To do a balance transfer with Citibank, new applicants can just complete the balance transfer portion of a Citibank credit card application. Existing cardholders can request a balance transfer online or by calling customer service at (800) 950-5114 .
Citibank balance transfers usually take 14 days to process. In the meantime, continue to make payments on your original debt in order to avoid any late fees and possible damage to your credit score.
How to Do a Balance Transfer with Citibank (New Applicants)
Open the application for the Citibank balance transfer card you want to apply for.
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 Citibank (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 Citibank Balance Transfers
Citibank accepts balance transfers from other issuers’ credit cards, along with auto loans and student loans.
Citibank 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.
Finally, there is a balance transfer fee of 3% (intro) to 5% (min $5) on Citibank balance transfers, depending on the card. Make sure to take this into account, too.
The best way to do a balance transfer is to apply for a new credit card with a low balance transfer APR and low fees. If your balance transfer credit card application is approved, the new card’s issuer will pay your original creditor for the amount transferred. You will then owe that amount, plus a balance transfer fee of 0% - 3%, to the balance transfer card’s issuer. If you repay the full amount of your balance...
Each credit card company has its own policies about the types of debt that you can transfer to its credit cards. All major credit card companies allow you to transfer a balance from another issuer’s credit card but not one of their own. Some issuers also allow you transfer other types of debt, such as a balance from an auto loan, student loan, payday loan, mortgage, etc.
A balance transfer usually takes 14 to 21 days from when you submit a balance transfer credit card application. But depending on the issuer, it could take as few as 3 days or as many as 42. To make a balance transfer take as little time as possible, apply online so the issuer can review your application sooner.
How Long a Balance Transfer Takes by Credit Card Company:
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