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.
- 0% intro APR
- $0 annual fee
- Free FICO® Score
- No rewards
- Balance-transfer fee
Intro: 0%, 21 months
Reg: 14.24% - 24.24%, variable
|Balance Transfer APR||
Intro: 0%, 21 months for transfers made within four months
Reg: 14.24% - 24.24%, variable
- Get 0% introductory APR on Balance Transfers and Purchases for 21 months. After that, the APR will be 14.24%-24.24% based upon your creditworthiness.
- There is a balance transfer fee of either $5 or 3% of the amount of each transfer.
- 24/7 access to Citi® Concierge for help in booking hotels, flights and more.
- $0 liability on unauthorized purchases and Citi® Identity Theft Solutions.
- No annual fee*
- Free access to FICO® Scores*
What we like about Citi® Diamond Preferred® Card
- 0% intro APR for 21 billing cycles– Purchases and 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 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 for Citi® Diamond Preferred® Card
- 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 billing cycles 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 is
practically the same credit card from a features standpoint, and it includes the same 0% intro APR offer for 21 billing cycles and a $0 annual fee.
Then what’s the difference? It primarily comes down to late fees.
The Citi Simplicity® Card 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%. Save for minor differences, choosing between these cards mostly comes down to how much you value a longer leash when missing an occasional monthly payment. Learn more by reading our full Citi Simplicity® Card review.
How to avoid a balance-transfer feeBankAmericard® is a popular balance-transfer credit card that doesn’t charge a balance-transfer fee for transfers made within the first 60 days of account opening (3%, $10 min. thereafter). Similar to Citi® Diamond Preferred® Card, BankAmericard® has a $0 annual fee and it includes valuable perks such as free access to your FICO® Score. It’s worth noting, though, that BankAmericard®’s 0% intro APR window is shorter, lasting 15 billing cycles. The value of the card, when compared to Citi® Diamond Preferred® Card, is clearly saving on the balance-transfer fee. If you plan to pay off your balance transfer within 15 billing cycles, BankAmericard® will reduce out-of-pocket costs, all else being equal. Read our full BankAmericard® review to learn why we picked it as one of the best credit cards of 2017.