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Citi® Diamond Preferred® Card review

Last updated:  

You'll find excellent intro APRs for purchases and balance transfers at 18 months.

finder.com’s rating: 4.6 / 5

★★★★★

  • Get this card if you want long intro APR periods on balance transfers and purchases.
  • Pick something else if you want rewards.
  • Apply with an excellent credit score of 740 or higher.

$0

Annual fee

0%

Intro purchase APR

for the first 18 months (then 14.74% to 24.74% variable)

0%

Intro balance transfer

for the first 18 months (then 14.74% to 24.74% variable)

14.74% to 24.74%

Balance transfer APR (variable)

Details

Product NameCiti® Diamond Preferred® Card
Card typeMastercard
Annual fee$0
Purchase APR0% intro for the first 18 months (then 14.74% to 24.74% variable)
Balance transfer APR0% intro for the first 18 months (then 14.74% to 24.74% variable)
Balance transfer fee$5 or 3% of the transaction, whichever is greater
Cash advance rate25.24% variable
Cash advance fee$10 or 5% of the cash advance amount, whichever is greater
Penalty APRUp to 29.99% variable
Foreign transaction fee3% of the transaction value
Interest free periodUp to 23 days
Late payment feeUp to $40
Returned payment feeUp to $40
Additional cardholder fee$0

Expert review

Kevin Joey Chen

Review by


Kevin Joey Chen is a credit cards, banking and investments writer whose work and analysis have appeared on CNN, U.S. News & World Report, Business.com, Lifehacker and CreditCards.com. He's passionate about helping you get your finances in order by expertly navigating cutting-edge financial tools — including credit cards, apps and budgeting software.

Expert review

The Citi® Diamond Preferred® Card is a $0-annual-fee balance transfer card. It offers a 0% intro APR for 18 months on balance transfers from the date of your first transfer, then 14.74% to 24.74% variable. It also comes with a 0% intro APR for 18 months on purchases, then 14.74% to 24.74% variable. Citi is a finder.com advertising partner.

How to apply for the Citi® Diamond Preferred® Card

  1. Click Apply now.
  2. Complete the application with details like your name, address, annual income and Social Security number.
  3. Review and submit your application.

What credit score do I need?

You typically have better odds of getting a balance transfer credit card with an excellent credit score of 740 or higher. This is a good rule of thumb if you’re thinking about applying for the Citi® Diamond Preferred® Card. However, remember that approval is never guaranteed no matter what your credit score is.

Major card benefits

The Citi® Diamond Preferred® Card doesn’t offer many benefits, but it’s an excellent card for intro APRs. Here are the main perks to look into.

  • No annual fee
    Having a $0 annual fee makes it easy to keep your Citi® Diamond Preferred® Card open even after your intro APR expires. Even if you won’t earn rewards, keeping your card open keeps your average age of credit accounts high and protect your FICO score.
  • Excellent balance transfer APR
    Get a 0% intro APR on balance transfers for 18 months from the date of your first transfer, then 14.74% to 24.74% variable. You’ll get this rate on all transfers within the first 4 months of card membership.

    Its intro APR is what makes the Citi® Diamond Preferred® Card stand out among competitors. You’ll often find intro APRs that last around 15 months — 18 months is considered very high.

  • Long purchase intro APR
    Get a 0% intro APR on purchases for 18 months after account opening, then 14.74% to 24.74% variable. This is a longer intro APR on purchases than you’ll typically find with competing products — most 1.5% cashback credit cards have purchase intro APRs of 15 months.

    You can leverage the Citi® Diamond Preferred® Card’s interest-rate promotion to make purchases you’d like to pay off over a long period of time. But be sure to clear your purchase balance before the intro APR expires, or you’ll start accruing interest.

What to watch out for

Before applying for this card, determine if the benefits outweigh the drawbacks. Here are a few factors to keep your eyes peeled for.

  • You’ll still pay balance transfer fees
    Even though you get a top-notch balance transfer intro APR, you’ll still pay fees on your transfers: the greater of $5 or 3% for each transaction.
  • Four-month limit to transfer your balance
    After you open your account, you’ll have four months to make transfers to qualify for the promotional interest rate.

    Four months is still a good deal, as many providers require you to transfer balances within 30 to 60 days after account opening. But it’s still worth looking out for so you don’t squander the Citi® Diamond Preferred® Card’s biggest benefit.

  • There’s a steep penalty APR
    If you make a late or returned payment, Citi may increase the APRs on all of your balances to up to 29.99% variable. Consumers despise this, and rightfully so. It creates a lot of pressure to be perfect every single billing cycle. Citi also says you can lose your intro APR if you make one late payment, which makes it extra important to stay vigilant about paying your card bill.

Compare similar intro APR cards

Name Product Purchase APR Balance transfer APR Annual fee Filter values
Blue Cash Everyday® Card from American Express
0% intro for the first 15 months (then 13.99% to 23.99% variable)
N/A
$0
Get 3% cash back on groceries on up to $6,000 annually (then 1%) with no annual fee. This is a simple and effective rewards card. Rates & fees
Chase Freedom Flex℠
0% intro for the first 15 months (then 14.99% to 23.74% variable)
14.99% to 23.74% variable
$0
Get up to 5% cashback in rotating and newly added everyday categories. The refreshed Freedom Flex card has lots of earning potential.
Citi® Diamond Preferred® Card
0% intro for the first 18 months (then 14.74% to 24.74% variable)
0% intro for the first 18 months (then 14.74% to 24.74% variable)
$0
An impressive 18 months intro APR on balance transfers and purchases, as well as no annual fee make this one of the top 0% APR cards available.
Chase Freedom Unlimited®
0% intro for the first 15 months (then 14.99% to 23.74% variable)
14.99% to 23.74% variable
$0
This solid 1.5% cashback card gets even better with the addition of up to 5% back in categories like travel, drug stores and dining.
Citi® Double Cash Card
13.99% to 23.99% variable
0% intro for the first 18 months (then 13.99% to 23.99% variable)
$0
Earn up to 2% on every purchase with no annual fee. This is the highest flat-rate cashback card on the market.
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Case study: Jon’s experience

profile pic

Jon Brodsky
CEO, Finder US

I got my Citi Diamond Preferred card solely as a balance transfer card to help me consolidate and pay down debt I’d accumulated renovating my home. As with other cards, it took me about 15 minutes to fill out the form, approval was close to instant, and my balances were transferred within a few days.

The thing that has kept this card as a go-to in my wallet is that Citi regularly sends me low or 0% APR offers generally reserved for new cardholders. Though I’m trying really hard to stop spending money I don’t have, it’s nice to know these offers are available should I need them. It saves me the trouble of applying for a new card.

Bottom line

The Citi® Diamond Preferred® Card is a great choice if you want an excellent balance transfer intro APR. If your main concern is transferring debt, you won’t mind that the card lacks other benefits, such as rewards.

Of course, the Citi® Diamond Preferred® Card isn’t the only card in town. There are plenty of other balance transfer cards that are worth a look, too.

Frequently asked questions

Images: Citi.com

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