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

Its long intro APR on balance transfers makes it a compelling option.

 /  11 min
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Snapshot

4.1

Bankrate rating
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Rating: 4.1 stars out of 5

Bottom line

This card’s long intro APR offer could give you a needed reprieve from interest charges, but its lack of rewards doesn’t offer much long-term value after you’ve paid off your balance.

BEST FOR BALANCE TRANSFERS

Recommended credit score:(670 - 850)
Apply nowLock

on Citi's secure site

See Rates & Fees

Purchase intro APR

0% for 12 months on Purchases

Regular APR

17.74% - 28.49% (Variable)

Intro offer

N/A

Rewards rate

N/A

4.1
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Bankrate Score

Introductory offer

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5.0 / 5

APR

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2.0 / 5

Fees

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3.0 / 5

Features

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2.0 / 5
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Citi is an advertising partner


Citi® Diamond Preferred® Card Overview

The Citi Diamond Preferred card remains a great option if you need to pay down a balance from another credit card. This no-annual-fee card offers a lengthy intro APR on qualifying balance transfers, a decent intro APR for new purchases and a relatively low ongoing APR for cardholders with good to excellent credit.

However, if you don’t have any existing debt and are more focused on financing new purchases or earning rewards, a cash back or rewards card with a longer intro APR period on new purchases may be a better fit.

  • Credit Card Cash Back Icon

    Rewards

    • This card does not offer rewards 

    Expert Appraisal: Typical
    See our expert analysis

  • Credit Card Apr Icon

    0% APR offer

    • 0% intro APR on balance transfers for 21 months on transfers completed within four months of account opening
    • 0% for 12 months on Purchases 
    • 5% balance transfer fee applies (or $5, whichever is greater) 
    • 17.74% - 28.49% (Variable) APR

    Expert Appraisal: Excellent  
    See our expert analysis

  • Credit Card Search Icon

    Rates and fees

    • $0 annual fee 
    • 3 percent foreign transaction fee 
    • Balance transfer fee applies with this offer 5% of each balance transfer; $5 minimum.

    Expert Appraisal: Typical
    See our expert analysis

  • Congrats Icon

    Other cardholder perks

    • Citi Flex Loan 
    • Citi Entertainment 
    • Citi Easy Deals 

    Expert Appraisal: Typical 
    See our expert analysis

Citi Diamond Preferred pros and cons

Pros

  • Checkmark Icon

    It has one of the longest introductory APR periods for qualifying balance transfers available.

  • Checkmark Icon

    The low ongoing APR is accommodating if you need to carry a balance during an emergency.

  • Checkmark Icon

    The card has no annual fee, which helps keep costs low while paying down debt.

Cons

  • The intro APR period for purchases is much shorter than the intro APR for balance transfers, making it less useful for paying off interest on purchases.

  • The 5 percent balance transfer fee (or $5, whichever is higher) is higher than that of competing balance transfer cards.

  • There is no rewards program, which limits the card’s value once the intro APR periods end.

Why you might want the Citi Diamond Preferred

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 meets and exceeds the primary need of a balance transfer card by offering a 0 percent intro APR for 21 months from account opening on qualifying balance transfers, then a then 17.74% - 28.49% (Variable) APR; greater of $5 or 5 percent balance transfer fee applies.

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

Ongoing interest rate: Lower than average

The lower end of the 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. But 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. However, choose a card with the lowest possible ongoing APR if you plan to extend your debt management over several years.

Why you might want a different balance transfer card

The Citi Diamond Preferred card may offer a stellar 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 typical 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 sacrifice a few months of your intro APR for balance transfers in favor of earning rewards, you can find several options available that boast better long-term value. Many cards have 12 to 15 months of zero interest for balance transfers but offer ongoing rewards.

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

A balance transfer fee is often either 3 or 5 percent of the amount you transfer 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 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 chasing statement credits or spending requirements.

Balance transfer fee vs. interest payments

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.

Card Payoff time Total estimated cost
Citi Diamond Preferred 21 months* $300 (5% balance transfer fee)
Credit card with 20% APR 26 months $1,730 (interest charges)

*Then an ongoing APR of 17.74% - 28.49% (Variable)

How the Citi Diamond Preferred compares to other balance transfer cards

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.

Image of Citi® Diamond Preferred® Card

Annual fee

$0

Intro offer

N/A

Rewards rate

N/A

Recommended Credit Score

Good to Excellent (670 – 850)
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Image of BankAmericard® credit card

BankAmericard® credit card

Annual fee

$0

Intro offer

N/A

Rewards rate

N/A

Recommended Credit Score

Good to Excellent (670 – 850)
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Image of Citi Double Cash® Card

Annual fee

$0

Intro offer

$200 cash back
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Rewards rate

1% - 5%
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Recommended Credit Score

Good to Excellent (670 – 850)
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Who is the Citi Diamond Preferred right for?

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

Bankrate’s Take — Is the Citi Diamond Preferred worth it?

If you need to pay down debt or finance purchases, the Citi Diamond Preferred Card should be a good fit. Though it carries a $5 or 5 percent balance transfer fee (whichever is greater) and lacks 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 period possible to pay down your balance, the Diamond Preferred is still solid, but other balance transfer-focused cards offer more favorable intro APR periods on purchases.

How we rated this card

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100+
card ratings
Credit Card Apr Icon
400+
APRs tracked
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3000
data points analyzed
Credit Card Reviews Icon
40+
perks evaluated

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.

Frequently asked questions

Written by
Ashley Parks
Former Editor, Credit cards
As a Bankrate credit cards editor, Ashley Parks is fascinated by the ways people can make credit cards work for them when armed with the right knowledge.
Edited by Senior Editor, Credit Cards

* See the online application for details about terms and conditions for these offers. Every reasonable effort has been made to maintain accurate information. However all credit card information is presented without warranty. After you click on the offer you desire you will be directed to the credit card issuer's web site where you can review the terms and conditions for your selected offer.

Editorial Disclosure: Opinions expressed here are the author's alone, and have not been reviewed or approved by any advertiser. The information, including card rates and fees, is accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information.