Citi Diamond Preferred: Ultra-long 0% Intro APR Period on Balance Transfers
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Our Take
4.4
The bottom line:
It offers a long 0% APR period for purchases and balance transfers, but other cards waive pricey fees for late payments.
Full Review
on Citibank's application
on Citibank's application
Annual fee
$0
Regular APR
13.74%-23.74% Variable APR
Intro APR
0% Intro APR for 21 months on Balance Transfers and 12 months on Purchases
Recommended Credit Score
Quick Facts
Pros & Cons
Pros
No annual fee
Intro APR period
Intro balance transfer fee
Cons
Requires good/excellent credit
No rewards
Compare to Other Cards
Annual fee$0 | Annual fee$0 | Annual fee$0 |
Regular APR13.74%-23.74% Variable APR | Regular APR14.99%-23.74% Variable APR | |
Intro APR0% Intro APR for 21 months on Balance Transfers and 12 months on Purchases | Intro APR0% intro APR for 20 billing cycles on purchases and balance transfers | Intro APR0% intro APR for 15 months on purchases and balance transfers |
Recommended Credit Score |
Recommended Credit Score |
Recommended Credit Score |
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Full Review
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. This super-long window could make it a worthy get-out-of-debt card for the right applicant.
The card doesn't earn rewards, however, so there's little incentive to use it once you've paid off your balance.
Citi® Diamond Preferred® Card: Basics
Card type: Balance transfer and low interest.
Annual fee: $0.
APR: 0% Intro APR for 21 months on Balance Transfers and 12 months on Purchases, and then the ongoing APR of 13.74%-23.74% 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 13.74%-23.74% 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 14 months on purchases and balance transfers, and then the ongoing APR of 11.99%-22.99% 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.
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 0% intro APR offer. 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. You can find cards with lower fees, albeit typically with shorter 0% intro APR periods on your transfer. The U.S. Bank Visa® Platinum Card, for instance, has a 3% balance transfer fee, and it offers an intro 0% intro APR for 20 billing cycles on purchases and balance transfers, and then the ongoing APR of 14.49%-24.49% 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.
But if you're chronically forgetful, the Citi Simplicity® Card is a better choice.
on Citibank's application
Frequently asked questions
The Citi® Diamond Preferred® Card does not offer rewards or a sign-up bonus. The card’s most valuable feature is its long interest-free period for purchases and balance transfers. It offers 0% Intro APR for 21 months on Balance Transfers and 12 months on Purchases, and then the ongoing APR of 13.74%-23.74% Variable APR. That’s can help you finance a large purchase or get out of debt.
The Citi Simplicity® Card and the Citi® Diamond Preferred® Card have comparable 0% introductory periods, balance-transfer fees and ongoing APRs, and both have a $0 annual fee. When you compare the two, they have one key difference: The Citi Simplicity® Card doesn't charge a fee or impose a penalty APR for a late payment. That’s not the case with the Citi® Diamond Preferred® Card.
You’ll need excellent credit — typically defined as a FICO score of 720 or higher — to qualify for the Citi® Diamond Preferred® Card. Issuers also take into account factors like your income and your debt obligations.
The 0% period gives you more than a year without interest, allowing you to put more money toward paying down debt. There’s a balance-transfer fee of 5% of the amount of the transfer (minimum $5). And, you’ll only be able to transfer up to the amount of your assigned credit limit. If you don’t have excellent credit, other balance transfer credit cards can offer get-out-of-debt incentives.
You can start by calling the customer service number on the back of the card. Another option is to request a transfer with your application, but it takes at least 14 days after opening an account to complete the process. The total amount transferred must be less than your available credit limit on the Citi® Diamond Preferred® Card, and you can't transfer debt from anothet Citi card. Once the transfer is approved, Citi pays the amount requested to the issuer of the other card, and that same amount is charged to yourCiti® Diamond Preferred® Card.
