Citi Diamond Preferred Review: Save on High-Interest Payments
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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
When credit card bills stack up, one of the best ways to help pay down that debt is with a balance transfer. The Citi® Diamond Preferred® Card, an advertising partner, offers one of the longest intro APR rates on the market today: 0% intro APR for 12 months on Purchases and 21 months on Balance Transfers then 16.99% – 27.74% (Variable).
Pair this long balance transfer period with an equally impressive low interest rate on purchases, and you’ve got a compelling option for helping you pay down other high-interest debt.
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Purchase and Balance Transfer APR
0% intro APR for 12 months on Purchases and 21 months on Balance Transfers then 16.99% – 27.74% (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
While there are many balance transfer and low-interest credit cards on the market today, finding one that has both at the same time isn’t as common. If you’ve found yourself with high-interest balances on other credit cards or you’re staring at a large purchase that you want to pay off over time, the Citi Diamond Preferred Card is perfect. But the card’s not without downsides; it doesn’t earn rewards, and it charges a foreign transaction fee.
Our Critical Analysis:
Citi® Diamond Preferred® Card
- Ultra-long intro APR on balance transfers
- No annual fee
- Free FICO® score access
PROS
- No rewards for purchases
- No ancillary benefits
- Foreign transaction fee
CONS
Citi Diamond Preferred Benefits
Read our guide to Citi Diamond Preferred benefits for a closer look at what this card has to offer.
Low Purchase APR
The Citi Diamond Preferred Card comes with a 0% intro APR for 12 months on Purchases, followed by a 16.99% – 27.74% (Variable) APR. This means that whatever you purchase, so long as you make your minimum monthly payments on time, will come with no interest charges for the duration of the offer.
In my case, I applied for the card just after we purchased our new home. We had no furniture, nothing for our kitchen cabinets and the house was going to need a lot of repairs. Being able to make a couple of purchases from big box retailers and pay them off over a year was a huge weight off my shoulders.
Long Balance Transfer Period
Before we made the house purchase, I had to make some other purchases on my credit card to free up cash for the mortgage down payment. That meant that I was going to come across some nasty interest charges pretty quickly once the bills came in.
The Citi Diamond Preferred Card comes with a 0% intro APR for 21 months on Balance Transfers, then a 16.99% – 27.74% (Variable) APR, so long as you make the balance transfer in the first four months of card membership. This gave me the chance to move some of those high-interest credit card balances over to this card and save thousands of dollars in potential interest charges.
Surprise Offers
While the intro APR for both purchases and balance transfer offers has an expiration date, not all is lost. Very often, Citi sends me offers for low-interest in the mail.
While I don’t always take advantage of them, it’s great to know that Citi is sending out these offers every so often so that you can keep using the card for lower APR offers throughout the year.
Citi Diamond Preferred Drawbacks
No Purchase Rewards
The big draw of the Citi Diamond Preferred Card is the ability to avoid interest charges with its intro APR offer. Because of that, your purchases won’t earn any rewards or cash back.
If earning rewards on your purchases while also saving on interest is what you’re looking for, there are other options, although most don’t have as long a balance transfer period. Check out this guide to the best balance transfer credit cards for our top picks.
No Travel Protections
If you were considering using your card to make any flight or hotel purchases, know that the card won’t come with the travel insurance that some other cards may offer.
For example, most of the best travel credit cards include travel protections such as trip delay Insurance, trip interruption insurance and baggage delay coverage, but you won’t find those on this card. If you’re looking for that extra peace of mind, use one of the top credit cards with travel insurance when you book a trip.
Foreign Transaction Fees
Similarly, the Diamond Preferred Card isn’t a good choice for travel abroad, because it adds a 3% foreign transaction fee to international purchases. If you’re going overseas, consider bringing a card that doesn’t charge foreign transaction fees to save money.
Who Is the Diamond Preferred Card Best For?
When I applied for the Citi Diamond Preferred Card many years ago, I had a large purchase coming up that I needed some extra time to pay down, and I had racked up some balances on other cards. Being able to consolidate those purchases into one easy-to-manage payment and having an extended period without worrying about interest on new purchases was a big weight off my shoulders.
While most cards are suitable for all types of people, the Citi Diamond Preferred is worth it for two specific consumer groups.
The first is the person who knows that they’ve got some big purchases coming on the horizon and wants more time to pay off that balance. This could be a home improvement, a wedding, moving between homes or even unexpected medical expenses.
