Is the Citi Diamond Preferred Worth It?
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Written by
Jon Nickel-D'Andrea
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Edited by
Emily Gadd
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Reviewed by
Jasmin Baron
In the realm of balance transfer credit cards, a long intro APR period is easy to find, but finding one that combines that benefit with a low introductory APR on purchases as well is a bit harder to come across.
The Citi® Diamond Preferred® Card, an advertising partner, checks both those boxes, offering you the ability to pay down large purchases and also save on interest costs from other high-interest credit cards, all in one tiny package.
The card does have a few caveats, including a relatively high 5% balance transfer fee and a lack of rewards, but those wrinkles aren’t that big of a deal when you look at the potential long-term savings in interest.
Quick Verdict
The Citi Diamond Preferred Card is great for its 0% intro APR for 12 months on Purchases and 21 months on Balance Transfers then 16.99% - 27.74% (Variable) APR. But it lacks staying power after the intro period expires. If the card came with rewards, such as cash back for purchases, it would be a more exciting long-term contender.
The card doesn’t charge an annual fee, so if you need a year or more to pay down the new dining room table and chairs, you won’t be slapped with an additional charge on top of that.
If you want a card that will help you save on interest charges, the Diamond Preferred Card is a win. But if you’re looking for a card that offers perks beyond an intro APR and want the chance to earn rewards, then you should look elsewhere.
Citi Diamond Preferred: At a Glance
- Annual fee: $0
- Welcome offer: N/A
- Introductory APR: 0% intro APR for 12 months on Purchases and 21 months on Balance Transfers then 16.99% - 27.74% (Variable) APR
- Rewards structure: N/A
- Statement credits and perks: The card doesn’t come with any statement credits
- Estimated value: This is determined by how much money you save in interest by transferring your debts from high-interest cards or by paying off new purchases over time
Who Should Consider Citi Diamond Preferred?
The Citi Diamond Preferred Card is tailor-made for two major events: large purchases and debt consolidations.
If you’re facing some large purchases, perhaps because you’re renovating a home or getting married, consider this card as a way to help avoid large interest charges long term. Because of the card’s 0% intro APR for 12 months on Purchases (followed by a 16.99% - 27.74% (Variable) APR), you’ll have that time to pay off any charges you incur, all without having to worry about interest as long as you make minimum monthly payments.
Secondly, if you’ve been building up debt on other non-Citi cards and are looking for a way to consolidate those into one, easy-to-manage payment, this is the card for you. A chart-topping 0% intro APR for 21 months on Balance Transfers (then a 16.99% - 27.74% (Variable) APR) offers nearly two years to pay down all those bills from other high-interest credit cards.
Who Should Skip Citi Diamond Preferred?
While the card’s low APRs draw you in, the Diamond Preferred Card’s lack of rewards and other ancillary benefits makes it hard to consider for general use past the intro period.
Once you get past the initial intro APR periods, the regular interest rate is 16.99% - 27.74% (Variable), which can potentially wipe out those savings that you just built up if you carry a balance.
Also, the card’s lack of rewards, even a simple 1% cash back, makes it hard to justify using it for regular purchases moving forward. Consider a rewards credit card if you want something in return for your spending.
How To Maximize Citi Diamond Preferred’s Value
Since the value of the card diminishes greatly after the intro APR on purchases expires, you should make any large purchases you want to pay off over the intro period in the first few months to get maximum value.
While the long intro APR on balance transfers is also enticing, it’s only valid if you make the transfer within the first four months of card opening. If you make a transfer after that, the regular balance transfer APR (16.99% - 27.74% (Variable)) applies.
A few times throughout the year, Citi sends me offers to use the card again and get a 0% APR or a low APR, but your offers may vary from mine. These certainly make the card worth holding on to, just in case you want to make a large purchase down the road.
Therefore, to maximize your value on the Citi Diamond Preferred Card, use it as early as possible after applying to get the longest interest-free period.
Final Verdict on the Citi Diamond Preferred
The Citi Diamond Preferred Card is an exceptional card if your end goal is to save on interest charges. While some cards grant low APRs to only purchases or only balance transfers, the Diamond Preferred Card does both with its 0% intro APR for 12 months on Purchases and 21 months on Balance Transfers then 16.99% - 27.74% (Variable) APR.
To save the most money possible, make sure to use the card early and make your payments on time. If you miss a payment or are late, you might be subject to a penalty APR or lose out on your low interest rate.
While in my personal experience, I’ve seen Citi send out limited-time offers with low APRs throughout the year, there’s no guarantee that this will continue or that you might be targeted for those special offers.
Finally, if you’re looking to earn cash back or travel rewards, this isn’t the card for you. Consider a card that offers you both rewards and a low APR to take double advantage.
Frequently Asked Questions About the Citi Diamond Preferred
Does the Citi Diamond Preferred come with airport lounge access?
Despite having the words Diamond and Preferred in its name, the card doesn’t come with lounge access, and doesn’t have any travel benefits either. If relaxing in the confines of an airport lounge matters to you, consider one of the best credit cards for airport lounge access instead.
What credit score do I need to get the Citi Diamond Preferred Card?
While there’s no exact number, most people approved for this Diamond Preferred Card have good to excellent credit, meaning a 670 FICO score or higher. Citi will consider other factors, including your overall financial picture, when it evaluates your application.
Does the Citi Diamond Preferred have a high credit limit?
Credit limits vary based on several factors, so there’s no exact way to know how much you’ll be approved for on the Diamond Preferred Card. With that said, you’ll want to make sure whatever amount you’re approved for is high enough to use for your balance transfers, and you’re not maxing out your available credit. Having a high credit utilization can negatively impact your credit score.
