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Balance Transfer, Building Credit, Credit Cards

How to Do a Balance Transfer with Citi

The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.

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A balance transfer can be a great way to consolidate debt and reduce your interest rate. Citi credit cards offer some of the best options for balance transfers. If you’re looking for a balance transfer card that has low fees and a long 0% introductory APR, you might want to consider the Citi Diamond Preferred.

The Citi Diamond Preferred card currently has a 0% intro balance transfer offer good for 21 months. There is no annual fee; however, Citi will charge $5 or 3% of the total amount transferred to the card, whichever is greater. The card does offer some perks. Citi cardholders can access their FICO score for free and have access to the Citi Easy Deals portal, which provides discounted shopping items for everything from clothing and accessories to household goods. In this guide, we’ll explain exactly how to apply for a balance transfer with the Citi Diamond Preferred credit card. Although Citi offers balance transfers on other Citi cards, this is one of the best offers out there at this time.

If you have a Citi card and want to complete a balance transfer, keep reading and we will explain the process step by step.

How to Apply for a Balance Transfer with Citi

With the Citi Diamond Preferred card, you can apply for a balance transfer by phone or online. If approved, you can opt to receive a balance transfer check easily and quickly by phone or online. A balance transfer check is similar to a regular check only it’s issued by the bank (Citi in this case) and used to withdraw cash from your credit line.

With the check, you’ll need to send the money directly to the company that has the debt you’d like to pay off. With the Citi Diamond Preferred card, you can even set up direct deposit for your balance transfer so the funds will go directly into your account if you are trying to pay off a credit card online.

What You Need

To get started, you’ll need the account number and amount(s) you wish to transfer from your current credit card.

The account you are transferring is considered the “transfer from” account, while the Citi credit card will be the “transfer to” account.

If you choose to have the money deposited directly into your account, you’ll also need your bank account and routing number. With direct deposit, the funds can be deposited into your account within 1 to 2 business days. Checks are received within 10 business days.

Keep in mind that you cannot transfer the balance from other accounts issued by Citibank or its affiliates.

Completing a Balance Transfer Online

Like many other banks, Citi allows you to complete a balance transfer conveniently online. Once you receive your card and sign up for online banking, you’ll be able to complete a balance transfer online. Here are the steps you’ll need to take.

  1. Log in to your account. On the main dashboard, you should see an account summary and a link to view a balance transfer offer. Click on “View Offer.”
  1. Next, you’ll be taken to a balance transfer request page where you can review the offer and accept it by clicking “Select Offer.”
  1. Now, you’ll need to enter the transfer information, such as the amount you need to transfer, the account number, and the creditor. At this stage, you can pay up to four creditors at once under the same offer if you wish ($100 minimum amount per transfer).

If you’d like to receive a check transfer, you can also choose if you’d prefer direct deposit or a check by mail. After you’ve finished filling out all the required fields and read the terms and conditions, move to the next step.

  1. Next, you’ll be taken to a summary page where you can verify that all the information you entered was accurate. If everything looks OK, look over the terms and conditions once more and check the box at the bottom, then press the green “Submit” button.
  1. Once you click “Submit,” your balance transfer request will be complete, and you’ll be taken to a confirmation page that you can print for your records.

If you sent a payment to your creditor electronically, keep in mind that it will be received in 2-4 business days. If a balance transfer check was sent, your creditor should receive it in 7-10 business days.

Completing a Balance Transfer by Phone

If you prefer to request a balance transfer by phone, you can call the number on the back of your card and speak to a customer service representative, who can help submit the balance transfer request on your behalf.

To complete your balance transfer request over the phone, you’ll need:

Name the account is held in
Type of card/account
Card/account number
Amount to be transferred
Name of issuing organization

Balance Transfer Best Practices

Remember to keep these things in mind before you do a balance transfer:

  • Make sure you request a balance transfer within 60 days of receiving your new credit card or receiving an offer.
  • Check to make sure the terms of the balance transfer match the offer you received.
  • Keep making payments on your credit card debt even after submitting a balance transfer request. If the request takes a few days to process and your credit card bill is due, you don’t want to be stuck with a late fee for not paying on time.
  • If your sole goal of setting up a balance transfer is to pay off existing credit card debt, you may want to avoid receiving a check or direct deposit payment as you could be tempted to use the money you receive on something else instead of paying off the creditor.
  • Read the fine print carefully before you make purchases on your Citi card. Some introductory 0% balance transfer offers do not apply to purchases. In that case, you would be charged the regular APR.
  • Make sure you pay your bill on time or you may lose your balance transfer offer.
Chonce Maddox
Chonce Maddox |

Chonce Maddox is a writer at MagnifyMoney. You can email Chonce at chonce@magnifymoney.com

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