Can the Citi Diamond Preferred Card help me get out of debt? This question is about the Citi® Diamond Preferred® Card

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

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This question is about the Citi® Diamond Preferred® Card

Chip Lupo, Credit Card Writer

@CLoop • 08/24/21 This answer was first published on 08/23/21 and it was last updated on 08/24/21.For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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Yes, the Citi® Diamond Preferred® Card can help you get out of debt, as it allows you to transfer a balance and pay it off interest-free for 21 months. Also, Citi Diamond Preferred has an intro APR of 0% for 12 months on purchases and a $0 annual fee, so it can help you stay out of debt, too.

For example, if you transfer $10,000 in credit card debt to Citi Diamond Preferred, you can get out of debt by paying around $500 every month for 21 months. You’d avoid interest charges entirely that way, and the monthly payments account for the card’s 5% (min $5) balance transfer fee. You would also save roughly $1,200, compared to paying off the original balance with the average credit card, according to WalletHub’s balance transfer calculator.

As good as the Citi Diamond Preferred card is at helping people get out of debt, the card can do you more harm than good if you’re not careful. It’s important to note that once the card’s introductory rate expires, any remaining balance, along with any future balance transfers, will accumulate interest at the regular APR of 15.99% - 25.99% (V). As a result, you could end up adding onto the debt you were looking to eliminate in the first place.

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More info about the Citi Diamond Preferred balance transfer offer:

Citi Diamond Preferred’s balance transfer fee is 5% (min $5).

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.

Any balance that isn’t paid off by the end of the 21 months period will be subject to a regular APR of 15.99% - 25.99% (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.

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What is the credit limit on a Citi Diamond Preferred card?

The Citi Diamond Preferred credit limit starts at $500 and can get over $10,000, 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.

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.… read full answer

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What are the Citi Diamond Preferred card rewards?

The Citi® Diamond Preferred® Card has no rewards on purchases. This card is aimed at people who want to save on, purchases and balance transfers with a 0% intro APR.

If you're looking for great rewards Chase Sapphire Preferred® Card, Capital One Venture Rewards Credit Card, Citi® Double Cash Card – 18 month BT offer. Check out WalletHub’s picks for the best rewards credit cards available right now.

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