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Q: I am looking to transfer a balance from another card to my Citi Platinum Select card. It there a maximum amount of money I can transfer?
A: There is no set maximum balance transfer amount with the Citi Platinum Select card. However, the amount cannot exceed the credit limit placed on the card.
When making balance transfers, Citi Platinum Select Card users should also remember that a different APR (interest rate) is set for balance transfers than for regular purchases or transactions. Sometimes, there may be an introductory rate of 0% for the first balance transfer for a specific period of time, such as six months to a year.
After that, however, and for subsequent balance transfers, the interest rate may be as high as in the 22% to 24% range. This will, of course, result in a higher payment on just these transactions as well as any others that are made using the City Platinum Select Card.
If making balance transfers did remove balances from credit cards with overall high interest rates, then it may be worth it. Further, if doing so results in lower overall credit card payments, then this can be an asset. However, if making them will not have a noticeable impact on payment amounts or interest rates, then it may be wise to only make one or two and leave the others on their respective cards.