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.
- 0% intro APR
- $0 annual fee
- Free FICO® Score
- No rewards
- Balance-transfer fee
Intro: 0%, 12 months
Reg: 14.49% - 24.49%, variable
|Balance Transfer APR||
Intro: 0%, 21 months
Reg: 14.49% - 24.49%, variable
- 0% Intro APR on balance transfers for 21 months from date of first transfer. All transfers must be completed in first 4 months. After that the variable APR will be 14.49% - 24.49%, based on your creditworthiness*
- 0% Intro APR on purchases for 12 months from date of account opening. After that the variable APR will be 14.49% - 24.49%, based on your creditworthiness*
- If you transfer a balance with this offer, after your 0% Intro purchase APR expires, both new purchases and unpaid purchase balances will automatically accrue interest until all balances, including your transferred balance, are paid in full
- There is a balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater
- $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 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.