Citi Diamond Preferred: Ultra-long 0% Intro APR Period on Balance Transfers
The Bottom Line
4.4
It offers a long 0% APR period for purchases and balance transfers, but other cards waive pricey fees for late payments.
Rates, fees and offers
Rates, fees and offers
Annual fee
$0
Rewards rate
N/A
Bonus offer
N/A
Intro APR
0% intro APR on purchases for 12 months and 0% intro APR on balance transfers for 21 months
Ongoing APR
APR: 17.24%-27.99% Variable APR
Cash Advance APR: 29.49%, Variable
Penalty APR: Up to 29.99%, Variable
Balance transfer fee
Balance transfer fee applies with this offer; 5% of each balance transfer; $5 minimum.
Foreign transaction fee
3%
More details from Citibank
More details from Citibank
- 0% Intro APR on balance transfers for 21 months and on purchases for 12 months from date of account opening. After that the variable APR will be 17.24% - 27.99%, based on your creditworthiness. Balance transfers must be completed within 4 months of account opening.
- There is a balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater
- Get free access to your FICO® Score online.
- With Citi Entertainment®, get special access to purchase tickets to thousands of events, including concerts, sporting events, dining experiences and more.
- No Annual Fee - our low intro rates and all the benefits don’t come with a yearly charge.
Pros and Cons
Pros
No annual fee
Intro APR period
Cons
Requires good/excellent credit
No rewards
Detailed Review
The headlining feature of the $0-annual-fee Citi® Diamond Preferred® Card is its lengthy 0% intro APR on balance transfers — 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.
Citi® Diamond Preferred® Card: Basics
Card type: Balance transfer and 0% APR.
Annual fee: $0.
APR: 0% intro APR on purchases for 12 months and 0% intro APR on balance transfers for 21 months, and then the ongoing APR of 17.24%-27.99% Variable APR.
Sign-up bonus: N/A.
Rewards: None.
Balance transfer fee: 5% of each transfer; $5 minimum.
» MORE: Citi mobile app review
Compare to Other Cards
Benefits and Perks
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 on purchases for 12 months and 0% intro APR on balance transfers for 21 months, and then the ongoing APR of 17.24%-27.99% 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.
MORE NERDY PERSPECTIVE
 | The Citi Diamond Preferred has one of the best 0% APR periods for balance transfers on the market, but it charges a relatively high transfer fee of 5% (with a minimum fee of $5). Another Citi card, the Simplicity, gives you a comparable 0% period and, as of January 2025, had a lower introductory transfer fee for the first four months. Jae Bratton, writer, credit cards |
Drawbacks and Considerations
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 18.24%-27.24% 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 intro APR offer: 0% intro APR on purchases for 12 months and 0% intro APR on balance transfers for 21 months, and then the ongoing APR of 18.24%-28.99% 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 for the first 60 days from account opening (then 4%), and it offers 0% Intro APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the Intro APR offer ends, a Variable APR that’s currently 15.24%-25.24% will apply. Its annual fee is $0.
How To Decide If It's 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 other cards with similar 0% intro APR periods offer better terms. Including the Citi Simplicity® Card, which is a great option if you're chronically forgetful.
The Discover it® Chrome offers a 0% intro APR on Purchases for 6 months and 0% intro APR on Balance Transfers for 18 months, and then the ongoing APR of 18.24%-27.24% Variable APR. Earn 2% cash back at restaurants and gas stations, on up to $1,000 in purchases each quarter; other purchases earn 1%. It has a $0 annual fee.
Looking For Something Else?
Methodology
NerdWallet reviews credit cards with an eye toward both the quantitative and qualitative features of a card. Quantitative features are those that boil down to dollars and cents, such as fees, interest rates, rewards (including earning rates and redemption values) and the cash value of benefits and perks. Qualitative factors are those that affect how easy or difficult it is for a typical cardholder to get good value from the card. They include such things as the ease of application, simplicity of the rewards structure, the likelihood of using certain features, and whether a card is well-suited to everyday use or is best reserved for specific purchases. Our star ratings serve as a general gauge of how each card compares with others in its class, but star ratings are intended to be just one consideration when a consumer is choosing a credit card. Learn how NerdWallet rates credit cards.
Frequently asked questions
Does the Citi Diamond Preferred card have rewards?
Does the Citi Diamond Preferred card have rewards?
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 on purchases for 12 months and 0% intro APR on balance transfers for 21 months, and then the ongoing APR of 17.24%-27.99% Variable APR. That’s can help you finance a large purchase or get out of debt.
What's the difference between Citi Simplicity and Citi Diamond Preferred?
What's the difference between Citi Simplicity and Citi Diamond Preferred?
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.
Is it hard to qualify for the Citi Diamond Preferred?
Is it hard to qualify for the Citi Diamond Preferred?
You’ll need good to excellent credit to qualify for the Citi® Diamond Preferred® Card. Issuers also take into account factors like your income and your debt obligations.
Can the Citi Diamond Preferred help me get out of debt?
Can the Citi Diamond Preferred help me get out of debt?
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.
How do I transfer a balance to Citi Diamond Preferred?
How do I transfer a balance to Citi Diamond Preferred?
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.
About the author
Melissa Lambarena
Senior Writer & Content Strategist
