If you’re struggling to make a dent in your debt, it might be time to explore some debt consolidation options. A balance transfer with Citi — a finder.com advertising partner — might be a good route to try. In this guide, we’ll explore some of the features, benefits and conditions you can expect if you conduct a balance transfer with Citi.
While it’s tempting to get a balance transfer card just for the balance transfer feature, take your time before selecting a card. Each Citi balance transfer credit card has features that make it a great pick for a certain type of cardholder. To pick one that’s right for you, determine your immediate financial needs, and how you intend to use your Citi credit card after you complete your balance transfer.
Citi Simplicity® Card
Who it’s good for Like the name suggests, the Citi Simplicity® Card is the most straightforward of your Citi balance transfer options. Its long intro APR period on balance transfers gives you plenty of time to pay down your debt, and it won’t punish you with late fees or penalty APRs for missed payments.
Long balance transfer intro APR. You’ll enjoy a 0% intro for the first 18 months, then 14.74% to 24.74% variable.
No annual fee. You’ll pay $0 to use this card.
Few fees or penalties. You won’t incur late fees or a penalty APR for missed payments.
Balance transfer fees. The Citi Simplicity® Card is low on fees, but a balance transfer fee of 3% or $5 minimum will still be applied to any balance transfers.
Who it’s good for If you want a balance transfer rewards card that caters to everyday spending, the Citi Rewards+℠ Card is a solid pick. Its unique reward rounding feature lets you potentially earn big on multiple small purchases. You’ll also enjoy a decent signup bonus of 15,000 points after you spend $1,000 within your first 3 months.
Balance transfer period. Take advantage of a 0% intro transfer APR for the first 15 months, then 13.49% to 23.49% variable.
Rewards. Earn 2x ThankYou Points at supermarkets and gas stations for the first $6,000 per year, then 1x points and on everything else. Plus, Citi will round your point earnings to the nearest 10 points.
Signup bonus. Earn 15,000 points after spending $1,000 within your first 3 months of account opening.
Penalty APR. Late or missed payments can lead to a penalty APR of up to 29.99% variable.
Who it’s good for Looking for a balance transfer card that also happens to be one of the top cashback cards on the market? The Citi® Double Cash Card is a terrific option for ongoing value after your balance transfer period, and a bit simpler to use than the Citi Rewards+℠ Card.
Balance transfer period. This card features a 0% intro transfer APR for the first 18 months, then 13.99% to 23.99% variable.
Cash back. Enjoy 1% cash back on all purchases and an additional 1% cash back after you pay off your balance.
No annual fee. You’ll pay $0 to use this card.
High late payment fees. While your first late payment fee is waived, you’ll pay up to $40 for each subsequent late payment.
Who it’s good for If you’re looking for long intro APR periods on both balance transfers and purchases, the Citi® Diamond Preferred® Card is your card. While it doesn’t offer rewards, it does feature a 0% intro on transfers for the first 18 months, then 14.74% to 24.74% variable. Plus, you’ll enjoy some additional perks such as Citi Concierge and Citi Entertainment.
Long balance transfer period. This card comes with a 0% intro period on balance transfers for the first 18 months, then 14.74% to 24.74% variable.
No annual fee. You’ll pay $0 to use this card.
Citi perks. This card offers access to a variety of perks, including concierge services and advanced ticket access for entertainment events.
Penalty APR. Unlike the Citi Simplicity® Card, the Citi® Diamond Preferred® Card doesn’t waive the penalty APR that may be applied if you have late or missed payments.
How to do a balance transfer with Citi
In its credit card terms and conditions, Citi recommends requesting balance transfers by phone after you get your card. Follow these steps to initiate a balance transfer:
Choose a balance transfer card. Consider factors such as how long of an interest-rate promotion you want, as well as whether your desired card offers benefits such as rewards.
Apply for the card. Fill out the application in full with all of the requested details, including your personal and financial information. Then submit your application.
Once you’re approved, callCiti. If you don’t have your card yet, call Citi at 800-950-5114. If you have your card, call the number on the back.
Tell the representative you want to make a balance transfer. They’ll check if transfers are allowed on your account. If you’re eligible, give the representative information such as the card number of the account you wish to transfer debt from and the amount you want to move to your Citi card.
Confirm with the representative that your balance transfer has initiated. You can take this time to ask them any questions if you have them.
Wait for your transfer to finish. Continue making payments to your previous issuer until you see the transfer is complete.
How to do a balance transfer with Citi online
Log in to your online Citi account.
At the top menu bar, hover over Payments & transfers. Then click Balance transfers.
Click View available balance transfer offers.
Select an offer.
Enter the details of your transfer, including the card number of the account you wish to transfer debt from and the amount you wish to move to your Citi card.
Review your details and submit your transfer request.
Wait for your balance transfer to be finalized. Continue making payments to your previous issuer until you see the transfer is complete.
How long does a Citi balance transfer take?
Citi recommends waiting at least 14 days for your balance transfer to complete.
What are the benefits of a balance transfer with Citi?
You may want to take advantage of a Citi balance transfer to get:
One of the longest intro APRs. Citi currently offers balance transfer intro APR periods of up to 18 months depending on your card.
Get rewarded for purchases. Pick the Citi® Double Cash Card if you’re looking to earn rewards on new purchases after you pay off your debts. You could get cash back on every purchase.
No annual fee. You won’t pay an annual fee to own one of Citi’s credit cards that offers an intro balance transfer period.
No late fees or penalty rates. With the Citi Simplicity® Card, you won’t pay any fees for late payments or penalty rates on top of no annual fee.
What are the drawbacks of a balance transfer with Citi
Citi may not be the balance transfer provider for you:
What debts are eligible for a balance transfer with Citi?
You can transfer debt from…
Non-Citi credit cards.
Specialty store and gas cards.
Personal or auto loans.
You can’t transfer debt from…
Citi or Citi-affiliated products.
Can I transfer balances to another Citi card?
No. It’s rare you’ll find a provider that allows this.
Citi credit cards are available to those who are:
At least 18 years old.
United States residents.
Those with a valid Social Security number or Individual Taxpayer Identification Number.
What do I need to apply?
To apply for a Citi card you’ll need to provide your:
Mailing address, email address and phone number
Date of birth and Social Security number
Employment status, total annual gross income, and monthly housing or rent payment
Completing a balance transfer with Citi could be your key to debt consolidation. However, as many issuers and credit cards offer balance transfer options, it’s a good idea to do your research and ensure you find the right credit card with the right features for your financial situation.
Steven Dashiell is a credit cards writer at Finder. He's worked on 250 Finder articles and counting, helping readers embrace and maximize credit cards. Backed by nearly a decade of research and reporting experience, Steve's work can be seen on Debt.com, CreditCards.com and Lifehacker.
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