What is a credit card balance transfer?

A credit card balance transfer involves moving debt from a high-interest credit card to a new card with a lower interest rate, ideally one with an introductory 0% period. Essentially, you're using one credit card to pay off another, but because you aren't paying as much in interest, you have more money available to pay down your debt faster.

How long does a balance transfer take?

Balance transfers must be completed within 4 months of account opening. Get free access to your FICO® Score online. With Citi Entertainment®, get special access to purchase tickets to thousands of events, including concerts, sporting events, dining experiences and more.

What is a balance transfer fee?

A balance transfer fee is the cost imposed by your card issuer to move debt from one card to another. These fees typically cost 3% to 5% of the amount being transferred and may have a minimum cost of $5. For example, transferring a $1,000 balance with a 5% fee would incur a one-time cost of $50.