Advertiser Disclosure
Many of the offers that appear on this site are from companies from which The Motley Fool receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear) and may influence which products we write about, but our product ratings are not influenced by compensation. We do not include all companies or offers available in the marketplace.
Joel is a full-time writer at Motley Fool Money, where he brings a clear, approachable voice to topics ranging from credit cards to side hustles. He’s been writing about money since 2018, covering topics like credit cards, savings hacks, and the FIRE movement. Before joining the team, he managed editorial content for the How To Money podcast. When he’s not behind the laptop, Joel is likely at the beach surfing, or out and about with his family.
Nathan Alderman has been a full-time Motley Fool employee since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As Motley Fool Money's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.
Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation.
Citi is an advertising partner of Motley Fool Money.
A few years ago, a buddy of mine found himself buried under $30,000 in credit card debt. He was stuck paying just the minimum every month and getting crushed by interest charges.
Then I helped him get approved for a 0% intro APR card. And once that interest was paused, he went HAM on his debt. In just 18 months, he wiped out his entire balance and saved around $8,700 in interest.
That's why I'm such a big believer in 0% intro APR cards. And today I'm going to review one of the best available: The Citi® Diamond Preferred® Card. Keep reading to see why it might be the perfect fit for your financial goals.
3.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Rating image, 3.50 out of 5 stars.
3.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Credit Score:
Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Recommended Credit Score required for this offer is: Good/Excellent (670-850)
Credit Score
Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Good/Excellent (670-850)
Intro APR
Purchases: 0%, 12 months on Purchases
Balance Transfers: 0%, 21 months on Balance Transfers
Regular APR
17.24% - 27.99% (Variable)
Rewards
N/A
Annual Fee
N/A
$0
Welcome Offer
N/A
This card sets itself apart with an incredible 21-month 0% intro APR offer on qualifying balance transfers and no annual fee, making it a top pick for anyone looking for ample time to pay off credit card debt. Plus, you can choose from any available payment date. That way, you can set up automatic payments that are aligned with your paycheck.
Great intro APR
No annual fee
Free credit score monitoring
No rewards
Foreign transaction fee
High balance transfer fee
0% Intro APR on balance transfers for 21 months and on purchases for 12 months from date of account opening. After that the variable APR will be 17.24% - 27.99%, based on your creditworthiness. Balance transfers must be completed within 4 months of account opening.
There is a balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater
Get free access to your FICO® Score online.
With Citi Entertainment®, get special access to purchase tickets to thousands of events, including concerts, sporting events, dining experiences and more.
No Annual Fee - our low intro rates and all the benefits don’t come with a yearly charge.
At Motley Fool Money, we rate credit cards on a five-star scale (1 = poor, 5 = best). Our rating criteria includes rewards rates and 0% intro APR offers, welcome bonuses, fees, and perks like travel credits and purchase protections.
Our highest-rated credit cards have:
High value through rewards or 0% intro APR offers
Attainable welcome bonuses that make up for any annual fees
Low annual fees or a balance transfer fee of 3%
Top perks such as purchase and travel protections, no foreign transaction fees, travel credits, and status upgrades
We combine these factors with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best credit card recommendations. Our aim is to maintain a balanced best-of list featuring top-scoring credit cards from reputable brands. 'Best for' category selections on this page are determined by our editors, and a single card may be recognized in multiple categories.
Ordering within lists is influenced by advertiser compensation, including featured placements at the top of a given list, but our product recommendations are NEVER influenced by advertisers. Learn more about how Motley Fool Money rates credit cards.
At Motley Fool Money, we rate credit cards on a five-star scale (1 = poor, 5 = best). Our rating criteria includes rewards rates and 0% intro APR offers, welcome bonuses, fees, and perks like travel credits and purchase protections.
Our highest-rated credit cards have:
High value through rewards or 0% intro APR offers
Attainable welcome bonuses that make up for any annual fees
Low annual fees or a balance transfer fee of 3%
Top perks such as purchase and travel protections, no foreign transaction fees, travel credits, and status upgrades
We combine these factors with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best credit card recommendations. Our aim is to maintain a balanced best-of list featuring top-scoring credit cards from reputable brands. 'Best for' category selections on this page are determined by our editors, and a single card may be recognized in multiple categories.
Ordering within lists is influenced by advertiser compensation, including featured placements at the top of a given list, but our product recommendations are NEVER influenced by advertisers. Learn more about how Motley Fool Money rates credit cards.
What I like about the Citi Diamond Preferred
If you're like my friend was and buried in debt, relief might be right around the corner. This card is built mainly for balance transfers, and that's hands down its biggest benefit.
Huge 0% balance transfer window
The Citi Diamond Preferred offers one of the longest 0% APR periods for balance transfers available today.
Here are the intro offer details: 0% intro APR for 21 months on Balance Transfers from date of account opening. After that, the standard 17.24% - 27.99% (Variable) APR will apply, based on your creditworthiness.
That's nearly two years of no interest. This gives you a big window of opportunity to make some real progress on even the ugliest debt.
0% for new purchases
Instead of transferring an existing balance, you could instead get some breathing room on new purchases.
This card offers 0% intro APR for 12 months on Purchases. After that, the standard 17.24% - 27.99% (Variable) APR will apply, based on your creditworthiness.
This full year of interest-free spending can really come in handy for big expenses.
$0 annual fee
Some balance transfer cards sneak in hidden costs. Not this one. The Citi Diamond Preferred card has a $0 annual fee, making it a clean, no-gimmicks tool for consolidating and paying off debt.
