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

The Citi Diamond Preferred can help make a dent in your debt, but because the card doesn't earn rewards, it may not earn a long-term place in your wallet.
May 3, 2022

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Our Take

4.4

NerdWallet rating 
The bottom line:

It offers a long 0% APR period for purchases and balance transfers, but other cards waive pricey fees for late payments.

Jump to: Full Review
Citibank Diamond Preferred Credit Card
Annual fee
$0
Regular APR
14.49%-24.49% Variable APR
Intro APR
0% Intro APR for 21 months on Balance Transfers and 12 months on Purchases
Rec. credit score
690-850 (Good - Excellent)
Apply now

on Citibank's application

Quick Facts

Pros & Cons

Pros

  • No annual fee

  • Intro APR period

  • Intro balance transfer fee

Cons

  • Requires good/excellent credit

  • No rewards

Alternate Pick: 0% intro APR plus rewards
Discover it® Balance Transfer
NerdWallet rating 
Discover it® Balance Transfer
Long-term value

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.

Read our review

Compare to Other Cards

NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
Annual fee

$0

Annual fee

$0

Annual fee

$0

Regular APR

14.49%-24.49% Variable APR

Regular APR

15.24%-25.24% Variable APR

Regular APR

15.24%-23.99% Variable APR

Intro APR

0% Intro APR for 21 months on Balance Transfers and 12 months on Purchases

Intro APR

0% intro APR for 20 billing cycles on purchases and balance transfers

Intro APR

0% 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

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.

Rewards: None.

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

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.

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.

on Citibank's application

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?

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 14.49%-24.49% 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?

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?

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.

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?

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.