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Citi® Diamond Preferred® CardSponsored card

Citi® Diamond Preferred® review: 0% intro APR for almost two years on balance transfers

Good, Excellent

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What Citi says about this card

Citi® Diamond Preferred® CardSponsored card
  • 0% Intro APR on balance transfers for 21 months from date of first transfer. After that, the variable APR will be 13.74% - 23.74%, based on your creditworthiness. All transfers must be completed in first 4 months.
  • 0% Intro APR on purchases for 12 months from date of account opening. After that, the variable APR will be 13.74% - 23.74%, based on your creditworthiness.
  • If you transfer a balance with this offer, after your 0% Intro purchase APR expires, both new purchases and unpaid purchase balances will automatically accrue interest until all balances, including your transferred balance, are paid in full.
  • There is a balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater
  • Get free access to your FICO® score online.
  • With Citi Entertainment℠, get special access to purchase tickets to thousands of events, including concerts, sporting events, dining experiences and more.
  • Shop with confidence knowing that you have dependable protection benefits, including $0 Liability on Unauthorized Purchases and Citi® Identity Theft Solutions.
  • The standard variable APR for Citi Flex Plan is 13.74% - 23.74%, based on your creditworthiness. Citi Flex Plan offers are made available at Citi's discretion

By Jennifer Doss CardRatings Editor  Updated Mar 26, 2020

Citi is a CardRatings advertiser.

CITI® DIAMOND PREFERRED® BENEFITS

With intro 0% APR on balance transfers for 21 months (when made within the first four months) and purchases for 12 months, the Citi® Diamond Preferred® Card is a market leader for innovative intro offers with one of the longest 0% intro APR offers that we know of. After the intro periods, 13.74% – 23.74% Variable APR will apply.

Top Diamond Preferred® benefits include:

  • No annual fee
  • 0% introductory APR on balance transfers for 21 months and purchases for 12 months (then 13.74% – 23.74% Variable)
  • Pre-sale tickets and VIP packages to concerts, entertainment and sporting events through Citi Entertainment℠

This card is all about VIP treatment, giving regular folk a taste of the exclusivity and benefits that the other half typically enjoys. One of the best benefits of this card is access to Citi Entertainment℠ which takes the "once" out of "once in a lifetime." Get special access to purchase tickets to thousands of events annually, including presale tickets and exclusive experiences for the year's most anticipated concerts, sporting events, dining experiences and more.

CardRatings Editor's Analysis: Pros & Cons

  • Excellent card for those who are looking to consolidate high interest credit card debt, with no annual fee.
  • Enjoy 0% intro APR for 21 months on balance transfers, which is among the longest 0% intro APRs we know of (12 months 0% APR on purchases) - then 13.74% – 23.74% Variable APR.
  • If you have a large purchase that will take a while to pay off, this is a clear winner for the task.

CITI® DIAMOND PREFERRED® BALANCE TRANSFER

Though VIP treatment is nice, especially when it comes to the level of customer service you receive with your financial services, the biggest incentive of the Citi® Diamond Preferred® Card is its lengthy balance transfer period.

This card gives you almost two full years to pay off your balance interest free. Depending on the size of the balance you're working with, this gives you sufficient time to pay off a large debt, or at least greatly pay it down, without worrying about paying interest fees.

Just remember, to take advantage of this offer, all transfers must be made within the first four months of opening an account. If you transfer a balance with this offer, after your 0% intro purchase APR expires (21 months), unpaid balances will automatically accrue interest until your balance is paid in full. With a regular APR of 13.74% – 23.74% Variable, you'll want to be sure to pay things down as much as possible before this happens.

It's also important to note that there is a balance transfer fee, 5% of each balance transfer; $5 minimum, but this is pretty standard for balance transfer credit cards.

CITI® DIAMOND PREFERRED® ANNUAL FEE

Good news— there isn't one! That means all the great Citi® Diamond Preferred® Card benefits we mentioned above come to you at no additional cost. The 21-month intro 0% APR offer with this card is one of the best on the market. To have that type of offer with no annual fee is a huge perk. If you're looking for some extra time to pay off a large balance, what are you waiting for?

Top Features

Balance Transfer Intro Balance Transfer Fee Regular APR
APR: 0%
Period: 21 months on Balance Transfers
5% of each balance transfer; $5 minimum 13.74% – 23.74% Variable

CITI® DIAMOND PREFERRED® FOREIGN TRANSACTION FEE

If you're looking for a good credit card to take overseas with you, the Citi® Diamond Preferred® Card probably isn't it. This card charges a 3% fee on all foreign transactions, so if you're a international jetsetter, you might be better off packing a different card.

A 3% fee might not seem like much, but in the grand scheme of things, this fee can really make things add up. Say you travel abroad three times a year, for example, spending on average $3,000 each time. You'd be looking at spending $270 extra in fees.

