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.
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- Consolidate debt: 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 13.74% - 23.74% (Variable) applies thereafter).
- Good for large purchases and balance transfers: 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.
- No rewards here: Unfortunately the Citi® Diamond Preferred® Card doesn't provide many additional 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
- 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 13.74% - 23.74%, 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 13.74% - 23.74%, based on your creditworthiness. Citi Flex Plan offers are made available at Citi’s discretion.
Intro APR of 0% for 18 months on Balance Transfers
The Citi® Diamond Preferred® Card balance transfer offer is 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 13.74% - 23.74% (Variable).
A Balance transfer fee applies with this offer: 3% of each balance transfer; $5 minimum. However, this fee is typical for balance transfer cards and could be well worth paying to save on interest.
Chart: Balance transfer fee cost and interest saved
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.
How much is your transfer balance?
Cost of balance transfer
How much you could save in interest (if paid in 18 months)
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.
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 13.74% - 23.74% (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?
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.
Additional Citi® Diamond Preferred® Card benefits
The Citi® Diamond Preferred® Card doesn't have many meaningful benefits, which is one of its major downsides. If you aren't strictly concerned about the length of the introductory APR, you can find balance transfer cards and 0% APR cards with more features. However, it does offer a few additional benefits:
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.
What are the drawbacks of the Citi® Diamond Preferred® Card?
While the Citi® Diamond Preferred® Card is a great option for financing a purchase or transferring and paying down a balance, it does have a few drawbacks:
- It doesn't have a rewards program – The Citi® Diamond Preferred® Card is for cardholders who want to save money on credit card interest. If you're hoping to earn rewards, you should look for a card that combines a 0% introductory APR and a rewards program, like the Citi® Double Cash Card – 18 month BT offer. That said, the lack of a rewards program may help keep cardholders focused on paying down a card balance rather than adding to it.
- It's light on other benefits – As mentioned above, the Citi® Diamond Preferred® Card is a barebones card targeted to users who want to whittle down their debt.
- It has a high APR after the introductory offer ends – You should make sure that you can pay off your balance by the end of the 0% introductory period, as you'll be charged an APR of 13.99% – 23.99% (Variable) on any remaining balance.
- It has a penalty APR – You should avoid missing payments with this card. On top of having to pay the full amount of interest on your balance, you'll have to pay a late fee, and Citi may even impose a penalty APR up to 29.99%.
- It charges foreign transaction fees – If you're looking for a card to take on your travels, you might consider a travel credit card instead. The Citi® Diamond Preferred® Card charges a foreign transaction fee of 3%. This can add up to a significant amount in additional fees if you make many purchases abroad.
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
Citi Rewards+® Card
Citi Simplicity® Card
Citi® Double Cash Card – 18 month BT offer
|None.||Earn 20,000 bonus points after you spend $1,500 in purchases with your card within 3 months of account opening; redeemable for $200 in gift cards at thankyou.com||N/A||No bonus|
|N/A||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.||N/A||Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases.|
Citi® Diamond Preferred® Card vs. Citi Rewards+® Card
Earn ThankYou points on top of a 0% APR
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 20,000 bonus points after you spend $1,500 in purchases with your card within 3 months of account opening; redeemable for $200 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 or penalty fees
The Citi Simplicity® Card 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 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
One of the top cashback cards
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 a good credit card?
The Citi® Diamond Preferred® Card is a good credit card if you need 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.
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.
The Citi® Diamond Preferred® Card is 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.
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.
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.
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.
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.
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.
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 has been independently collected by ValuePenguin and has not been reviewed or provided by the issuer of this card prior to publication.