Citi® Diamond Preferred® Card Review
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Written by
Jasmin Baron
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Edited by
Emily Gadd
This card from Citi, an advertising partner, is tailored to those who are looking to pay down debt. It’s also a good fit for anyone looking to transfer a balance from another high-APR credit card. While there are no ongoing rewards to be earned on everyday purchases there are a handful of other perks that make this card worthwhile.
Purchase and Balance Transfer APR
0% intro APR for 12 months on Purchases and 21 months on Balance Transfers then 17.24% – 27.99% (Variable)
Recommended Credit Score
Excellent/Good
670 – 850*
Balance Transfer Fee
Balance transfer fee applies with this offer 5% of each balance transfer; $5 minimum.
Intro Bonus
N/A
Annual Fee
$0
Rewards
N/A
CardCritics™ Opinion
The Citi® Diamond Preferred® Card is a strong option for those looking to complete a balance transfer. The balance transfer fee is on the higher side so make sure you factor that in. There are no ongoing rewards or cash back benefits, making it less appealing for those seeking ongoing incentives for their spending.
Our Critical Analysis:
Citi® Diamond Preferred® Card
- Very long intro APR on balance transfers
- No annual fee
- Free FICO® score access
PROS
- Shorter intro APR on purchases
- Balance transfer fee is higher than other comparable cards
- No ongoing rewards
CONS
Generous Intro APR
The Citi® Diamond Preferred® Card is an excellent choice for those prioritizing low interest rates on balance transfers. New card members will benefit from a 0% intro APR for 12 months on Purchases and 21 months on Balance Transfers then 17.24% – 27.99% (Variable).
There is a 5% balance transfer fee ($5 minimum) which tends to be higher than other cards, but that fee is likely significantly less than the interest you are currently paying on another card.
If the 5% balance transfer fee is offputting you can check out its sister card, the Citi Simplicity® Card which offers a lower intro balance transfer fee and the same intro period on balance transfers.
Additional Benefits
Although the Diamond Preferred Card does not offers rewards or cash back, you will:
- Get free access to your FICO® Score online
- Receive special access to tickets to thousands of events through Citi Entertainment®
- Speed through checkout with Digital Wallets and Contactless Pay options
This card will also give you peace of mind with its robust security features, including $0 liability on unauthorized charges and identity theft solutions.
What Makes the Diamond Preferred Card Stand Out?
The major selling point of the Diamond Preferred Card is its generous low APR period so it is not a big surprise that it is lacking in other areas. There are no ongoing rewards.
If those features are important to you it is worth checking out the Wells Fargo Active Cash® Card. It has a shorter intro APR period but offers lucrative cash back rewards and a welcome bonus after you hit the required spending amount within a certain time period.
Is it the Right Card For You?
The Diamond Preferred Card may be the right fit for you if any of the following apply:
- You are looking to consolidate and pay off debt with a lengthy intro APR period on balance transfers
- You are planning to make large purchases and pay them off over time
- You are not prioritizing earning rewards, but focusin on low interest rates
- You value access to exclusive presale tickets and experiences through Citi Entertainment.
Card Details From Citi®
- 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.
Frequently Asked Questions
These answers to some frequently asked questions will help you decide if the Citi® Diamond Preferred® Card is the right card for you.
What credit score is needed for the Citi® Diamond Preferred® Card?
The Diamond Preferred Card requires good to excellent credit. Typically a FICO credit score of 670 or above meets this criteria. However, having a credit score of 670 or above does not guarantee approval since other factors are taken into consideration.
Does the Citi® Diamond Preferred® Card charge an annual fee?
No. The Diamond Preferred Card does not charge an annual fee.
Does the Citi® Diamond Preferred® Card offer a welcome bonus?
The Diamond Preferred Card does not offer a traditional welcome bonus in the form of points or cash back and it does not offer ongoing rewards, but it does come with 0% intro APR for 12 months on Purchases and 21 months on Balance Transfers then 17.24% - 27.99% (Variable).
Editorial Note: Any opinions, analyses, reviews or recommendations expressed are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.
*CardCritics™ references a FICO® 8 score, which is one of many different types of credit scores. A financial institution may use a different score when evaluating your application.
