Citi® Diamond Preferred® Card review: Low-interest intro offer can help you pay down debt

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In a Nutshell

With a 0% introductory APR on balance transfers for 21 months, the Citi® Diamond Preferred® Card could help you pay down credit card debt. Plus there’s no annual fee. Note: This offer is expired and is no longer available on our site.

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These offers are no longer available on our site: Citi® Diamond Preferred® Card, Chase Slate®

The Citi® Diamond Preferred® Card is expired and is no longer available on our site. For other options, check out our favorite balance transfer cards.

If you’re looking for a card to help you pay down high-interest credit card debt using a balance transfer, the Citi® Diamond Preferred® Card may be a good option for you. It may also be a good choice if you want to spread out payments for a large purchase over time while avoiding interest. Just know that it won’t earn you any rewards points.

From our partner

Citi® Diamond Preferred® Card

From cardholders in the last year

 

What we like Heads up
  • 0% intro APR on balance transfers for 21 months from the date you make your first transfer (then a variable APR of 14.99% - 24.99%). All transfers must be completed in the first four months. There is a balance transfer fee of 5%; minimum: $5.
  • 0% intro APR on purchases for 12 months from account opening (then a variable APR of 14.99% - 24.99%)
  • $0 annual fee
  • No rewards on purchases
  • Late-payment fee of up to $35
  • A variable penalty APR of up to 29.99% may be applied to your account if you have a late or returned payment

  1. The rundown: Everything we like about the Citi® Diamond Preferred® Card
  2. Heads up: What you should consider before applying for the Citi® Diamond Preferred® Card
  3. Do the math: How to get the most out of the Citi® Diamond Preferred® Card
  4. The competition: How does the Citi® Diamond Preferred® Card compare to similar cards?
  5. Bottom line: Is the Citi® Diamond Preferred® Card right for you?

The rundown: Everything we like about the Citi® Diamond Preferred® Card

The Citi® Diamond Preferred® Card is a simple card with lengthy intro APR offers for balance transfers and purchases, plus some helpful consumer benefits. Here are some of the features we like.

  • No annual fee
  • 0% intro APR on balance transfers for 21 months from the date you make your first transfer (on transfers made within the first four months), then a variable APR of 14.99% - 24.99%
  • 0% intro APR on purchases for 12 months from account opening, then a variable APR of 14.99% - 24.99%
  • Citi® identity theft solutions, which can assist you if you experience identity theft
  • Opportunity to buy tickets to select events through Citi® Private Pass®

While the card’s lengthy intro balance transfer APR couldn’t get any lower, you’ll need to complete any balance transfers within four months of the account opening to take advantage of the introductory rate. There is also a balance transfer fee of 5%; minimum: $5.

Learn how to do a balance transfer in 6 steps

On top of these benefits, this card comes with a feature that could save you money on eligible purchases. Citi® Price Rewind is a service that runs a 60-day search for lower prices at hundreds of online retailers after you purchase eligible items with your Citi® card. Just make sure you register with Citi® Price Rewind.

You can also find a lower price on your own – you have 180 days from the date of the purchase to make a request. If you or the program finds a lower price for the same item, you may receive a statement credit or check mailed to you for the difference (up to $500 per item and up to $2,500 per calendar year).

Heads up: What you should consider before applying for the Citi® Diamond Preferred® Card

There are a few things to keep in mind about this card to help you avoid paying any potential hefty fees. After the respective intro APR offers for purchases and balance transfers expire, the variable APR will apply to any unpaid balances, so keep track of those intro offer periods.

There is also a variable cash advance APR of 27.24%. And if you’re late making a payment or your payment is returned, there’s a variable penalty APR of up to 29.99% that could be applied to your account, on top of a late or return fee of up to $35.

This may not be the best card to use if you travel abroad, as it comes with a 3% foreign transaction fee. Plus there are no rewards to earn on purchases once the introductory APR offer runs out.

Read more: The best Citi credit cards of 2018

Do the math: How to get the most out of the Citi® Diamond Preferred® Card

The Citi® Diamond Preferred® Card can be a useful option to help pay off existing card balances with higher interest rates. By transferring a balance from a card with high interest rates to this card, you may save on the cost of interest — as long as you’re able to pay off the balance entirely within the intro period.

