It offers a long 0% APR period for purchases and balance transfers, but other cards waive pricey fees for late payments.
No annual fee
Intro APR period
Intro balance transfer fee
Requires good/excellent credit
Compare to Other Cards
18.24%-28.99% Variable APR
18.74%-29.74% Variable APR
0% Intro APR for 21 months on Balance Transfers and 12 months on Purchases
0% intro APR for 18 billing cycles on purchases and balance transfers
Recommended Credit Score
Recommended Credit Score
Detailed review: Citi® Diamond Preferred® Card
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.
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 18.24%-28.99% Variable APR.
Sign-up bonus: None.
Balance transfer fee: 5% of each transfer; $5 minimum.
» MORE: Citi mobile app review
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 for 21 months on Balance Transfers and 12 months on Purchases, and then the ongoing APR of 18.24%-28.99% 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.
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 17.24%-28.24% 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 for 21 months on Balance Transfers and 12 months on Purchases, and then the ongoing APR of 19.24%-29.99% 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, and it offers 0% Intro APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days of opening your account. After the intro APR offer ends, a Variable APR that's currently 16.24%-26.24% will apply.. Its annual fee is $0.
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 17.24%-28.24% 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.
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.