Citi® Diamond Preferred® Card
Citi® Diamond Preferred® Card
  • On Citibank's Secure Website
Citi® Diamond Preferred® Card
Citi® Diamond Preferred® Card
  • On Citibank's Secure Website

Citi® Diamond Preferred® Card Review: 18 Month Long 0% Intro APR For Balance Transfers

Citi® Diamond Preferred® Card Review: 18 Month Long 0% Intro APR For Balance Transfers

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

Editor's Rating

?

  • On Citibank's Secure Website

Editor's Rating

?

  • On Citibank's Secure Website

The Citi® Diamond Preferred® Card helps consumers pay off debt with a long introductory APR offer on balance transfers and no annual fee.

Citi is an advertising partner

The Citi® Diamond Preferred® Card is one of the top balance transfer credit cards on the market today, due to its generous introductory APR offer and the fact there's a $0 annual fee.

If your goal is getting out of debt, the Citi® Diamond Preferred® Card can help you consolidate and pay down debt with an intro APR of 0% for 18 months on Balance Transfers and 0% for 18 months on Purchases (an APR of 14.74% - 24.74% (Variable) applies thereafter). Since the 0% APR applies to both balance transfers and items you buy with your card, the card is also useful if you need to make a large purchase and pay it down over time.

Unfortunately the Citi® Diamond Preferred® Card is lacking in other benefits — if you're searching for a good long-term credit card, you may want to look for a balance transfer card with a rewards program instead.

Citi® Diamond Preferred® Card

  • On Citibank's Secure Website

$0

14.74% - 24.74% (Variable)

Excellent/Good

  • 0% Intro APR for 18 months on purchases from date of account opening and 0% Intro APR for 18 months on balance transfers from date of first transfer. After that the variable APR will be 14.74% - 24.74%, 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 3% 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.
  • Shop with confidence knowing that you have dependable protection benefits, including $0 Liability on Unauthorized Purchases and Citi® Identity Theft Solutions.
  • The standard variable APR for Citi Flex Plan is 14.74% - 24.74%, based on your creditworthiness. Citi Flex Plan offers are made available at Citi's discretion.

Pros

  • Generous introductory APR on balance transfers and new purchases
  • $0 annual fee
  • Choose your own payment due date

Cons

  • No rewards on your spending
  • High APR after introductory offer ends
  • Charges foreign transaction fees
{"backgroundColor":"gray","content":"\n\u003Cdiv class=\"full pad align-left clearfix\"\u003E\n\u003Cdiv class=\"half pad align-left clearfix\"\u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"ShortcodeList--root \"\u003E\n \u003Ch3 class=\"ShortcodeList--title\"\u003EPros\u003C\/h3\u003E\n\n \u003Cdiv class=\"ShortcodeList--content\"\u003E\n \u003Cdiv class=\"ShortcodeList--column\"\u003E\n \u003Cul class=\"ListUnordered--root ListUnordered--icon-check-circle\"\u003E\n \u003Cli class=\"ListUnordered--list-item\"\u003E\n Generous introductory APR on balance transfers and new purchases\n \u003C\/li\u003E\n \u003Cli class=\"ListUnordered--list-item\"\u003E\n $0 annual fee\n \u003C\/li\u003E\n \u003Cli class=\"ListUnordered--list-item\"\u003E\n Choose your own payment due date\n \u003C\/li\u003E\n \u003C\/ul\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\n\n\u003C\/div\u003E\u003C\/p\u003E\n\n\u003Cp\u003E\u003Cdiv class=\"half pad align-left clearfix\"\u003E\n\u003Cdiv class=\"ShortcodeList--root \"\u003E\n \u003Ch3 class=\"ShortcodeList--title\"\u003ECons\u003C\/h3\u003E\n\n \u003Cdiv class=\"ShortcodeList--content\"\u003E\n \u003Cdiv class=\"ShortcodeList--column\"\u003E\n \u003Cul class=\"ListUnordered--root ListUnordered--icon-times-circle\"\u003E\n \u003Cli class=\"ListUnordered--list-item\"\u003E\n No rewards on your spending\n \u003C\/li\u003E\n \u003Cli class=\"ListUnordered--list-item\"\u003E\n High APR after introductory offer ends\n \u003C\/li\u003E\n \u003Cli class=\"ListUnordered--list-item\"\u003E\n Charges foreign transaction fees\n \u003C\/li\u003E\n \u003C\/ul\u003E\n \u003C\/div\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E\n\n\n\u003C\/div\u003E\n\u003C\/div\u003E\n","padding":"none"}

Intro APR of 0% for 18 months on Balance Transfers

The Citi® Diamond Preferred® Card offers one of the longest introductory offers for balance transfers among all credit cards in this niche.

You get an intro APR of 0% for 18 months on Balance Transfers, after which you'll pay an APR of 14.74% - 24.74% (Variable).

While a Balance transfer fee applies with this offer: 3% of each balance transfer; $5 minimum., this fee is typical for balance transfer cards and could be well worth paying to save on interest.

