The Citi Simplicity Card balance transfer limit is any amount that is less than your available credit limit, minus the 5% (min $5) balance transfer fee. Keep in mind that your entire credit limit is determined by your credit history, income and debt, so that's ultimately very individualized.
You can find out your balance transfer limit by looking at your monthly statement or by calling the number on the back of your card.
Here’s what you need to know about the Citi Simplicity Card balance transfers:
Period: Balance transfers must be completed within 4 months of account opening.
Ultimately, it is worth noting that you can transfer nearly any type of debt to Citi Simplicity Card, including car loans, personal loans, and other credit card balances. Keep in mind, though, that you cannot transfer balances from other accounts issued by Citi or its affiliates.
You can get a Citi Simplicity® Card credit limit increase online or by calling 1-800-950-5114. You may also receive an automatic Citi Simplicity credit limit increase if you regularly pay your bill on time. Your chances of getting a higher limit are always best if your credit score and income have improved since you got the card.… read full answer
Whether you apply online or by phone, you can find out whether it’ll be a soft or hard pull on your credit. Online requests for limit increases trigger a hard inquiry when you ask for more than Citi initially offers. And Citi customer service reps will be able to tell you if a hard inquiry is required before you go through with the request by phone.
Keep in mind that any time your income goes up or your monthly housing payment goes down, you can update your account’s financial information. This can help pave the way to automatic credit limit increases or approved increase requests.
Here’s how to get a Citi Simplicity credit limit increase:
Online: Log in to your account and select “Services,” then “Credit Card Services.” Select “Request a Credit Limit Increase.” Enter your annual income and monthly rent/mortgage payment. The available limit increase will be displayed. You can request more than Citi’s offer but it’ll trigger a hard inquiry and can be 24 hours before you get a reply.
By Phone: Call 1-800-950-5114 and enter your credit card number. Speak with a representative about getting a credit limit increase. They’ll be able to tell you whether it’ll require a soft or hard pull before processing the request. Have your annual income and monthly housing payment info ready.
Automatic Credit Limit Increase: You may receive an increase without asking. Citi periodically reviews accounts for this purpose. Citi doesn’t list criteria to meet for these increases but you can’t go wrong using your card regularly and making payments on time.
Update Financial Profile: Your current credit limit is based on how your finances were doing when you got the card. Citi Simplicity is more likely to give you a raise if you’re now making more money or have less debt. In other words, it pays to keep your account profile up to date.
You don’t want to request a Citi Simplicity credit limit increase too often. It may require a hard credit inquiry. And that could temporarily hurt your credit score. So it’s best to make the request when your odds of success are highest.
Your Citi Simplicity® Card credit limit is at least $500, if you get approved. That’s the minimum limit listed in the card’s terms and conditions, but your maximum credit line could be as high as $100,000. It all depends on your credit history, your income, and any potential debt or liabilities you might have.… read full answer
Tips for Getting a Higher Citi Simplicity® Card Credit Limit
Watch your utilization. If you already have a credit card, try to use just a fraction of your available credit. Most sources say the magic number is around 30% or less. This will show Citi you’re not desperate.
Make more & spend less. Income and assets are a high credit limit’s friends. Lots of existing debt is not.
Wait if you need to. This credit card requires good credit for approval, for one thing. So, if you need some time to get your financial house in order before applying, take it.
If you get the card but not the credit limit you want, don’t worry too much. You can always ask for an increase later on. I’d wait at least 6 months, assuming you pay your bills on time.
To do a balance transfer with the Citi Simplicity Card, new applicants can just complete the balance transfer portion of the Citi Simplicity Card application. Existing cardholders can request a balance transfer online or by calling customer service at (800) 950-5114.
Citi Simplicity Card balance transfers usually take 14 days to process. In the meantime, continue to make payments on your original debt to avoid any late fees and possible damage to your credit score.… read full answer
How to Do a Balance Transfer with the Citi Simplicity Card (New Applicants)
Open the Citi Simplicity Card application.
Enter the account number for your existing balance.
Enter the amount you want to transfer.
Include standard application info such as your name, Social Security number, and annual income.
Submit the application.
How to Do a Balance Transfer with the Citi Simplicity Card (Existing Cardholders)
Select “View Offer” next to “You’re eligible for a balance transfer.”
Click “I want this offer," then "Start your transfer.”
Enter the account number(s) and the amount(s) you’d like to transfer.
Verify your information is correct and submit the application.
Key Things to Know About a Citi Simplicity Card Balance Transfer
The Citi Simplicity Card accepts balance transfers from other credit cards, along with mortgage payments, home equity loans, store credit cards, and auto loans, among others. The Citi Simplicity Card does not allow balance transfers from other Citibank credit accounts.
If you’re transferring a balance to a credit card with an introductory APR on balance transfers, try to pay off the balance before the introductory rate expires. Any balance remaining after that will accumulate interest daily at the card’s regular APR. Using a balance transfer calculator can be a big help.
Finally, there is a 5% (min $5) fee on Citi Simplicity Card balance transfers. Make sure to take this into account, too.
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