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Its long intro APR on balance transfers makes it a compelling option.
Ashley Parks Ashley Parks
Written by
Courtney Mihocik Courtney Mihocik
Edited by
Claire Dickey Claire Dickey
Reviewed by
/ 11 min
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Snapshot
4.1
Bankrate rating
Rating: 4.1 stars out of 5
Bottom line
This card’s long intro APR offer could give you a needed reprieve from interest charges, but its lack of rewards doesn’t offer much long-term value after you’ve paid off your balance.
BEST FOR BALANCE TRANSFERS
-
Introductory offer
Rating: 5 stars out of 5
5 / 5
Fees
Rating: 3 stars out of 5
3 / 5
Features
Rating: 2 stars out of 5
2 / 5
Good to Excellent(670–850)
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Recommended Credit
0% for 12 months on Purchases
Purchase intro APR
Regular APR
N/A
Intro offer
Intro offer is not available for this Citi credit card.
N/A
Rewards rate
Rewards rate is not available for this credit card.
Annual fee
On This Page
On This Page
- Current offer details
- Citi Diamond Preferred pros and cons
- Reasons to get this card
- Reasons to skip this card
- Balance transfer fee vs. interest payments
- Citi Diamond Preferred vs. other balance transfer cards
- Is this card worth getting?
- Rating methodology
- Frequently asked questions
Citi is an advertising partner
Citi® Diamond Preferred® Card Overview
Whether you want to pay off debt with a balance transfer or finance new purchases, the Citi Diamond Preferred could be a lifesaver. This no-annual-fee card comes with a lengthy introductory APR offer on balance transfers, carries a decent intro APR offer for new purchases and gives cardholders with good to excellent credit a relatively low ongoing APR.
If you’ve accrued a large balance on other cards, the Diamond Preferred could be just what you need to minimize interest charges as you pay off debt. But if you’re more focused on financing new purchases and earning rewards, a cash back or rewards card with a longer intro APR period on new purchases may be a better fit.
Rewards
- This card does not offer rewards
Expert Appraisal: Typical
See our expert analysis0% APR offer
- 0 percent intro APR on balance transfers for 21 months on transfers completed within four months of account opening
- 0% for 12 months on Purchases
- 5 percent balance transfer fee applies (or $5, whichever is greater)
- 18.24% - 28.99% (Variable)
Expert Appraisal: Excellent
See our expert analysisRates and fees
- $0 annual fee
- 3 percent foreign transaction fee
- Balance transfer fee applies with this offer 5% of each balance transfer; $5 minimum.
Expert Appraisal: Typical
See our expert analysisOther cardholder perks
- Citi Flex Loan
- Citi Entertainment
- Citi Easy Deals
Expert Appraisal: Typical
See our expert analysis
Citi Diamond Preferred pros and cons
Pros
It has one of the longest introductory APR periods on qualifying balance transfers available.
The low ongoing APR could make the card worth keeping even after you’ve paid off your balance if you plan on occasionally carrying a balance.
The card has no annual fee, which helps cut costs when paying down debt.
Cons
The intro APR period on purchases is much shorter than the intro APR for balance transfers.
The 5 percent balance transfer fee (or $5, whichever is higher) is higher than typical.
There is no rewards program, limiting its long-term value.
Why you might want the Citi Diamond Preferred
The sizable intro APR on balance transfers and the potential for a lower-than-average ongoing APR make the Citi Diamond Preferred a competitive option among balance transfer cards.
Intro APR offer: Impressively long for balance transfers
The advantage of a balance transfer card is to get the most time to pay off credit card debt. The Citi Diamond Preferred meets this need, offering a 0 percent intro APR period of 21 months from account opening on balance transfers (then 18.24 percent to 28.99 percent variable; greater of $5 or 5 percent balance transfer fee applies).
You have almost two years to pay your balance down without added interest. To qualify for this offer, you must complete your balance transfer within the first four months of account opening. While the Citi Diamond Preferred offers one of the longest transfer windows available, it’s best to transfer your balance as soon as possible to take advantage of the interest-free period.
Ongoing interest rate: Lower than average
The low end of the Citi Diamond Preferred’s ongoing interest rate falls below the current average interest rate of around 20 percent, which is one of the highest APR averages on record. This means you still may be able to save more with this card compared to others even after the intro APR offers end.
Only a few cards match this low ongoing APR, and two of the best balance transfer cards have lower potential ongoing APRs: the Discover it® Balance Transfer credit card and the BankAmericard® credit card. Although these cards may save you more interest long-term, both have shorter intro APR periods on balance transfers.
Why you might want a different balance transfer card
While the Citi Diamond Preferred offers a stellar intro APR offer, the card’s long-term benefits are lacking. It has no rewards program or welcome offer, a high balance transfer fee and limited cardholder perks. Once you’ve paid your balance off or your intro APR period ends, the card’s limited value makes it difficult to justify keeping.
Rewards: No rewards structure or welcome offer
Although typical for many balance transfer cards, the Citi Diamond Preferred doesn’t offer rewards or a welcome offer. If your primary goal is to consolidate and pay off debt, the Citi Diamond Preferred may be ideal. But if you want to add a card to your wallet with more consistent long-term value, the Citi Diamond Preferred falls flat. The lack of a rewards program gives little incentive to keep the card long-term, and the disappointingly short intro offer on purchases does little to lift this card’s value.
You may be able to find rewards cards that have comparable intro APR offers if you’re willing to sacrifice a few months of zero interest for longer ongoing value. For instance, the Discover it® Balance Transfer has a shorter intro APR offer but earns 5 percent back on activated quarterly rotating bonus categories (up to $1,500 then 1 percent). Plus, Discover has a great portfolio of credit cards to choose from if you ever want to change your card once your intro APR period ends.
