It offers a long 0% APR period for purchases and balance transfers, but other cards waive pricey fees for late payments.
Pros & Cons
No annual fee
Intro APR period
Intro balance transfer fee
Requires good/excellent credit
The Discover it® Balance Transfer 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 12.24%-23.24% Variable APR. Earn 5% cash back in rotating categories that you activate, on up to $1,500 in purchases each quarter, and 1% on everything else. Previous bonus categories have included things like supermakets, restaurants, Amazon.com and more. It has a $0 annual fee.
Compare to Other Cards
14.49%-24.49% Variable APR
15.24%-25.24% Variable APR
15.24%-23.99% Variable APR
0% Intro APR for 21 months on Balance Transfers and 12 months on Purchases
0% intro APR for 20 billing cycles on purchases and balance transfers
0% intro APR for 15 months on purchases and balance transfers
Recommended Credit Score
Recommended Credit Score
Recommended Credit Score
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
Annual fee: $0.
APR: 0% Intro APR for 21 months on Balance Transfers and 12 months on Purchases, and then the ongoing APR of 14.49%-24.49% Variable APR.
Sign-up bonus: 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 14.49%-24.49% 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 12.24%-23.24% 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 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 15.24%-25.24% 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.
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.