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Citi offers the longest introductory APR on balance transfers on the market. Some Citi cards can help you save on interest for up to 21 months, which is enough time to pay off all of your high-interest credit card debt. Some Citi cards also offer an extended 0 percent introductory APR on purchases, and others offer cash back on every dollar you spend.
Finding the right balance transfer card can help you save money and get your finances back on track. Here’s what you need to know about Citi’s balance transfer card and the steps you need to take to consolidate your credit card debt.
How to Do a Balance Transfer with Citi
If you haven’t already applied for a Citi balance transfer card, you can apply for one and, if approved, set up a balance transfer at the same time. If you’re approved for a new account, you’ll be given the opportunity to transfer a balance from your existing card during the application process. To initiate a transfer, simply enter the account number of your other account, the name of your card issuer, and the amount of debt you’d like to transfer.
If you have a Citi credit card and don’t start a balance transfer right away, your introductory balance transfer offer may have a deadline. For your Citi Simplicity® Card, Citi® Diamond Preferred® Card, Citi Double Cash® Card and Citi Rewards+® Card, you’re only eligible for the introductory offer if you start the transfer within four months of opening your account.
To initiate a transfer within that time frame, you need to take the following steps:
- Log in to your Citi account and click on “Payments and Transfers” at the top of the page. This can be done via the mobile app or online.
- Click on Balance Transfer.
- Click “View available balance transfer offers.” This may also be called “Initiate a balance transfer.”
- Select the balance transfer offer you want and enter the required details. These include the account number of the credit card you are transferring the balance to and the balance transfer amount.
It’s important to note that even if you’re past the four-month window or have had a Citi account for years, you may still receive balance transfer offers on your Citi account from time to time.
Additionally, you can contact Citi customer service to initiate a balance transfer over the phone. All you need to do is have your account information ready and call the number on the back of your card.
How to check the status of your balance transfer
You can check the status of your Citi balance transfer in your account. To do so:
- Log in to your Citi account.
- Click on “Payments and Transfers” at the top of the page.
- Click on Balance Transfer.
- Click View Balance Transfer Status.
What to know after completing a balance transfer with Citi
A Citi balance transfer can take anywhere from 2 to 21 days from initiation to completion, so you’ll need to monitor your old account until the balance is $0. You’ll also need to continue making payments on your old credit card account until the balance transfer is complete. If a balance still appears and you don’t pay off your old card when it’s due, you’ll have to pay late fees and your credit score could drop.
Once the balance transfer has been fully processed and your old account has a $0 balance, you can choose to keep the account open or contact your card issuer to close it. Remember, keeping old accounts open can often be beneficial for your credit score, as they can increase the average length of your credit history (even if you don’t use them).
Best Citi Credit Cards for Balance Transfers
Citi offers a variety of competitive credit cards, including cards offering 0 percent introductory APR for a limited time. Compare Citi balance transfer cards in terms of rewards, introductory balance transfer offers, perks, and fees before choosing a card.
The following Citi credit cards offer the best balance transfer terms.
Ideal for debt consolidation
Card Details
The Citi Simplicity card offers a 0 percent introductory APR for 21 months on balance transfers, followed by a variable APR ranging from 19.24 percent to 29.99 percent. At 21 months, this offer is one of the longest introductory APR promotions currently on the market.
The card has no annual fee, but if you transfer a balance within the first four months of account opening, you’ll have to pay an introductory balance transfer fee of 3 percent of the amount transferred (minimum $5). After that, the fee for each transfer is 5 percent (minimum $5). You also won’t have to pay late fees or penalty APRs with the Citi Simplicity card. Other cardholder perks include a 0 percent introductory APR on purchases for the first 12 months, followed by the same variable APR of 19.24 percent to 29.99 percent. You also get the flexibility to choose your payment due dates and $0 fraud liability.
Great for purchases and balance transfers
Card Details
The Citi Diamond Preferred card also offers a 0 percent introductory APR for 21 months on balance transfers and 0 percent introductory APR for 12 months on purchases, but after the promotion, a variable APR of 18.24 percent to 28.99 percent applies. It also has no annual fee, but you’ll have to pay a 5 percent balance transfer fee (with a $5 minimum) and you’ll need to complete a balance transfer within four months of opening your account to qualify.
The card also lets you choose your own payment due date and gives you access to Citi Entertainment, allowing you to purchase advance tickets to concerts, sporting events, and more.
Great for earning fixed cashback
Card Details
The Citi Double Cash Card is unique in that it offers both cash back rewards and long-term balance transfer rewards.
Your introductory APR on balance transfers is 0 percent for 18 months, then a variable APR of 19.24 percent to 29.24 percent. You also have the opportunity to earn up to 2 percent cash back on everything you buy: 1 percent on purchases and another 1 percent when you pay it off. Plus, through December 31, 2024, you can earn 5 percent total cash back on hotels, rental cars, and attractions booked with Citi Travel. There’s also no annual fee on this card. The card applies an initial balance transfer fee of 3 percent (with a $5 minimum) on balances transferred within the first four months of account opening. Transfers completed after four months apply a 5 percent fee (with a $5 minimum).
When it comes to redeeming rewards, the card lets you cash rewards in for statement credit, direct deposit, or check. You can also redeem rewards for basic Citi ThankYou points, which offer more redemption options, like shopping on Amazon and gift cards. If you have a premium Citi card, like the Citi Strata Premier℠ card, you can convert your cash back into full-fledged ThankYou points by moving to the premium card.
Great for rewarding everyday spending
Card Details
With no annual fee, the Citi Rewards+ card is a great choice for both balance transfers and everyday spending.
0 percent introductory APR applies on balance transfers for 15 months from the date of your first transfer, and 0 percent introductory APR applies on purchases for the first 15 months after account opening. Thereafter, a variable APR ranging from 18.74 percent to 28.74 percent applies on both. A 3 percent introductory balance transfer fee ($5 minimum) applies to transfers completed within the first 4 months after account opening. Thereafter, a 5 percent balance transfer fee ($5 minimum) applies.
Everyday perks include 2x points at supermarkets and gas stations (on first $6,000 in annual purchases, 1x points thereafter) and 1x points on all other purchases. Through June 30, 2024, you can also earn 5x points on hotel, car rental and attraction purchases through the Citi Travel Portal.
You’ll also get a welcome bonus of 20,000 points (valued at $200) after you spend $1,500 within the first three months of opening your account. Plus, Citi rounds up all rewards to the nearest 10 points, meaning a $3 coffee is worth 10 points instead of 3. Plus, the card comes with Citi Entertainment access and Mastercard benefits.
Conclusion
Citi offers some of the best balance transfer cards available right now. None of the Citi credit cards featured here have annual fees, and all of them extend their introductory balance transfer APR offers for at least a year. With that much time to pay down your debt interest-free, you could not only significantly reduce your debt, but pay it off in full.
But before you choose a balance transfer card, make sure you compare the rewards, rates, and fees of all the top balance transfer cards on the market to find the card that’s right for you.
If you’re not sure how to approach paying off your debt, consider speaking with a nonprofit certified credit counselor who can help you develop a reasonable debt management plan to get you back on track.
