- 1 How to transfer a Balance to a Citi Bank Credit Card
- 1.1 Citi Balance Transfer Options
- 1.2 What you need to know about Citi balance transfers before applying
- 1.3 How can you increase your chances of being approved for a balance transfer?
- 1.4 How to start balance transfer on a citi credit card
- 1.5 How to make balance transfer work
How to transfer a Balance to a Citi Bank Credit Card
Here are everything you need to know including card options, fees, restrictions and tips for approval.
You lent a lot of money to your current credit card with a high interest rate. He is considering transferring this debt to a Citi credit card that offers a 0 percent interest rate on all balance transfers for a limited promotion period. Are you ready?
Citi, what you need to know from transfer fees to Citi’s fees, restrictions and the chance to approve.
Citi Balance Transfer Options
Citi has four options for consumers who want to transfer an existing balance.
Citi Double Cash Card
- Balance transfer fee: 5% or 3% of each transfer amount, whichever is higher.
- 0% promotion period: 18 months.
- Note: This card does not provide a start-up certificate of 0% for purchases.
- Regular April: See Citi Dual Cash Card review.
- Noteworthy: You will earn 2 percent on all purchases made with this card – 1 percent when making a purchase and 1 percent when you pay your bill on time.
Citi Simplicity Credit Card
- Balance transfer fee: 5 or 5% of each transfer amount, whichever is higher.
- 0 percent promotion period: 21 months.
- Regular APR: See the Citi Simplicity Card review.
- Remarkable: The card also offers a 0% promotional APR for purchases over 12 months. Balance transfers must be completed within four months of opening your account. Citi Simplicity card does not pay the delay fee or penalty interest rates.
Citi Diamond Preferred Card
- Balance transfer fee: 5 or 5 percent of each transfer, whichever is higher.
- 0% promotion period: 21 months
- Regular April: See Citi Diamond Preferred Card review.
- It is worth to note: while 0 percent for balance transfers is long, the promotion time for this card is only 12 months for new purchases.
Citi ThankYou Preferred Card
- Balance transfer fee: 5 or 3 percent of each transfer, whichever is higher.
- 0 percent promotion period: 15 months – both balance and purchases.
- Regular April: See Citi ThankYou Preferred Card review.
- Noteworthy: You’ll earn 2 points when you’re eating out or using your card while you’re shopping. Earn 1 point for each other shopping.
What you need to know about Citi balance transfers before applying
According to the company, there are limits to balance transfers with Citi credit cards.
- Transfers are not immediately. According to Citi, it will take at least 14 days to close your balance transfer after opening your new Citi card.
- You can transfer any amount, but there is a limit. Citi says your total balance transfer and transfer fees should be lower than your current credit line.
- You cannot transfer your balance from an existing Citi card to another card provided by Citi.
- Be sure to make your payment on your existing credit card. the transfer is closed and your debt is now on your new Citi card.
- You need to request a fast balance transfer. Citi requires you to transfer any balance in the first four months of opening your new account.
How can you increase your chances of being approved for a balance transfer?
Ash Exantus, a financial education and financial support coach at BankMobile’s New York City office, said banks will look at both your credit score and your debt-to-income ratio in determining whether you’re eligible for a balance transfer.
Exantus said your credit score was particularly important. Your score may be high enough to qualify for a balance transfer. However, if your score is not strong, you can get a hit if the 0 percent bid is over.
“What is your interest rate after your publicity proposal is completed?” Exantus asked. The higher your credit score, the lower your interest rate, but this is not always the case.
It is also important to remember how much you can transfer depending on your credit limit on your new Citi card. Your credit score will help you determine how high this limit is. And if your limit is not high enough, you may not be able to transfer your entire debt to your new card.
“If you can only transfer a portion of your debt, a transfer is not worth it,” said Exantus. “If you are paying, the debt on two cards can be complicated. If you are transferring a balance, you will be able to transfer the full balance from your current balance.” we only need to learn how to manage multi-card payments.
How to start balance transfer on a citi credit card
If you already have a Citi credit card:
- Log in to your account and select “transfer a balance” from your account page.
- To start the process, provide the basics of the card for which you want to transfer the balance.
If you are applying for a new Citi credit card:
- Start a credit card application on one of the four balance transfer cards offered by Citi.
- During your application, you will be given the option to transfer a balance from an existing card. Select this option to continue.
- Provide basic information about your current card and specify how much you want to transfer. Remember, when deciding how much of the amount you will receive, you will be able to
- transfer the entire amount, as Citi will need to evaluate your creditworthiness.
How to make balance transfer work
If you fail to pay your debt before the end of the 0 percent promotion offer, a balance transfer will not improve your financial position.
If so, the key is to do everything necessary to quickly cut the transferred debt.
Kevin Gallegos, vice president of Phoenix’s Freedom Debt Reduction Operations, said consumers have always had to follow a household budget, especially after starting a balance transfer.
Gallegos, “Through you or better, live under your vehicles.” Said. “Know exactly what to spend each month and spend less. It means taking responsibility and choosing where your money goes.”
Jon Dulin, the owner of Philadelphia-based financial institution CompoundingPennies, said it was very easy to re-credit his credit card debt. He did this after he graduated from university until he discovered that he was depressed.
After discussing this, he paid his credit card debt, including the money he transferred in two years. It recommends that consumers who continuously transfer their balance search for the root cause of their spending problems.
“Purchasing items had given me high, but this high speed was moving faster and faster.” Said. Ini It is very important to evaluate your life. That’s not easy. It’s not fun. But it can help you change your spending habits. Ama