Citi Bank Balance Transfer Credit Offers:
Citi customers may have received an offer to transfer balances from one credit card to your Citi Card at a promotional transfer rate of 0% – this offer may be a great deal for consumers who are currently paying on high interest credit card balances. Understanding how balance transfers work is quite simple – essentially you are taking the debt you owe on one credit card and paying it off with your line of credit on your existing Citi Credit Card. This may not at first be obvious why anyone would want to switch your balances from one card to another but due to Citi offering 0% interest rate for balance transfers, consumers can save significant money if they have balances which are currently subject to interest.
What Should Consumers Know Regarding Credit Card Balance Transfer With Their Citi Credit Card?
- Transfers will be subject to a $10 transfer fee of 5% of the balance transfer – offers may expire to check your mailing offer to dates to complete your transfer by
- After your promotional period is over, your rate will be subject to your standard variable purchase rate which will vary depending on your card’s APR
- Consumers can log in through the Citi Balance Transfer homepage to see their balance transfer offers or you can simply use the information which was sent to you in the mail if you received an offer
- Your balance transfer must not exceed your available credit limit so be sure to calculate for your transfer fee when determining your available limit
- The checks sent to you can be used to directly pay off your balance and the expense will be charged to your Citi Credit Card Account once processed
Most credit cards range from about 10-25% annual percentage rate. That means when you do not pay off your balance in full you are being charged interest each statement you maintain an unpaid balance. Consumers should look to keep any existing debt at the lowest possible interest rate. The promotional rates offered by Citi allow you to transfer your balance and you will be subject to the rate through the promotional period. You may have received an offer for 0% as well as an additional offer for 0.99% which may have an extended period for the given rate. Ideally, consumers would be best served selecting the 0% rate but if you require more time to pay down your debt another offer at a lower rate for a longer period of time may be considered.