CITI® DIAMOND PREFERRED® CREDIT SCORE

Citi doesn't explicitly state the credit score needed to qualify for the Citi® Diamond Preferred® Card, however, this card is reserved for those with good to excellent scores. A good FICO score is typically anything above 670, according to the credit scoring agency Experian. However, having a score above 740 or even 800 may further increase your chances of approval. Please note, though, that these numbers can vary between different bureaus.

CITI® DIAMOND PREFERRED® POINTS AND OTHER POTENTIAL DOWNSIDES

It’s all about priorities when determining if the Citi® Diamond Preferred® Card is for you. If you’re looking for a low interest card for balance transfers and purchases, this is a great choice. If you’re looking for high-ongoing perks like cash back or airline miles, this isn’t the card for you as it doesn't earn points on purchases.

And though the 0% intro APR for 21 months on balance transfers is one of the longest on the market, don’t get blindsided by the APR after the intro offer. Depending on your creditworthiness the APR can shoot up significantly. See terms for the most current APR terms.

HOW CITI® DIAMOND PREFERRED® COMPARES TO OTHER CREDIT CARDS

Citi® Diamond Preferred® vs. Citi Simplicity®

The main selling point for both of these cards is their long intro 0% APR offers. Like the Diamond Preferred®, Citi Simplicity® Card - No Late Fees Ever also offers 0% intro APR on balance transfers for 21 months from date of first transfer, and for 12 months on purchases. All transfers must be completed in first four months. After that, the variable APR will be 14.74% - 24.74% (Variable) based on your creditworthiness.

So, what really differentiates these two cards?

With Citi Entertainment℠, the Diamond Preferred® card is dedicated to helping users gain special access to purchase tickets to thousands of events, including concerts, sporting events, dining experiences and more, whereas Citi Simplicity® has unique perks regarding payments: no late fees or penalty APR ever — a fairly unheard of concept. The choice between these two cards will boil down to this: which perks match your lifestyle better.

Citi® Diamond Preferred® vs. Citi® Double Cash

If you like having a no-annual-fee card but would prefer a card that earns rewards on purchases, the 2020 CardRatings Editor's Choice winner for best flat-rate cash-back credit card Citi® Double Cash Card - 18 month BT offer is worth your consideration. Unlike the Citi® Diamond Preferred® card that does not earn rewards on purchases, the Double Cash earns up to 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum balance amount due on time.

The Double Cash card from Citi also has a generous 18-month 0% APR offer on balance transfers, which isn't quite as long as the Diamond Preferred® offer, but is still solid. After the intro period, 13.99% – 23.99% (Variable) APR will apply.

Citi® Diamond Preferred® vs. Citi Rewards+℠

Citi Rewards+ Card, like the Citi® Diamond Preferred® card, has no annual fee and has an excellent intro 0% APR period. Where the two cards differ is the rewards earning and the length of the introductory bonus periods.

The Rewards+℠ card earns two points for every dollar spent at supermarkets and gas stations (up to $6,000 in purchases each year) and one point for every dollar spent on all other eligible purchases. The card sweetens the rewards deal even further by rounding up points on every purchase to the next highest 10. For example, when you buy a $3 cup of coffee you get 10 points instead of three. A further perk offered by the Rewards+℠ card is a 10% "rebate" on the first 100,000 ThankYou® points you redeem each year, and new cardholders can earn 15,000 bonus points after spending $1,000 in purchases within the first three months of opening an account; redeemable for $150 in gift cards at thankyou.com. The Diamond Preferred® card does not earn rewards on purchases.

Where the Diamond Preferred® card excels is in the introductory 0% APR offer for 21 months on balance transfers. This is six months longer than the 15 months of 0% APR on purchases and balance transfers offered by the Citi Rewards+℠ card (then 13.49% - 23.49% (Variable)).

IS CITI® DIAMOND PREFERRED® A GOOD CARD?

Citi® Diamond Preferred® Card is good for someone with excellent credit who needs a card for everyday purchases without worrying about accumulating interest right away. The intro 0% APR offer of 21 months is one of the best on the market, and with no annual fee and VIP entertainment access, this card might offer enough to be a good trade-off for its lack of rewards.

Citi® Diamond Preferred® Card compared to other balance transfer cards

Card Name
Balance Transfer Intro APR
Balance Transfer Fee
Regular APR
Ratings/Apply
APR: 0%
Period: 21 months on Balance Transfers
5% of each balance transfer; $5 minimum
13.74% – 23.74% Variable
APR: 0%
Period: 21 months
5% of each balance transfer; $5 minimum.
14.74% - 24.74% (Variable) 
APR: 0% Intro APR
Period: 18 months on qualifying balance transfers
3% for 120 days, then 5%
15.49%-24.99% Variable 
APR: 0%* intro on BTs
Period: 12 billing cycles on Balance Transfers*
3%
13.99% - 23.99%* Variable 

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