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 17.24% - 27.99% (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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