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Citi Diamond Preferred Review: One of the Best 0% Intro APR Cards Around

Refreshed Review Updated Jan. 10, 2023
Elizabeth Aldrich
By: Elizabeth Aldrich

Our Credit Cards Expert

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 our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.  Citi is an advertising partner of The Ascent.

The Citi® Diamond Preferred® Card sets itself apart with a 21-month 0% intro APR for balance transfers. That gives you ample time to pay off credit card debt you transfer over. However, this card doesn't have many other features, with no rewards or sign-up bonus. Check out our in-depth Citi® Diamond Preferred® Card review to learn more and see whether you should apply.

Rating image, 5.00 out of 5 stars.
5.00 stars
Circle with letter I in it. 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.
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= Excellent
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Credit Score:
Good/Excellent (670-850) Circle with letter I in it. 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.

Intro APR

Purchases: 0%, 12 months

Balance Transfers: 0%, 21 months

Regular APR

17.24% - 27.99% (Variable)

Rewards

N/A

Annual Fee

$0

  • A hard-to-beat 0% intro APR credit card that's a fit for cardholders wanting to pay off debt faster with balance transfer strategies and/or finance the cost of a purchase and temporarily avoid costly interest charges.

    • Great intro APR
    • No annual fee
    • Free credit score monitoring
    • No rewards
    • Foreign transaction fee
    • 0% Intro APR for 21 months on balance transfers from date of first transfer and 0% Intro APR for 12 months on purchases 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.

Citi Diamond Preferred Review

This credit card is a good fit for: People wanting to pay off debt faster using balance transfer strategies.

Top perks

The Citi® Diamond Preferred® Card has a couple of excellent benefits, and one of the best 0% intro APR offers.

0% intro APR for 21 months on balance transfers

This Citi credit card has a 0% intro APR on balance transfers for the first 21 months. Balance transfers must be completed within four months of opening the card to qualify for the introductory rate.

If you're trying to get out of credit card debt, the Citi® Diamond Preferred® Card is a great choice. You can transfer balances to it and pay them down interest-free for nearly two years. There aren't many balance transfer credit cards that can match that.

Learn more: How Does a Balance Transfer Work?

0% intro APR for 12 months on purchases

The Citi® Diamond Preferred® Card also offers a 0% intro APR on purchases for the first 12 months. If you plan to buy anything with it, you'll have a year to pay off purchases with no interest charges. Just keep in mind that if you're getting this card to refinance debt, it's best to keep spending to a minimum until you've paid off your balance transfers.

No annual fee

The best 0% intro APR credit cards keep fees to a minimum. The Citi® Diamond Preferred® Card doesn't charge an annual fee.

Free FICO® Score monitoring

Many Citi credit cards, including the Citi® Diamond Preferred® Card, provide you with free access to your FICO® Score. This makes it easy to monitor your credit.

It's worth noting that there are multiple credit scoring models. Citi provides one called the FICO® Bankcard Score 8, which has scores ranging from 250 to 900. Many credit scoring systems use a scale of 300 to 850, so Citi's tool may provide a slightly different range than you're used to.

Alternatives to consider

  • If you want rewards and a 0% intro APR: The Citi® Double Cash Card – 18 month BT offer has quite a long 0% intro APR of 18 months on balance transfers. On top of that, you get a generous cash back rate of up to 2% -- 1% on purchases, plus another 1% when you pay your credit card bill by the due date.
  • If you want a card with a long intro APR for purchases and balance transfers: The fees and perks of the Wells Fargo Reflect® Card are similar to this card's, but it comes with a long introductory APR on both purchases and balance transfers. If you need to gradually pay off purchases and credit card debt, this Wells Fargo card could be just what you're looking for.
As of Jan. 24, 2023
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Image for
Citi® Double Cash Card – 18 month BT offer Wells Fargo Reflect® Card
Rating image, 5.00 out of 5 stars.
5.00 stars
Circle with letter I in it. 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, 5.00 out of 5 stars.
5.00 stars
Circle with letter I in it. 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
Apply Now for Wells Fargo Reflect® Card

On Wells Fargo's Secure Website.

Rates & Fees

Credit Rating Requirement:

Good/Excellent (670-850) Circle with letter I in it. 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.

Credit Rating Requirement:

Good/Excellent (670-850) Circle with letter I in it. 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.

Welcome Offer:

N/A

Welcome Offer:

N/A

Rewards Program: Circle with letter I in it. 2% cash back: 1% when you buy plus 1% as you pay

Up to 2% cash back

Rewards Program:

N/A

Intro APR: Circle with letter I in it. N/A

Purchases: N/A

Balance Transfers: 0%, 18 months

Intro APR: Circle with letter I in it. 0% intro APR, up to 21 months from account opening on qualifying balance transfers

Purchases: 0% intro APR, up to 21 months from account opening

Balance Transfers: 0% intro APR, up to 21 months from account opening on qualifying balance transfers

Regular APR:

18.24% - 28.24% (Variable)

Regular APR:

17.24% - 29.24% variable APR

Annual Fee:

$0

Annual Fee:

$0

Highlights:

  • Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases.
  • To earn cash back, pay at least the minimum due on time.
  • Balance Transfer Only Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 18.24% - 28.24%, based on your creditworthiness.
  • Balance Transfers do not earn cash back. Intro APR does not apply to purchases.
  • If you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month.
  • There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).