Rates and fees: Balance transfer fee is on the higher end
A balance transfer fee is often either 3 or 5 percent of the amount you transfer to another card. The Citi Diamond Preferred’s balance transfer fee falls on the high end at $5 or 5 percent, whichever is greater — which means transferring a balance with this card will be more expensive than what you’d find on other balance transfer cards.
For example, if you transferred $1,500 to the Citi Diamond Preferred, Citi will tack on another $75 to the balance. However, its intro APR period is longer than most, so plugging your balance into a balance transfer calculator can help you see if a lower-fee card with a potentially shorter intro APR period would cost less than the Citi Diamond Preferred.
Other cardholder perks: Limited outside of the Citi-specific
Some perks the Citi Diamond Preferred offers could prove helpful, but they aren’t much to write home about. The Citi Flex Loans perk, available by invitation only, allows you to borrow money against your Citi credit card limit at a fixed rate and pay it back over a set period of time, with no additional fees, application or credit inquiry required. This feature could be useful if you need a personal installment loan down the line.
Meanwhile, Citi Entertainment and Citi Easy Deals are common shopping and entertainment access portals like you’d find with other issuers. However, if you are trying to pay off debt, the Citi Easy Deals could add to your balance, so it might not be the most worthwhile perk if you’re paying down debt. The upside is that the lack of perks on this card may help you focus on paying off debt rather than chasing statement credits or spending requirements.
Balance transfer fee vs. interest payments
If you’re carrying credit card debt and facing high-interest charges each month, any balance transfer card can help you pay down that balance. However, the Citi Diamond Preferred could help pay over a longer period than most balance transfer cards. Transferring your balance can help you save on interest and give you a time-based incentive to pay off your debt. While you might not be able to pay off your entire balance during a card’s introductory period, having a deadline can be a great way to motivate monthly payments.
Here’s a look at how much you could save on interest by transferring a balance to the Citi Diamond Preferred, assuming you have average credit card debt (around $6,000), an average APR on your current card (around 20 percent) and make fixed monthly payments of $240. Based on data from Bankrate’s balance transfer calculator and minimum payment calculator, a balance transfer will enable you to pay off your debt five months earlier and save a little over $1,400 in this example. Your only extra cost with the Diamond Preferred would be the $5 or 5 percent balance transfer fee.
| Card | Payoff time | Total estimated cost |
|---|---|---|
| Citi Diamond Preferred | 21 months* | $300 (5% balance transfer fee) |
| Credit card with 20% APR | 26 months | $1,730 (interest charges) |
*Then an ongoing APR of 18.24% - 28.99% (Variable)
How the Citi Diamond Preferred compares to other balance transfer cards
A handful of cards match the Citi Diamond Preferred Card’s intro APR offer and offer additional benefits like cash back rewards or a lower ongoing APR. Here’s how the Citi Diamond Preferred compares to competing balance transfer credit cards.
Annual fee
$0
Intro offer
N/A
Rewards rate
N/A
Recommended Credit Score
Good to Excellent(670–850)
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
BankAmericard® credit card
Bankrate Score
Annual fee
$0
Intro offer
N/A
Rewards rate
N/A
Recommended Credit Score
Good to Excellent(670–850)
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Annual fee
$0
Intro offer
$200 cash back
Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.
Rewards rate
1% - 5%
Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time. 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.
Recommended Credit Score
Fair to Good(580–740)
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Who is the Citi Diamond Preferred right for?
As a solid balance transfer card, the Citi Diamond Preferred is most beneficial to anyone who wants to pay off their debt.
Bankrate’s Take — Is the Citi Diamond Preferred worth it?
If you need to pay down debt or finance purchases, the Citi Diamond Preferred Card should be a good fit. Though it carries a high $5 or 5 percent balance transfer fee and lacks rewards or cardholder perks, this card should get the job done if you want to tackle debt without paying interest.
The shortened intro purchase APR and limited long-term value may make no-annual-fee rewards cards with slightly shorter intro APR periods more worthwhile options, especially after you’ve paid off your balance. If you need the longest period possible to pay down your balance, the Diamond Preferred is still solid, but other balance transfer-focused cards also offer more favorable intro APR periods on purchases.
Dig deeper:Is the Citi Diamond Preferred worth it?
How we rated this card
100+
card ratings
400+
APRs tracked
3000
data points analyzed
40+
perks evaluated
Our proprietary card rating system takes into account a mix of factors when scoring balance transfer and low-interest cards, including each card’s introductory APR, intro APR period length, ongoing APR, balance transfer fee, perks and more.
While balance transfer and low-interest cards share a similar ratings rubric, we weigh features differently based on how a card is categorized. We categorize cards that carry an especially long intro APR offer on balance transfers as dedicated balance transfer cards, while cards that offer an especially low ongoing APR are considered general low-interest cards.
Based on its features, we assigned this card a primary category of balance transfer and tailored our ratings accordingly.
We analyzed over 100 of the most popular balance transfer and low-interest cards and scored each based on how its key features stacked up against those of other cards in its category.
Here’s a breakdown of what gave this card its score:
*The information about the BankAmericard® credit cardhas been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.
Frequently asked questions
Compare the best zero interest credit cards
As a Bankrate credit cards editor, Ashley Parks is fascinated by the ways people can make credit cards work for them when armed with the right knowledge.
Edited by Courtney Mihocik Courtney Mihocik
* See the online application for details about terms and conditions for these offers. Every reasonable effort has been made to maintain accurate information. However all credit card information is presented without warranty. After you click on the offer you desire you will be directed to the credit card issuer's web site where you can review the terms and conditions for your selected offer.
Editorial Disclosure: Opinions expressed here are the author's alone, and have not been reviewed or approved by any advertiser. The information, including card rates and fees, is accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information.
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