Before initiating a balance transfer, you should come up with a plan to pay off your balance within the promotional period. This will save you from getting into another high-debt situation. Calculate the amount you’ll need to pay each month in order to pay your balance in full before the interest-free period ends. Divide the total amount you owe (including the balance transfer fee) by the length of the interest-free period.
Example: If you choose a Citi card with a 21-month intro APR on balance transfers, and you have $10,000 worth of debt to transfer, you can plan to pay about $476.19 each month to avoid interest.
$10,000 / 21 months = $476.19
Tip: Setting up automated payments is an easy way to stay on track with making monthly payments and getting your debt paid off before the intro APR period comes to a close. This can also help you avoid missing a payment, which can negatively impact your credit score. Missing a payment can result in you losing the 0% intro rate and trigger a higher penalty APR.
Learn more about what happens if you miss a credit card payment.
You’ll need a few pieces of information to complete a balance transfer with Citi (though what you’ll need will vary depending on if you already have a Citi card you want to use or if you’re opening a new Citi card):
A Citi credit card number. Perhaps you opened a new Citi card for the purpose of doing a balance transfer — or maybe you have an existing Citi card with an active balance transfer offer.
The amount of debt you wish to transfer. Citi allows cardholders to transfer balances up to the credit limit to their Citi card, minus the amount of any applicable balance transfer fee. Citi balance transfer credit cards have balance transfer fees ranging from 3% to 5% of each balance transfer with a $5 minimum.
Example: If you have a $3,000 credit limit and $5,000 worth of debt you’d like to transfer, you’ll be able to transfer only a portion of it. Let’s say your balance transfer fee is 5%.
$3,000 x 5% = 150
$3,000 – $150 = $2,850
So you’d be able to transfer $2,850 of your $5,000 balance.
Learn more about the maximum balance transfer you can do.
Your old account information. Be ready to enter the account numbers of the credit card you want to move debt from so Citi can send payment.
Tip: If your credit limit is too low to transfer the full amount of your debt, you have a few options, including asking your issuer for a higher limit, checking to see if your existing Citi card has a balance transfer offer, applying for a second balance transfer card with another issuer, transferring as much as you can and paying down the remaining balance on your old card. You can also consider applying for a personal loan to cover the rest.
Learn more about your options when a balance transfer credit limit is too low.
Once you’ve decided which Citi balance transfer card works best for you, follow these steps to apply for the card online:
If the online application doesn’t include a place to request a balance transfer, you can call the number on the back of your new card once it comes in the mail and let a Citi customer service representative know you’d like to initiate a balance transfer request. But make sure to check if there’s a deadline for requesting your balance transfer so you don’t miss out on the 0% intro APR, as some cards have a four month transfer limit.
If you already have a Citi card, you can check for balance transfer offers by logging into your online account and following these steps:
Your offer might be a reduced balance transfer APR, not a 0% intro APR. If so, you’ll have to decide if the lower rate offers enough savings to make it worth the balance transfer fee, or if you should apply for a new Citi card offering an introductory 0% APR.
How long will my balance transfer take?
For a new credit card account, Citi will begin processing your balance transfer request 14 days after the date your account is opened. You can modify or cancel your balance transfer any time during the 14-day period. After the 14-day period, balance transfers can take up to 10 days to process depending on the disbursement method you select.
For an existing credit card account, balance transfers can take up to 10 days to process, depending on the disbursement method you select.
Learn more about how long balance transfers take.
Balance transfer cards typically allow you to transfer the following types of debt:
One of the most common uses for a balance transfer is to pay off debt you’re carrying on a credit card with a high APR. While you can’t transfer balances between two Citi cards, you can transfer debt from pretty much any other credit card issuer to a Citi card, such as American Express, Capital One, Chase, Discover and more.
| Credit Cards | Our Ratings | Intro Balance Transfer APR | Regular Balance Transfer Rate | Balance Transfer Fee | |
|---|---|---|---|---|---|
Citi Simplicity® Card
|
0% intro APR for 21 months on Balance Transfers | 18.24% - 28.99% (Variable) | There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5) | ||
Citi® Diamond Preferred® Card
|
0% intro APR for 21 months on Balance Transfers | 17.24% - 27.99% (Variable) | Balance transfer fee applies with this offer; 5% of each balance transfer; $5 minimum. | ||
Citi Double Cash® Card
|
0% intro APR for 18 months on Balance Transfers | 18.24% - 28.24% (Variable) | There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5) | ||
Citi Custom Cash® Card*
|
0% intro APR for 15 months on Balance Transfers | 18.24% - 28.24% (Variable) | Balance transfer fee applies with this offer; 5% of each balance transfer; $5 minimum. | ||
Citi Rewards+® Card*
|
0% intro APR for 15 months on Balance Transfers | 17.74% - 27.74% (Variable) | There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5) |
A Citi balance transfer is a good idea if you have a large amount of high-interest credit card debt you’re struggling to pay down. Citi credit cards offer some of the longest interest-free APR periods, up to 21 months. This can give you plenty of time to pay off your balance and save you hundreds to thousands of dollars in interest charges. Plus, consolidating your debt onto a single credit card can make it easier to monitor and manage your payments.
The information related to the Citi Custom Cash® Card and Citi Rewards+® Card has been independently collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply.
The content above is not provided by any issuer. Any opinions expressed are those of LendingTree alone and have not been reviewed, approved, or otherwise endorsed by any issuer. The offers and/or promotions mentioned above may have changed, expired, or are no longer available. Check the issuer's website for more details.
