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The Citi® Diamond Preferred® Card offers 21 months of 0% APR for debt consolidators to pay off a balance transfer. While this makes it a great debt-consolidation credit card, it’s not a good everyday option, given its lack of rewards.
Quick Review
With no annual fee and a generous 0% APR period, the Citi® Diamond Preferred® Card is a good credit card for balance transfers that need a long time to pay off, or for making interest-free purchases to pay off over a year.
However, the card lacks rewards or notable benefits, so it’s not a good choice as an everyday credit card. Additionally, the 0% APR period for purchases is only 12 months. There are cards with longer no-interest periods for purchases, if you’re exclusively interested in a card for new purchases.
But if you’re trying to consolidate a debt through a balance transfer, you’ll get a long 21 months to pay off your transferred balance without interest.
Citi® Diamond Preferred® Card Important Details
Basic Card Details
- Annual fee: $0
- APR: 16.74%–26.74% (variable)
- Introductory offer: 0% balance transfer APR for 21 months; 0% purchase APR for 12 months
- Grace period: 23 days
Additional Information
- Introductory balance transfer APR is only valid for balances transferred within first 4 months of card ownership
- Flexible due dates
- $0 fraud liability
- Contactless payment options
- Digital wallet compatibility
- Automatic account alerts
- ID theft protection
- Access to Citi Entertainment
Citi® Diamond Preferred® Card Feature Breakdown
Check out the fees, rates, rewards, and other borrowing features of the Citi® Diamond Preferred® Card to see how it aligns with your needs.
Fees
- Annual fee: $0
- Cash advance fee: $10 or 5% (whichever is greater)
- Balance transfer fee: $5 or 5% (whichever is greater)
- Foreign transaction fee: 3%
- Late payment fee: Up to $41
Interest Rates
- Purchase APR: 16.74%–26.74% (variable)
- Introductory purchase APR: 0% for 12 months
- Balance transfer APR: 16.74%–26.74% (variable)
- Introductory balance transfer APR: 0% for 21 months
- Cash advance APR: 28.24% (variable)
- Penalty APR: Up to 29.99% (variable)
Rewards
The biggest drawback of the Citi® Diamond Preferred® Card is arguably its lack of rewards. Most credit cards for good-to-excellent credit boast cashback rewards on purchases. However, this card is marketed as a no-interest credit card rather than an everyday-use card.
If you’re looking for a new card to use for day-to-day purchases, look into options with cashback rewards.
Balance Transfers
The Citi® Diamond Preferred® Card is largely a balance transfer credit card. If you need to consolidate debt across credit cards, this is a good option.
With this card, you get a whopping 21 months of no interest on balance transfer. That gives you nearly two years to pay off a large credit card balance without accumulating extra charges.
The introductory period applies to any balance transferred within 4 months of opening the card account. Usually this timeframe is closer to 20 days, so you get more leniency in when you make the transfer with the Citi® Diamond Preferred® Card.
Cash Advance
You can use the Citi® Diamond Preferred® Card to withdraw money from an ATM through a cash advance. While this feature can come in handy in a pinch, we recommend against using it unless absolutely necessary. The high cash advance fee and APR make the transaction incredibly costly.
Benefits
The Citi® Diamond Preferred® Card offers the standard list of Citi credit card benefits, including:
- Flexible due dates
- $0 fraud liability
- Contactless payment options
- Digital wallet compatibility
- Automatic account alerts
- ID theft protection
- Citi Entertainment
Citi Entertainment
Citi Entertainment is a platform for Citi credit card holders that offers exclusive access to tickets and events, including concerts, sporting events, and dining experiences.
Authorized Users
You can add up to 10 authorized users to your Citi® Diamond Preferred® Card. Authorized users can be added to Citi credit cards at no additional cost. The primary cardholder is solely responsible for paying the credit card bill, so add users with caution.
Credit Reporting
Citibank reports to Equifax every 30 days. This means they only report to one of the three major credit bureaus, so your credit report may not be updated across the board with your borrowing activities on the Citi® Diamond Preferred® Card.
Customer Service
If you need to contact Citibank about this or another credit card, you can contact their customer service team at: (800) 347-4934
You can apply over the phone for the card by calling: (800) 505-1675
Should You Get the Citi® Diamond Preferred® Card?
FinanceJar verdict
You should get the Citi® Diamond Preferred® Card if you’re looking for a balance transfer credit card with no interest for nearly two years.
Who is this card for?
- Debt consolidators: If you’re looking to consolidate credit card debt, this card makes a great resource for balance transfers. With 21 months to pay off your debts, you can enjoy one of the longest 0% APR periods for balance transfers currently available.