The chart below shows how much the balance transfer fee would cost upfront (assuming an APR of 18%) for specific amounts of debt, as well as how much interest you could save if you were able to pay off that amount in equal installments within the 18-month introductory period.

Balance
Cost of balance transfer
How much you could save in interest (if paid in 18 months)
Total savings
$1,000$30$148$118
$3,500$105$521$416
$5,000$150$743$593
$7,500$225$1,113$888
$10,000$300$1,485$1,185

Chart assumes an original APR of 18%

What kind of credit limit do you get with the Citi® Diamond Preferred® Card?

Your Citi® Diamond Preferred® Card credit limit will be determined based on your salary and wages, other income you have and the other debts listed on your credit report. Note that depending on these factors, your credit limit could be as low as $500 and may not cover the full amount of the balance you need to transfer.

{"backgroundColor":"ice","content":"\u003C\/p\u003E\n\n\u003Ch3\u003EWhat kind of credit limit do you get with the Citi\u00ae Diamond Preferred\u00ae Card?\u003C\/h3\u003E\n\n\u003Cp\u003EYour Citi\u00ae Diamond Preferred\u00ae Card credit limit will be determined based on your salary and wages, other income you have and the other debts listed on your credit report. Note that depending on these factors, \u003Cstrong\u003Eyour credit limit could be as low as $500 and may not cover the full amount of the balance you need to transfer\u003C\/strong\u003E.\u003C\/p\u003E\n\n\u003Cp\u003E","padding":"double"}

Intro APR of 0% for 18 months on Purchases

In addition to offering an intro APR on balance transfers, the Citi® Diamond Preferred® Card also offers an intro APR of 0% for 18 months on Purchases (followed by an APR of 14.74% - 24.74% (Variable)).

This means you could use your card to make a large purchase (new home appliances or furniture,for example), then pay down your balance without any interest for 18 months.

Just be aware that, like any balances you transfer to your new card, purchases will begin accruing interest after 18 months. As a result, you should be careful to only charge purchases you can afford to pay off during that timeline.

What credit score is needed for the Citi® Diamond Preferred® Card?

Citi doesn’t list any specific minimum credit score requirements for their credit cards. However, you’ll likely need Excellent/Good credit to qualify for the Citi® Diamond Preferred® Card.

Generally speaking, this means having a FICO credit score of 850 or higher. However, you may get approved with a credit score of 660 or above.

{"backgroundColor":"ice","content":"\u003C\/p\u003E\n\n\u003Ch3\u003EWhat credit score is needed for the Citi\u00ae Diamond Preferred\u00ae Card?\u003C\/h3\u003E\n\n\u003Cp\u003ECiti doesn\u2019t list any specific minimum credit score requirements for their credit cards. However, you\u2019ll likely need Excellent\/Good credit to qualify for the Citi\u00ae Diamond Preferred\u00ae Card.\u003C\/p\u003E\n\n\u003Cp\u003EGenerally speaking, this means having a FICO credit score of 850 or higher. However, you may get approved with a credit score of 660 or above.\u003C\/p\u003E\n\n\u003Cp\u003E","padding":"double"}

Other Citi® Diamond Preferred® Card benefits

The Citi® Diamond Preferred® Card doesn't have many meaningful benefits, which is one of its major downsides. Once you sign up, you can plan on receiving the following:

The Citi® Diamond Preferred® Card doesn’t charge an annual fee of any kind, which can help you save money if you plan to consolidate high-interest debt or finance a large purchase with the card.

Citi Entertainment gives you special access to presale tickets and exclusive experiences that may not be available to the general public. This perk can apply to concerts, sporting events, culinary experiences and more.

How does the Citi® Diamond Preferred® Card compare to other cards?

The Citi® Diamond Preferred® Card is not the only credit card that gives consumers a 0% intro APR for a limited time. Here's how it compares to other options, including credit cards from Citi that let you earn rewards:

Citi® Diamond Preferred® Card vs. Citi Rewards+® Card

  • On Citibank's Secure Website

The Citi Rewards+® Card is comparable to the Citi® Diamond Preferred® Card, due to the fact you get an intro APR of 0% for 15 months on purchases and 0% for 15 months on balance transfers (followed by an APR of 13.49% - 23.49% (Variable)) without an annual fee. While this is a shorter period than the intro APR on the Citi® Diamond Preferred® Card, the advantage of the Citi Rewards+® Card is that you also earn rewards on your spending.

You can Earn 15,000 bonus points after you spend $1,000 in purchases with your card within 3 months of account opening; redeemable for $150 in gift cards at thankyou.com

You also Earn 2X ThankYou® Points at Supermarkets and Gas Stations for the first $6,000 per year and then 1X Points thereafter. Plus, earn 1X ThankYou® Points on All Other Purchases. The Citi Rewards+® Card also has a unique "round-up" feature that ensures you earn a minimum of 10 points for every purchase. As a result, a $3 sandwich will net you 10 points and a $22 dinner out with friends will net you 30 points.

The Citi Rewards+® Card also gives you 10% of your points back for the first 100,000 points you redeem within a year, making it, all-in-all, a decent rewards card.

