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 18 months on balance transfers. It also has a $0 annual fee.
The introductory offer does come with some strings attached though. Citi Diamond Preferred’s balance transfer fee is 3% (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 18 months is also matched by an introductory purchase APR offer of 0% for 18 months. Keep in mind that any balance that isn’t paid off by the end of the 18 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.
Since Citi Diamond Preferred only allows balance transfers up to or below your available credit limit, and you won’t know what your credit limit is until you’re approved, you may not get the entire balance transfer amount you request. Balance transfer requests over the available credit limit are usually rejected. But in some cases, Citibank will adjust the amount so it falls under the approved credit limit. Balance transfer approvals may take up to 30 days.
To request a Citi Diamond Preferred credit limit increase, call Citibank customer service at (800) 950-5114 or access the "Card Management" menu from your online account or mobile app. For the highest approval odds, cardholders should have at least 6 consecutive months of on-time payments on the account. Consistently paying on time, preferably in full, could also boost your chances of receiving an automatic credit limit increase without having to ask.… read full answer
If you’re requesting a Citi Diamond Preferred credit limit increase over the phone, follow the voice prompts to connect to a customer service representative. You will be asked to provide your total annual income and monthly housing payment amount, along with your account details. It’s also fairly simple to request an increase online.
How to Request a Citi Diamond Preferred Credit Limit Increase Online:
Log in to your online account through the Citibank website or mobile app. Select the "Services" tab, followed by "Credit Card Services".
From the "Card Management" menu, select "Request a Credit Limit Increase".
If you have multiple cards, choose the Citi Diamond Preferred card.
Enter your total annual income and your monthly housing payment in the appropriate fields.
Verify that the information is accurate. Select "Continue" to submit the request.
You should receive a decision nearly instantly – within a few seconds of submitting the request. If you’re approved for an increase, your new credit limit will be effective immediately.
Citibank also periodically reviews accounts and grants higher credit limits to select cardholders who meet certain criteria. There is no way to guarantee eligibility for automatic credit limit increases, but keeping your account in good standing, paying your credit card bills in full and on time, while making sure your income information is updated will help. Automatic credit limit increases only involve a soft pull of your credit and do not affect your credit score. When requesting a credit limit increase on your own, Citibank will consider several factors that determine whether a soft pull or a hard pull will be used. Some of these include the age of your account and whether you have requested an increase in the recent past. But you can rest assured that Citibank will always notify you before a hard pull.
If your request is denied, you will receive a letter detailing the reason(s) for the denial. Citibank does not have a process for appeals, so make sure to review the letter before submitting another request in the future.
The Citi Diamond Preferred credit limit is $500 or more, depending on each applicant’s creditworthiness. Once you’re approved for this card, Citibank will determine your specific credit limit based on factors such as your credit history, your annual salary and wages, additional income, and any debt you owe. Some cardholders have reported receiving starting limits as high as $12,000.… 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.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. This question was posted by a WalletHub user.
Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.