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 … read full answerbalance transfer fee of 0% - 3%, to the balance transfer card's issuer. If you repay the full amount of your balance transfer before the new card's high regular APR takes effect, you could save a lot of money on finance charges and get out of debt sooner.
Keep in mind that balance transfers can take a while to process, as long as six weeks in some cases. So, it's important to keep making payments to your original creditor until the transfer goes through. Otherwise, you risk late fees and credit score damage.
How to do a balance transfer:
Check your credit score. Balance transfer credit cards with 0% APRs usually require good credit or better for approval. Knowing your credit score will make it easier to compare relevant credit card offers.
Find the best balance transfer card for you. Compare cards based on their balance transfer APRs, balance transfer fees, and annual fees. Also, consider how much you can afford to pay each month. Using a balance transfer calculator can help.
Apply for your balance transfer card. Fill out the application with your personal and financial information, including the section of the application for requesting a balance transfer. Provide the account number and the amount you want to transfer to make the request. It's best to ask for a balance transfer when you apply because promotional 0% APR periods start as soon as the account opens.
Keep making payments. Keep up payments to your original creditor until the balance transfer goes through, or you could be marked as past-due. You will be credited for any payments made during this period after the transfer gets processed.
Receive a decision. The issuer may allow you to transfer the full amount that you request or offer to transfer part of the balance instead. Or, your balance transfer request could be denied, depending on your creditworthiness and available funds. It may take a few weeks to get a decision.
Pay the rest of the balance. Try to pay off a transferred balance before your new credit card's low introductory APR expires. A high regular rate will apply to any balance remaining at that time. If you still have a balance on your original account, continue repaying that as well.
It's also good to note that you can transfer multiple balances to the same credit card. But that can lead to paying a lot in balance transfer fees and interest, if you're not careful.
Now that you've learned how to do a balance transfer, you're on your way to saving money on interest and getting out of debt. For more tips and info, check out WalletHub's in-depth balance transfer guide.
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.… read full answer
For example, you can only transfer credit card debt to a Chase credit card. But nine major issuers – including Bank of America, Barclaycard and Citi – allow you to transfer any type of consumer debt, according to WalletHub research.
Types of Balances You Can Transfer to a Credit Card:
Credit card from a different bank or credit union – All major balance transfer credit cards.
Auto loan, personal loan, mortgage, student loan, etc. – Some balance transfer credit cards.
Credit card from the same bank or credit union – No credit card companies.
The one restriction that all major credit card companies have in common is that you can’t transfer a balance between two cards from the same issuer. Allowing the practice wouldn’t make much sense for the credit card companies. They wouldn’t get any new business out of the transaction. Rather, they’d just be allowing existing customers to refinance their credit card debt.
Finally, it’s worth noting that just because you can transfer a certain type of debt doesn’t mean you should. It’s best to transfer only what you can afford to repay during a card’s 0% intro period. Balance transfer credit cards tend to have high regular APRs, and another 0% transfer card won’t always be there to bail you out.
So, no matter what type of balance you transfer, make sure to use a balance transfer calculator to plan your payments and confirm you’re getting a good deal.
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.… read full answer
How Long a Balance Transfer Takes by Credit Card Company:
Company
How Long a Transfer Takes
American Express
Usually 5-7 days, but up to 6 weeks
Bank of America
Up to 14 business days
Barclays
Up to 10 business days
Capital One
Usually 3-14 business days
Chase
Usually within a week, but up to 21 days
Citi
Up to 21 business days
Wells Fargo
Up to 14 business days
While you wait for your balance transfer approval, it is important to keep making payments toward the balance being transferred. You should send these to your original creditor. If you don’t, your balance could be reported as past-due. This might damage your credit standing and put the transfer at risk.
Once the credit card transfer is finalized, you will see a credit listed on your original account. It will look like a payment was made. And your old balance will be listed on your new balance transfer credit card account. Remember, unless you have a 0% transfer card, interest will start to accrue as soon as your balance gets transferred.
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