How To Do a Balance Transfer With Citi

If you're looking for a way to tackle high-interest credit card debt, a balance transfer may be worth considering. Citi® offers several credit cards with balance transfer promotions that can help you save money on interest while paying down debt.

The process is relatively straightforward, but there are a few important steps to follow. Here's how to complete a balance transfer with Citi and what to expect along the way.

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Key Takeaways

• A Citi balance transfer moves debt from a non-Citi card to your Citi card, usually at a promotional APR. Once it posts, the transferred amount becomes part of your Citi card's revolving balance.

• You can't transfer a balance between two Citi accounts. Citi won't accept transfers from other accounts issued by Citibank, N.A. or its affiliates, so the debt must come from a different lender.

• New accounts wait 14 days before processing begins, and from there a transfer can take up to 10 days; existing accounts also take up to 10 days.

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Step 1: Gather Your Account Information

Before requesting a balance transfer, gather the information Citi will need for each account you want to pay off.

You'll typically need:

• The name of the creditor you're paying off

• Your account number

• The amount you want to transfer

Step 2: Apply for an Eligible Citi Credit Card

If you don't already have a Citi credit card with a balance transfer offer, you'll need to apply for one first.

Before applying, make sure the card actually includes a balance transfer offer. Not every credit card with an introductory APR promotion offers the same benefits for balance transfers. Some cards advertise an introductory APR on purchases but may not extend that offer to transferred balances.

Depending on the card and offer, Citi may allow you to request a balance transfer shortly after you're approved for the card. If you don't request the transfer at that time, you may also be able to submit a request after your account has been opened.

Step 3: Request the Balance Transfer

Once you're ready to move your balance, you'll need to submit the transfer request.

Citi allows eligible cardholders to transfer balances from non-Citi accounts using the available credit on their Citi card. To complete the request, you'll generally:

1. Select a balance transfer offer.

2. Enter information about the account you're paying off, including the account number and transfer amount.

3. Review the details and submit your request.

Citi may allow you to transfer balances from multiple accounts, provided the combined amount does not exceed your transfer limit.

Before submitting the request, double-check the account number and transfer amount. Even small errors can delay processing.

Step 4: Continue Paying Your Original Account

Submitting a balance transfer request doesn't mean the transfer is complete.

According to Citi, you should continue making any required minimum payments on the account you're paying off until you've confirmed that the balance transfer has been completed.

Processing times vary depending on whether you're using a new or existing Citi account. Citi states that balance transfers on existing accounts can take up to 10 days to process. For new accounts, Citi generally begins processing balance transfer requests 14 days after the account is opened, and the transfer can take up to 10 additional days to complete.

Step 5: Track the Status of Your Transfer

You can track the status of your balance transfer through your Citi account.

To check the status:

1. Log in to Citi Online.

2. Choose “Balance Transfers” under the “Payments & Transfers” tab.

3. Select “Track the status” of your existing balance transfer request.

According to Citi, balance transfer requests typically appear on the status page within one business day of being submitted.

Once the transfer is complete, verify that the balance appears on your Citi account and that the original account reflects the payment or shows a zero balance.

After You Complete the Balance Transfer

There are a few steps you can take to stay on track after your balance transfer is completed. 

Confirm the Original Account Shows a Zero Balance

Review the account you transferred debt from and make sure the balance has been paid as expected. If you notice any discrepancies, contact Citi or the original creditor promptly.

Decide What To Do With the Original Card

Some people choose to keep older credit card accounts open because a longer credit history can benefit their credit score. Others prefer to close unused accounts to simplify their finances.

The right choice depends on your financial situation.

Create a Payoff Plan

A balance transfer can provide temporary relief from interest charges, but it doesn't eliminate the debt itself.

Take advantage of the promotional APR period by creating a repayment plan as soon as the transfer is complete.

For example, if you transfer a $3,600 balance and have an 18-month promotional APR period, paying about $200 per month would help you eliminate the balance before the introductory offer expires. Because you're not accruing interest during the promotional period, each payment goes toward reducing the balance rather than fighting additional interest charges.

The Bottom Line

A Citi balance transfer can be a useful tool for consolidating high-interest credit card debt and potentially saving money on interest. The process generally involves applying for an eligible card, submitting a transfer request and monitoring the transfer until it's complete.

To get the most value from a balance transfer, continue making payments on your original account until the transfer posts, understand any fees that apply and create a plan to pay off the balance before your promotional APR period ends.

Frequently Asked Questions

How long does a Citi balance transfer take?

Processing times vary. Citi states that balance transfers on existing accounts can take up to 10 days to process. For new accounts, Citi generally begins processing balance transfer requests 14 days after the account is opened, which may extend the overall timeline.

Do I need a Citi credit card before requesting a balance transfer?

Generally, yes. You'll need an eligible Citi credit card account before you can request a balance transfer.

Can I transfer multiple balances to a Citi card?

Yes. Citi may allow you to transfer balances from multiple accounts, provided the combined amount does not exceed your available transfer limit.

Does Citi charge a balance transfer fee?

Citi offers an intro balance transfer fee of 3% or $5 (whichever is greater). After the promotion ends, the fee becomes 5% or $5 (whichever is greater). Make sure you check the terms of your card and understand when the promotion period ends.

Can I transfer a balance from one Citi card to another Citi card?

No. Citi states that you cannot transfer balances from other accounts issued by Citibank, N.A. or its affiliates. In general, balance transfers are designed to move debt from one lender to another rather than between accounts from the same issuer.

What should I do if my balance transfer is delayed?

If your transfer is taking longer than expected, contact Citi and the creditor you're transferring the balance from to verify that the request is being processed correctly.

Photo Credit: Shutterstock.com

Key Terms

• Balance transfer: Moving an unpaid balance from a non-Citi account to your Citi credit card, often to take advantage of a promotional APR.

• Promotional (introductory) APR: A temporary, often 0%, interest rate that applies to a transferred balance for a set period before the standard APR takes over.

• Standard APR: The ongoing interest rate charged on any balance remaining after the promotional period ends.

• Balance transfer fee: A charge for moving a balance, typically a percentage of the amount or a minimum dollar fee, whichever is greater.

• Transfer limit: The maximum you can move to a Citi card, based on your available credit; the total transferred plus fees can't exceed it.

• Available credit: The unused portion of your credit limit, which determines how much you're able to transfer.

• Minimum payment: The smallest monthly amount required to keep your account current and avoid losing a promotional rate.

• Convenience/balance transfer check: A check some issuers provide that lets you pay off another creditor directly, drawing against your card's credit limit.

Sources

• CFPB: What do I need to know about consolidating my credit card debt?

• FTC: How To Get Out of Debt

• myFICO: How a Balance Transfer Impacts Your Credit

Summary generated by AI, verified by MoneyLion editors