If you have credit card debt, transferring an existing balance to a card with a low introductory APR can be a great way to pay down what you owe with less burden from interest fees. The Citi® Diamond Preferred® Card is an excellent balance transfer credit card thanks to its long intro APR period.
This credit card offers 0% introductory APR on balance transfers for 21 months, then 18.24% - 28.99% (Variable). Learn more in this Citi Diamond Preferred Card review.
Extended 0% Intro APR for Balance Transfers
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Long introductory APR period for balance transfers
- The Citi® Diamond Preferred® Card offers a lengthy 0% introductory APR on balance transfers for 21 months, then 18.24% - 28.99% (Variable). This can help you pay down existing credit card debt without incurring interest charges during the introductory APR period.
- This card also offers 0% introductory APR on purchases for 12 months, then 18.24% - 28.99% (Variable).
- The Citi Diamond Preferred comes with some perks, including protection against unauthorized credit card charges and access to Citi Entertainment, offering special access to events and concerts.
- The Citi Diamond Preferred doesn’t offer rewards for credit card purchases. If you’d like to earn cash back or points from your credit card spending, you might want to consider other options.
Who should get the Citi Diamond Preferred card?
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. It’s a balance transfer credit card that offers a 0% intro APR period of 21 months (then 18.24% - 28.99% (Variable)). It also offers a 0% intro APR for 12 months on purchases (then 18.24% - 28.99% (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 type||0% APR|
|Credit card issuer||Citi|
|Credit card network||Mastercard|
|Recommended credit score||Excellent, Good|
0% introductory APR on purchases for 12 months, then 18.24% - 28.99% (Variable)
0% introductory APR on balance transfers for 21 months, then 18.24% - 28.99% (Variable)
|Foreign transaction fee||3%|
Why we like the 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 18.24% - 28.99% (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 18.24% - 28.99% (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.
- 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 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.
What we don't like about the Citi Diamond Preferred: drawbacks
- 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.
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.
Another card to consider would be the BankAmericard® credit card. This card has a 0% intro APR for 18 billing cycles for any qualifying balance transfers made in the first 60 days (then 16.24% - 26.24% 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 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 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
Citi Diamond Preferred FAQ
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.
Citi® Diamond Preferred® Card: bottom line
The Citi® Diamond Preferred® Card can help you manage existing credit card debt, offering 0% intro APR on balance transfers for 21 months, then 18.24% - 28.99% (Variable).
We think this 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 digits 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.