The Citi Diamond Preferred card is a very good credit card that’s worth it for people with
good credit who want to avoid interest charges on balance transfers or purchases. Citi Diamond Preferred offers introductory interest rates of
0% for 21 months on balance transfers and
0% for 12 months on purchases. The card also has a
$0 annual fee and a balance transfer fee of
5% (min $5).
One notable downside to this offer is the lack of rewards. Plus, the card’s financing appeal lasts only as long as its interest-free introductory period. After that ends, a high regular APR takes effect.
Both of these potential stumbling blocks can be cleared easily, though. You could pair Diamond Preferred with a
rewards card to use for everyday purchases. A
credit card calculator can also help you craft a debt payoff plan that ensures your balance is gone in time.
Citi Diamond Preferred Review Highlights
$0 annual fee
Most 0% APR credit cards have no annual fee. This still saves you about
$21.5 per year versus the average credit card offer, though.
0% intro rates
The Citi Diamond Preferred Card offers
0% for 12 months on new purchases. It also gives
0% for 21 months on balance transfers completed within 4 months of account opening. It's also worth noting that Diamond Preferred’s 0% intro period on balance transfers is longer than average.
5% (min $5) balance transfer fee
The fact that Diamond Preferred charges a balance transfer fee should give you some pause. That’s more than the average transfer fee (
2.63%), and it is not even close to
credit cards with no balance transfer fee.
Potential for a high regular APR
Citi Diamond Preferred’s intro rates will be replaced by a regular APR that is likely to be well above the
market average. You’ll need excellent credit to get a rate at the low end of Diamond Preferred’s range:
18.24% - 28.99% (V). By comparison, the average APR among credit cards for people with excellent credit is
17.52%.
No rewards
Without an annual fee to worry about, you’ll be able to devote more of your money to debt payments. And the lack of rewards isn’t too big of a deal. We recommend using separate cards for everyday purchases and financing, anyway.
Good reviews
With high marks from WalletHub’s users and editors, it’s clear this card is highly acclaimed. But you should still make sure to read a few Citi Diamond Preferred reviews before submitting an application, just to ensure you don’t miss anything important.
Good credit required
Roughly 45% of people won’t be able to get the Citi Diamond Preferred Card due to its credit approval requirement. So make sure to
check your latest credit score for free before you apply.
