The Citi Simplicity Card balance transfer offer is a 0% intro APR for 18 months, with a 3% (min $5) balance transfer fee. This card’s regular APR is 14.74% - 24.74% (V) and it has a $0 annual fee. Citi Simplicity Card’s 0% balance transfer APR starts when you transfer your balance and you have four months from account opening to do that.
If you have the good or excellent credit needed for approval, you’ll be able to transfer a balance of at least $476 to Citi Simplicity Card. The card’s minimum limit is $500 and the total amount of your balance transfer (including the fee) can’t exceed the limit you’re assigned.
Citi Simplicity Card balance transfer offer:
Intro APR: 0% for 18 months, starting the day your balance is transferred
Balance Transfer Fee: 3% (min $5) of the transfer amount
Transfer Window: Balance must be transferred within 4 months of account opening
Balance Transfer Limit: $500+
Transfer Processing Time: 14 days
Regular APR: 14.74% - 24.74% (V), depending on creditworthiness
Min. Credit Score: Good
You have to weigh the 18 months of 0% interest against the hefty 3% (min $5) transfer fee. There are plenty of other balance transfer cards that charge 3% or even a $0 transfer fee instead. Alternative options are the U.S. Bank Visa® Platinum Card with an intro balance transfer APR of 0% for 20 billing cycles (14.49% - 24.49%* (V) regular APR) and a 3% (min $5) transfer fee, and the Wells Fargo Platinum card which offers a 0% intro APR for 18 months on qualifying balance transfers (16.49% - 24.49% Variable regular APR) and a 3% intro for 120 days, then up to 5% (min $5) transfer fee.
Balance transfers are likely to affect your credit score, though not directly. While balance transfers themselves aren’t reflected on credit reports, and thus aren’t directly used to calculate credit scores, balance transfers can change your financial picture in ways that could alter your credit score temporarily.
You can use WalletHub’s … read full answerfree credit score simulator to forecast how a balance transfer might affect your credit score in particular. You can also learn more about how balance transfers affect credit scores in general below.
Here’s how balance transfers affect your credit score:
High credit utilization rate:
It’s best to use less than 30% of a credit card’s credit limit. However, a balance transfer can wind up consuming much more than that, which isn’t great for your credit score.
When you apply for a balance transfer card, the issuer will pull a copy of your credit report. Known as a hard inquiry, this will lower your credit score slightly, but only temporarily.
Average age of accounts:
A new balance transfer card will reduce the average age of your credit card accounts, which could knock a few points off your credit score.
Future credit score increase:
Your credit score should recover with time. Making payments on time is crucial to maximizing your credit score after a balance transfer, however, as is avoiding serious debt in the future.
To stay on top of your credit throughout every stage of a balance transfer, sign up for a free WalletHub account. You’ll get daily credit score updates, 24/7 credit monitoring, and personalized credit improvement advice.
The amount that you can transfer to a credit card depends on the credit limit you’re approved for. A balance transfer entails using your new credit card to pay off a debt owed on another account, usually a credit card from a different issuer. So you can generally transfer as much as your available credit – your limit, minus amounts owed – will allow.… read full answer
It’s frustrating that you won’t know how much of your balance you’ll be able to transfer before applying for a balance transfer credit card. But a credit card company can’t tell how big of a credit line you’ll qualify for before thoroughly reviewing your credit history, income and debt obligations. Some credit cards may list the minimum credit limit you will get if approved in the terms and conditions, though.
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