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Citi Diamond Preferred Card: Enjoy 21 Months of Zero Interest on Balance Transfers (October 2021)

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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. 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.

Offer Details

Secure application on issuer’s website.

Annual Fee: $0
Bonus: None
APR: Variable APR Between 13.74%-23.74% After Intro 0% APR Period
Rewards Rate: None
Details: Full Review

Terms and restrictions apply

Offer Terms

Annual Fee: $0

Intro APR: New cardholders enjoy an introductory 0% APR on balance transfers for 21 months from the date of first transfer. Note that all balance transfers must occur within the first four months of opening the account. New customers also enjoy 0% APR on new purchases made during the first 12 months of account opening.

Once the no-interest offer concludes, a variable APR between 13.74%-23.74%, based on creditworthiness, will apply to all balances.

If you transfer a balance with this offer, after the 0% intro purchase APR expires, both new purchases and unpaid purchase balances will automatically accrue interest until all balances, including your transferred balance, are paid in full. Furthermore, there is a balance transfer fee of either $5 or 5% of the transfer amount, whichever is greater.

APR: After the intro 0% APR offer concludes, a variable APR will apply.

Rewards Rate: None

Sign-Up Bonus: None

Who Should Use This Credit Card? Borrowers who need more time to pay off debt or big-ticket purchases.

Why We Like It

Why We Like the Citi® Diamond Preferred® Card

If you need a little 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

On top of that, you also get a 0% intro APR on purchases for 12 months. While this card has no annual fee, it does have a balance transfer fee of $5 or 5% of the amount of the transfer, whichever is greater. However, interest savings are likely to offset any balance transfer fee.

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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.

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 wind up needing more than seven years to pay off the cards. Moreover, you will end up paying $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. That’s life-changing money for many households.

New Purchases: 0% Intro APR

If you are the kind of person who doesn’t typically carry credit card debt from month to month, you’re a savvy credit card user. Paying off your balance in full every month means 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 okay 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.

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 currently 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, seriously 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.

$0 Liability on Unauthorized Charges and Citi Identity Theft SolutionsLike virtually all major credit cards in the U.S., this one comes with complete protection from unauthorized charges. Just contact Citi if you see charges you didn’t make, and they will be removed from your statement.
Free FICO ScoreWith this card, and others from Citi, you can view your real FICO score that Citi uses to assess your credit risk.
Citi EntertainmentGet 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 PeriodsThe 21-month introductory period for balance transfers and 12-month introductory period for purchases are the top benefits of this card.
Low APRAfter 0% APR ends, interest rates with the Citi Flex Plan are still competitive, particularly for those with excellent credit scores.
No Annual FeeUse 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.

Fees

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. Similarly, if you’re interested in a welcome bonus, see our best credit card bonus offers guide. Furthermore, if you anticipate having difficulty managing your debt during the introductory period, then a balance transfer card may not be right for you.

Balance Transfer FeesYou’ll have to pay 5% with a $5 minimum for balance transfers
High Penalty APRIf you trigger the penalty APR, you could have to pay an escalated APR indefinitely. See terms for more details.
Foreign Transaction FeeUsing the card outside of the United States results in a 3% foreign transaction charge.
Late and Returned Payment FeesLate and returned payments cost up to $40 per occurrence. Ouch.
Few Purchase and Travel BenefitsCommon with Citi cards, you won’t find popular benefits like an extended warranty or rental car insurance.

Applying for the Citi Diamond Preferred Card

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.

While we work hard on our research, we do not always provide a complete listing of all available offers from credit-card companies and banks. And because offers can change, we cannot guarantee that our information will always be up to date, so we encourage you to verify all the terms and conditions of any financial product before you apply.

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.