Highlights:

  • 0% intro APR for 18 months from account opening on purchases and qualifying balance transfers. Intro APR extension for 3 months with on-time minimum payments during the intro period. 17.24% to 29.24% variable APR thereafter; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min $5.
  • $0 Annual Fee
  • Get up to $600 of cell phone protection against damage or theft when you pay your monthly cell phone bill with your eligible Wells Fargo card (subject to a $25 deductible).
  • Through My Wells Fargo Deals, you can get access to personalized deals from a variety of merchants. It's an easy way to earn cash back as an account credit when you shop, dine, or enjoy an experience simply by using an eligible Wells Fargo credit card.
  • Select "Apply Now" to learn more about the product features, terms and conditions
Apply Now for Wells Fargo Reflect® Card

On Wells Fargo's Secure Website.

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What could be improved

There are a few flaws you should know about with this Citi card.

No rewards

Purchases with the Citi® Diamond Preferred® Card don't earn any rewards such as cash back or credit card points. The card also doesn't have a sign-up bonus. To be fair, many balance transfer cards don't offer rewards, and the main purpose of these cards is paying off credit card debt anyway.

A lack of rewards is still a disadvantage, because there are some rewards credit cards with balance transfer offers. These cards can offer more value after you're done paying off credit card debt. Before you apply for this Citi card, it's a good idea to look at other credit card reviews so you know what other cards offer.

Foreign transaction fee

This credit card charges a foreign transaction fee of 3% of the purchase amount in U.S. dollars. If you need a credit card you can take along on international trips, you're better off with one of the many travel credit cards that won't charge you extra.

Balance transfer fee

The Citi® Diamond Preferred® Card balance transfer fee is 5% (still with the $5 minimum) afterward. A balance transfer fee is pretty standard, but there are card issuers that charge 3%.

While that may not seem like much of a difference, it can add up when transferring a large amount of credit card debt. For example, if you transfer $5,000, a lower fee could save you $100. A 5% fee would cost $250, and a 3% fee would cost $150.

Late payment fee

Cardholders will incur late payment fees when missing a payment. This is par for the course with most credit cards, but not for every Citi credit card -- the Citi Simplicity® Card has no late payment fee and no penalty APR.

Suggested credit score

A FICO® Score of at least 670 is recommended when you apply for the Citi® Diamond Preferred® Card. Citi designed this card for applicants with a credit score in the good to excellent credit range.

Apart from your credit score, Citi looks at other factors to make its decision, including your income. You should also be aware of Citi's credit card application rules, which can impact your eligibility.

Find the best credit card for your needs

Compare credit card rewards, fees, APRs, and more using our side-by-side comparison tool.

The Citi® Diamond Preferred® Card is right for you if:

You have credit card debt, and you need as much time as possible to pay it off.

The Citi® Diamond Preferred® Card does one thing very well, and that's balance transfers. There are credit cards with more benefits, but they also have shorter balance transfer offers. If it's going to take you 21 months or longer to pay off your credit card debt, this Citi card will likely save you the most money.

FAQs

  • No, the Citi Diamond Preferred Card isn't hard to get if you have the credit to qualify. Applicants should aim for good to excellent credit (a FICO® Score of 670 or more).

  • No, you won't be charged interest if you don't pay off the balance during the 0% intro APR period. You're only required to make minimum payments during that time. Any remaining balance after the intro 0% APR period ends does start incurring interest charges.

  • The Citi Diamond Preferred Card credit limit starts at $500, and can reach over $10,000 for highly qualified borrowers. The average credit limit for a borrower with a credit score of 661 or higher is about $5,000 to $9,000. Your credit limit depends on a variety of factors, and you won't know your limit until you've applied.

  • The Citi Diamond Preferred Card is a Mastercard.

  • The main difference between the Citi Simplicity Card and the Citi Diamond Preferred Card is that the Citi Simplicity Card doesn't charge late fees or have a penalty APR rate. Both cards have the same 0% intro APR offers on purchases and balance transfers.

  • Here's how to transfer a balance to the Citi® Diamond Preferred® Card:

    1. Log in to your Citi credit card account.
    2. Go to "Payments and Transfers."
    3. Click "Balance Transfers" on the drop-down menu.
    4. Click "View Available Balance Transfer Offers."
    5. Select the balance transfer offer and go through the transfer process.

    To transfer a balance, you provide the credit card number of the card with the balance and the amount you want to transfer.

    You can also transfer a balance to your Citi® Diamond Preferred® Card right after your application is approved, or by calling Citi at the number on the back of your card.

Our Credit Cards Expert