The Verdict: The Citi® Diamond Preferred® Card is one of 2021’s top-tier 0% APR credit card offers, thanks to introductory rates of 0% for 18 months on balance transfers and 0% for 18 months on purchases. The average balance transfer card offers a 0% APR for just 12.21 months. The Diamond Preferred Card’s intro purchase APR lasts longer than average, too. Plus, Citi Diamond Preferred has a $0 annual fee.
The bad news is Citi Diamond Preferred’s balance transfer fee: 3% (min $5). The card also has a high regular APR and does not reward users for making purchases. In addition, it’s worth pointing out that if you want to enjoy the Diamond Preferred Card’s 0% intro balance transfer APR, you’ll have to do the transfer within four months of opening an account.
Finally, whether you plan to use Citi Diamond Preferred for a big-ticket purchase or a balance transfer, it’s important that you do so with the aid of a credit card calculator. You can’t count on another 0% credit card being available when your interest-free period ends. But you can get a sense of whether you’ll be able to qualify for Citi Diamond Preferred by checking your latest credit score for free on WalletHub.
Below, you can learn more about the most important features and shortcomings to consider when deciding whether or not to apply for the Citi® Diamond Preferred® Card.
- 0% Intro APRs for 18 months: Diamond Preferred’s 0% intro term applies to new purchases and balance transfers (completed in first 4 months). So if you already have a bit of debt and foresee more in your immediate future, you could use this card to both consolidate and save.
- No Annual Fee: Your mission is to save money, not just avoid interest charges. So the fact that this card does not charge an annual fee is quite important. It not only allows you to minimize expenses, but it also makes budgeting easier, as you won’t have to inquire about when your annual fee will be assessed.
- Balance Transfer Fee: Let’s say that you, like the average householder, have roughly $8,509 in debt. This 3% (min $5) balance transfer fee would equate to $255, which is enough to warrant exploring the viability of offers that have shorter 0% introductory periods yet lower fixed costs.
- Above-Average Regular APR: The average credit card for people with excellent credit has a regular APR of 13.04%, while credit cards for people with good credit charge an average of 19.3%. The Citi® Diamond Preferred® charges 14.74% - 24.74% (V). Considering that you need at least excellent credit for approval, you’re going to receive an above-average regular APR no matter where your assigned rate falls in Diamond Preferred’s advertised range.
- 3% Foreign Transaction Fee: If you were planning to open this card to pay for a lavish international getaway, or even to make a significant purchase from a foreign-based merchant, don’t. There are far too many no foreign transaction fee credit cards available to warrant forking over an extra 3% of whatever you charge, in most cases.
Other Things To Consider
- 24/7 Concierge Service: One of this card’s preferred elements is that it provides access to a “personalized concierge service” that is available around the clock, according to Citi’s website. Citi doesn’t offer much information about this feature online, other than it can help cardholders make travel arrangements, buy tickets to events and set up restaurant reservations, but having extra resources can’t hurt – especially when they’re free.
- Citi Entertainment: Citi credit and debit cardholders have the chance to attend exclusive concerts and events as well as take advantage of special ticket opportunities for events open to the general public through Citi Entertainment. This obviously isn’t a perk unique to Diamond Preferred itself, and you shouldn’t use the availability of such offers as an excuse to overspend. But it could make being a cardholder more enjoyable.
- No Card Rewards: If your main objective is to save money on debt, whether current or upcoming, this card’s lack of rewards shouldn’t be too much of a concern. Sure, rewards could help reduce the cost of your spending to a certain extent, but it won’t be anywhere near the amount you could expect to lose due to a higher interest rate. So when comparing your options, focus on fees and interest while considering rewards to be icing on the cake.
- Citi Easy Deals: Citi credit card users whose accounts are in good standing are automatically enrolled in Citi Easy Deals, which offers savings on items purchased from citieasydeals.com. You’ll start with 100 dollars in Easy Deal Points and earn 1 point for every $10 spent. Every dollar in Deal Points you have can get you $1 off a purchase on the website. Don’t get too excited about this, though, as we’ve seen numerous reports from consumers about Easy Deal Points being hard to use.
Compared To The Competition
Citi® Diamond Preferred® Card
Wells Fargo Platinum card
U.S. Bank Visa® Platinum Card
|Purchase Intro APR||0% for 18 months||0% for 18 months||0% for 20 months|
|Transfer Intro APR||0% for 18 months|
Transfer Fee: 3% (min $5)
|0% for 18 months on qualifying balance transfers|
Transfer Fee: 3% for 120 days, then 5%
|0% for 20 months|
Transfer Fee: 3% (min $5)
|Regular APR||14.74% - 24.74% (V)||16.49% - 24.49% Variable||13.99% - 23.99% (V)|
|Editors' Rating||3.6 / 5||4.6 / 5||4.8 / 5|
|Details, Rates & Fees||Learn More||Learn More|
Rates & Fees
Rates & Fees