Balance transfers present an excellent way to consolidate bills and pay off debt. As tools that can often buy more time for consumers who are out of time with debt, balance transfers are most useful when transferring a credit balance from a high-interest account to a new credit card account offering a promotional low or no APR for a period of time. Balance transfer cards enable cardholders to pay off debt without worrying about paying interest.
Citi (a Forbes Advisor partner) offers relatively solid card offers for transferring balances. None of the cards we cover here have an annual fee and all offer a 0% introductory APR for 15 to 18 months, to be followed by the card’s standard APR. Cardholders will have to pay a fee for each balance transfer and a variable APR will be applied to the remaining balance after the promotional period ends. Before applying for a new Citi card, make sure the fee and potential interest charges won’t break the bank.
The Best Citi Balance Transfer Offers
Citi’s best balance transfer card offers include a 0% introductory APR and no annual fee. Pick the card that will be the most beneficial financially—that is, the card that’ll allow you the most time to pay off a transferred balance at the lowest rate while charging the lowest fee. Cash back or reward points might also make or break a decision when thinking beyond the low introductory APR period.
For all Citi cards, balance transfers must be completed within the first four months of opening the account to qualify for the intro offer. Purchases will be subject to interest if the intro offer doesn’t apply to both purchases and balance transfers.
Featured Partner Offers
How To Do a Balance Transfer with Citi
Citi makes it easy to request a balance transfer for new and current cardholders. New cardholders can note in an application that a balance transfer is desired or they can call the number on the back of the card to start the process after receiving an approval. Current Citi cardholders can log into their accounts to start balance transfer transactions. Be sure to have information about the balance you’re transferring on hand, like account numbers, amount to transfer and the creditor’s name.
For New Credit Card Applicants
- Fill out a card application online to get the best offer.
- If the online application allows for a balance transfer request, do so and provide any information required about the transfer, like account number and amount to be transferred.
- If the online application does not permit balance transfer requests, call the number on the back of the card after approval and ask to transfer a balance.
For Current Citi Cardholders
- Log in to the online account and select Payments and Transfers near the top.
- Select Balance Transfers then View Available Balance Transfer Offers.
- Select an offer to begin the transfer.
- Provide any requested information to complete the transfer, like account number, creditor’s name and amount to transfer.
- If needed, call the number on the back of the card to speak to someone directly.
Things To Know About Balance Transfers With Citi Ahead of Time
An introductory APR is an enticing offer for anyone seeking a balance transfer. Before applying for a Citi credit card, keep these things in mind:
- Balance transfers are not always a good idea. They’re most beneficial if the cardholder can pay off their debt after transferring it to a no-interest credit card account. If the interest rate after the intro period is higher than the current account, or if the balance transfer fee is too large, a balance transfer may not be worth it.
- Balance transfers do not earn rewards.
- Many of Citi’s credit card offers have an introductory APR for both purchases and balance transfers. However, be sure to check the card’s details to make sure it offers an introductory rate on purchases and balance transfers if you plan to carry a balance on new purchases.
- Current Citi cardholders cannot transfer a balance from one Citi card to another.
- Any balance transfer amount is acceptable as long as it’s lower than the card’s available credit limit. Once complete, balance transfers will reduce the available credit on the card. Protect your credit by respecting a 30% credit utilization ratio.
- Citi may take two to three weeks to complete a balance transfer. Remember to continue making payments on the old account until the balance is reflected in the Citi account.
- If there’s still a balance after the introductory period, a variable APR will be applied to the remaining balance. The exact interest rate is determined based on the cardholder’s creditworthiness. The minimum monthly payment may increase as a result.
- Any minimum monthly payment assigned by Citi may not be enough to pay off the balance in full by the end of the intro period. Calculate an accurate minimum payment by dividing the total balance by the number of months left in the intro period.
Bottom Line
Citi offers several solid options for cardholders looking for a balance transfer card—and some Citi cards even have excellent cash-back rewards. When shopping around for a credit card, it’s best to pick a few good options and compare the benefits before applying. Always read a card’s terms and conditions before submitting an application. If a new card’s variable APR for balance transfers is too high, it may not be beneficial to move debt to that card. Do the math and follow responsible spending habits to avoid falling into debt again.
