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Card basics
| Card type | 0% APR |
| Credit card issuer | Citi |
| Credit card network | MasterCard |
| Annual fee | $0 |
| Welcome offer | None |
| Reward rate | N/A |
| Recommended credit score | Excellent, Good |
| Foreign transaction fee | 3% |
| Apply Now |
Citi Diamond Preferred benefits and perks
Intro APRs
Citi Diamond Preferred's intro APR on balance transfers is one of the longest windows offered by a major U.S. card issuer. You'll have almost two years to pay down your debt interest-free which could save you thousands of dollars in interest charges.
Just remember that although there's temporarily no interest on balance transfers, transferring your debt is still subject to a balance transfer fee based on the amount of each transfer. The current fee is 3% of each balance transfer ($5 minimum) within 4 months of account opening; then 5% of each transfer ($5 minimum) after the 4 month intro period ends.
So if your other credit card charged 24.99% APR, and you transferred a $15,000 balance to the Citi Diamond Preferred Card, the transfer fee would be $450 if you make your transfer during the intro fee period — or $750 if you wait until after — which is added to your Citi Diamond Preferred balance.
At first glance, this looks like you'd owe more than your original debt and might feel counterintuitive to your debt-free journey. But even after accounting for the balance transfer fee (if you transfer during the intro fee period), you could end up paying significantly less in total to pay down your balance thanks to the lack of interest accrual versus having kept that balance on the original card.
Choose your due date
You can set your bill due date on any available date during the month. So if you get paid monthly, you have the option to schedule your payments shortly after payday.
This gives you the peace of mind that you'll have funds ready when your payment is due. It helps you manage your cash flow and potentially avoid late payments if you run on a lean budget each month.
Extra perks
The Citi Diamond Preferred Card offers a few nice-to-have benefits that can be useful for some
- Free FICO® Score access: You also receive free access to your monthly FICO score, which can help you stay alert to any credit profile changes.
- Entertainment access: You'll get access to Citi Entertainment, which can save the day when you're eyeing a hot-ticket event. Cardholders can unlock access to ticket presales, exclusive concerts, sporting events, and dining experiences.
Why you might want a different card
No rewards program
The card's lack of a rewards program undermines its long-term value once the intro APR periods expire. If you want a credit card to continue working in your favor over time — whether by letting you earn points, miles, or cash back — this card will be a disappointment. At best, after successfully leveraging the intro APR offers, it could act as a "for emergencies" card if you're OK with keeping a simple credit card in your wallet.
High fees
Another downside of the Citi Diamond Preferred Card is the high balance transfer fee that applies after a lower, intro fee period. Although a balance transfer fee is common among major credit card issuers, some competitors charge a lower fee, like 3% of the transferred amount, across the whole intro APR period.
With the Diamond Preferred, you'll be charged 3% of each balance transfer ($5 minimum) within 4 months of account opening; then 5% of each transfer ($5 minimum) after the 4 month intro period ends.
Some credit union credit cards, like Skyla Credit Union's Visa Platinum Rewards Card, even offer balance transfer credit cards with an intro APR offer and no balance transfer fees whatsoever.
Additionally, the Citi Diamond Preferred Card charges cardholders for the privilege of using it internationally. Every foreign transaction incurs a 3% fee which can put a damper on your vacation budget.
Compare Citi Diamond Preferred to other cards
| Citi® Diamond Preferred® Card | Wells Fargo Reflect® Card(Rates and fees) | Wells Fargo Active Cash® Card(Rates and fees) | |
| Intro APR |
|
|
|
| Welcome bonus | N/A | N/A | $200 cash rewards bonus after spending $500 in purchases in the first 3 months |
| Rewards rate | N/A | N/A | Earn unlimited 2% cash rewards on purchases |
| Fringe benefits |
|
|
|
| Balance transfer fee | 3% of each balance transfer ($5 minimum) within 4 months of account opening; then 5% of each transfer ($5 minimum) after the 4 month intro period ends | 5%, min: $5 | 3% intro for 120 days from account opening, then up to 5%, min: $5 |
| Foreign transaction fee | 3% | 3% | 3% |
| Annual fee | $0 | $0 | $0 |
If you're looking for a good intro APR offer on both balance transfers and new purchases, then the Citi® Diamond Preferred® Card could be a good fit for you. However, if you'd like a more balanced card that offers a longer introductory offer on purchases or a few more perks, here's what we recommend.
