A balance transfer credit card is a great way to tackle high-interest debt if you’re having trouble paying it down, and these cards usually offer no-to-low interest on a transferred balance for a set period of time. Of course, the longer you have to pay your balance with one of these offers, the better.

This is why the Citi® Diamond Preferred® Card is often a top choice for cardholders seeking out balance transfers — because of the uncommonly long introductory APR period. Most 0 percent APR periods start at 12 months and, on the higher end, stop around 18 months. However, the Citi Diamond Preferred has a 21-month 0 percent APR period for balance transfers (17.74 percent to 28.49 percent variable APR thereafter), which means you have almost two years to pay down any debt you transfer to the card.

Although this seems like an enticing offer, should you get it when there are other options out there? If you can get a decent rewards credit card with some type of 0 percent APR period for balance transfers, then it’s worth exploring the pros and cons of this card before getting it.

What does the Citi Diamond Preferred offer?

At first glance, the Citi Diamond Preferred doesn’t appear to have many bells and whistles that you might get with, say, a cash back credit card. The main draw here is the option to spend on the card without paying interest on purchases for 12 months and balance transfers for 21 months. After the 21 months are over, you’ll pay a variable APR between 17.74 percent to 28.49 percent on your balance.

In addition to the potential of saving hundreds, if not thousands, of dollars on interest fees, this is a no-annual fee card. As a result, you can get quite a bit of value out of the card without the continual carrying cost.

There is one fee to watch out for, however. The balance transfer fee is a tad higher than most cards at 5 percent. Also, balance transfers must be done within the first four months of opening your account.

Additional card benefits

Though there aren’t any rewards, credits or particularly outstanding card perks to speak of, there are some other standard features to note:

  • Access to Citi Entertainment for exclusive events and unique experiences
  • Access to Citi Easy Deals for discounts and local offers from restaurants and retailers

Why should I use the Citi Diamond Preferred for balance transfers?

You have high-interest debt to pay off

If you’ve got a lot of debt with a high-interest rate, you are probably watching the interest steadily pile up while payments barely make a dent in the principal balance of what you owe. This can be discouraging, but an intro APR balance transfer offer, especially a long one, can slow down the interest payments and help you pay down your balance quicker.

You are disciplined with your debt repayment plans

It’s entirely possible that applying for a balance transfer card can cause you to go into even more debt. You could clear the balance on your old, higher-interest card, and then start spending on it again.

As long as you’ve got the discipline to avoid this situation, the Citi Diamond Preferred could be a great help to you. If you don’t have a plan or real intentions to pay down your debt, this (or any balance transfer card, for that matter) could end up being a double-edged sword in your debt repayment journey.

You’ve got good to excellent credit

Your credit score should be in the good to excellent (670 to 850) range for this card. Though there’s no guarantee that you will be approved for this card, having a higher credit score can be a huge help for your approval odds.

You don’t mind forgoing rewards for a longer balance transfer period

The crux of this card is the longer-than-average 0 percent APR period, which could be a definite money saver. However, as we’ll discuss below, there are some rewards credit cards that also offer a somewhat lengthy balance transfer period, plus a lower balance transfer fee.

This could mean you may come out ahead with a shorter introductory APR period plus ongoing rewards. In some cases, you may even score a generous welcome bonus on one or more of the rewards cards you are considering.

Why shouldn’t I use the Citi Diamond Preferred for a balance transfer?

You don’t need 21 months to pay down debt

This will come down to your financial circumstances. For instance, it’s quite possible that you won’t need 21 months to pay down your high-interest debt. If that’s the case, you might go for a cash back credit card with a slightly shorter APR.

Here are some examples of credit cards that offer rewards plus an 0 percent balance transfer APR:

Card name 0% intro APR term for balance transfers Balance transfer fee Regular APR
Citi® Double Cash Card 18 months 3% of each transfer or $5, whichever is greater 18.74% to 28.74% APR
Discover it® Balance Transfer Credit Card 18 months 3% (up to 5%, see terms) 16.74% to 27.74% variable APR
Bank of America® Unlimited Cash Rewards credit card 18 billing cycles (for any balance transfers made in the first 60 days) 3% of the amount of each transfer 17.74% to 27.74% variable APR

Information about the Bank of America Unlimited Cash Rewards credit card was last updated on April 3, 2023.

As you can see here, there are plenty of rewards cards that still offer a decent 0 percent APR period. Plus, there’s ongoing value in the form of cash back after your introductory APR term ends.

So, if you don’t mind shaving a few months off your 0 percent APR term, there are many balance transfer cards offering a shorter but respectable 0 percent APR period — and with a lower balance transfer fee, to boot.

You’ve got too much high-interest credit card debt

If you’ve got a lot of high-interest debt, there’s a chance that the Citi Diamond Preferred will not work for you. Although balance transfer cards can be helpful, they have their limits.

It’s not likely that you’ll get a credit limit to cover larger balance transfers. If you’re looking at a transfer of $5,000, $10,000 or more, not only will your balance transfer fee be high, but your new Citi Diamond Preferred credit card limit may not accommodate that much debt.

In this case, you may be better off applying for a personal loan or another balance transfer card to pick up what your Citi Diamond Preferred card can’t cover. The good news is that Citi does offer alternative options for paying down high-interest debt.

Citi Flex Loans allow you to borrow money against your Citi card credit limit at a fixed rate and pay it back over a set period of time, with no additional fees, application or credit inquiry required. However, you must be targeted by Citi for this product, so don’t bank on it as a sure solution.

Your credit score is too low or you owe too much debt across your accounts

Even if you have a high credit score, if your credit utilization ratio is high, meaning you are using too much of your available credit, then your approval odds for this card will be lower. Do your best to pay down your debt so that it doesn’t affect your ability to get a good balance transfer card.

The bottom line

Whether or not the Citi Diamond Preferred is for you will really come down to the exact numbers for the amount of debt you have and the balance transfer cards you are considering. On one hand, you could save a lot on interest fees over the generous intro APR period, but then you could get a shorter intro APR period, ongoing rewards like cash back, a welcome bonus and a lower balance transfer fee — all of which could level out the playing field when comparing your balance transfer options.

To help you understand the best balance transfer options, consider using our balance transfer calculator to crunch the numbers relevant to your specific situation. In the end, if you are able to choose a balance transfer card that helps you eliminate your higher-interest debt, whether it’s the Citi Diamond Preferred or another option from our list of the best balance transfer credit cards, you will still make progress toward your financial goals.