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Is the Citi Diamond Preferred Card worth it?

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While the Citi® Diamond Preferred® Card doesn’t offer any rewards on your spending, it is one of the best credit cards for balance transfers available today. This is due to its 0 percent intro APR offer on balance transfers for 21 months (14.49% to 24.49% variable APR thereafter), which is one of the longest offers in the business. Beyond this, the Citi Diamond Preferred doesn’t have an annual fee.

If you are hoping to transfer high-interest balances and consolidate debt, or if you want a card that gives you an introductory low-interest offer on purchases, this balance transfer credit card should be at the top of your list.

Read on to find out about the major cardholder benefits of the Citi Diamond Preferred as well as how you can decide if it’s worth it or not for you.

Details of the Citi Diamond Preferred Card

  • Welcome offer: None
  • Rewards rate: None
  • Annual fee: $0
  • Intro APR for purchases: 0 percent for 12 months
  • Intro APR for balance transfers: 0 percent for 21 months
  • Regular APR: 14.49% – 24.49%  (variable)

The Citi Diamond Preferred doesn’t charge an annual fee, but you will get an introductory 0 percent APR on purchases for 12 months and on balance transfers for 21 months, followed by a variable APR of 14.49% – 24.49% . A balance transfer fee of 5 percent (minimum $5) will apply when you transfer a balance, and all balance transfers must be completed within four months of account opening.

As we mentioned, the Citi Diamond Preferred doesn’t offer any rewards like cash back or Citi ThankYou points on your spending. This is because the card is geared toward consumers who want an intro APR offer, as well as those who need to consolidate and pay down their debts.

Is the Citi Diamond Preferred Card worth it?

Before you decide if the Citi Diamond Preferred is worth signing up for, you need to think over all of its benefits and how they might apply to your situation. Below, we’ll explore the main factors to consider.

Intro 0 percent APR offer

Whether you want an introductory 0 percent APR on purchases, balance transfers or both, the Citi Diamond Preferred is a top card to consider. When you apply, you’ll get an introductory 0 percent APR on purchases for 12 months and on balance transfers for 21 months, followed by a variable APR of 14.49% – 24.49% . This offer makes it easy to consolidate and pay down debt or finance a large purchase as inexpensively as possible.

So, how much can you save with the Citi Diamond Preferred? For the most part, this depends on how you plan to use it. Consider the following example:

Imagine you have $8,000 in credit card debt at a 21 percent APR and that you just created a budget that will allow you to pay $450 per month toward your balance. At this rate, you could pay off this debt in 22 months, although you would fork over $1,680 in interest in the process.

Now imagine you transferred that debt to the Citi Diamond Preferred to get an introductory 0 percent APR for 21 months (14.49% – 24.49%  variable APR after). Doing so would require a balance transfer fee of $400, so you would start the process owing $8,400. However, the same $450 monthly payment would leave you debt-free in 19 months and you would pay $0 in interest along the way. This means the Citi Diamond Preferred could help you save more than $1,200.

No annual fee and pick your own due date

The example above shows just how valuable the Citi Diamond Preferred can be and it comes with no annual fee. Not only that, but you can pick your own payment due date. This benefit can help you plan debt repayment around your payday or a specific day of the month when you prefer to pay bills.

Exclusive event access with Citi Entertainment

While the Citi Diamond Preferred card benefits are on the lighter side, you do get access to a perk known as Citi Entertainment. This program makes it easier to get special access to thousands of events, including presale tickets and experiences not necessarily available to the general public. Common Citi Entertainment events include concerts, dining experiences, sporting events and more.

Should you get the Citi Diamond Preferred Card?

Getting the Citi Diamond Preferred makes the most sense if you want to consolidate and pay down high-interest debt, or if you want access to a intro APR on purchases for some time.

With that said, there are other 0 percent interest credit cards to consider, including ones that let you earn rewards on your purchases. If you want to earn cash back or travel rewards, consider card options with an introductory interest rate offer and a rewards program. Some popular cards to consider in this niche include the Discover it® Cash Back and the Chase Freedom Unlimited®.

Additionally, there are a couple of other factors to consider before applying for the Citi Diamond Preferred:

Citi Diamond Preferred Card credit score

To qualify for the Citi Diamond Preferred Card, it’s recommended that you have a credit score in the good to excellent range (670 to 850).

Citi Diamond Preferred Card foreign transaction fee

It’s also worth noting that the Citi Diamond Preferred has a foreign transaction fee of 3 percent. So if you plan on traveling abroad, you should consider using a different card with no foreign transaction fee for your travels.

How to maximize value with the Citi Diamond Preferred Card

To get the most out of the Citi Diamond Preferred, you should use it for a large purchase you want to pay off over time or to consolidate high-interest debts you have. Just remember that you have to transfer balances from other credit cards or loans within four months of account opening for the introductory rate to apply.

Learn more: How to do a balance transfer with Citi

Draft a plan to pay off debt in 21 months

As you transfer high-interest balances over, keep in mind how much you’ll need to pay each month to ditch your debt before the introductory rate ends. Do the math and figure out how much you’ll need to pay during the 21-month timeline, then get serious about sticking to your plan. After all, any remaining balances will be charged the regular variable APR rate of 14.49% – 24.49% after 21 months are up.

For example, say you have a credit card balance of $5,000, which comes out to $5,250 after adding in the balance transfer fee of 5 percent. You would then need to pay $250 per month to become debt-free before your offer is over ($5,250 divided by 21 months = $250 per month).

This same plan drafting applies to any large purchases you’re looking to pay off over time, but keep in mind that the Citi Diamond Preferred offers its intro APR rate for purchases for a shorter time period of 12 months.

Refrain from using your card for everyday spending

Whether you use your Citi Diamond Preferred for a large purchase or to consolidate debt, we suggest refraining from using your card for everyday spending and bills unless you have a clear plan to pay them off in 12 or 21 months. The low interest offer for purchases you get with this card can be enticing but it can also lead you to rack up balances you can’t afford to pay off.

The bottom line

The Citi Diamond Preferred is best for a specific type of consumer—someone who plans to carry a balance and hopes to pay as little as possible to do so. This can apply to big-ticket items charged to a card or debt consolidated from other credit cards. That said, there are other balance transfer credit cards to consider (as well as ones with much longer introductory 0 percent APR offers on purchases). Make sure to compare all of the best 0 percent intro APR cards out there before you decide.

Written by
Holly D. Johnson
Author, Award-Winning Writer
Holly Johnson writes expert content on personal finance, credit cards, loyalty and insurance topics. In addition to writing for Bankrate and, Johnson does ongoing work for clients that include CNN, Forbes Advisor, LendingTree, Time Magazine and more.
Edited by
Associate Editor