Credit card comparison
We recommend comparing options to ensure the card you're selecting is the best fit for you. To make your search easier, here's a short list of standout credit cards.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Best for cash back on rotating categories
Discover will match all the cash back you’ve earned at the end of your first year.
INTRO OFFER: Unlimited Cashback Match for all new cardmembers–only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. You could turn $150 cash back into $300.
1% - 5% Cashback
Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Best for cash rewards on everyday spending
$200 cash rewards
Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
2% cash rewards
Earn unlimited 2% cash rewards on purchases.
Intro:
0% intro APR for 12 months from account opening on purchases and qualifying balance transfers
Purchases: 0% intro APR, 12 months from account opening
Balance Transfers: 0% intro APR, 12 months from account opening on qualifying balance transfers
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Best for unlimited rewards on purchases
25,000 points
25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases
1.5-3 points per dollar
Earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees, and your points don't expire as long as your account remains open. Earn 3 points per $1 spent on travel purchases booked through the Bank of America Travel Center.
Intro:
0% Intro APR for 15 billing cycles for purchases. 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days. After the intro APR offer ends, 18.24% - 28.24% Variable APR on purchases and balance transfers will apply. A 3% fee for 60 days from account opening, then 4% fee applies to all balance transfers. Balance transfers
may not be used to pay any account provided by Bank of America.
Purchases: 0% Intro APR for 15 billing cycles for purchases
Balance Transfers: 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days
In my eyes, these downsides are not dealbreakers. But I still want to call them out to make sure you're picking the right card for your situation.
No rewards program or sign-up bonus
If you're hoping to rack up points, miles, or cash back, this card won't scratch that itch.
Remember the main goal of this card is to deliver a long 0% intro period -- not dish out rewards or a hefty sign-up bonus.
High balance transfer fee
Balance transfer fee applies with this offer; 5% of each balance transfer; $5 minimum.
The transfer fee is on the high side and could sting for larger balances. For example, transferring $10,000 would cost $500 up front.
That being said, if it means saving $2,000 in interest, it's still worth it.
If you're looking for a slightly lesser fee, check out the Citi Simplicity® Card, which offers a lower intro balance transfer fee for a number of months from account opening.
Is the Citi Diamond Preferred worth it?
If you can save more in interest than the cost of transfer fees, yes, absolutely this card is worth it. In my friend's situation, he saved $8,700 and got out of debt in about 18 months.
Another scenario where this card pays off big time is financing a large new purchase. Paying no interest (as long as you pay off the entire balance within the 0% intro APR window) is a huge win over accumulating expensive debt.
What this could look like in real dollars
Let's say you're carrying a $15,000 credit card balance on a card charging 27% APR. That's nearly $340/month in interest alone.
You decide to transfer the full balance to the Citi® Diamond Preferred® Card. You'll owe a $750 balance transfer fee. After that, you get a 0% intro APR for 21 months on Balance Transfers, meaning every dollar you pay goes directly toward your balance, not interest.
If you divide your payoff plan over the full balance transfer window, that's about $750/month (plus the upfront $750 fee). Total interest saved? Roughly $4,077 compared to just letting that debt sit on your old card.
Pretty powerful, hey!?
How to apply for the Citi Diamond Preferred
Submitting an application is super quick. And most people get an answer within minutes. Here are the steps you need to take:
1. First, check your credit
You'll want a credit score or 670 or higher to have the best shot for this card.
If you're under that currently, consider the Citi Double Cash® Card which can be easier to qualify for, and still has a great 0% intro APR period.
You'll be asked for your personal info, including:
Name and address
SSN
Income and job info
Housing payment
Just make sure to double-check all the information you submit, because errors can cause delays in getting approved. And remember to be honest and truthful -- but that goes without saying.
3. Submit and wait
Most approvals happen instantly. If not, Citi will mail you with their decision reasoning and any next steps to apply. Sometimes they will request verification of the info you submitted.
Once approved, your card usually ships within seven to 10 business days.
4. Transfer your balance and crush your debt
Don't forget to move your balance fast and start hammering it down. Take advantage while the 0% intro APR window is wide open.
Every payment now = pure progress with zero interest holding you back. Speed is your best friend with 0% intro balance transfers.
Final thoughts
The Citi® Diamond Preferred® Card can be an awesome tool to help you get out of debt quicker. Or, it can give you a large window of interest-free payments on new purchases.
But, you really need to be serious about paying off your FULL balances during the 0% APR window for this strategy to make sense. You don't want to end up in a worse situation later.
The most well-qualified candidates will have a credit score in the good to excellent range (670+).
Yes. Balance transfer fee applies with this offer; 5% of each balance transfer; $5 minimum. You should always include the cost of fees into your calculations when considering a balance transfer.
Yes! This card is an excellent debt consolidation tool. As long as you stay within your approved credit limit, you can transfer multiple balances.
After the 0% APR intro period ends, your remaining balance will be charged the standard 17.24% - 27.99% (Variable) APR, depending on your creditworthiness.
Share This Page
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
Terms may apply to offers listed on this page.
Wells Fargo is an advertising partner of Motley Fool Money. Citigroup is an advertising partner of Motley Fool Money. Joel O'Leary has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Mastercard, Target, and Visa. The Motley Fool recommends Flow. The Motley Fool has a disclosure policy.
The Motley Fool owns shares of and recommends Visa.
Motley Fool Money is a Motley Fool service that rates and reviews essential products for your everyday money matters.
