How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.If you’re overwhelmed by credit card debt and looking for a good balance transfer card to get some relief from interest charges, the Citi® Diamond Preferred® Card can help.
The Citi® Diamond Preferred® Card offers one of the longest introductory APRs on balance transfers cards currently available. The card also offers an intro APR period for purchases, which can help you finance a large expense for over a year without incurring interest charges.
While the Citi® Diamond Preferred® Card has a $0 annual fee, take note that a balance transfer fee applies with this offer 5% of each balance transfer; $5 minimum. You may want to consider other balance transfer cards that offer comparable intro offer terms but charge balance transfer fees of 3% or less.
The Citi® Diamond Preferred® Card doesn’t earn rewards, so it’s not a great card to keep in the long term. If you want a card that earns rewards, a rewards credit card or cash back credit card is a better fit.
Intro Purchase APR
0% for 12 months on Purchases
Regular Purchase APR
18.24% - 28.99% (Variable)
Intro BT APR
0% for 21 months on Balance Transfers
Regular BT APR
18.24% - 28.99% (Variable)
Annual Fee
$0
Cash Advance Fee
5% of each cash advance; $10 minimum
Foreign Transaction Fee
3%
Balance Transfer Fee
Balance transfer fee applies with this offer 5% of each balance transfer; $5 minimum.
Long intro APR on balance transfers
The Citi® Diamond Preferred® Card provides a generous intro APR of 0% for 21 months on Balance Transfers (then a 18.24% - 28.99% (Variable) APR applies). This is one of the longest introductory periods currently available for a balance transfer credit card, making the Citi® Diamond Preferred® Card a good option if you need a long period to pay off a balance.
Intro APR for new purchases
The Citi® Diamond Preferred® Card also features an introductory APR of 0% for 12 months on Purchases (followed by a 18.24% - 28.99% (Variable) APR). This can allow you to finance large purchases over time while avoiding costly interest charges.
This is a decent intro period for a purchase APR, especially if you’re searching for a card that offers a combination of balance transfer and purchase intro offers. However, other 0% intro APR cards exist, like the Wells Fargo Reflect® Card, offer longer intro periods on purchases and may be a better option if you want to spread out payments for a longer period.
Sky-high balance transfer fee
When considering the Citi® Diamond Preferred® Card, note that a balance transfer fee applies with this offer 5% of each balance transfer; $5 minimum. The average fee on balance transfers offers is around 3%, so you could end up paying much more overall (possibly over $100 in fees) with the Citi® Diamond Preferred® Card compared to other cards.
As you can see from our estimates below, you can find cards with similar intro periods, like the BankAmericard® credit card, that can save you some money on a balance transfer.
Savings on a $6,000 balance transfer
| Balance transfer fee | Cost of balance transfer | Estimated savings* | |
|---|---|---|---|
| BankAmericard® credit card | 3% of the amount of each transaction. | $180 | $1,180 |
| Choice Rewards World Mastercard® | $0 | $0 | $1,217 |
| U.S. Bank Visa® Platinum Card | Either 3% of the amount of each transfer or $5 minimum, whichever is greater | $180 | $1,161 |
| Citi® Diamond Preferred® Card | Balance transfer fee applies with this offer 5% of each balance transfer; $5 minimum. | $325 | $1,060 |
*We estimate how much the average cardholder might save on a $6,000 balance transfer, assuming the card’s intro period, average APR, a $300 monthly payment and subtracting any fees involved, compared to carrying the same balance on another card.
High ongoing APR
If you do use the card’s balance transfer offer, plan on paying off the full balance before the introductory period ends to avoid costly interest charges. Once the intro period ends, an ongoing APR of 18.24% - 28.99% (Variable) will apply to any unpaid portion of the transfer.
No rewards program
The Citi® Diamond Preferred® Card is a great tool if you’re focused on paying down a card balance. However, if you’re seeking to earn cash back or points on your spending, you’re out of luck with this card.
If you want to get rewarded for card spending, you’ll find plenty of balance transfer credit cards that earn rewards, like the Chase Freedom Unlimited®.
