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We recommend the Citi® Diamond Preferred® Card if you're looking to pay off credit card debt - it has one of the longest 0% APR introductory periods for balance transfers we've seen so far. For 21 months, the Citi® Diamond Preferred® Card charges no interest on balance transfers. The savings in interest are very valuable for people carrying a large balance. The Citi® Diamond Preferred® Card also offers some extra perks, such as access to pre-sale tickets and purchase protection, which is a bit more exclusive. If the 21-month of no interest on balance transfers isn't significant, or if you'll pay your bill in full after 18 months, then we'd suggest applying for other cards as better investments.
- Benefits and Features
- How Does the Citi® Diamond Preferred® Card Compare to Other Credit Cards?
Review: Is the Citi® Diamond Preferred® Card Worth It?
The Citi® Diamond Preferred® Card is an excellent balance transfer credit card. It offers a 21 month long promotional period during which you don’t have to pay any interest on balance transfers. If you are struggling to pay off credit card debt, you should consider getting the Citi® Diamond Preferred® Card. However, if you're in the market for a card with a long 0% intro APR for purchases, then there are better options, such as the Citi Simplicity® Card. This card offers an 18 month 0% APR on purchases and balance transfers, and also does not charge users any late payment fees for missing a payment due date.
|Good For…||Bad For…|
|0% intro APR for 21 months on balance transfers, which is much longer than other credit cards||Foreign exchange fee limits the card's usefulness for travelers|
|Ability to buy exclusive tickets and pre-sale tickets to events with Citi® PrivatePass®||Lack of any spending rewards|
If you are someone who is looking for a rewards credit card, we suggest you look elsewhere, like the Citi® Double Cash Card. The Citi® Diamond Preferred® Card doesn’t earn you any points, miles, or spending rewards of any kind. The closest thing to having your purchases rewarded with this card is the suite of Citi Services, which offer various insurance and protections on products purchased.
We recommend this card to anyone who isn't able to pay their balance in full each month. It has fantastic interest rates, and isn’t difficult to get.
Citi® Diamond Preferred® Card Benefits and Features
The Citi® Diamond Preferred® Card doesn’t offer any rewards for the purchases you make on it. The card is instead focused on providing shoppers with low APR, as well as increasing their confidence for making new purchases. We'll explain some more about these other perks and terms below.
The Citi® Diamond Preferred® Card offers a whopping 21 month 0% introductory APR for balance transfers. This is one of the longest promotional balance transfer APR periods we’ve seen on any card. The 21 months balance transfer period starts from the date of the first transfer. For balance transfers to qualify, they must be transferred within the first 4 months of opening their account. Any transfers after this time will be faced with the same APR as is applied to purchases.
It’s important to note that this credit card has a balance transfer fee of $5 or 5% of the total balance transferred, whichever is greater. If you mean to move over a large balance, you may want to consider opting for the Chase Slate®, which comes with an introductory offer of an 0% balance transfer fee for the first 60 days the account is opened.
The Citi® Diamond Preferred® Card also comes with 0% introductory APR for 12 months on purchases. This period begins upon the opening of the account. After the promotional period ends, Citi® Diamond Preferred® Card cardholders will pay 14.74% to 24.74% Variable based on their credit worthiness. Individuals who never miss payments, and tend to not use a majority of their credit limit will find themselves on the lower end of this range.
Reducing Debt with the Citi® Diamond Preferred® Card
The Citi® Diamond Preferred® Card can save you on any mounting debt you may have on another credit card, thanks to the 0% intro APR offer extending to balance transfers. Transferring a balance will help you pay off your outstanding credit card debt faster, because you'll have a longer grace period where the amount isn't accumulating or compounding interest.
How does this work? Assume that you have an outstanding credit card balance. Assuming that, each month, you are making payments, you have interest accumulating that makes the balance harder to reduce. If you moved that balance over to the Citi® Diamond Preferred® Card, you would not have to pay those interest expenses for the first 21 months. Making the same payments, you would be ahead with your payments because you could forgo paying interest.
