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Citi® Diamond Preferred® Card
- Our Rating 4/5 How our ratings work
- APR18.24% - 28.99% (Variable)
- Annual Fee$0
If you need more time to make a dent in your debt, the Citi® Diamond Preferred® Card, from our partner Citi, offers you the chance to make it happen. The extended 21 months of 0% intro APR is the biggest reason this credit card is among the best for balance transfers to wipe out existing credit card debt. After that the variable APR will be 18.24% - 28.99% based on your creditworthiness. On top of that, you also get a 0% intro APR on purchases for 12 months. This card does have a balance transfer fee of $5 or 5% of the amount of the transfer, whichever is greater, but interest savings are likely to offset it.
One of the Longest 0% Interest Periods Available
If you’ve built up balances on one or more credit cards, monthly interest payments can make it tough to dig your way out of debt. In these situations, one of the best options to wipe away credit card debt is a balance transfer credit card offer with a lengthy 0% APR introductory period, after which a 18.24% - 28.99% (Variable) APR applies. That’s exactly what you get with Citi® Diamond Preferred® Card, from our partner Citi. Keep reading to learn more about how it works and if it makes sense for you.
Pros
- 0% intro APR for the first 21 months on balance transfers (18.24% - 28.99% variable APR after)
- 0% intro APR for the first 12 months on purchases (18.24% - 28.99% variable APR after)
- No annual fee
Cons
- Doesn't earn rewards
Balance Transfers: 0% Intro APR
The extended 21 months of 0% intro APR is the biggest reason this credit card is among the best for balance transfers to wipe out existing credit card debt. While it seems we keep saying it again and again in this review, the 21-month introductory 0% APR period puts the Citi Diamond Preferred Card near the top (a 18.24% - 28.99% (Variable) APR applies afterwards based on creditworthiness).
To get a better idea of what you could save, here’s an example:
- Let’s say you have $10,000 in credit card balances from cards that charge an average of 25% APR.
- Paying $250 per month toward that debt, you would need more than seven years to pay off the cards.
- Plus, you'd pay $11,725 in interest. That’s a huge expense and a ton of money.
If you transfer that $10,000 balance to Citi Diamond Preferred Card (along with the 5% balance transfer fee) and could pay $500 per month, that debt would be wiped out completely in 21 months without paying any interest. But even paying the same $250 per month in the previous example, you could still pay off nearly half of the debt without incurring any interest.
In this example, even with a $500 fee for balance transfers, you would save over $10,000 by taking advantage of this 0% APR offer, after which a 18.24% - 28.99% (Variable) APR applies. That’s life-changing money for many households.
Recommended Balance Transfer Credit Cards
| Credit Card | Intro APR | APR | Rewards Rate | Learn More |
|---|---|---|---|---|
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0% for 21 months on balance transfers and 12 months on purchases
New cardholders receive 21 months of 0% introductory APR from the 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. There is a balance transfer fee of either $5 or 5% of the transfer amount, whichever is greater. |
18.24% - 28.99% (Variable) | N/A |
Apply Now Rates & Fees |
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0% for 18 months on Balance Transfers
New cardholders enjoy 0% introductory APR on all balance transfers for the first 18 months of account opening. After that, the variable APR will be 19.24% - 29.24%, based on your creditworthiness. Balance transfers do not earn cash-back rewards and are charged an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first four months of account opening. After that, the fee will be 5% of each transfer (minimum $5). |
19.24% - 29.24% (Variable) |
2%Cashback
Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time. Plus, for a limited time, earn 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/24. |
Apply Now Rates & Fees |
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0% intro APR for 21 months
0% intro APR for 21 months from account opening on purchases and qualifying balance transfers. 18.24%, 24.74%, or 29.99% variable APR thereafter; balance transfers made within 120 days qualify for the intro rate, BT fee of 5%, min $5. |
18.24%, 24.74%, 29.99% (Variable) | N/A |
Apply Now Rates & Fees |
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0% intro APR for 15 months
0% intro APR for 15 months from account opening on purchases and qualifying balance transfers. 20.24%, 25.24%, or 29.99% Variable APR thereafter; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min: $5. |
20.24%, 25.24%, or 29.99% (Variable) |
2%Cashback
Earn unlimited 2% cash rewards on purchases. |
Apply Now Rates & Fees |
New Purchases: 0% Intro APR
If you don't carry credit card debt from month to month and instead pay your balance in full every month, you never have to pay interest. But if you want to borrow in the short term for up to a 12 months, Citi Diamond Preferred Card could make it easier to carry a balance on your credit card. The trick is paying the balance off before the 0% period ends so you don’t get stuck paying interest on the 13th month.