Foreign transaction fees
The card carries a 3% foreign transaction fee on each purchase transaction after its conversion into U.S. dollars.
If you plan on traveling, consider keeping another card in your wallet to use for purchases outside of the U.S. For example, the Capital One SavorOne Cash Rewards Credit Card may be a better option for travelers because of its lack of foreign transaction fees while still carrying a lengthy intro APR offer on balance transfers and purchases.
See Capital One SavorOne Cash Rewards Credit Card rates and fees.
Few other benefits
Beyond its intro APR offer, there’s little reason to carry the Citi® Diamond Preferred® Card. The card offers few other benefits or perks. In comparison, you can find many balance transfer cards with rewards and benefits on top of their introductory offers. For example, the Wells Fargo Active Cash® Card features a 0% intro APR for 15 months from account opening on qualifying balance transfers (followed by a 20.24%, 25.24%, or 29.99% Variable APR), up to $600 of cellphone protection, 24/7 Visa concierge service and access to Visa’s Luxury Hotel Collection.
The Wells Fargo Reflect® Card comes with a 0% intro APR for 21 months from account opening on qualifying balance transfers (followed by a 18.24%, 24.74%, or 29.99% Variable APR). This is the same intro period for balance transfers and a longer period on purchases as Citi® Diamond Preferred® Card.
Like the Citi card, the Wells Fargo Reflect® Card has a $0 annual fee, but it also includes benefits like cellphone protection, 24/7 roadside dispatch and free FICO score monitoring. With lower fees, a potentially equal intro APR offer and other perks, the Wells Fargo Reflect® Card simply offers more value than Citi® Diamond Preferred® Card.
| Credit Cards | Our Ratings | Annual Fee | Welcome Offer | Rewards Rate | Intro Balance Transfer APR | Regular Balance Transfer Rate | Balance Transfer Fee | Intro Purchase APR | Regular APR | Recommended Credit Credit scores ranges may vary. Your individual chance at approval may vary due to factors such as creditors using a particular variation at their discretion | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Citi® Diamond Preferred® Card
Learn More
on Citibank's secure site |
$0 | N/A | N/A | 0% for 21 months on Balance Transfers | 18.24% - 28.99% (Variable) | Balance transfer fee applies with this offer 5% of each balance transfer; $5 minimum. | 0% for 12 months on Purchases | 18.24% - 28.99% (Variable) | Excellent/Good |
Learn More
on Citibank's secure site |
|
Wells Fargo Reflect® Card
Learn More
on Wells Fargo's secure site |
N/A | $0 | N/A | None | 0% intro APR for 21 months from account opening on qualifying balance transfers | 18.24%, 24.74%, or 29.99% Variable APR | 5%, min $5 | 0% intro APR 21 months from account opening | 18.24%, 24.74%, or 29.99% Variable APR | Excellent/Good |
Learn More
on Wells Fargo's secure site |
BankAmericard® credit card
|
N/A | $0 | N/A | N/A | 0% Intro APR for 18 billing cycles for any balance transfers made in the first 60 days | 16.24% - 26.24% Variable APR on balance transfers | 3% of the amount of each transaction. | 0% Intro APR for 18 billing cycles for purchases | 16.24% - 26.24% Variable APR | Excellent/Good |
For someone looking to save money on interest charges while paying down debt or financing a large purchase, the Citi® Diamond Preferred® Card provides a lengthy intro APR on balance transfers and purchases. Because of its pricey balance transfer fee, though, another balance transfer credit card may be a better option to save money long term.
If you’re looking for more value and benefits from a card, the Capital One SavorOne Cash Rewards Credit Card earns rewards while still allowing you to transfer a balance or make purchases without interest charges for a long period.
Credit limits can vary between cardholders. Citi sets credit limits based on your creditworthiness and other determining factors, like your income and outstanding debt. According to Citi’s terms and conditions, your credit limit could be as low as $500.
The Citi® Diamond Preferred® Card can be hard to get for applicants with lower credit scores. You’ll need excellent/good credit to qualify.
The Citi® Diamond Preferred® Card is a plastic credit card, not a metal card.
The information related to the Citi® Diamond Preferred® Card has been independently collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication.
