use this section to transfer balances during the request to save time.

How to Make a Balance Transfer to an Existing Citi Credit Card

Several Citi credit cards allow balance transfers, including the , , Citi Simplicity® credit card and . If you have one of these Citi credit cards that allow balance transfers, whether new or old, you can transfer balances by following these steps:

  1. Log in to Citi’s online account management platform.
  2. Click on the “Payments and Transfers” link at the top of the page.
  3. Select “Balance Transfers” from the menu.
  4. Click “View available balance transfer offers”.
  5. Choose the offer that best suits the situation.
  6. Provide Citi with all requested information. Be sure to give accurate balances and account numbers to ensure there are no issues with the transfer.

Those who prefer to work with a human to set up the transfer can also call the phone number on the back of their credit card to speak to a representative.

How does a balance transfer with Citi Bank work?

When a Citi Cardholder requests a balance transfer and their transfer request is approved, Citi adds the full value of the balance transfer plus any applicable fees to the current account balance. In exchange, Citi sends a payment to the credit card that the borrower paid for using their Citi account, usually with promotional interest rates of 0%.

How long does a balance transfer with Citi take?

Balance transfers can be processed quickly, in two days in some cases, but don’t count on those speeds. The Citi website suggests some transfers take up to 21 days.

What to know before transferring balances

Citi balance transfers, or any balance transfer offering 0% interest rates, are attractive, but they’re not always the best option. Borrowers should consider the following before making a transfer:

  • Fees are generally charged for balance transfers. With Citi, these fees vary from 3% to 5% of the transfer amount, depending on the credit card used by the borrower.
  • Borrowers should check their credit card’s terms and conditions to ensure that promotional interest rates apply to balance transfers rather than just standard purchases with the card.
  • Remaining balances from balance transfers that are unpaid at the end of the promotional period are charged interest at the card’s standard rate.

Do balance transfers hurt credit scores?

Balance transfers can work for or against borrowers’ credit scores. New accounts can increase available credit, thereby improving credit scores. On the other hand, too many apps can hurt scores. The ultimate effect on a borrower’s credit rating depends on their unique credit portfolio.

Final grip

Citi’s 0% balance transfer credit cards can save borrowers a lot of interest. As rates climb, it’s a good time to compare options.

Information is accurate as of October 5, 2022.

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