Citi Diamond Preferred Card review 2024: Save on interest charges for almost two years
“Verified by an expert” means that this article has been thoroughly reviewed and evaluated for accuracy.
BLUEPRINT
Updated 7:18 a.m. UTC April 5, 2024
Editorial Note: Blueprint may earn a commission from affiliate partner links featured here on our site. This commission does not influence our editors' opinions or evaluations. Please view our full advertiser disclosure policy.
Citi is a Blueprint partner.
If you’re saddled with a large balance on a high-APR credit card, the Citi® Diamond Preferred® Card offers the opportunity to avoid interest charges for almost two years with an industry-leading balance transfer period. We’ll explain more in our detailed Citi Diamond Preferred card review.
our partner
Blueprint receives compensation from our partners for featured offers, which impacts how and where the placement is displayed.
Citi® Diamond Preferred® Card
Why trust our credit card experts
Our team of experts evaluates hundreds of credit cards and analyzes thousands of data points to help you find the best card for your situation. We use a data-driven methodology to determine each rating. Advertisers do not influence our editorial content. You can read more about our methodology below.
- 45+ cards analyzed.
- 5 data points considered.
- 5-step fact-checking process.
Citi Diamond Preferred basics
- Annual fee: $0.
- Welcome bonus: None.
- Rewards: None.
- APR: 0% intro APR for 21 months on eligible balance transfers from the date of the first transfer and 0% intro APR for 12 months on purchases from date of account opening. After that, the variable APR will be 18.24% to 28.99%. Balance transfers must be completed in the first four months. A balance transfer fee of either $5 or 5% of each transfer, whichever is greater, applies.
- Recommended credit score: Good to excellent.
- Does the card offer preapproval? No.
- Other benefits: Free FICO Score and Citi Entertainment access.
Citi Diamond Preferred review
The Citi Diamond Preferred card has one job: To help you save money on your existing high-interest debt via the card’s lengthy intro APR balance transfer offer. The card offers new cardholders a 0% intro APR for 21 months on eligible balance transfers from the date of the first transfer and 0% intro APR for 12 months on purchases from date of account opening. After that, the variable APR will be 18.24% to 28.99%. Balance transfers must be completed in the first four months. A balance transfer fee of either $5 or 5% of each transfer, whichever is greater, applies. Once the introductory offer expires, the card loses much of its luster. But if you’re looking for the longest balance transfer period you can find on a card, the Diamond Preferred shines.
Citi Diamond Preferred pros
- Long introductory APR on balance transfers: The Citi Diamond Preferred offers one of the longest intro APRs for balance transfers at 21 months.
- No annual fee: The Citi Diamond Preferred charges a $0 annual fee.
- Introductory APR on purchases: In addition to the intro APR on balance transfers, the Citi Diamond Preferred also comes with an intro APR on purchases.
Citi Diamond Preferred cons
- High balance transfer fee: The Citi Diamond Preferred charges a high balance transfer fee of 5% of each balance transfer; $5 minimum.
- Potentially high APR once promotions expire: Once the intro APR offers expire, the ongoing APR of 18.24% - 28.99% (Variable) will apply to any unpaid balance. Your ongoing APR will be determined based on your creditworthiness.
- No rewards: After the intro APR periods end, cardholders won’t benefit from any cashback or rewards points programs associated with the card.
Citi Diamond Preferred APR
New cardholders are eligible for a 0% intro APR for 21 months on eligible balance transfers from the date of the first transfer and 0% intro APR for 12 months on purchases from date of account opening. After that, the variable APR will be 18.24% to 28.99%. Balance transfers must be completed in the first four months. A balance transfer fee of either $5 or 5% of each transfer, whichever is greater, applies. Know that if you are late with a payment, you will most likely forfeit either of the intro APR promotions as well as incur a potential late fee.
If using the Citi Diamond Preferred for its lengthy balance transfer offer, it’s best to avoid using the card for new purchases as that defeats the purpose of trying to pay off a large balance. If you want to use the Citi Diamond Preferred for the intro APR on purchases, know that there are other credit cards offering longer intro purchase APR deals than the Citi Diamond Preferred.
Citi Diamond Preferred balance transfer savings potential
To illustrate how much you can save using the Citi Diamond Preferred’s balance transfer offer, let’s assume you are carrying a $10,000 balance on another card with a 20% APR and want to pay it off in 21 months:
- With your current card balance, you’ll need to pay $568 a month to pay it off in 21 months, which includes $1,934 in interest charges.
- If you transfer that balance to the Citi Diamond Preferred, your total payoff amount will be $10,500 as this includes the balance transfer fee of 5% of each balance transfer; $5 minimum.
- Your monthly payments will be reduced to $500 a month.
- Your total savings would be $1,434 ($1,934 minus $500 for the balance transfer fee), providing you don’t add to the balance with any new purchases.
Know that in exchange for such a lengthy balance transfer offer, cardholders will be charged a higher-than-average balance transfer fee. Balance transfer fees are typically 3% to 5%. So, to justify a higher balance transfer fee, it’s best for large balance transfer amounts, where the savings will be greatest.
