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Citi Diamond Preferred Information
- Welcome bonus —N/A
- Annual fee — $0
- Rewards rate — N/A
- Intro APR — 0% intro APR on balance transfers for 21 months (transfers must be completed within four months of account opening) and on purchases for 12 months
- Ongoing APR — 18.24% - 28.99% Variable
- Balance transfer fee — $5 or 5% of the transfer amount, whichever is greater
- Recommended Credit Score — Good to excellent
Citi Diamond Preferred Review: Is It the Best Credit Card for You?
When you begin looking at zero-interest credit cards, you'll probably notice that quite a few rewards credit cards offer a 0% intro APR on purchases and/or balance transfers for a limited time. This includes popular cash-back credit cards like the Chase Freedom Flex℠ and the Chase Freedom Unlimited®.
The Citi® Diamond Preferred® Card's biggest selling point is the 0% intro APR on balance transfers for 21 months (transfers must be completed within four months of account opening) and on purchases for 12 months (then a 18.24% - 28.99% Variable APR) — among the longest of any card with a 0% APR offer (we track the best 0% APR credit cards). However, it doesn't earn rewards for spending, nor does it usually come with a welcome bonus offer.
This 0% intro rate makes the Citi® Diamond Preferred® Card ideal for those who want to consolidate high-interest debt or who want to make a large purchase and pay down the balance slowly without interest over time.
Just keep in mind balance transfers must be completed within the first four months of account opening, and you'll owe a balance transfer fee of 5% of the amount you transfer over (minimum $5). This can still translate to significant savings compared to carrying the balance on a high-interest credit card — as long as you pay it off before the promotional APR period runs out.
Citi Diamond Preferred Rewards
The best balance transfer credit cards geared specifically to people who need to pay down debt come with longer 0% intro APR offers and no rewards programs. While the lack of rewards can be a downside, the savings you can get by not having to pay interest for several more months can be substantial. Not only that but avoiding rewards can help you focus more on debt repayment without incentivizing you to spend.
There are other cards with long intro APR offers, such as the U.S. Bank Visa® Platinum Card (0% intro APR on purchases and balance transfers for 18 billing cycles, then a 19.74% - 29.74% Variable APR) or the Citi Simplicity® Card (0% intro APR on balance transfers for 21 months (transfers must be completed within four months of account opening) and on purchases for 12 months, then a 19.24% - 29.99% Variable APR). However, these cards don't come with a welcome bonus or earn rewards.
There's also the Discover it® Balance Transfer, which offers a 0% intro APR on balance transfers for 18 months and on purchases for six months, then a 17.24% - 28.24% Variable APR. There's no welcome bonus on this card either, but cardholders earn 5% cash back in categories that rotate each quarter on up to $1,500 in combined spending when you activate (then 1%) (from July 1 to September 30, 2023, you can earn 5% cash back at Gas Stations and Digital Wallets on up to $1,500 in purchases after enrollment, then 1%). Plus, Discover will match all the rewards you earn after the first 12 months through its Cashback Match program — with no limits.
Just remember that, whichever card you choose, you'll still have to make the minimum payment each month, and your intro 0% APR offer won't last forever. You'll need to focus on paying off as much debt as you can since you'll eventually be charged the ongoing variable APR on your remaining balance.
Citi Diamond Preferred Card Benefits
The Citi® Diamond Preferred® Card doesn't have many benefits outside of its intro interest rate offer. Here are the main perks you should know about.
0% APR
The card's crown jewel is its ability to waive interest on balances transferred to the card for 21 months. That's an exceptionally long time — and one of the best intro APR in the business for those trying to pay off debt quickly — and avoid incurring interest fees.
It's also got a respectable 0% intro APR for 12 months on new purchases, so it serves those with looming big-ticket expenses that can't be paid off all at once.
Free FICO score access
As a cardholder, you'll get free access to your FICO score at any time. This can help you keep an eye on changes or improvements to your credit score, or find out quickly if your score drops.
Entertainment benefits
Citi® Diamond Preferred® Card holders also get Citi Entertainment benefits, which include special or early access to tickets to concerts, sporting events, dining experiences, and more.
Citi Diamond Preferred Annual Fee and Other Costs
The Citi® Diamond Preferred® Card has no annual fee, but there are some ongoing fees to be aware of:
- Foreign transaction fee: 3% of each purchase transaction in US dollars (consider one of the many credit cards that don't charge foreign transaction fees to save money when you travel abroad instead)
- Balance transfer fee: Either $5 or 5% of the amount of each transfer, whichever is greater
- Cash advance fee: Either $10 or 5% of the amount of each cash advance, whichever is greater
After your intro APR period ends, you'll be subject to 18.24% - 28.99% Variable APR — a fee that can be completely avoided by not carrying a balance on your cards.
How the Citi Diamond Preferred Card Compares
Citi Diamond Preferred Card vs Citi Simplicity Card
Citi® Diamond Preferred® Card | Citi Simplicity® Card | |
Annual fee | $0 | $0 |
Rewards rate | N/A | N/A |
Welcome bonus | N/A | N/A |
0% APR offer | 0% intro APR on balance transfers for 21 months (transfers must be completed within four months of account opening) and on purchases for 12 months, then a 18.24% - 28.99% Variable APR | 0% intro APR on balance transfers for 21 months (transfers must be completed within four months of account opening) and on purchases for 12 months, then a 19.24% - 29.99% Variable APR |
Review |
Citi Diamond Preferred Card Frequently Asked Questions (FAQ)
Most folks who are approved for the Citi® Diamond Preferred® Card have a credit score in the good to excellent range — that is, a FICO score of 670 or more.
Transferring a balance is easy to do online through the "Balance Transfers" section under the "Payments and Transfers" menu in your Citi account. You'll be given the option to add the account details of the creditor or account you'd like to transfer a balance from, along with the amount you'd like to transfer to your Citi® Diamond Preferred® Card account.
You can also complete this process over the phone by calling the number on the back of your card. Be sure to complete any balance transfers within four months of account opening to take advantage of the card's 0% intro APR offer.
The Citi® Diamond Preferred® Card is a great card if you're looking to consolidate high-interest debt by taking advantage of a long intro balance transfer offer. Doing so can save you hundreds of dollars or more, as long as you have the means and plan to pay off your balance before the intro period expires. You should weigh the pros and cons beforehand to decide if a balance transfer is worth it for your situation.
You can be approved for a credit limit as low as $500 or over $10,000. Your credit limit will depend on your creditworthiness.
You can ask for a credit limit increase by calling Citi or making an online request. Just note that you almost certainly will not qualify if you make this request a month or two after opening your card. Citi will want to see a track record of healthy credit before extending more.
The Citi® Diamond Preferred® Card does not earn rewards.
Methodology: How We Reviewed the Citi Diamond Preferred
The Citi® Diamond Preferred® Card is first and foremost a 0% intro APR credit card. We've examined the card's rewards rate and various fees against cards in the same category to arrive at our rating of 2.75 stars out of 5 stars.
To find out more about Insider's methodology for picking the best credit cards, read our guide to how we rate credit cards.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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