Updated June 11th, 2018

The Citi® Diamond Preferred® Card is best for indebted cardholders wanting to pay down their debt balances faster by taking advantage of the card’s 0% intro APR offer, which is one of the longest we've come across. We consider it one of both the best balance-transfer credit cards and the best low APR credit cards.

Citi® Diamond Preferred® Card

Pros

  • 0% intro APR
  • $0 annual fee
  • Free FICO® Score

Cons

  • No rewards
  • Balance-transfer fee

What we like about Citi® Diamond Preferred® Card

  • 0% intro APR for 21 months for balance transfers – Balance transfers made within four months qualify for the promo 0% APR. The promo APR can help people manage debt smartly, and it may be the right precision tool for indebted cardholders taking advantage of balance transfer strategies.
  • 0% intro APR for 12 months for purchases - Cardholders also have the versatility of avoiding interest costs on new purchases for 12 months.
  • $0 annual fee – Reducing interest costs and slashing fees should be top-of-mind for cardholders who want to pay down their costly balances faster. Citi® Diamond Preferred® Card delivers on both fronts, ditching an annual fee altogether.
  • Free FICO® Score – It’s become commonplace for card issuers to grant members free access to their FICO® Score, and we think cardholders should expect this perk, especially for a balance-transfer card, where helping you improve your financial well-being is a key goal.

What could be improved

  • Rewards - We believe Citi® Diamond Preferred® Card is best viewed as a pure balance-transfer credit card. That said, these cards typically don't include rewards or a sign-up bonus, but we can always wish for the best features all in one card.
  • $0 balance-transfer fee – Citi® Diamond Preferred® Card charges a standard balance-transfer fee of $5 or 3%, whichever is greater. While this is standard across the credit card industry, nixing balance-transfer fees would amp up the cards value, especially when you consider that transferring a $5,000 balance would result in a $150 fee.

How to best use Citi® Diamond Preferred® Card

  • Transfer high-interest credit card debt to chip away at debt balances faster. We Fools always encourage smart use of debt, and transferring balances to a 0% intro APR card can help avoid costly interest charges. In fact, paying down a $5,000 balance over 21 months will cost a whopping $825 in interest charges at an 18% APR.
  • Leverage free access to your FICO® Score. We think this perk is a huge value! In fact, myFICO charges upwards of $350 per year to receive, track, and monitor your comprehensive credit history.
  • Consider avoiding this card if the 0% purchase APR is enticing. Earning rewards on a cash-back credit card with a purchase APR promo may make more sense, especially knowing that some cash-back credit cards included 0% APR promos that span 15 billing cycles. The decision between the two purchase options may ultimately come down to whether you need 21 months to pay off a large purchase or not.

Citi® Diamond Preferred® Card vs. Citi Simplicity® Card: Which is best?

Citi® Diamond Preferred® Card isn’t the only Citi-branded credit card around with a 0% intro APR. In fact, Citi Simplicity® Card includes a 0% intro APR for 18 months for both purchases and balance transfers, plus a $0 annual fee. Cardholders seeking a longer 0% APR for purchases may be better off with this card.

The Citi Simplicity® Card also doesn't charge pesky late payment fees and doesn’t penalize for late payments by bumping up a cardholder’s APR, sometimes to as high as 29.99%. Learn more by reading our full Citi Simplicity® Card review.

Final take

No doubt Citi® Diamond Preferred® Card is a great tool for indebted cardholders to pay down their debt balances faster. The promo APR offer is best-in-class. The card is no-frills and pulls no punches, and we value that for cardholders seeking to simply pay down existing debts in the fastest way possible. Cardholders looking for this type of credit card solution may find that Citi® Diamond Preferred® Card is one of the top cards on the market for their needs. 


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