The Citi Simplicity balance transfer offer is a 0% APR for 21 months, with a 5% balance transfer fee ($5 min.) and a $0 annual fee. Citi Simplicity’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. 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.
2018 Citi Simplicity balance transfer offer:
Intro APR: 0% for 21 months, starting the day your balance is transferred.
Balance Transfer Fee: 5% of the transfer amount (min. $5)
Transfer Window: Balance must be transferred within 4 months of account opening
Balance Transfer Limit: $500+
Transfer Processing Time: 14 days
Regular APR: 15.99% to 25.99%, depending on creditworthiness
Min. Credit Score: 700
You have to weigh the 21 months no interest against the hefty 5% transfer fee. There are plenty of other balance transfer cards that charge 3% or even a $0 transfer fee instead. Alternative options are Chase Slate with 15 months no interest and a $0 transfer fee, and Amex EveryDay credit card with 12 months no interest and a $0 transfer fee for the first 60 days.
A balance transfer does not affect your credit score directly. Balance transfers aren’t flagged on your credit reports, and credit scoring companies don’t specifically factor them into their evaluation criteria. However, a balance transfer can lead to changes in your financial profile that will affect your credit score.
For example, a balance transfer can lead to a high … read full answercredit utilization rate. Generally, you’ll want to use up less than 30% of a card’s credit limit. A balance transfer can wind up consuming much more than that, which isn’t great for your credit score.
In the best-case scenario, you’ll transfer your balance to a card with a credit limit much higher than the amount you need to transfer as well as pay off the original credit account in full. Then, the transferred balance won’t max out your new card, and you’ll be able to bring your old card’s utilization to zero.
Making payments on time is a crucial part of both maintaining a good credit score and using a balance transfer to your credit score’s advantage. Paying off the balance that you transfer and avoiding unnecessary debt in the future will also positively affect your credit score.
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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