Citi® Diamond Preferred® Card vs. Citi Simplicity® Card - No Late Fees Ever

The Citi Simplicity® Card - No Late Fees Ever is actually very similar to the Citi® Diamond Preferred® Card. It also offers an intro APR of 0% for 18 months on Purchases and 0% for 18 months on Balance Transfers, followed by an APR of 14.74% - 24.74% (Variable). It doesn't charge an annual fee, nor does it offer any rewards on your spending.

The Citi Simplicity® Card - No Late Fees Ever does come with the added benefit of no fees ever — $0 annual fee, no late fees and no penalty fee. You also get a free FICO Score with your account, as well as a personalized graphic that shows your credit score changes and progress over time.

Citi® Diamond Preferred® Card vs. Citi® Double Cash Card – 18 month BT offer

  • On Citibank's Secure Website

The Citi® Double Cash Card – 18 month BT offer is a top cashback credit card and a top balance transfer card in one. This card doesn't offer a sign-up bonus, but you do Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. There's a $0 annual fee, and you can redeem your rewards for statement credits to your account.

On the flipside, you get an intro APR of 0% for 18 months on Balance Transfers only, which is followed by an APR of 13.99% – 23.99% (Variable) — unlike the Citi® Diamond Preferred® Card, this offer doesn’t extend this offer to purchases. That makes this card a good option for balance transfers, but less than optimal if you plan to charge purchases and carry a balance.

Is the Citi® Diamond Preferred® Card worth it?

The Citi® Diamond Preferred® Card could definitely be worth it if you want a credit card you can use to consolidate and pay off debt. You won't earn any rewards on your spending, but that can be a blessing, as rewards often incentivize people to spend more than they planned.

Even so, it makes sense to compare other balance transfer credit cards before you pull the trigger, including ones that may offer a 0% APR for a longer timeline. Your goal should be finding a card that can help you pay down as much debt as possible and as quickly as you can. Several top balance transfer credit cards could be a good fit, so make sure to compare options before you decide.

What is the Citi® Diamond Preferred® Card?

The Citi® Diamond Preferred® Card is a popular balance transfer credit card that helps consumers consolidate and pay down high-interest debt. This card also comes with a $0 annual fee.

Is the Citi® Diamond Preferred® Card a good card?

The Citi® Diamond Preferred® Card is considered a good credit card for a few reasons, including its lack of an annual fee and its introductory offer for balance transfers and new purchases — which can lead to considerable interest savings.

What is the credit limit on a Citi® Diamond Preferred® Card?

When you apply for the Citi® Diamond Preferred® Card, Citi will determine your credit limit based on factors like your income and other debts you may have. While no maximum credit limits are listed, it's possible your credit limit could be as low as $500.

Is the Citi® Diamond Preferred® Card hard to get?

The Citi® Diamond Preferred® Card may not be hard to get, provided you currently have an income and you have a credit score that’s considered good or better. However, you'll need to apply online or over the phone to find out if you're eligible.

Is the Citi® Diamond Preferred® Card metal?

No, the Citi® Diamond Preferred® Card is not a metal credit card. However, Citi does have a metal credit card, the Citi Prestige® Credit Card.

Does the Citi® Diamond Preferred® Card have a foreign transaction fee?

Yes, the Citi® Diamond Preferred® Card does charge foreign transaction fees. Specifically, you'll pay 3% on all purchases you make outside of the United States. If you plan to travel abroad, consider picking up a different credit card with no foreign transaction fees.

Does the Citi® Diamond Preferred® Card have car rental insurance?

The Citi® Diamond Preferred® Card does not come with auto rental coverage. Major cardholder benefits include Citi Entertainment, a $0 annual fee and the ability to pick your own payment due date.

What are the late fees on the Citi® Diamond Preferred® Card?

The Citi® Diamond Preferred® Card charges up to $40 if you pay your credit card bill beyond its due date or if your payment is returned. A penalty APR of up to 29.99% can also apply if you make a late payment or your payment is returned.

The information related to Citi Simplicity® Card - No Late Fees Ever has been independently collected by ValuePenguin and has not been reviewed or provided by the issuer of this card prior to publication.

Holly Johnson is a personal finance writer who has been covering credit cards, loan products, debt, and budgeting for nine years. The founder of ClubThrifty.com, Johnson is also the author of "Zero Down Your Debt: Reclaim Your Income and Build a Life You'll Love," which is available on Amazon.

These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The products that appear on this site may be from companies from which ValuePenguin receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). ValuePenguin does not include all financial institutions or all products offered available in the marketplace.

How We Calculate Rewards: ValuePenguin calculates the value of rewards by estimating the dollar value of any points, miles or bonuses earned using the card less any associated annual fees. These estimates here are ValuePenguin's alone, not those of the card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer.

Example of how we calculate the rewards rates: When redeemed for travel through Ultimate Rewards, Chase Sapphire Preferred points are worth $0.0125 each. The card awards 2 points on travel and dining and 1 point on everything else. Therefore, we say the card has a 2.5% rewards rate on dining and travel (2 x $0.0125) and a 1.25% rewards rate on everything else (1 x $0.0125).

  • On Citibank's Secure Website