Citi Diamond Preferred Review: Save on interest charges for almost two years

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About the Citi® Diamond Preferred® Card

If you’re saddled with a large credit card balance on a high-APR credit card, the Citi® Diamond Preferred® Card offers the opportunity to avoid interest charges for almost two years with a 21-month balance transfer period (then a variable rate applies). Once your high-interest balance is moved to the Citi Diamond Preferred, you can craft a repayment plan allowing you to focus on paying down the bulk of your debt without worrying about added interest charges inflating what you owe.

Citi® Diamond Preferred® Card

Rates & Fees / Terms Apply

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On Citi’s Secure Website

Welcome Bonus

N/A

N/A

Annual Fee

$0

Regular APR

18.24% – 28.99% (Variable)

Credit Score

Credit Score ranges are based on FICO® credit scoring. This is just one scoring method and a credit card issuer may use another method when considering your application. These are provided as guidelines only and approval is not guaranteed.

(700 – 749) Good, Excellent

Editor’s Take

Pros

• New applicants receive four months to complete qualifying balance transfers and get intro APR financing.
• 21 months of intro APR financing from the date of the first transfers.
• No annual fee.

Cons

• Only 12 months of intro APR financing on new purchases.
• No rewards.
• No meaningful card benefits outside of the intro APR.

Most balance transfer credit cards with intro APR offers require qualifying transactions to be completed within 60 days of account opening. However, the Citi Diamond Preferred lets you complete balance transfers within a full four months of account opening.

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.

Citi Diamond Preferred basics

• Annual fee: $0.
• Welcome bonus: None
• Rewards: None
• Regular APR: 0% intro APR for 21 months on eligible balance transfers from the date of the 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% to 28.99%. Balance transfers must be completed in the first four months. A balance transfer fee of either $5 or 5% of each transfer, whichever is greater, applies.
• Other perks and benefits: Free FICO Score, Citi Entertainment access 
• Does the issuer offer a preapproval tool? Yes.

Citi Diamond Preferred rewards

The Citi Diamond Preferred card does not offer a rewards program nor a welcome bonus as its intent is to help you save on interest charges through its generous balance transfer offer and slightly less generous intro APR offer on purchases.

Citi Diamond Preferred APR details

New cardholders are eligible for a 0% intro APR for 21 months on eligible balance transfers from the date of the 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% to 28.99%. Balance transfers must be completed in the first four months. A balance transfer fee of either $5 or 5% of each transfer, whichever is greater, applies. Know that if you are late with a payment, you will most likely forfeit either of the intro APR promotions as well as incur a potential late fee.

If using the Citi Diamond Preferred for its lengthy balance transfer offer, it’s best to avoid using the card for new purchases as that defeats the purpose of trying to pay off a large balance. If you want to use the Citi Diamond Preferred for the intro APR on purchases, know that there are other credit cards offering longer intro purchase APR deals than the Citi Diamond Preferred.

Citi Diamond Preferred balance transfer savings potential

To illustrate how much you can save using the Citi Diamond Preferred’s balance transfer offer, let’s assume you are carrying a $10,000 balance on another card with a 20% APR and want to pay it off in 21 months: 

• With your current card balance, you’ll need to pay $568 a month to pay it off in 21 months, which includes $1,934 in interest charges.
• If you transfer that balance to the Citi Diamond Preferred, your total payoff amount (which includes the 5% balance transfer fee on the amount transferred) will be $10,500.
• Your monthly payments will be reduced to $500 a month.
• Your total savings would be $1,434 ($1,934 minus $500 for the balance transfer fee), providing you don’t add to the balance with any new purchases.

Know that in exchange for such a lengthy balance transfer offer, cardholders will be charged a higher-than-average balance transfer fee. Balance transfer fees are typically 3% to 5%. So, to justify a higher balance transfer fee, it’s best for large balance transfer amounts, where the savings will be greatest.