The second is someone who has already made a lot of purchases on other cards and pays multiple high-interest charges across those balances. Since this card provides nearly two full years to pay down the balance, it allows for some breathing room and can help save hundreds, if not thousands, of dollars in interest charges.
Is It the Right Card for You?
The Citi Diamond Preferred is an ideal card to consider if any of the following apply:
- You’re looking to make a big purchase and pay it off over time, and you’re not as interested in rewards, but you do want to save money on interest
- You’re looking to consolidate debt from multiple cards into one easy-to-manage payment
- Long term, you’re thinking you might use this card for more balance transfers in the future
Alternatives to the Diamond Preferred Card
While the Citi Diamond Preferred Card offers compelling benefits, there are other options that should pop up on your radar:
- Bank of America® Customized Cash Rewards credit card: This card offers a 0% Intro APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends a 17.99% – 27.99% Variable APR will apply. It also comes with a $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening and strong cash-back earning rates. This means that even after you’ve paid off the initial transfer or large purchase, you’ve got a path to cash back rewards as well.
- Citi Double Cash® Card: If you’re looking for a Citi credit card, the Double Cash Card, an advertising partner, is a great solution. You’ll earn 1% cash back when you make a purchase and 1% cash back when you pay it off. It also offers a 0% Intro APR on balance transfers for 18 months, then 17.99% – 27.99% (Variable). A 17.99% – 27.99% (Variable) APR will apply for purchases. That’s a very long time to help pay off those high-interest balances. I have this card in my wallet and I love the 2% rewards on all my purchases, especially since I don’t carry a balance from month to month.
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 16.99% – 27.74%, 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.
How Does the Citi Diamond Preferred Card Stack Up Against Competitors?
Here’s a side-by-side comparison between the Citi Diamond Preferred Card and two of its top rivals.
| Citi Diamond Preferred Card | Bank of America Customized Cash Rewards card | Citi Double Cash Card | |
| Welcome Bonus | N/A | $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening | Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back. |
| Annual Fee | $0 | $0 | $0 |
| APR | 0% intro APR for 12 months on Purchases and 21 months on Balance Transfers then 16.99% - 27.74% (Variable) | 0% Intro APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends a 17.99% - 27.99% Variable APR will apply. | 0% Intro APR on balance transfers for 18 months, then 17.99% - 27.99% (Variable). A 17.99% - 27.99% (Variable) APR will apply for purchases. |
| Rewards Rate | N/A | 6% cash back for the first year in the category of your choice and 2% cash back at grocery stores and wholesale clubs for the first $2,500 in combined choice category / grocery store / wholesale club quarterly purchases. After the first year from account opening, you'll earn 3% cash back on purchases in your choice category and 2% cash back at grocery stores and wholesale clubs, up to the quarterly maximum. 1% cash back on all other purchases. If you're a Bank of America Preferred Rewards® member, you can earn 25% - 75% more cash back on every purchase. The Preferred Rewards bonus is not applied to the 3% first year bonus. | Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time. Plus, earn 5% total cash back on hotel, car rentals and attractions booked with Citi Travel. |
| Standout Feature | Extra-long intro APR on balance transfers | Customizable bonus category | Strong flat-rate cash back earnings on all purchases |
Frequently Asked Questions About Citi Diamond Preferred
What credit score is needed for the Citi Diamond Preferred Card?
The Diamond Preferred Card requires good to excellent credit (a FICO credit score of 670 or above). However, a credit score in this range doesn’t guarantee approval; the bank considers other factors, such as income and overall financial picture, when evaluating your application.
Are there any fees associated with the Citi Diamond Preferred?
While the Citi Diamond Preferred Card doesn’t charge an annual fee, there are other fees to be aware of in certain situations. The card comes with a 3% foreign transaction fee and, more importantly, a 5% balance transfer fee. Make sure to take that 5% balance transfer fee into account when making your balance transfers.
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 16.99% - 27.74% (Variable) APR.
Will I get a high credit limit on my Citi Diamond Preferred Card?
There’s no guarantee of a certain limit that will come with the Citi Diamond Preferred Card, but you’ll want to make sure that the limit works for you. If you’re looking for a card that will allow you to consolidate your debt, you’ll need to make sure the balance you’re looking to transfer over is lower than your available credit on your new card.
Are there any other benefits with the Citi Diamond Preferred Card?
While there aren’t any benefits like travel insurance or cash back, the Citi Diamond Preferred Card does come with zero fraud liability, so if someone happens to steal your card information, you won’t be on the hook for any unauthorized charges.
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.
