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Updated January 17, 2018

Citi Diamond Preferred Card Review: 0% APR Offer

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With its 21 month introductory APR on balance transfers, the Citi Diamond Preferred Card is a great pick for people who have existing credit card debt.

Overall Score

4.5

Interest Rates

4.5

Fees

5.0

Benefits

4.0
5-point scale (the higher, the better)

Pros and Cons

  • Intro APR for 21 months on balance transfers
  • Intro APR for 12 months on purchases
  • No Annual Fee
  • No Rewards

Bottom Line

Excellent card for people who carry a balance

Who Would Benefit Most from This Card

Whether you would benefit from making this your next new credit card depends on how you tend to use your credit cards in general. You could benefit if:

  • You have an existing balance: The 21-month introductory APR introductory period on balance transfers is a nice break from hefty interest charges. If you have been struggling to get on top of your debt, this is one way to get a handle on it (just be sure not to add many new purchases on the debt you’re already carrying and also check out our guide on how to save money by making a balance transfer.)

  • You’re about to make a really big purchase: If you need to make a large purchase such as a new appliance, the 12-month introductory period on new purchases with this credit card will help you pay down that debt over time.

Introductory APR

© CreditDonkey

The Citi Diamond Preferred Card has an 0% introductory APR on balance transfers for 21 months from the date of the first transfer. After that, the APR will be a variable rate, currently 14.74% - 24.74%* (Variable) depending on your creditworthiness. All transfers must be completed within the first 4 months.

If you are paying interest on your other cards, you can move the balances over to the Citi Card to help save money on interest for over a year and a half. This card does charge a fee of $5 or 5% on balances transfers, whichever is greater. If you transfer $1,000 to this card, you owe an additional $50 in fees. While a balance transfer to this card is not free, the transfer fee is usually significantly lower than paying monthly interest for a year and a half.

Tip: Use this calculator to estimate how much you can save with a balance transfer.

The Citi Diamond Preferred also has a 0% intro APR on purchases for the first 12 months. After that, the APR will be 14.74% - 24.74%* (Variable) depending on your creditworthiness.

Fees and Interest
There is no annual fee to use this credit card. That’s a nice plus; however, it’s also not a rewards card. You will not earn reward points that translate into cashback with this card.

Pros

  • Introductory APR on purchases and balance transfers
  • No annual fee

Cons

  • Card does not offer a cash back rewards program
  • 3% foreign transaction fee

How Citi Diamond Preferred Compares

Before you apply, it’s worth comparing this card to similar ones. Comparative cards include those that do not have an annual fee and that also don’t have rewards program.

Bottom Line: Is Citi Diamond Preferred a Good Card?

© Brendan Lally (CC BY 2.0) via Flickr

This is a great card if you want to transfer balances from other credit cards and receive a long relief from interest payments. If you want a card to generate high annual benefits from your purchases, you are better off with a rewards card.

(This article was originally written by David and has been updated by Cynthia)

David R is a contributing writer at CreditDonkey, a credit card comparison and reviews website. Write to David R at davidr@creditdonkey.com

Editorial Note: This content is not provided by Citi. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Citi.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. This site may be compensated through the Advertiser's affiliate programs.

Editorial Note: This content is not provided by Chase. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Chase.

Disclaimer: The information for the Citi Diamond Preferred® Card and Chase Slate has been collected independently by CreditDonkey. The card details on this page have not been reviewed or provided by the card issuer.


Compare Citi Diamond Preferred to:

Compare Citi Diamond Preferred vs Chase Sapphire Preferred
Apply for Chase Sapphire Preferred Card
At Chase's Secure Site
  • Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 toward travel when you redeem through Chase Ultimate Rewards®
  • 2X points on travel and dining at restaurants worldwide & 1 point per dollar spent on all other purchases.
  • Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards. For example, 60,000 points are worth $750 toward travel
  • Get unlimited deliveries with a $0 delivery fee and reduced service fees on orders over $12 for a minimum of one year on qualifying food purchases with DashPass, DoorDash's subscription service. Activate by 12/31/21.
  • Earn 5X points on Lyft rides through March 2022. That's 3X points in addition to the 2X points you already earn on travel.
Intro APR for PurchasesIntro APR for Balance TransferRegular APRAnnual Fee
N/AN/A
15.99% - 22.99% Variable
$95

Compare Citi Diamond Preferred vs Chase Sapphire Preferred
Apply for Chase Sapphire Preferred Card
At Chase's Secure Site
  • Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 toward travel when you redeem through Chase Ultimate Rewards®
  • 2X points on travel and dining at restaurants worldwide & 1 point per dollar spent on all other purchases.
  • Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards. For example, 60,000 points are worth $750 toward travel
  • Get unlimited deliveries with a $0 delivery fee and reduced service fees on orders over $12 for a minimum of one year on qualifying food purchases with DashPass, DoorDash's subscription service. Activate by 12/31/21.
  • Earn 5X points on Lyft rides through March 2022. That's 3X points in addition to the 2X points you already earn on travel.
Intro APR for PurchasesIntro APR for Balance TransferRegular APRAnnual Fee
N/AN/A
15.99% - 22.99% Variable
$95

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Citi Simplicity Review

Do you have existing debt? The Citi Simplicity is a great way to pay if off faster with a generous intro APR offer. Find out if it's right for you and how it compares with other balance transfer cards.

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Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

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