Citi^® Diamond Preferred^® Card Review [2024]: A Lengthy 21 Months of Intro APR for Balance Transfers

Card basics

Who should get the Citi Diamond Preferred card?

Having a card such as the Citi Diamond Preferred may offer you a strategic financial advantage.

You have high interest credit card debt

Substantial interest charges can make it difficult to get out of 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 since it offers 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 18.24% - 28.99% (Variable).

You have a looming large purchase

Citi Diamond Preferred also offers a 0% introductory APR on new purchases for 12 months 18.24% - 28.99% (Variable). While this isn’t one of the longest introductory offers you can find on purchases, it’s long enough to make a substantial difference in spreading out payments.

If you’ve been putting off a major purchase, such as new furniture, necessary dental work, or sports equipment, this option can make it easier on your monthly budget.

You prefer simplicity with a credit card

Earning rewards such as cash back or miles may not interest you due to their complexity or your focus on other financial goals, like debt payoff. However, this card’s main feature is its introductory APR for qualifying balance transfers and purchases, which may offer the simplicity you prefer.

Who should skip the Citi Diamond Preferred?

Not everyone will benefit from the Citi Diamond Preferred, and there are various reasons why this may happen.

You like rewards and bonuses

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, they offer other credit cards that do earn points.

For example, the Citi Double Cash^® Card features a 0% intro APR on balance transfers for 18 months, then 19.24% - 29.24% (Variable) APR, and no annual fee. You can also earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases; plus, for a limited time, earn 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/24.

You need a credit card for travel outside the U.S.

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, such as trip protection or additional rental car protections, aren’t available with this Citi credit card.

Here's a closer look at the card's other benefits:

• 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.
• Unauthorized charge 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 are a victim of identity theft, Citi's security 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.
• Free FICO® Score access: You also receive free access to your monthly FICO score, which can help you stay alert to any credit profile changes.

FAQs

Other cards to consider

If you're looking for a good intro APR offer, then the Citi^® Diamond Preferred^® Card 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. However, you may need a card offering a longer introductory offer or a few more perks.

Wells Fargo Reflect^® Card

A balance transfer card with an even lengthier introductory period worth consideration is the Wells Fargo Reflect^® Card. This card has an introductory offer of 0% APR on purchases for 21 months from account opening (then 18.24%, 24.74%, or 29.99% Variable APR). It also has a 0% intro APR for 21 months from account opening on qualifying balance transfers (then 18.24%, 24.74%, or 29.99% Variable APR).

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

Learn more in our Wells Fargo Reflect^® Card review.

Wells Fargo Active Cash^® Card

Another card within the Wells Fargo lineup with a competitive introductory APR is the Wells Fargo Active Cash^® Card. This card also has a long introductory APR on purchases and qualifying balance transfers, but unlike the Citi Diamond Preferred or Wells Fargo Reflect Card, you can earn unlimited 2% cash rewards on purchases. Plus, it includes a welcome bonus, which is a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.

Learn more in our Wells Fargo Active Cash^® Card review.

Bottom line

The Citi^® Diamond Preferred^® Card(Rates and fees) can help you manage existing credit card debt. The intro APR period is one of the main benefits of having this credit card since it can save you money on interest charges, especially if your current credit card debt APR is in the double-digit range. However, this card has no rewards program and charges a 3% foreign transaction fee.

If your primary goal is to use an intro APR period to consolidate debt and make more than minimum payments to reduce it quickly, the Citi Diamond Preferred could be a good fit. However, for other perks and rewards, explore our list of the best cash back credit cards or the best credit cards with no foreign transaction fees.

Extended 0% Intro APR for Balance Transfers

Citi^® Diamond Preferred^® Card

4.4

FinanceBuzz writers and editors score cards based on a number of objective features as well as our expert editorial assessment. Our partners do not influence how we rate products.

Citi^® Diamond Preferred^® Card

4.4

FinanceBuzz writers and editors score cards based on a number of objective features as well as our expert editorial assessment. Our partners do not influence how we rate products.

Apply Now

Why We Like It

Long introductory APR period for balance transfers

Rates and fees

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See how these cards compare:

Wells Fargo Reflect® Card

• 0% intro APR on qualifying balance transfers for 21 months from account opening on qualifying balance transfers, then 18.24%, 24.74%, or 29.99% Variable APR
• Up to $600 Cell phone protection when you pay for the cell phone with your card
• $0 annual fee
• The ongoing APR may still be competitive compared to other cards
• Rates and fees

Extended 0% Intro APR for Balance Transfers

Citi^® Diamond Preferred^® Card

4.4

FinanceBuzz writers and editors score cards based on a number of objective features as well as our expert editorial assessment. Our partners do not influence how we rate products.

Citi^® Diamond Preferred^® Card

Apply Now

Rates and fees

Current Offer

Long introductory APR period for balance transfers

Annual Fee

$0

Benefits and Drawbacks

Benefits

• 0% intro APR on balance transfers for 21 months, then 18.24% - 28.99% (Variable)) APR
• Choose your payment due date
• $0 annual fee

Drawbacks

• Does not earn rewards
• Charges 5% of each balance transfer ($5 minimum)
• Has a 3% foreign transaction fee

Card Details

• 0% Intro APR for 21 months on balance transfers from date of first transfer and 0% Intro APR for 12 months on purchases from date of account opening. After that the variable APR will be 18.24% - 28.99%, based on your creditworthiness. Balance transfers must be completed within 4 months of account opening.
• There is a balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater
• 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.
• No Annual Fee - our low intro rates and all the benefits don’t come with a yearly charge.