Related Article
8 Tricks to Pay Off Credit Card Debt Faster
How to Maximize Intro APRs
With intro APRs for both purchases and balance transfers, you have opportunities to save many thousands of dollars in interest charges. The trick to getting the best deal comes to using the full introductory periods without going over.
If you have credit cards or other loans that charge interest rates above what the Citi Diamond Preferred Card charges, it’s almost certainly a better idea to go forward with a balance transfer. If your other cards have a lower interest rate after the 0% APR period, look at your prospects for paying off the full debt amount within 21 months.
For purchases, avoid buying anything you can’t pay off in full before the end of the 12-month intro period. Making a major purchase interest free can be very helpful for your monthly cash flow. However, if it turns into a bigger expense after a year, it may not be as good of a deal for your finances.
Benefits
Most Citi cards don’t have extensive purchase or travel benefits. However, this card does include some useful added features that could come in handy to some cardholders:
- Free FICO® Score: With this card, and others from Citi, you can view your real FICO score that Citi uses to assess your credit risk.
- Citi Entertainment: Get access to exclusive ticket presales and events including dining experiences, sporting events, concerts and more.
If you're looking to transfer high-interest debt and don't want to pay an annual fee, the Citi Diamond Preferred Card may be the right solution for you:
- 0% introductory periods: The 21-month introductory period for balance transfers and 12-month introductory period for purchases are the top benefits of this card. After that, a 18.24% - 28.99% (Variable) APR applies.
- No annual fee: Use and keep the card with no annual fee. If you avoid certain fee-bearing activity, you can use the card without paying any interest or fees.
Ready to apply for the Citi Diamond Preferred card? Start here.
Fees
Here is a look at some of the common fees you'll find with this card:
- Balance transfer fees: You’ll have to pay 5% with a $5 minimum for balance transfers
- High penalty APR: If you trigger the penalty APR, you could have to pay an escalated APR indefinitely. See terms for more details.
- Foreign transaction fee: Using the card outside of the United States results in a 3% foreign transaction charge.
- Late and returned payment fees: Late and returned payments cost up to $41 per occurrence.
- Few purchase and travel benefits: Common with Citi cards, you won’t find popular benefits like an extended warranty or rental car insurance.
Alternatives to Consider
If you anticipate having difficulty managing your debt during the introductory period, then a balance transfer card may not be right for you.
And people who want to earn cash or miles for their credit card spending will find better options with our lists of best cash-back credit cards or best travel cards.
Recommended Cash-Back Credit Cards
| Credit Card | Rewards Rate | Intro Bonus | Annual Fee | Learn More |
|---|---|---|---|---|
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1.5% - 5%Cashback
Enjoy 5% cash back on travel purchased through Chase Travel, 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and unlimited 1.5% cash back on all other purchases. |
1.5%Extra Cash Back
Earn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year) — worth up to $300 cash back. That's 6.5% on travel purchased through Chase Travel, 4.5% on dining and drugstores, and 3% on all other purchases. |
$0 | Apply Now |
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2%Cashback
Earn unlimited 2% cash rewards on purchases. |
$200Cash Bonus
Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months. |
$0 |
Apply Now Rates & Fees |
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2%Cashback
Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time. Plus, for a limited time, earn 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/24. |
$200Cash Bonus
Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back. |
$0 |
Apply Now Rates & Fees |
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1% - 5%Cashback
Earn 5% cash back on your first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year. It also offers you 2% cash back on your first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year. |
$750Cash Bonus
Earn $350 when you spend $3,000 on purchases in the first three months and an additional $400 when you spend $6,000 on purchases in the first six months after account opening |
$0 | Apply Now |
Bottom Line
If you’re looking for a balance transfer card with no annual fee that will help you consolidate and pay off credit card debt or make a big purchase interest-free, look no further. This credit card has everything you’re looking for.
Just make sure to pay off those balances before the 0% period ends and avoid any other fee-bearing activity to get the best value and results for your finances.
Eric Rosenberg
Eric Rosenberg is a finance, travel, and technology writer in Ventura, California. He is a former bank manager and corporate finance and accounting professional who left his day job in 2016 to take his online side hustle full-time. He has in depth experience writing about banking, credit cards, investing, business, and other financial topics. When away from the keyboard, Eric enjoys exploring the world and spending time with his wife and little girls. You can connect with him at Personal Profitability or EricRosenberg.com.
