Co-founder and personal finance industry analyst for The Ascent by The Motley Fool. He has 11 years of finance experience and has published over 800 educational and research articles on The Motley Fool, CNN, MSN, Yahoo, and more.
Citi® Diamond Preferred® Card
Purchases: 0%, 18 months
Balance Transfers: 0%, 18 months
14.74% - 24.74%, variable
0% introductory APR for 18 months on balance transfers: One of the longest introductory periods on balance transfers, you'll get a 0% APR on the balance transferred for a full 18 months, which means you’ll have a year and a half to pay off your balance.
0% introductory APR for 18 months on purchases: You'll also get a 0% APR on new purchases for the first 18 months. This is a helpful perk if you plan on buying anything with the card, although if you're trying to pay off debt, it's wise to focus on repayment and not make any new purchases.
No annual fee: This card comes with no annual fee, which is an important feature if your goal is to pay off debt.
FICO® Score for free: The Citi® Diamond Preferred® Card provides you with access to your FICO® Score for free. If building or rebuilding credit is important to you, this feature is helpful.
Choose your payment due date: A little flexibility can go a long way when it comes to managing your finances. The card lets you choose from any available payment date, whether it's in the beginning, middle, or end of the month. That way, you can set up automatic payments that are aligned with your paycheck.
The Citi® Diamond Preferred® Card is easily one of the best 0% intro APR credit cards on the market. Despite its higher balance transfer fee, the card offers a generous 18-month introductory period during which you don't have to pay any interest on balance transfers. You can also finance a large new item with the 18-month introductory period on purchases. If you're looking to pay off a significant amount of debt and want to minimize your monthly payments, this card is the way to go.
As long as you have an excellent credit score, usually a FICO® Score of 700 or above, you will have a good chance of approval for the Citi® Diamond Preferred® Card.
Apart from your credit score, you should also be aware of Citi's application rules, as these can also impact your eligibility for this card.
Credit cards with rewards and 0% APR offers are excellent, but remember, they are a tool to help you get the most out of your spending. The Ascent motto to follow:
1.) Pay off your card in full each month.
2.) Choose a card whose rewards are a good fit for you.
3.) Don't spend more than you already would.
Follow this and you'll be making your money work overtime for you. Live richly, not risky.
Rewards: The card doesn't offer rewards, but that is typically the case with this type of card.
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