Can the Citi Diamond Preferred Card help me get out of debt?

Yes, Citi Diamond Preferred is a good balance transfer card for people with good credit or better who need a long time to pay off their balance. Citi Diamond Preferred lets you do that at a reduced rate. It offers an introductory APR of 0% for 21 months on balance transfers. It also has a $0 annual fee.… read full answer

The introductory offer does come with some strings attached though. Citi Diamond Preferred’s balance transfer fee is 5% (min $5). Also, transfers must be completed within 4 months of account opening to be eligible for the introductory APR. The introductory balance transfer APR of 0% for 21 months is also matched by an introductory purchase APR offer of 0% for 12 months. Keep in mind that any balance that isn’t paid off by the end of the 21 months period will be subject to a regular APR of 13.74% - 23.74% (V).

You may be given the option of requesting a Citi Diamond Preferred balance transfer when you apply for the card or you can call the number on the back of your card after receiving it. It will take at least 14 days after your account is open to process any balance transfers though. Citibank accepts balance transfers from other credit cards, auto loans, student loans and other credit accounts. But you can’t transfer a balance from another Citibank loan or credit card to Citi Diamond Preferred.

The Citi Diamond Preferred credit limit is $500 or more, depending on each applicant’s creditworthiness. Some cardholders have reported receiving spending limits over $10,000 from the Citi Diamond Preferred Card, according to online forums. Once you’re approved for this card, Citibank will determine your specific credit limit based on factors such as your credit history, annual income, and any debt you owe.… read full answer

You need at least good credit to be approved for the Citi Diamond Preferred. For your best chances at a high limit, you’ll want good-to-excellent credit and plenty of disposable income. Even if you don’t receive the limit you want, you can always request a credit limit increase later on. You’ll want to wait at least six months from opening your account before requesting an increase though.

The Citi Diamond Preferred card does not offer any rewards. It's a credit card aimed at people with at least good credit, aiming at financing purchases with 0% intro APR.

If you're looking for great rewards cards, take a look at the Chase Sapphire Preferred® Card, the Capital One Venture Rewards Credit Card… read full answer or the Citi® Double Cash Card – 18 month BT offer.