Citi Diamond Preferred Card Review: Useful for Balance Transfers

Learn about the Citi Diamond Preferred Card's features.

If you have a balance on a high-interest credit card that you fear you might never pay off, take a look at the Citi Diamond Preferred Card. This card offers a 0% APR on balance transfers for 21 months, as long as you transfer the balance within four months of opening the account. If you think you can pay off those balances in 21 months, this card is well worth a look.

Read on to discover the best credit card for balance transfers to see how Citi stacks up.

Citi Diamond Preferred Card at a Glance
Annual fee$0
Purchase APR0% on purchases for 12 months, then 14.74%-24.74%.
Balance Transfer APR0% for 21 months, then 14.74%-24.74%
Cash RewardsNone
Pros:
  • No interest on purchases for 12 months, on balance transfers for 21 months
  • No annual fee
Cons:
  • No cash back rewards

Compare: Citi Simplicity Card Review

What You Need to Know About Citi Diamond Preferred Card

Best for: People who want to transfer a high-interest rate balance from another card.

The Citi Diamond Card has one of the best deals around for balance transfers. If you transfer a balance within the first four months of opening the card, you will pay no interest on that balance for 21 months. After that, you’ll pay 14.74 to 24.74 percent based on your creditworthiness.

You will pay a fee of $5 or 5 percent of the balance transfer, whichever is greater, to move your balance to this card, but it could still save you a bundle.

Since this is primarily a balance transfer card, there are no Citi Diamond Preferred rewards.

Understand: How Credit Card Balance Transfers Work

Best Features of Citi Diamond Preferred Card

Other than the extended introductory rate for balance transfers, this is a plain vanilla card. There are no cash-back rewards, but the interest rate can be as low as 14.74 percent if you have excellent credit, which is among the lowest around.

The Citi Diamond Preferred Card includes Citi Private Pass, which gives you special access to concert and event tickets, including presales, VIP packages, dining experiences, complimentary movie screenings and more.

The Citi Diamond Preferred Card Benefits Balance Transfers Most

If you have high-interest balances on other credit cards that you could pay off within 21 months, this card can save you a lot of money. Do the math to see how much you would need to pay each month to pay off your transfers, and if that fits into your budget, this card could help you get those pesky balances paid off once and for all.

Click through to read more about how to redeem your Citi ThankYou Points to get the most value.

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