Citi® Diamond Preferred® Card review
One of the best 0% intro APR cards you’ll find anywhere.
finder.com’s rating: 4.2 / 5.0
- Get this card if you want a strong intro APR on both purchases and balance transfers.
- Pick something else if you want rewards.
- Apply with a good to excellent credit score of 690 or higher.
Intro Purchase APR
for the first 18 months (then 15.74% to 25.74% variable)
Intro Balance Transfer
for the first 18 months (then 15.74% to 25.74% variable)
15.74% to 25.74%
Balance Transfer APR (variable)
|Product Name||Citi® Diamond Preferred® Card|
|Purchase APR||0% intro for the first 18 months (then 15.74% to 25.74% variable)|
|Balance transfer APR||0% intro for the first 18 months (then 15.74% to 25.74% variable)|
|Balance transfer fee||$5 or 5% of the transaction, whichever is greater|
|Cash advance rate||27.24% variable|
|Cash advance fee||$10 or 5% of the cash advance amount, whichever is greater|
|Penalty APR||29.99% fixed|
|Foreign transaction fee||3% of the transaction value|
|Interest free period||Up to 23 days|
|Late payment fee||Up to $39|
|Returned payment fee||Up to $39|
|Additional cardholder fee||$0|
The Citi® Diamond Preferred® Card offers a crystal-clear value proposition: One of the best intro APR promotions available. While the card’s balance transfer and purchase intro APR periods aren’t the longest out there, together they are a strong offering — especially since the card has no annual fee.
Annual fee: None.
Before making a balance transfer, one of the last things you want is to pay an annual fee. Not only does the Citi® Diamond Preferred® Card offer a long intro APR on balance transfers, but it also comes with no annual fee. That means it’s easy to keep your card open even after your intro APR expires.
Intro balance transfer APR: 0% for the first 18 months from account opening.
You’ll receive a 0% intro APR on balance transfers for 18 months from when you open your account. You’ll get this rate on all transfers you complete within the first four months of card membership. After your intro APR expires, your balance transfer APR will revert to 15.74% to 25.74% variable.
Intro purchase APR: 0% for the first 18 months from account opening.
You’ll receive a 0% intro APR on purchases for the first 18 months after your account opening. After that, your purchase APR will revert to 15.74% to 25.74% variable.
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What to watch out for
Balance transfer fees.
You’ll receive a stellar intro APR on eligible balance transfers, but you’ll still need to pay a fee of $5 or 5% of the transaction, whichever is greater.
If you don’t want to pay balance transfer fees, consider the Chase Slate® credit card. It lets you transfer balances with no fees during the first 60 days your account is open.
Potentially high APR.
Depending on your credit, you may receive a purchase and balance transfer APR as high as 25.74% variable. The average credit card APR is around 16% variable.
Citi may raise your APRs for all balances to 29.99% variable if you make a late or returned payment. This rate may apply to your account indefinitely .
Late and returned payments come with fees as high as $39.
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Case study: Jon’s experience
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.
How does a balance transfer work with this card?
What should I know before I apply?
To apply for the Citi® Diamond Preferred® Card, you must be at least 18 years old.
Information you’ll need
To complete the application, you’ll need to provide information that includes:
- Name and residential address
- Social Security number
- Email address, phone number and date of birth
- Financial information like your annual income and income source
What credit score do I need?
You’ll have a better chance of being approved for the Citi® Diamond Preferred® Card if you apply with a good to excellent credit score of 690 or higher.
If you have a high income and excellent credit, your likelihood of approval is strong.
Here are a few other factors that might affect your odds of approval:
Hard pulls on your credit report.
If you have several hard inquiries — or hard pulls — on your report, it could imply that you’re having trouble managing your debt. Citi might think you’re desperate for credit and may be less likely to take you on as a customer.
Factors that tie into your credit score.
Your credit utilization is a major factor Citi considers. The bank prefers a customer with low balances relative to their credit limit. Having many new card accounts may be a red flag too, as it could indicate you’re desperate for credit. It may also give the impression that you’re just hunting for welcome offers.
What do customers say about the Citi® Diamond Preferred® Card?
Citi is not accredited with the Better Business Bureau, and it earns an overall F rating. As of August 2018, 98% of its reviews are negative and it has nearly 4,000 customer complaints. Citi cardholders generally complain of rude customer service reps, unexpected account closures and trouble receiving rewards.
Citibank earns a Trustpilot score of 3.5 out of 10. Some negative reviews cite unhelpful customer service, frozen accounts and poor experiences while disputing fraudulent charges. Positive reviews say the customer service reps are very accommodating.
How to apply for the Citi® Diamond Preferred® Card
- On the Citi website, click Apply Now.
- Complete the application with details like your name, address, annual income and Social Security number.
- Review and submit your application.
How long will it take to get my Citi® Diamond Preferred® Card?
Since conditional approval is automated on the website, you may get a decision on your application within a few minutes. If there are issues with your application, it may take a few business days to a few weeks to hear back.
After you’re approved, you’ll typically receive your card within seven to 10 business days.
I got the card. Now what?
Make payments on time.
Register an account on the Citi website to pay your balance online. You can also enroll in autopay.
After the close of each billing cycle, you have a grace period of at least 23 days to pay your balance. If you do, you won’t pay interest on your purchases.
Late and returned payments come with hefty fees of up to $39.
Contact customer service.
If you have questions about your credit card account, call the number on the back of your card. Alternatively, call the general helpline at 800-950-5114.
Other cards outshine the Citi® Diamond Preferred® Card in rewards and intro purchase APR offers. But if you want a market-leading intro APR on balance transfers, you’ve found the top player.
Frequently asked questions
Balance transfer card ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
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