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This article was last updated Apr 14, 2018. Terms and conditions may have changed. For the most accurate information, please consult the issuer website.
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Balance transfers can be a great way for you to get out of debt on a high interest credit card. By transferring a balance from a credit card with a high interest rate to a card with a low or 0% intro rate, you’re buying yourself extra time to pay down your debt while avoiding interest charges that can delay your progress — so long as you pay off your debt before the end of the intro period. Our partner Citi has four cards that offer balance transfers.
This guide shows you how to complete a balance transfer with Citi, and provides best practices for completing your transfer as well as summaries of the available balance transfer cards.
Complete your transfer online
Citi allows you to complete balance transfers quickly and easily online in a matter of minutes. You can request a transfer online after you’ve received your card in the mail and have signed up for online banking. See below for the steps you need to take.
1. Log in to your account. You should see that you’re eligible for a balance transfer. Select “View Offer.”
2. Choose an offer
You should see your available balance transfer offers. In the example above, this person has had this card for a while, and they are no longer eligible for the 0% intro rate, hence the 1.99% promo APR offer.
Select “I want this offer.”
3. Start your transfer
That will drop down more details regarding your offer. After reviewing the details, select “Start your Transfer.”
4. Choose the type of transfer you want to complete.
Keep in mind, you can’t transfer balances from other accounts issued by Citibank or its affiliates. You have four transfer options: credit card, direct deposit, check by mail and loan or other creditor. I selected credit card for the sake of this example since that most likely will be the common choice.
Then, select “Continue.”
5. Fill out the form
Fill in the amount you are transferring and your account number of the credit card with the debt. Then, select “Find my creditor.”
6. Verify your info
Now, your creditor information should appear. Verify this and select “Continue.”
7. Add more balances
You can add additional transfer requests (four total) if needed. Select “Continue” when you’re finished adding creditors.
8. Review and submit
Last, review your transfer request and the terms and conditions. After that’s done, check the box agreeing to the terms and conditions, and submit the transfer.
Complete your transfer by phone
If you prefer to complete a transfer over the phone, simply call the number on the back of your card to speak to a representative.
You’ll need the following information to complete your transfer over the phone:
- Name on the account with the debt
- Amount to be transferred
Balance transfer cards from our partner Citi
The Citi Simplicity® Card - No Late Fees Ever has a long intro 0% for 18 months on Balance Transfers and intro 0% for 18 months on Purchases with 14.74% - 24.74% (Variable) APR after the intro period. The balance transfer fee is Balance transfer fee – either $5 or 3% of the amount of each transfer, whichever is greater.. This card also has no late fees and no penalty APR, although you should always make on-time payments.
The Citi® Double Cash Card – 18 month BT offer is a great choice for a cashback card and balance transfer card with intro 0% for 18 months on Balance Transfers (13.99% – 23.99% (Variable) APR, ongoing). There is a balance transfer fee at 3% of each balance transfer; $5 minimum. In addition, you can Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases.
The Citi ThankYou® Preferred Card has the shortest balance transfer offer with intro 0% for 15 Months on balance transfers* on balance transfers and intro 0% for 15 Months on purchases* on purchases (after, 15.49% - 25.49%* (Variable) APR). The balance transfer fee is either $5 or 3%, whichever is greater. However, you can earn rewards with this card — Earn 2X Points on Dining Out & Entertainment and Earn 1X Points on All Other Purchases. If you want a versatile card and often spend on dining and entertainment, this can be a good choice. This offer and/or promotion may have since changed, expired, or is no longer available.
The Citi® Diamond Preferred® Card offers the longest intro period among Citi cards with intro 0% for 18 months on Balance Transfers and a subpar intro 0% for 18 months on Purchases (after, 14.74% - 24.74% (Variable) APR). This can be more than enough time to pay off transferred balances, especially if you’re someone with a lot of debt. There is a standard balance transfer fee: Balance transfer fee applies with this offer: 3% of each balance transfer; $5 minimum.
Check out our roundup of the best balance transfer credit cards.
The information related to the Citi Simplicity® Card - No Late Fees Ever has been independently collected by CompareCards and has not been reviewed or provided by the issuer of this card prior to publication.