Citi® Diamond Preferred® Card
Great for a long balance transfer offer
Annual fee: $0
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Updated: November 1, 2023
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No annual fee
Long intro APR for balance transfers gives you time to pay down debt
Citi® Diamond Preferred® Card: Long intro offer for balance transfers
Updated August 29, 2023
This date may not reflect recent changes in individual terms.
Written by: Tim Devaney
- No annual fee
- Long intro APR for balance transfers gives you time to pay down debt
- No rewards for extra value after you pay off your balance
- Balance transfer fee
4 things you should know about the Citi® Diamond Preferred® Card
Here’s a quick breakdown of the Citi® Diamond Preferred® Card’s key features.
The long intro APR period could help you pay off your debt
The Citi® Diamond Preferred® Card could help you pay off your existing credit card debt with its introductory balance transfer offer.
The card comes with a 0% intro APR on balance transfers for 21 months from the date you make your first transfer. After the intro period expires, you’ll be charged a variable APR of 18.24% - 28.99% on balance transfers.
But keep in mind that the intro 0% balance transfer APR offer only applies to transfers made within the first four months of account opening.
You’ll also be charged a balance transfer fee of 5% (minimum $5) based on the amount of each transfer, which could create a large upfront cost if you have to transfer a sizable balance.
While the card’s balance transfer fee is high, the length of this offer makes it a good option for people who want as much time as possible to pay off their credit card debt without interest. It’s rare to see a card with an intro balance transfer period of 21 months.
Intro offer could help with large purchases
The Citi® Diamond Preferred® Card offers a 0% intro APR on purchases for the first 12 months from account opening. When the intro period expires, you’ll be charged a variable APR of 18.24% - 28.99% on purchases.
While we don’t recommend carrying a balance if you can avoid it, this offer could help you out if you have a large purchase you’d like to pay off over time, or if you have to cover an unexpected expense that throws off your budget.
You won’t be distracted by rewards
The Citi® Diamond Preferred® Card isn’t a rewards credit card and has no connection to the Citi ThankYou® rewards program, so you won’t earn any rewards or cash back on an ongoing basis.
But that’s not necessarily a bad thing. Instead of tempting you to spend more money just to earn rewards, the Citi® Diamond Preferred® Card encourages you to focus on paying off your balance.
Unfortunately, that also means you might need to look for another card if you want to start earning rewards after paying off your balance. Otherwise, you’ll have to be OK with using your card as a payment option, not a way to earn something extra.
No annual fee to hold you back
If you’re trying to get out of debt, paying an annual fee for a balance transfer card might seem like it defeats the purpose.
So it’s important to note that the Citi® Diamond Preferred® Card comes with a $0 annual fee.
Think of it as one less obstruction on your path to getting out of debt.
Take a close look at the fine print
Citibank puts up a few more stumbling blocks that could trip up even the most responsible cardholders.
- The 0% APR intro offers don’t mean you can take your time making payments. You still have to make minimum payments each month by the due date.
- If you pay late, or pay less than the minimum, you could lose the intro APR and be hit with a much higher penalty APR. You could also be charged late fees.
- Even if you’re approved for the card, your balance transfer request could be declined.
- Even if your balance transfer request is approved, your credit limit might not be enough to transfer your entire balance. Your credit limit will depend on your credit history, so consider that point if you apply for this card.
Who this card is good for
The Citi® Diamond Preferred® Card can lend a helping hand to people who are trying to pay off credit card debt. The intro APR offer for 21 months on balance transfers is one of the longest available, so if you’re looking for the most time to pay off credit card debt, you might want to give it a look.
But that doesn’t mean this card is the right choice for everyone. Whether you want to transfer a balance or make a large purchase, the Citi® Diamond Preferred® Card demands close attention and a clear understanding of the potential interest charges. If you don’t read the fine print, you might end up accumulating more debt than you had when you started.
Updated: November 8, 2023
Most helpful positive review
March 17, 2023
Great balance transfer card
— Credit Karma Member
Stumbled upon this on credit karma, i had a cc with a $3500 balance charging me 80/month in interest. I applied and got approved for $4,600 right away which was plenty, went through the balance transfer process pretty quick and they only charged me $176 one time fee. Finished paying off the card thanks to $0 every month. The only reason i don’t give it a 5 star is because customer service was atrocious other than that really good experience with the card.
Most helpful negative review
April 8, 2022
Don't Do It. Just Pass
— Credit Karma Member
This card killed my credit score. (I have 2 of them) I've had the first card for a few years and enjoyed a high credit line (>$22K). They experienced a system issue and applied my payment late by 2 days, then used that as justification to kill my credit line (From $22K to $11K) and jack up the interest to their penalty rate of 29.99%. Phone calls were pointless as they readily acknowledged a system fault but insisted that nothing could be done. This put my credit utilization from 48% to 98% which torpedoed my credit score. The higher Int rate meant my $500+ p/mo payments were closer to minimum payments now. Credit line Halved. Utilization Doubled. Int. Rate almost tripled. Paid it off and put it up. The other one as well. Not letting a credit card company kill me like that. Customer service was a joke.