Citi Diamond Preferred perks
The Citi Diamond Preferred card is pretty sparse when it comes to additional benefits, such as car rental insurance or cellphone protection. Here’s what is included with the card:
- Free FICO Score access: Monitor your credit score anytime through your card’s online portal.
- Citi Entertainment: Cardholders can get special access through Citi Entertainment for tickets to sporting events, concerts, dining experiences and more.
- Contactless payment: Easy chip-enabled tap-and-pay payment processing.
How the Citi Diamond Preferred compares to other balance transfer cards
Citi Diamond Preferred vs. Wells Fargo Reflect® Card * The information for the Wells Fargo Reflect® Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
Another balance transfer card boasting a balance transfer intro rate for almost two years with no annual fee is the Wells Fargo Reflect. Plus, the Wells Fargo Reflect also offers a 0% intro APR for 21 months from account opening on purchases and on balance transfers made within the first 120 days, afterwards a 18.24%, 24.74%, or 29.99% variable APR applies. There’s a balance transfer fee of 5% with a $5 minimum.
The Wells Fargo Reflect offers cardholders a cellphone protection plan and access to roadside dispatch as benefits, but no rewards program. Both cards are an excellent choice if you’re looking to tackle some existing high interest debt.
Citi Diamond Preferred vs. BankAmericard® credit card * The information for the BankAmericard® credit card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
The $0-annual-fee BankAmericard also offers a 0% intro APR for 18 billing cycles for purchases and any balance transfers made in the first 60 days, and then a variable APR of 16.24% to 26.24%. An intro balance transfer fee of 3% of each transaction made within 60 days of account opening applies. After that, the fee will be 4% of each transaction. Although there are no rewards with this card either, if you happen to miss a payment deadline, you won’t lose your promotional APR.
If you have an irregular paycheck, this may give the BankAmericard an edge over the Citi Diamond Preferred. However, the BankAmericard’s intro balance transfer offer is shorter than the Diamond Preferred’s, which means you’ll have less time to pay off your debt without occurring interest charges.
Citi Diamond Preferred vs. Citi Double Cash® Card
If you’re looking for a balance transfer card that has staying power after the introductory period, consider the Citi Double Cash card. The card has no annual fee and offers a 0% intro APR on balance transfers for 18 months. After that, the standard variable APR will be 19.24% to 29.24%. An intro balance transfer fee of either $5 or 3%, whichever is greater, applies to transfers completed in the first 4 months. After that, the fee will be 5% of each transfer (minimum $5). There is no intro APR offer for purchases, however, and no travel or cellphone protection benefits.
While your transferred balance does not earn cash-back rewards, any purchases you make with the card can earn 2% cash back on purchases — 1% when purchases are made and another 1% when they’re paid off, plus, for a limited time, 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/24. Although it’s not the longest balance transfer period you’ll find, you’re likely to find a reason to continue using this card after you pay down your debt.
The Citi Diamond Preferred card is right for you if:
- You’re seeking a no-frills balance transfer card offering a generous introductory APR period.
- The cost of the balance transfer fee added on to your existing debt is still less than what you’d pay in interest on your current credit card.
- You have a plan to pay off all or most of your debt within the intro APR period.
Methodology
Our credit card team has spent hours analyzing hundreds of credit cards. We took a deep dive into the details of each product and that analysis, combined with our years of experience covering credit cards, informed us as we developed these credit card rankings.
Frequently asked questions (FAQs)
Typically, generous intro APR balance transfer cards are reserved for customers with good to excellent credit, which FICO defines as 670-850*. You can use Citi’s pre-selection card tool to see if you qualify without generating a hard inquiry.
*Credit ranges listed here are derived from FICO® Score 8, which is one of many different types of credit scores. If you apply for a credit card, the lender may use a different credit score when considering your application for credit.
No, the Citi Diamond Preferred card does not charge an annual fee.
While Citi does not share specific credit limit information for the Citi Diamond Preferred, the higher your credit score and the longer you’ve responsibly used credit, the better your chances are to receive a reasonable credit limit. Once you receive your card, you can always contact customer service to ask for a credit limit increase, provided your credit history is in excellent shape.
Another strong competitor to the Citi Diamond Preferred is the U.S. Bank Visa® Platinum Card * The information for the U.S. Bank Visa® Platinum Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. . The no-annual-fee U.S. Bank Visa Platinum Card offers a 0% intro APR on purchases and balance transfers for 21 billing cycles, then a variable APR of 18.74% to 29.74%. There’s an intro balance transfer fee of 3% of each transfer or $5 minimum, whichever is greater for balances transferred in the first 60 days, then a fee of either 5% or $5 applies, whichever is greater.
The U.S. Bank Visa Platinum Card also comes with a cellphone protection plan. There is no rewards program with the U.S. Bank Visa Platinum Card, but if you’re looking for a lower balance transfer fee in exchange for a with a similar balance transfer promotional period, then you may want to take a closer look at the U.S. Bank Visa Platinum Card.
*The information for the BankAmericard® credit card, U.S. Bank Visa® Platinum Card and Wells Fargo Reflect® Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.