Citi Diamond Preferred pros and cons

Citi Diamond Preferred pros

• Long introductory APR on balance transfers: The Citi Diamond Preferred offers one of the longest intro APRs for balance transfers at 21 months.
• No annual fee: The Citi Diamond Preferred charges a $0 annual fee.
• Introductory APR on purchases: In addition to the intro APR on balance transfers, the Citi Diamond Preferred also comes with an intro APR on purchases.

Citi Diamond Preferred cons

• High balance transfer fee: The Citi Diamond Preferred charges a high 5% balance transfer fee, which is added to each transferred balance. 
• Potentially high APR once promotions expire: Once the intro APR offers expire, the ongoing APR of 18.24% - 28.99% (Variable) will apply to any unpaid balance. Your ongoing APR will be determined based on your creditworthiness.
• No rewards: After the intro APR periods end, cardholders won’t benefit from any cash back or rewards points programs associated with the card.

Other Citi Diamond Preferred benefits

The Citi Diamond Preferred card is pretty sparse when it comes to additional benefits, such as car rental insurance or cell phone protection. Here’s what is included with the card:

• Free FICO Score access: Monitor your credit score anytime through your card’s online portal.
• Citi Entertainment: Cardholders can get special access through Citi Entertainment for tickets to sporting events, concerts, dining experiences and more.
• Contactless payment: Easy chip-enabled tap-and-pay payment processing.  

How the Citi Diamond Preferred compares to other similar cards 

Citi Diamond Preferred vs. Wells Fargo Reflect® Card * The information for the Wells Fargo Reflect® Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.

Another balance transfer card boasting a balance transfer intro rate for 21 months with no annual fee is the Wells Fargo Reflect. Plus, the Wells Fargo Reflect also offers a 0% intro APR for 21 months from account opening on purchases and on balance transfers made within the first 120 days, afterwards a 18.24%, 24.74%, or 29.99% variable APR applies. There’s a balance transfer fee of 5% with a $5 minimum.

The Wells Fargo Reflect offers cardholders a cellphone protection plan and access to roadside dispatch as benefits, but no rewards program. 

Citi Diamond Preferred vs. BankAmericard® credit card * The information for the BankAmericard® credit card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.  

The $0-annual-fee BankAmericard also offers a 0% intro APR for 18 billing cycles for purchases and any balance transfers made in the first 60 days, and then a variable APR of 16.24% to 26.24%. A 3% fee applies to all balance transfers. There is a $0 annual fee. 

While there are no rewards with this card either, if you happen to miss a payment deadline you won’t lose your promotional APR.

The BankAmericard also has no noteworthy benefits other than offering FICO Score access and contactless chip technology. 

Citi Diamond Preferred vs. Citi Double Cash® Card

If you’re looking for a balance transfer card that also offers a rewards program, you may want to check out the Citi Double Cash card. The card offers a 0% intro APR on balance transfers for 18 months. After that, the standard variable APR will be 19.24% to 29.24%. An intro balance transfer fee of either $5 or 3%, whichever is greater, applies to transfers completed in the first 4 months. After that, the fee will be 5% of each transfer (minimum $5). Also, there is no annual fee.

There is no intro APR offer for purchases, however, and no travel or cell phone protection benefits.

While your transferred balance does not earn cash back, any purchases you make with the card can earn 2% cash back on purchases — 1% when purchases are made and another 1% when they’re paid off, plus, for a limited time, 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/24.

Should you get the Citi Diamond Preferred card?

The Citi Diamond Preferred is best for those seeking a no-frills balance transfer card offering a generous introductory APR period. With almost two years at zero interest, the Citi Diamond Preferred can help you pay off a large high-interest balance more quickly by saving you from expensive interest charges. 

Yes, the Citi Diamond Preferred does have a high balance transfer fee, so only consider it if the math works in your favor. If the amount of debt you want to transfer is below, say, $1,000, then one of the alternative balance transfer cards mentioned above may be a better option since those balance transfer fees are more reasonable.

But with no rewards program or benefits to speak of, there would be no reason to keep the card once you use it for its intended purpose.

Citi Diamond Preferred summary