Communication between cortical sites is mediated by long-range synaptic connections. However, these connections are relatively static, while everyday cognitive tasks demand a fast and flexible routing of information in the brain. Synchronization of activity between distant cortical sites has been proposed as the mechanism underlying such a dynamic communication structure. Here, we study how oscillatory activity affects the excitability and input-output relation of local cortical circuits and how it alters the transmission of information between cortical circuits. To this end, we develop model circuits showing fast oscillations by the PING mechanism, of which the oscillatory characteristics can be altered. We identify conditions for synchronization between two brain circuits and show that the level of intercircuit coherence and the phase difference is set by the frequency difference between the intrinsic oscillations. We show that the susceptibility of the circuits to inputs, i.e., the degree of change in circuit output following input pulses, is not uniform throughout the oscillation period and that both firing rate, frequency and power are differentially modulated by inputs arriving at different phases. As a result, an appropriate phase difference between the circuits is critical for the susceptibility windows of the circuits in the network to align and for information to be efficiently transferred. We demonstrate that changes in synchrony and phase difference can be used to set up or abolish information transfer in a network of cortical circuits.