Citi Diamond Preferred Card
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Citi Diamond Preferred Card gives you 21 interest-free months to pay off purchases and balance transfers. That’s the longest 0% introductory period available today.
So if you find yourself thousands of dollars in credit card debt, this is a good option to help you start climbing out of that hole.
Still, we think there are better — cheaper — options available for consumers who are confident they can pay off their credit card debt in 15 months or sooner.
As with many other balance transfer credit cards, Citi Diamond Preferred is a bit skimpy when it comes to perks outside of the generous intro period. You’ll get no sign-up bonus and no rewards. For someone looking to get out of debt that shouldn’t matter much anyway.
We love that Citi gives new cardholders nearly two years to pay off their debt, and the 3% balance transfer fee is on the low-end of what issuers typically charge.
However, at least two other credit cards waive that transfer fee for a limited time for new cardholders. Depending on the size of the balance you want to transfer, that could save hundreds of dollars.
Further, if you think you might occasionally pay your credit card bill late, (but you shouldn’t) with the Citi Diamond Preferred you’ll get dinged with a hefty penalty APR plus a late fee. If you’re not so sure about making payments on time, consider the Citi Simplicity Card, which gives the same lengthy intro APR but doesn’t have any late charges.
Who should get this card
Citi Diamond Preferred is really tailored to someone who needs quite a long time to pay down their credit card debt. The 15- or 18-month offers available today may be cheaper on paper, but not if you can’t get rid of your debt during that time period.
The go-to APR on the low end is a bit better than some other balance transfer credit cards, so if you need the extra cushion and you still might not pay down all of your debt then, having this card could help. Remember, though, the best interest rate available only goes to those with top credit.
Fees and APR
- There is no annual fee.
- The balance transfer fee is 3% or $5, whichever is greater.
- You’ll pay a 3% foreign transaction fee on all purchases made outside of the United States.
- Enjoy a 0% introductory APR for 21 months on purchases and balance transfers when transfers are completed within four months of account opening. After that, your APR will be 13.99% to 23.99%, based on your creditworthiness.
Extras and perks
This card comes with Citi Private Pass perks, which offers presale access to events including concerts, sporting events and dining events.
The card has Citi’s Price Rewind feature, which can help refund the price difference if you made a purchase that can be found for less elsewhere.
Anyone who is driven mad by endless voice prompt menus will love that you can just say “representative” to be connected to a live person.
How this card compares
There are other credit cards on the market offering longer terms like 18- and 21-month 0% APRs on balance transfers, but nearly all of them charge a 3% balance transfer fee. Where the Chase Slate stands out is the option to forgo a balance transfer fee if you make the transfer within the first 60 days of opening the account.
If you have a great deal of credit card debt, you have a choice to make when it comes to balance transfer credit cards: Pick the one that on the surface offers the cheapest way to get out of debt, or pick the one that gives you the longest 0% APR introductory period possible.
The Citi Simplicity Card falls into this second group.
The BankAmericard Credit Card underwent a big makeover in May 2017, transforming this piece of plastic from drab to fab.
The revamped card now is a top choice among balance transfer credit cards. It carries an introductory 0% percent APR for 15 billing cycles on purchases and balance transfers made within 60 days. Make a transfer during that time and you’ll pay no balance transfer fee. That could save consumers hundreds of dollars over other balance transfer credit cards.
Opinions expressed here are author's alone, not those of any bank, credit card issuer, airlines, or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.