To figure out if the Citi® Diamond Preferred® Card could be a good option for you, calculate the balance transfer fee of 5%; minimum: $5 for any balances you may consider transferring within the first four months of opening the card. Then figure out how much interest you’ll owe on that balance if you don’t transfer it.

You can use an online interest calculator to plug in how much you owe, the interest rate you’re currently paying and your monthly payment, and that should help you determine what you’re paying in interest alone. If the balance transfer fee is more than the interest you’d pay on your existing card, then transferring that balance to the Citi® Diamond Preferred® Card may not be the best move.

You could also use this card for a big purchase that you can’t immediately pay in full but will be able to pay off within the introductory APR period for purchases. But you may not want to continue using this card after the intro period if your interest rate is high and you know you’ll carry a balance on the card.

However, you may still want to consider keeping this card open. Reducing the amount of credit extended to you and putting several balances on one card could lead to an increased credit utilization rate, which can affect your credit scores.

The competition: How does the Citi® Diamond Preferred® Card compare to similar cards?

 Citi Simplicity® Card 21 months 0% APR offer on balance transfers completed within the first four months of account opening and 0% APR for 12 months on purchases, (then 16.24% - 26.24% variable for both).
Citi® Double Cash Card 0% intro APR on balance transfers for 18 months (then 15.74% - 25.74% variable); balance transfers must be completed within the first four months of account opening; earn 1% cash back on purchases plus another 1% back as you pay for those purchases for a total of 2% cash back on all purchases.
Chase Slate® $0 intro balance transfer fee for transfers made during the first 60 days of account opening (then 5% or $5 minimum) and 0% intro APR on balance transfers and purchases for 15 months from account opening, then a variable APR of 16.49% - 25.24% for both

Citi Simplicity® Card

From our partner

Citi Simplicity® Card

From cardholders in the last year

See Details, Rates & Fees

The Citi Simplicity® Card also has a $0 annual fee, and comes with a 0% intro APR for 21 months on balance transfers completed in the first four months from account opening (then the variable APR will be 16.24% - 26.24%). It also has a balance transfer fee of 5% (minimum $5).

That’s a shorter intro window for balance transfers than you’ll find with the Citi® Diamond Preferred® Card, but the Citi Simplicity® Card never charges late fees or penalty APRs due to late payments, though you’ll still face a return payment fee (up to $39). The Citi Simplicity® Card also offers a 0% intro APR offer on purchases for 12 months (then a variable APR of 16.24% - 26.24%) — that’s six months longer than the Citi® Diamond Preferred® Card has for its intro APR offer for purchases.

Citi® Double Cash Card

From our partner

Citi® Double Cash Card

From cardholders in the last year

See Details, Rates & Fees

The Citi® Double Cash Card not only has a $0 annual fee and a 0% intro APR on balance transfers for 18 months (then a variable APR of 15.74% - 25.74%), but it also offers 1% cash back on all purchases when you make them, plus another 1% back when you pay them off for a total of 2% cash back on all purchases. There is a variable APR of 15.74% - 25.74% on purchases, so unless you pay your balance on time and in full each month, you could face interest charges.

Chase Slate®

From our partner

Chase Slate®

From cardholders in the last year

If you’re looking for a card with no balance transfer fees, you may want to consider Chase Slate®, which has a $0 intro balance transfer fee for transfers made during the first 60 days of account opening. For balances transferred after the first 60 days of account opening, the fee is 5% or $5 minimum of the amount transferred.

It also comes with no annual fee, and it has a 0% intro APR on both balance transfers and purchases for 15 months from account opening. The intro period for balance transfers is a few months shorter than the Citi® Diamond Preferred® Card, but you won’t have to worry about a balance transfer fee for balances transferred in the first 60 days. After that, the variable APR will be 16.49% - 25.24% for both. There’s no penalty APR if you make a late payment, though a fee may still apply for late or returned payments.


Bottom line: Is the Citi® Diamond Preferred® Card right for you?

The Citi® Diamond Preferred® Card can help you pay off debt more quickly with a balance transfer — if you can pay it off in full within the intro offer window. But don’t expect to earn any additional rewards on your purchases.

To determine the best balance transfer card for you, consider how long you will need to pay for existing balances or new purchases, as well as the cost of balance transfer fees.