Other Citi® Diamond Preferred® Card Features
The Citi® Diamond Preferred® Card comes equipped with an EMV (Europay, Mastercard, Visa) smartchip. These chips are a must-have for anyone using their credit card in places like Europe and Asia. These places have long since done away with the old magnetic strip cards we know and love, and instead opted in for the more secure smartchip tech. Even the U.S is making the transition to EMV, and we’ll see more and more cards in the coming years and months come with this sort of technology.
We advise against using this card when traveling outside of the United States, due to the 3% foreign transaction fee. For example, if you were pay for a $100 dinner in Australia, the true cost of your meal would be $103 after FX fees. Furthermore, consumers should be aware that even purchases made from within the United States can result in being charged a foreign transaction fee. When shopping online, it is possible for your purchase to cross a foreign bank – automatically setting off the fee. Even transactions that take place in U.S. currency may trigger the charge.
Finally, one more noteworthy benefit of this credit card is Citi® PrivatePass®. Cardholders have the ability to purchase tickets to events and sold-out shows, through the PrivatePass® website. These include musical performances, comedy shows and more. Currently, for example, you have the ability to buy Motley Crue pre-sale tickets for their U.S. tour with the Citi® Diamond Preferred® Card.
How does the Citi® Diamond Preferred® Card compare to other Credit Cards?
In order to see the true value of the Citi® Diamond Preferred® Card, you must be able to see how it compares to your other choices. To that end, we have prepared a side-by-side comparison of the card against its leading competitors.
Citi® Diamond Preferred® Card vs Citi Simplicity® Card
While the Citi® Diamond Preferred® Card is the slightly better card for balance transfers, the Citi Simplicity® Card is better for those looking to finance a large purchase. This is because the Citi Simplicity® Card offers an extremely competitive intro 0% APR for purchases of 18 months—6 months longer than the Citi® Diamond Preferred® Card's. Once the introductory period is up, the APR for this card will be 15.74% - 25.74% Variable. Additionally, if you miss a payment the Citi Simplicity® Card will not charge you any late fees. We recommend against relying on a benefit like this, but it's nice to have. Be aware that missing credit card payments comes with an additional cost not mentioned here. Your credit score is bound to go down, and with it your future interest rates can go up.
One final note worth making about the difference between these cards is the cardmember treatment. The Citi® Diamond Preferred® Card markets itself as a "VIP" credit card, and as such it has benefits such as the Citi® PrivatePass®, which we discussed above. The Citi Simplicity® Card, unfortunately, is a little bit more bare and missing these features.
Citi® Diamond Preferred® Card vs Citi® Double Cash Card
The Citi® Double Cash Card is one of our favorite rewards credit cards. If you are someone who is diligent about always paying off their credit card bill in full each month and care about earning cash back, then we recommend going with a card like this, over the Citi Diamond Preferred®. The Citi® Double Cash Card will reward all the spending you do with it. You get 1% cash back at the time of purchase, plus another 1% on top of that when you pay off your balance.
Citi® Diamond Preferred® Card vs Chase Slate®
The Chase Slate® has a 0% introductory APR period on purchases and balance transfers lasting 15 months. For balance transfers, that is 6 months less than what you’re given with the Citi® Diamond Preferred® Card. Once the promotional period ends on both cards, the Chase Slate® Credit Card can have slightly higher interest rates – 16.74% - 25.49% Variable.
Where is the Chase Slate® credit card better than the Citi® Diamond Preferred® Card. As a balance transfer credit card, the Chase Slate® is one of our favorite, due to its introductory offer on of having no transfer fees on balances transferred within the first 60 days of card membership. This can have a huge impact for anyone who needs to move over large balances. Citi Diamond Preferred® Card users who want to transfer a balance to their card must pay either $5 or 5% of the amount transferred, whichever of the two is greater.