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 is an excellent option if you’re looking for a balance transfer credit card. Unfortunately, this card doesn’t offer too many benefits beyond its generous introductory APR balance transfer period.
Keep reading this Citi Diamond Preferred card review to find out if it's a good match for your financial goals and needs.
No annual fee and 0% intro APR
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 18 months. It also offers a 0% intro APR for 18 months on purchases.
If you want to earn rewards, Citi Diamond Preferred isn’t the card for you. It’s not a rewards credit card. You won’t earn you 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 type||0% APR|
|Credit card issuer||Citi|
|Credit card network||Mastercard|
|Intro bonus||0% intro APR on purchases and balance transfers for 18 months|
|Recommended credit score||Excellent|
0% introductory APR on purchases for 18 months
0% introductory APR on balance transfers for 18 months
|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 on balance transfers for 18 months after account opening. Transfers must be completed within the first four months of account opening to be eligible. Transfer are also still subject to a balance transfer fee based on the amount of each transfer. The current fee is $5 or 3%, whichever is greater. Once the intro period has ended, your balance will be subject to the regular variable APR.
- Intro APR on purchases: New cardholders also benefit from a 0% introductory APR on new purchases for 18 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.
- 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.
Drawbacks to the Citi Diamond Preferred
- Limited benefits and no rewards program: Beyond the generous introductory APR period, this card offers limited benefits. 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. It’s not a rewards credit card, so if that’s what you’re looking for, another credit card would be a better option. 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 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 $40. 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. On the other hand, the lack of a rewards program may not work for you. If that's the case, then here are some other credit card offers you might consider.
If you like Citibank, another card to consider would be the Citi Double Cash card. It's a great rewards card if you're also looking for low interest on balance transfers. This card has a 0% intro APR on balance transfers for 18 months. You can also earn up to 2% cash back on all purchases: 1% as you buy and 1% as you pay.
If you're looking to save on new purchases and want to check out other credit card companies, then take a look at the Chase Freedom Flex. This card has an introductory offer of 0% APR on purchases for 15 months. This card also features bonus categories that allow you to earn more Chase Ultimate Rewards points. You can earn 5% on rotating quarterly categories (on up to $1,500 spent) and travel purchased through the Chase Ultimate Rewards portal; 3% at restaurants (including takeout and delivery) and drugstores; and 1% on all other purchases.
No annual fee and 0% intro APR
Citi Diamond Preferred
Citi Diamond Preferred
0% intro APR on purchases and balance transfers for 18 months