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
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%.
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.
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.
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.
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*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.