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HomepageFinanceCredit CardsCiti Diamond Preferred
Last updated on Feb 28, 2020

Citi Diamond Preferred

A straightforward credit card with an extra-long 0% intro APR period for balance transfers ​
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4 cards compared

7 features evaluated

20 hours researched

Lorraine Roberte

By Lorraine Roberte Contributing Writer

Lorraine Roberte is a South Florida-based personal finance writer. Her work has been published on sites such as Thrive Global, Elephant Journal, Red Tricycle and Tweak Your Biz.

Citi Diamond Preferred Review

For cardholders looking to pay down debt or finance a larger purchase, the Citi Diamond Preferred Credit Card is an appealing choice. At 21 months, it has one of the longest 0% intro APR periods for balance transfers on the market, as well as no annual fee. Purchases do have less of an intro APR period at 0% for 12 months, but that’s still comparable to many cards out there.

Citi’s card also comes with some useful features like protection against identity theft and unauthorized purchases. Because it’s a Citi Entertainment card, you have access to presale tickets and special prices on concert tickets, sporting events, and more. Aside from these savings, the Citi Diamond Preferred credit card is not a rewards card, so it lacks cash back and travel incentives.

Citi Diamond Preferred Card Overview

Pros
Cons
  • Long 0% intro APR: Pay down debt faster and save on interest

  • Card protection: Stay protected from identity theft and have $0 liability on unauthorized purchases

  • No annual fee: Pay off balances faster with no extra fees

  • Citi Entertainment: Save on concert tickets, dining, sporting events, and other experiences
  • Mismatched intro APR: 0% intro APR on purchases ends before the 0% intro APR on balance transfers

  • No rewards program: Cardholders won’t earn cash back or other rewards

  • High transfer fee: Cardholders must pay a 5% balance transfer fee
  • Who Should Get Citi Diamond Preferred Card?

    Best for: Those wanting to pay off credit card debt. The extra-long 0% intro APR gives cardholders more time to pay without incurring interest. Also, since this no-frills card doesn’t offer a rewards program, users can better focus solely on debt payment rather than excess purchases. Not for: Users who don’t want to pay a high transfer fee or late penalties. High balance transfers come with a significant up-front cost, and cardholders who are late with payments may lose their introductory APR. The penalty APR for a late payment can be as high as 29.99%.

    Main Benefits

    Long 0% intro APR

    Many users who are looking to pay off debt will find the 0% intro APR on balance transfers for 21 months incredibly helpful. Depending on the amount of debt cardholders are looking to pay off, this could mean saving hundreds, or even thousands on interest costs. Though the City Diamond Preferred Card’s introductory promotional period is only 12 months for purchases, it’s still beneficial for users looking to finance a large purchase with as little interest as possible.

    Choose your payment due date

    Users can choose the payment due date that works best for them, whether that’s at the beginning, middle, or end of the month. This helps cardholders better manage their money and makes paying bills more manageable. They can also align payments with paydays to more efficiently manage cash flow, which makes it less likely that payments will be late, avoiding penalties and credit score issues.

    Customer protection

    Citi Diamond Preferred promises both identity theft protection and purchase protection. There is a specific program, Citi Identity Theft Solutions, designed to help cardholders deal with possible identity theft and get their life back on track with as little trouble as possible. Users can have peace of mind knowing they’re guaranteed to be completely protected against unauthorized purchases—regardless of how or when they were made.

    Possible Drawbacks

    Mismatched introductory promotional periods

    The 0% intro APR on balance transfers that continues for 21 months is one of the longest available on the market. However, the 0% intro APR on purchases only lasts for 12 months. Cardholders need to make sure they’re aware of this discrepancy. Otherwise, they could be in for some unexpected fees. For some, this may change the overall appeal of the Citi Diamond Preferred Card.

    High balance transfer fee

    While the introductory promotional period may save users lots of money on interest, there’s still a balance transfer fee. If the balance transfer cost is in the thousands, the amount paid in fees could be in the hundreds. Customers who aren’t able to absorb the cost of the fee may want to look for a card that has lower fees, even at the risk of a shorter 0% intro APR period.

    The Competition

    Citi® Diamond Preferred® Card
    Chase Slate®
    Bank Americard® Credit Card
    Capital One® Quicksilver® Cash Rewards Credit Card
    Rewards Rate
    N/A
    N/A
    N/A
    1.5% cash back on all purchases
    Sign-up Bonus
    N/A
    N/A
    N/A
    $150 cash bonus when you spend $500 within 3 months of account opening
    Annual Fee
    $0
    $0
    $0
    $0
    APR
    15.24% to 25.24% variable APR; 0% intro APR on purchases for 12 months and balance transfers for 21 months
    16.49% to 25.24%; 0% intro APR on purchases and balance transfers for the first 15 months
    14.49% to 24.49%; 0% intro APR for 18 billing cycles on purchases and balance transfers made within 60 days of account opening
    15.49% to 25.49%; 0% intro APR for the first 15 months on purchases and balance transfers

    *All information accurate as of Feb. 12, 2020.

    Citi Diamond Preferred Card Compared to Chase Slate

    Citi Diamond Preferred and Chase Slate are both excellent choices when it comes to balance transfer cards. Both have no annual fees and similar regular variable APRs. However, Chase Slate’s 0% intro APR on balance transfers is six months shorter than the Citi Diamond Preferred. That said, Chase’s 0% intro APR on purchases is three months longer.

    Chase Slate may appeal more to customers who are concerned about high fees and penalties. Users can transfer balances without a fee for up to 60 days from the account opening date. Afterward, the balance transfer fee for Chase Slate is also $5 or 5% of the transfer amount. Chase Slate also has no penalty APR, so late payments don’t affect your interest rates.

    However, if you don’t need balance transfers and always pay bills on time, you may appreciate the Citi Entertainment perk that comes with your Citi Diamond Preferred Card. It gets you access to presale tickets and other exclusive experiences to some of the most sought-after concerts, sporting events, restaurants, and more.

    The Bottom Line

    The Citi Diamond Preferred credit card benefits make it a strong contender among balance transfer cards. The 21-month, 0% intro APR on balance transfers is its most attractive feature. Yet, because it offers no rewards and high fees, users may want to consider finding a more fee-friendly option when the introductory promotional period runs out.