21 months of 0% APR on balance transfers (2024)

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A good balance transfer card can help you consolidate payments, save money on interest charges, and pay off your credit card debt faster.

The Citi® Diamond Preferred® Card offers one of the longest introductory APR offers on balance transfers. If you're trying to pay down existing debt, this no-annual-fee card can help you avoid interest charges while paying off your balance. The card has a shorter intro APR offer on purchases but lacks other card benefits.

This review will explore the Citi Diamond Preferred Card's features, benefits, and potential drawbacks, helping you determine if it's the right choice for you.

Citi Diamond Preferred benefits

If you're looking for a card overflowing with benefits, Citi Diamond Preferred is not for you. The card features only a few benefits and perks.
Still, its lengthy intro APR offer on balance transfers may be enough if your goal is to pay off credit card debt. Here's a look at the benefits that come with the Citi Diamond Preferred Card.

Extended 0% APR on balance transfers and purchases

The key benefit of the Citi Diamond Preferred Card is its unbeatable 0% introductory APR offer on balance transfers and purchases. Cardholders can get:

• 0% Intro APR for 21 months on balance transfers completed within four months of account opening
• 0% Intro APR for 12 months on purchases from date of account opening

After that, the card has a variable APR of 18.24%-28.99% (as of May 2024), based on your creditworthiness.

While the intro offer on purchases is fairly standard among cards with introductory APR, the Citi Diamond Preferred truly shines when it comes to balance transfers. The 21-month offer is one of the longest available on the market, giving you ample time to pay off your balance without incurring interest charges.

Many of the best balance transfer cards come with offer periods of 15 to 18 months.

No annual fee

The Citi Diamond Preferred Card has no annual fee. This means you can take advantage of the extended 0% APR offer without worrying about a yearly cost. Some balance transfer cards charge annual fees, which can offset the savings from the introductory APR offer.

With the Citi Diamond Preferred, you can focus on paying down your debt without the burden of an annual fee.

FICO score access

Staying on top of your credit score is crucial. The Citi Diamond Preferred Card makes it easy by providing free access to your FICO credit score. You can view your score online or through the Citi mobile app, helping you track your progress as you work to pay off your debt. While many credit cards offer free credit score access, not all use the FICO scoring model, which is the most widely used by lenders.

Citi Entertainment

You'll have access to Citi Entertainment as a Citi Diamond Preferred cardholder. This service offers access to purchase tickets for exclusive events and experiences.

Using the platform, you can buy tickets for presale events before they become available to the general public, giving you a better chance of securing tickets to your favorite concerts, shows, or sporting events.

How much you could save with the Citi Diamond Preferred card

To illustrate the potential savings, let's use an example. Say you have a $10,000 balance on a credit card with a 30% APR, and you transfer that balance to the Citi Diamond Preferred card.

The Diamond Preferred charges a 5% balance transfer fee, so you’d pay an initial $500 in fees to move the balance.

But, if you paid off your balance within the 21-month introductory period, you'd save approximately $2,475 compared to keeping the balance on your original card.

Here’s a comparison of how much you would have to pay to eliminate your $10,000 balance within 21 months. This assumes you’d pay off your balance before the Citi Diamond’s introductory period ends.

Potential drawbacks of the Citi Diamond Preferred card

While the Citi Diamond Preferred Card excels as a balance transfer card, it may not be the best fit for everyone. Here are some potential drawbacks to consider:

• No rewards program: Unlike other balance transfer cards, the Citi Diamond Preferred does not offer a rewards program, so you won't earn points, miles, or cash back on your purchases.
• High balance transfer fee: This card charges a fee of 5% (or $5, whichever is greater) on balance transfers. While this fee may be outweighed by the interest savings from the 0% APR offer, other cards offer lower balance transfer fees.

Is the Citi Diamond Preferred card right for you?

The Citi Diamond Preferred Card is best for consumers with high-interest debt. The card's 0% intro APR is among the longest balance transfer offers you'll find, giving you extended time to pay off card balances without expensive fees.

But, if you're looking for a card that offers rewards on your purchases or a wide array of added benefits, the Citi Diamond Preferred may not be the best fit. It features limited benefits, even for a balance transfer card.

That’s why it’s essential to assess your financial goals and spending habits when choosing a credit card to ensure it aligns with your needs.

How the Citi Diamond Preferred card compares

Citi Diamond Preferred offers extended 0% APR on balance transfers, but it may not be the best balance transfer option for you. Here are other balance transfer credit cards to consider.

How to make the most of your Citi Diamond Preferred card

Citi Diamond Preferred works best as a balance transfer card or to finance large purchases. Here are some tips for making the most of the card.

• Transfer high-interest balances within the first four months: To qualify for the 0% intro APR, transfer your balances within four months of account opening.
• Pay off the balance before the 0% APR period ends: Create a plan to pay off your transferred balance in full before the 21-month introductory period ends to avoid paying interest on the remaining balance.
• Use the card for large purchases during the 0% APR on purchases period: If you have significant upcoming expenses, take advantage of the 12-month 0% APR on purchases to spread out your payments without accruing interest

How we rated this card

Every credit card review we publish has gone through a rigorous editorial process to ensure accuracy and objectivity.

We rate all credit cards on a 10-point system, with 10 being the highest possible score and 1 being the lowest possible score. We assess each card across several key factors, weighted based on what our research shows matters most to readers like you. Learn more about our methodology here.

Here are some of the factors that influenced this card’s overall score:

• Introductory offer: The card offers a lengthy 0% intro APR period of 21 months on balance transfers from the date of the first transfer and 12 months on purchases from the date of account opening. This extended promotional period is among the best in the market, earning the card a high score in this category.
• Consumer benefits: The Citi Diamond Preferred Card offers some valuable perks, such as free access to FICO® Scores and Citi Entertainment® benefits. However, it lacks other common benefits like travel insurance or purchase protections.
• Regular APR: After the introductory period ends, the card's regular APR is relatively high, ranging from 18.24-28.99% (as of May 2024), depending on creditworthiness. This high ongoing interest rate results in a moderate score for this factor.
• Annual fee: The card does not charge an annual fee, which is a significant advantage to help you save money while you pay off high-interest debt.
• Balance transfer fee: The Citi Diamond Preferred Card charges a balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater. While this fee is common among balance transfer cards, it still impacts the overall value of the offer.
• Rewards: The Citi Diamond Preferred Card does not offer a rewards program, so it earns no points in this category. This card is primarily designed for those looking to save on interest through balance transfers and introductory APR offers rather than earning rewards.

The bottom line

The Citi Diamond Preferred Card is a worthy choice if you're only looking to pay off credit card debt or finance large purchases over an extended period to save on interest charges. The 21-month introductory period on balance transfers is hard to beat, and the lack of an annual fee makes it an affordable option for tackling high-interest debt.

While the card may not offer a rewards program or a plethora of additional perks, its singular focus on providing a lengthy 0% APR period for balance transfers makes it a valuable tool for those looking to regain control of their finances.

Editorial disclosure: Opinions expressed are author's alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included in the post.