Citi is an advertising partner. As with all of our credit card reviews, our analysis is not influenced by any partnerships or advertising relationships.
Citi® Diamond Preferred® Card
- Introductory balance transfer rate: 0% for 18 months on Balance Transfers
- Annual fee: $0
- Regular APR: 14.74% – 24.74% (Variable)
- Recommended credit score: 740-850 (Excellent)
The Citi Diamond Preferred can help you save money with 0% intro APR on purchases and balance transfers for 18 months (14.74% to 24.74% variable APR thereafter). That makes it one of the longest offers available today for paying down a large purchase over time or eliminating debt balances without accruing more interest.
At a Glance
- 0% intro APR on new purchases for 18 months from date of account opening
- 0% intro APR on balance transfers for 18 months. Balance transfers must be completed within 4 months of account opening.
- Ongoing variable APR of 14.74% to 24.74%
- No annual fee
- Qualify for Citi Entertainment benefits and Citi Identity Theft Solutions
- Choose your payment due date
Pros
Intro 0% interest on purchases and balance transfers for 18 months
No annual fee
Choose your own payment due date
Cons
3% balance transfer fee ($5 minimum)
High variable APR of 14.74% to 24.74% after the introductory period ends
No rewards and few cardholder benefits
Penalty APR up to 29.99% variable
Additional Card Details
While the Citi Diamond Preferred is ideal for debt consolidation or paying off a large purchase without interest, you won’t get many additional perks. This card offers few benefits other than Citi Entertainment access to presale tickets and events, and Citi Identity Theft Solutions, which can help you resolve issues if your identity is hijacked.
However, you do get the chance to select your own payment due date, which can be useful if you need to plan your payments around payday or any other time of the month for budgeting purposes.
Should You Get this Card?
With hardly any cardholder perks, Citi Diamond Preferred isn’t the flashiest card offer. But it’s a useful tool if you have a lot of high-interest debt to consolidate or you could use some additional time to pay off an upcoming purchase interest-free.
With a zero interest offer lasting 18 months on both purchases and balance transfers (14.74% to 24.74% variable APR thereafter), it’s not the longest offer on the market (that goes to the U.S. Bank Visa® Platinum Card with a 20 billing cycle intro offer on purchases and balance transfers, 13.99% to 23.99% variable APR thereafter). It’s also not the cheapest: consolidating debt will cost a fee equal to 3% of your transferred balance (minimum $5). While that cost is normal for the industry, there are offers available with no balance transfer fee.
But for a simple, no-frills debt payoff tool, Citi Diamond Preferred is a solid option.
How to Use the Citi Diamond Preferred
The Citi Diamond Preferred is a good option for someone who has considerable debt to consolidate. In that case, start with a plan in mind to maximize the benefits of this card. Take stock of all the debts you’ll consolidate to your new Citi Diamond Preferred. Once you do a balance transfer and add in the 3% balance transfer fee (minimum $5), make sure you pay as much as you possibly can toward your debts each month.
While you’re in the midst of debt payoff, you’ll also want to avoid one common mistake — racking up more balances. As you work to pay off your balance, avoid using your new card for new purchases. If you charge purchases to other cards during this time, make sure you can pay them off when your statement is due; otherwise, stick to cash or debit to avoid more debt.
You should also make sure to request your balance transfer quickly after approval (you must complete the transfer within 4 months of account opening to qualify). After all, you’ll only get 0% intro APR for 18 months, and you want to make that time count.
Let’s say, for example, you have a card with a current balance of $5,700 and a 16% APR (based on national averages). Here’s how much you can save with a balance transfer using the Citi Diamond Preferred versus continuing to make minimum monthly payments (calculated at 3% of your total balance) on the current card:
| Current Card Payoff (Minimum Monthly Payment) | Citi Diamond Preferred (Paid in Full Within Intro Period) | |
|---|---|---|
| Starting Balance | $5,700 | $5,700 |
| Monthly Payment | $171 (adjust as principal decreases) | $326.17 |
| Time to Pay Off | 189 months | 18 months |
| Interest + Fees | $4,325.56 | $171 |
| Amount Paid in Full | $10,025.56 | $5,871 |
If you’re planning to use Citi Diamond Preferred for its 0% intro interest offer on new purchases, it’s still important to have a plan. Whether you’re replacing an HVAC system or buying new living room furniture, this card can be a helpful tool for spreading that cost out over 18 months. Make your purchase soon after approval so you can take full advantage of that intro period, and determine how much you’ll have to pay each month to pay the purchase in full before regular interest (14.74% to 24.74% variable APR) kicks in.
And no matter how you use the intro offer, always pay at least the minimum payments on time each month. Late payments can trigger a variable penalty APR of up to 29.99% and eliminate your intro offer.
Citi Diamond Preferred Compared to Other Cards
Citi® Diamond Preferred® Card
- Introductory balance transfer rate:0% for 18 months on Balance Transfers
- Annual fee:$0
- Regular APR:14.74% – 24.74% (Variable)
- Recommended credit:740-850 (Excellent)
- Learn more at our partner’s secure site
U.S. Bank Visa® Platinum Card
- Introductory balance transfer rate:0%* intro on BTs for 20 billing cycles
- Annual fee:$0*
- Regular APR:13.99% – 23.99%* (Variable)
- Recommended credit:670-850 (Good to Excellent)
- Learn more at our partner’s secure site
Citi Simplicity® Card
- Introductory balance transfer rate:0% for 18 months on Balance Transfers
- Annual fee:$0
- Regular APR:14.74% – 24.74% (Variable)
- Recommended credit:740-850 (Excellent)
- Learn more at our partner’s secure site
All information about the U.S. Bank Visa Platinum Card and the Citi Simplicity Card has been collected independently by NextAdvisor and has not been reviewed by the issuer.
Bottom Line
Editorial Independence
As with all of our credit card reviews, our analysis is not influenced by any partnerships or advertising relationships.
The Citi Diamond Preferred is a solid tool for eliminating your credit card debt or paying down large purchases over time. But don’t look to score any rewards or other ongoing benefits since — let’s face it — this card doesn’t really have any. Before applying, explore other balance transfer offers available today, including cards that extend 0% APR for a longer timeline or forgo the balance transfer fee.
Frequently Asked Questions
The Citi Diamond Preferred Credit Card is a solid option for consumers who want to consolidate debt. However, there are other balance transfer credit cards to consider, including ones with benefits and perks that you can continue using once your debts are paid.
The Citi Diamond Preferred Card is geared to consumers with excellent credit. You have the best chances at approval if you have a FICO score of at least 740.
Your credit limit will depend on your credit score, your income and other factors. You won’t know the credit limit you’re approved for with the Citi Diamond Preferred until you apply.
The Citi Diamond Preferred Card doesn’t offer any rewards. However, there are plenty of rewards cards that do offer 0% APR on balance transfers or purchases for a limited time period.