Wells Fargo Reflect® Card
A balance transfer card with a lengthy introductory period worth consideration is the Wells Fargo Reflect® Card. This card has an introductory offer of 0% APR on purchases for 21 months from account opening (then 17.49%, 23.99%, or 28.24% Variable APR). It also has a 0% intro APR for 21 months from account opening on qualifying balance transfers (then 17.49%, 23.99%, or 28.24% Variable APR).
It offers the same intro APR period on qualifying balance transfers as the Citi Diamond Preferred Card, but gains the edge with its longer intro APR on new transactions. That's an extra nine months of runway to chip away at repaying larger purchases if needed, like a partial replumbing in your home.
Learn more in our Wells Fargo Reflect® Card review.
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Current Offer
Benefit from a long introductory APR period on purchases and qualifying balance transfers
Annual Fee
$0
Wells Fargo Active Cash® Card
Another card within the Wells Fargo lineup with a competitive introductory APR is the Wells Fargo Active Cash® Card. This card also has an introductory APR on purchases and qualifying balance transfers, but unlike the Citi Diamond Preferred or Wells Fargo Reflect Card, you can earn unlimited 2% cash rewards on purchases. Plus, it includes a welcome bonus, which is a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
If you feel that the card's intro APR period is enough time to repay your transferred debt, the tradeoff with the shorter intro APR might be worth the card's long-term cash rewards you can earn with regular use. But if you're planning a sizable balance transfer, sticking to the Citi Diamond Preferred Card's extended intro APR offer is the safer option.
Learn more in our Wells Fargo Active Cash® Card review.
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Current Offer
$200 cash rewards bonus after spending $500 in purchases in the first 3 months
Annual Fee
$0
Rewards Rate
Earn unlimited 2% cash rewards on purchases
FAQs
Is the Citi Diamond Preferred a good card?
The Citi Diamond Preferred can be a great credit card to have. If you're interested specifically in transferring existing credit card debt and paying it off over time without incurring interest charges, the Citi Diamond Preferred is a solid choice.
What credit score do I need to get a Citi Diamond Preferred card?
The Citi Diamond Preferred Card requires good to excellent credit, which would be a FICO credit score of 670 or higher. If you apply for a new credit card, Citibank will perform a hard pull or hard credit inquiry to determine your creditworthiness.
Does Citi Diamond Preferred cover rental car insurance?
No, the Citi Diamond Preferred Card does not offer rental car insurance perks. Citi discontinued this and many other perks in 2019.
Does the Citi Diamond Preferred charge a late fee?
Yes, the Citi Diamond Preferred charges a late fee (see terms). Late payments may also result in a higher penalty APR.
If you are worried about late payments, you may want to consider the Citi Simplicity® Card instead. The Citi Simplicity card charges no late fees nor penalty APR. By comparing the Citi Simplicity vs. Citi Diamond Preferred cards side-by-side, you can see which is the better fit for your needs.
Can I get a Citi Flex Loan with the Citi Diamond Preferred?
Citi Flex Plan offers are available with the Citi Diamond Preferred. Whether or not they will be available to you as an individual will be at Citi's discretion, though. The amount of money you can borrow will also depend on your creditworthiness and your credit limit.
Bottom line
The Citi® Diamond Preferred® Card(Rates and fees) can help you manage existing credit card debt. The intro APR period is one of the main benefits of having this credit card since it can save you money on interest charges, especially if your current credit card debt APR is in the double-digit range. However, this card has no rewards program and charges a 3% foreign transaction fee.
If your primary goal is to use an intro APR period to consolidate debt and make more than minimum payments to reduce it quickly, the Citi Diamond Preferred could be a good fit. However, for other perks and rewards, explore our list of the best cash back credit cards or the best credit cards with no foreign transaction fees.
Current Offer
Long introductory APR period for balance transfers
Annual Fee
$0
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