Key insights:
- A Balance Transfer could help you save on interest, simplify your monthly payments and gain greater financial flexibility
- Citi cardmembers can check for available Balance Transfer offers online or in the Citi Mobile® App, or you can check your current provider for any available offers
- If you’re interested in transferring a balance, check to see if you pre-qualify for the Citi Strata℠ Card, Citi Simplicity® Card, Citi Double Cash® Card or Citi® Diamond Preferred® Card
If you’re working to eliminate your credit card debt, a Balance Transfer to another credit card may be an effective way to reduce your interest payments as you pay off your credit card balances.
A Balance Transfer allows you to move outstanding debt from a card with a higher annual percentage rate (APR) to a card with a lower APR. Doing so can help you save on interest and simplify your payments, especially if you consolidate debt on multiple credit cards to a single one. A Balance Transfer can help keep your credit card interest payments at manageable levels and establish healthy credit habits that could improve your credit score.
Whether you're a current Citi customer or a new one, you can learn more about credit card Balance Transfers in 3 simple steps.
1. Check for Balance Transfer offers
A Balance Transfer only makes sense if the new annual percentage rate (APR) is lower than the one on your existing credit card. Credit card issuers often make personalized offers, so you may already have access to a Balance Transfer offer. Current Citi customers can check their Citibank online account for current offers.
When reviewing offers, consider:
- Low intro APR period: Newly approved Balance Transfer credit cards typically offer a low introductory rate on transferred balances for a set period. Review how long the intro APR period lasts to confirm it's long enough for you to make a real dent in your credit card debt.
- Balance Transfer fee: A Balance Transfer typically comes with a fee that is either a percentage of the transferred balance amount or a set minimum fee, whichever is greater.
- Transfer limits: The maximum amount you can transfer depends on your available credit and other factors. A Balance Transfer offer will tell you how much you can transfer. Citi allows you to transfer non-Citi account balances from multiple cards or creditors, provided they do not exceed the limit specified in your selected offer when added together. The amount you can transfer may be further reduced by any fee that applies to the Balance Transfer.
Reviewing these details can help you decide if the offer makes sense given how much debt you want to transfer and what you can afford to pay each month.
2. Weigh offers for new Balance Transfer cards
In addition to looking at your existing credit cards, check to see if you pre-qualify for a Citi Balance Transfer credit card. Pre-qualified offers do not impact your credit score and can give you a better idea of which cards you qualify for.
You may compare any pre-qualified offers you have with other new Balance Transfer credit cards by checking online or with your current card issuers. Consider any introductory rates on Balance Transfers, how long those rates will last, applicable fees and the APR that will apply after the introductory rate expires.
Citi offers a wide array of Balance Transfer credit cards, including the Citi Strata℠ Card, Citi Simplicity® Credit Card, Citi Double Cash® Card and Citi® Diamond Preferred® Credit Card.
3. Transfer your balances
Once you weigh your options and choose one that makes sense for you, you may move forward with transferring your balances. That might mean applying for a new credit card or accepting an offer from an existing credit card.
The Balance Transfer process is usually simple: the issuer of your Balance Transfer credit card will collect the information about the balance you are moving and will process the transaction on their end. Some issuers may instead send you a check, which you may use to pay down your balances, and others may deposit the funds through a direct ACH transfer. Depending on your issuer, you may be able to complete the Balance Transfer process online or through your credit card's app.
Balance Transfers for existing Citi cardmembers may be completed online or via the Citi Mobile App and are typically processed within 10 days.
Once your Balance Transfers are official, you can focus on paying off that credit card before the promotional period ends. That way, you may avoid paying interest and help maximize your savings.
Disclosure: This article is for educational purposes. It is not intended to provide legal, investment, or financial advice and is not a substitute for professional advice. It does not indicate the availability of any Citi product or service. For advice about your specific circumstances, you should consult a qualified professional.
