Citi® Diamond Preferred® Card review: Is it the “preferred” Citi balance transfer card?

The sizable intro APR on balance transfers and the potential for a lower-than-average ongoing APR make the Citi Diamond Preferred a competitive option among balance transfer cards. 

Intro APR offer: Impressively long for balance transfers

The Citi Diamond Preferred effectively addresses the primary need of a balance transfer card by offering a 0 percent intro APR for 21 months from the date of account opening on qualifying balance transfers. After this period, a 17.24% - 27.99% (Variable) APR; greater of $5 or 5 percent balance transfer fee applies.

You have nearly two years to pay down your balance without incurring additional interest, which is one of the most competitive offers available for a balance transfer card. To qualify for this offer, you must complete your balance transfer within the first four months of opening your account. 

Ongoing interest rate: Lower than average

The lower end of Citi Diamond Preferred’s ongoing interest rate is below the current average interest rate of around 20 percent, which is one of the highest average APRs on record. This means you may still be able to save more on interest payments with this card, even after the intro APR period, compared to other cards.

Only a few credit cards match the Diamond Preferred card’s low ongoing APR. The best card for you will depend on how long it takes to fully pay off your credit card debt. You should choose the Diamond Preferred if you can pay off most of your debt within 21 months. If you plan to manage your debt over several years, choose a card with the lowest possible ongoing APR.

The Citi Diamond Preferred card may offer an impressive intro APR offer, but its long-term benefits are lacking. It has no rewards program or welcome offer, a high balance transfer fee and limited cardholder perks. Once you’ve paid off your balance or your intro APR period ends, the card’s limited value makes it difficult to justify keeping.

Rewards: No rewards structure or welcome offer

Although it is common for many balance transfer cards, the Citi Diamond Preferred doesn’t offer rewards or a welcome bonus. If your primary goal is to consolidate and pay off debt, the Citi Diamond Preferred could be a great pick. But the Citi Diamond Preferred falls flat if you want to add a card to your wallet with a more consistent long-term value.  The lack of a rewards program gives little incentive to keep the card long-term, and its disappointingly short intro offer on purchases does little to lift this card’s value.

If you’re willing to forgo a few months of your intro APR for balance transfers in favor of earning rewards, you can find several options that boast better long-term value. Many cards offer 12 to 15 months of zero interest on balance transfers and ongoing rewards.

Rates and fees: Balance transfer fee is on the higher end

A balance transfer fee typically ranges from 3 or 5 percent of the amount being transferred to another card. The Citi Diamond Preferred’s balance transfer fee is on the higher end at $5 or 5 percent, whichever is greater — which means that transferring a balance with this card will be more expensive than with many other balance transfer cards.

For example, if you transfer $1,500 to the Citi Diamond Preferred, Citi will tack on another $75 to the balance. However, its intro APR period is longer than most, so plugging your balance into a balance transfer calculator can help you see if a lower-fee card with a potentially shorter intro APR period would cost less than the Citi Diamond Preferred.

Other cardholder perks: Limited outside of the Citi-specific

Some perks the Citi Diamond Preferred offers could prove helpful, but they aren’t particularly impressive. The Citi Flex Loans perk, which is available by invitation only, allows you to borrow money against your Citi credit card limit at a fixed interest rate and repay it over a set period with no additional fees, application or credit inquiry required. This feature could be useful if you need a personal installment loan. 

Meanwhile, Citi Entertainment and Citi Easy Deals are common shopping and entertainment access portals like you’d find with other issuers. However, if you are trying to pay off debt, the Citi Easy Deals could add to your balance. The upside is that the lack of perks on this card may help you focus on paying off debt rather than pursuing statement credits or meeting spending requirements.

If you’re carrying credit card debt and facing high-interest charges each month, any balance transfer card can help you pay down that balance. However, the Citi Diamond Preferred could help you pay over a longer period than most balance transfer cards. Transferring your balance can help you save on interest and give you a time-based incentive to pay off your debt. While you might not be able to pay off your entire balance during a card’s introductory period, having a deadline can be a great way to motivate monthly payments.

Here’s a look at how much you could save on interest by transferring a balance to the Citi Diamond Preferred, assuming you have average credit card debt (around $6,000), an average APR on your current card (around 20 percent) and make fixed monthly payments of $240. Based on data from Bankrate’s balance transfer calculator and minimum payment calculator, a balance transfer will enable you to pay off your debt five months earlier and save a little over $1,400 in this example. Your only extra cost with the Diamond Preferred would be the $5 or 5 percent balance transfer fee.

*Then an ongoing APR of 17.24% - 27.99% (Variable)

A handful of cards match the Citi Diamond Preferred Card’s intro APR offer and offer additional benefits like cash back rewards or a lower ongoing APR. Here’s how the Citi Diamond Preferred compares to competing balance transfer credit cards.

As a solid balance transfer card, the Citi Diamond Preferred is most beneficial to anyone who wants to pay off their debt.

If you need to pay down debt or finance purchases, the Citi Diamond Preferred Card may be a good fit. Although it has a balance transfer fee of either $5 or 5 percent (whichever is greater) and does not offer rewards or cardholder perks, this card can help you tackle debt without unnecessary distractions.

The shortened intro purchase APR and limited long-term value may make no-annual-fee rewards cards with slightly shorter intro APR periods more worthwhile options, especially after you’ve paid off your balance. If you need the longest possible period to pay down your balance, the Diamond Preferred remains a solid choice, but other balance transfer-focused cards offer more favorable intro APR periods on purchases.

Our proprietary card rating system takes into account a mix of factors when scoring balance transfer and low-interest cards, including each card’s introductory APR, intro APR period length, ongoing APR, balance transfer fee, perks and more.

While balance transfer and low-interest cards share a similar ratings rubric, we weigh features differently based on how a card is categorized. We categorize cards that carry an especially long intro APR offer on balance transfers as dedicated balance transfer cards, while cards that offer an especially low ongoing APR are considered general low-interest cards. 

Based on its features, we assigned this card a primary category of balance transfer and tailored our ratings accordingly. 

We analyzed over 100 of the most popular balance transfer and low-interest cards and scored each based on how its key features stacked up against those of other cards in its category. 

Here’s a breakdown of what gave this card its score:

*The information about the BankAmericard® credit card has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.