Citi Diamond Preferred: Ultra-long 0% Intro APR Period on Balance Transfers

The headlining feature of the $0-annual-fee Citi® Diamond Preferred® Card is its lengthy 0% intro APR on balance transfers and purchases — an interest-free period of more than a year.

Citi customers who want to stay with the bank could benefit from this super-long break in interest. But most people will likely be better off choosing a different balance transfer credit card with better terms.

» MORE: Citi Diamond Preferred vs. Citi Simplicity: It comes down to late fees

Citi® Diamond Preferred® Card: Basics

Card type: Balance transfer and 0% APR.

Annual fee: $0.

APR: 0% Intro APR for 21 months on Balance Transfers and 12 months on Purchases, and then the ongoing APR of 17.74%-28.49% Variable APR.

Sign-up bonus: None.

Rewards: None.

Balance transfer fee: 5% of each transfer; $5 minimum.

» MORE: Citi mobile app review

Why you might want the Citi® Diamond Preferred® Card

A $0 annual fee

The Citi® Diamond Preferred® Card has two ideal features: a $0 annual fee and a long 0% intro APR offer. Both can save you money as you pay down a balance.

A long interest-free period

With the Citi® Diamond Preferred® Card, you’ll pay a 0% Intro APR for 21 months on Balance Transfers and 12 months on Purchases, and then the ongoing APR of 17.74%-28.49% Variable APR. That's one of the longest interest-free periods for balance transfers on the market.

Choose your payment due date

The Citi® Diamond Preferred® Card lets you choose a monthly payment due date that works for you. That can offer a little flexibility as you attack your balance.

Why you might want a different card

It doesn't earn rewards

The Citi® Diamond Preferred® Card doesn’t give you much reason to keep using it after you’ve paid off your balance. The Discover it® Cash Back, on the other hand, offers a solid introductory APR offer and great ongoing rewards. You get a 0% intro APR for 15 months on purchases and balance transfers, and then the ongoing APR of 16.49%-27.49% Variable APR. The card earns 5% cash back on rotating quarterly categories on up to $1,500 in purchases each quarter (activation is required); 1% on everything else. Bonus categories in the past have included restaurants, grocery stores, wholesale clubs, gas stations and more. The annual fee is $0.

» MORE: Which 5% rotating bonus category card should I choose?

It charges late fees

Most other cards also charge them, but Citi offers a sister card that doesn't. With the Citi Simplicity® Card, there is no late fee or penalty APR if you miss a payment. These are nice safety nets for forgetful cardholders (although paying late can still potentially hurt your credit scores). The Citi Simplicity® Card has a generous intro APR offer: 0% Intro APR for 21 months on Balance Transfers and 12 months on Purchases, and then the ongoing APR of 18.74%-29.49% Variable APR. But if that doesn't fit the bill, check out NerdWallet's list of best credit cards for more options.

» MORE: What is a penalty APR?

There's a high balance transfer fee

The Citi® Diamond Preferred® Card charges 5% of the amount of your transfer, and that’s on the high side. Other cards with similar intro APR offers have lower fees. The BankAmericard® credit card, for instance, has a 3% balance transfer fee, and it offers 0% intro APR on Purchases for 21 billing cycles and 0% intro APR on Balance Transfers for 21 billing cycles for any balance transfers made in the first 60 days, and then the ongoing APR of 15.49%-25.49% Variable APR. Its annual fee is $0.

Is the Citi® Diamond Preferred® Card right for you?

If you know you'll need a long time to pay down an existing balance, the Citi® Diamond Preferred® Card could be an option. It offers one of the longest 0% intro APR periods on balance transfers available.