Citi® Diamond Preferred® Card Review [2023]: A Lengthy 21 Months of Intro APR for Balance Transfers

Citi Diamond Preferred offers extended intro APR on balance transfers. Is it right for your wallet? (Citi is a FinanceBuzz partner.)
Last updated May 9, 2023 | By Kevin Payne

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If you feel buried under credit card debt, transferring an existing balance to a card with a 0% introductory APR can be a great way to pay down debt without the burden of interest fees. The Citi® Diamond Preferred® Card is an excellent option if you’re looking for a balance transfer credit card. 

Keep reading this Citi Diamond Preferred card review to find out if it's a good match for your financial goals and needs.

Extended 0% Intro APR for Balance Transfers

Current Offer

Long introductory APR period for balance transfers

Annual Fee


Benefits and Drawbacks
Card Details

In this Citi Diamond Preferred review:

Who should get the Citi Diamond Preferred card?

Substantial interest charges can make it difficult to get out from under mounting credit card debt. The Citi Diamond Preferred is a great option if you have existing credit card debt and need a solution for paying it off over time without incurring interest charges. It’s a balance transfer credit card that offers a 0% intro APR period of 21 months (then 17.99% - 28.74% (Variable)). It also offers a 0% intro APR for 12 months on purchases (then 17.99% - 28.74% (Variable)).

If you want to earn rewards, Citi Diamond Preferred isn’t the card for you. It’s not a rewards credit card, and you won’t earn any points or miles from purchases made on this card. If you’re loyal to Citibank, it offers other credit cards that do earn points.

Citi Diamond Preferred is not a good choice if you plan on traveling, especially outside the U.S. It has a 3% foreign transaction fee on international purchases. In fact, Citi discontinued many of its other travel perks in 2019 so even fringe travel benefits aren’t available with this Citi credit card.

Card basics

Card type 0% APR
Credit card issuer Citi
Credit card network Mastercard
Annual fee $0
Recommended credit score Excellent, Good
Intro APR 0% introductory APR on purchases for 12 months, then 17.99% - 28.74% (Variable)

0% introductory APR on balance transfers for 21 months, then 17.99% - 28.74% (Variable)
Foreign transaction fee 3%

Citi Diamond Preferred benefits and perks

  • Lengthy balance transfer offer: With the Citi Diamond Preferred, new cardholders receive a 0% introductory APR offer on balance transfers for 21 months after account opening. Transfers must be completed within the first four months of account opening to be eligible. Transfers are also still subject to a balance transfer fee based on the amount of each transfer. The current fee is 5% of each balance transfer ($5 minimum). Once the intro period has ended, your balance will be subject to the regular variable APR of 17.99% - 28.74% (Variable).
  • Intro APR on purchases: New cardholders also benefit from a 0% introductory APR on new purchases for 12 months after account opening. Again, once the introductory period for the interest rate has ended, any balance you have left on those purchases will be subject to the regular APR of 17.99% - 28.74% (Variable).
  • Entertainment access: Your Citi Diamond Preferred card gives you access to Citi Entertainment. This perk gives you special access to purchase tickets for thousands of events, ticket presales, and exclusive concerts, sporting events, and dining experiences.
  • Purchase protection: With Citi Diamond Preferred, you’re protected against unauthorized credit card charges with $0 liability.
  • Identity theft protection: This card also comes with identity theft protection. If you fall victim to identity theft, Citi Identity Theft Solutions can help you resolve the issue.
  • No annual fee: There is no annual fee with the Citi Diamond Preferred Card.
  • Choose your due date: You can pay your bill on any available date during the month.

Drawbacks to the Citi Diamond Preferred

  • No rewards program: This card doesn't offer rewards for your credit card purchases. If you are interested in earning cash back or points from your credit card purchases, you may want to take some time to compare credit cards to find a better option.
  • Foreign transaction fee: The Citi Diamond Preferred Card has a 3% foreign transaction fee.
  • Mastercard vs. Visa: It won't matter most of the time, but there may be instances where this card being a Mastercard is a drawback. For example, Costco only accepts Visa cards in their stores.

Citi Diamond Preferred FAQs

Is the Citi Diamond Preferred a good card?

Depending on your needs, the Citi Diamond Preferred can be a great credit card to have. If you’re interested specifically in transferring existing credit card debt and paying it off over time without incurring interest charges, the Citi Diamond Preferred is a solid choice. 

What credit score do I need to get a Citi Diamond Preferred card?

If you apply for a new credit card, Citibank will perform a hard pull or hard credit inquiry to determine your creditworthiness. The Citi Diamond Preferred Card requires good to excellent credit, which would be a FICO credit score of 670 or higher.

Does Citi Diamond Preferred cover rental car insurance?

No, there are no rental car insurance perks with the Citi Diamond Preferred Card. This and many other perks were discontinued by Citi in 2019.

Does the Citi Diamond Preferred charge a late fee?

Yes, the Citi Diamond Preferred charges a late fee of up to $41. You may also end up paying a higher penalty APR as a result of late payments as well. 

If you are worried about late payments, you may want to consider the Citi Simplicity® Card instead. The Citi Simplicity card charges no late fees nor penalty APR. By comparing the Citi Simplicity vs. Citi Diamond Preferred cards side-by-side, you can see which is the better fit for your needs.

Can I get a Citi Flex Loan with the Citi Diamond Preferred?

Citi Flex Plan offers are available with the Citi Diamond Preferred. Whether or not they will be available to you as an individual will be at Citi's discretion, though. The amount of money you can borrow will also depend on your creditworthiness and your credit limit.

Other cards to consider

If you're looking for a good intro APR offer, then the Citi Diamond Preferred could be a good fit for you. The intro purchase APR could give you the time to pay down a large purchase interest free or the balance transfer APR may help you pay down existing credit card debt. 

Another card to consider would be the BankAmericard® credit card. This card has a 0% intro APR for 21 billing cycles for any qualifying balance transfers made in the first 60 days (then 15.74% - 25.74% Variable APR). 

Another balance transfer card to consider is the Wells Fargo Reflect® Card. This card has an introductory offer of 0% APR on purchases for 21 months from account opening (then 17.99% - 29.99% variable APR). It also has a 0% intro APR for 21 months from account opening on qualifying balance transfers (then 17.99% - 29.99% variable APR). 

The lengthy intro period for both balance transfers and purchases could make the card a good fit if you have a larger purchase in mind or want to keep your options open. 

Extended 0% Intro APR for Balance Transfers

Why We Like It

Long introductory APR period for balance transfers

See how these cards compare:

BankAmericard® credit card
BankAmericard® credit card
  • Extensive intro APR on qualifying balance transfers and purchases
  • FICO Credit score monitoring
  • No annual fee
Wells Fargo Reflect® Card
Wells Fargo Reflect® Card
  • 0% intro APR on qualifying balance transfers and purchases for 21 months from account opening, then 17.99% - 29.99% variable APR
  • Cell phone protection
  • $0 annual fee
  • Rates and fees

Author Details

Kevin Payne Kevin Payne is a freelance writer specializing in student loans, credit cards, personal finance, and travel. He is a regular contributor to Club Thrifty, Millennial Money, and Student Loan Planner. As the budget and family travel expert behind, Kevin recently turned his writing side hustle into his full-time career. He lives in Cleveland, Ohio, with his wife and four kids.