- Offers almost two full years to pay off a balance transfer
- Also includes a 0% APR promotion for new purchases
- Access to VIP events through Citi Private Pass
- Charges a high balance transfer fee
- Doesn't offer a rewards program
- Doesn't offer any other big benefits beyond the 0% APR promotions
- 0% introductory APR on balance transfers for 21 months from date of first transfer. All transfers must be completed in first 4 months. After that the variable APR will be 14.49% to 24.49%, based on your creditworthiness*
- 0% introductory APR on purchases for 12 months from date of account opening. After that the variable APR will be 14.49% to 24.49%, based on your creditworthiness*
- There is a balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater
- $0 liability on unauthorized purchases and Citi Identity Theft Solutions
- No annual fee
- Free access to your FICO score
Application Process: Apply online, and get a decision within 60 seconds or less.
Annual Fee: None.
APR: 0% APR for balance transfers in the first 21 months, then a variable APR between 14.49% to 24.49% based on creditworthiness. 0% APR for purchases for the first 12 months, then a variable APR between 14.49% to 24.49% based on creditworthiness.
Bonus Offers: None.
If you want to pay down your high-interest credit card debt interest-free but need a couple of years to do it, the Citi® Diamond Preferred® can help you. The card offers a long 0% APR promotion on purchases and an even longer promotion on balance transfers.
You’ll also get automatic access to Citi Private Pass, which comes with a slew of perks on its own. To find out if the Citi® Diamond Preferred®, keep reading for our full review.
Citi® Diamond Preferred® review - Citi® Diamond Preferred® highlights
The Citi® Diamond Preferred® is one of the best balance transfer credit cards on the market. The card offers a 0% APR on purchases for 12 months and on balance transfers for 21 months. That’s almost two years to pay off a balance transfer.
Keep in mind, though, that the card charges a balance transfer fee of $5 or 5%, whichever is greater. But with such a long promotion, you should be able to make up that fee in interest savings.
Citi® Diamond Preferred® rewards and perks
Unfortunately, the Citi® Diamond Preferred® doesn’t have a rewards program, so the card’s value goes down once the 0% APR promotions are over.
That said, paying off debt with a 0% APR could offer more savings in interest than you might get in rewards with a different card.
For example, let’s say you have a $5,000 balance on a card with an APR of 18%. If you pay that card off in 18 months, you’d have a monthly payment of $319.03, and you’d pay $742.52 in interest.
But if you transfer your debt to the Citi® Diamond Preferred®, you’d have a $250 fee upfront and a $291.67 monthly payment. In other words, you’d save about $500 in 18 months by using this card.
Also, you can still get a lot of value out of the card with its access to Citi Private Pass. The exclusive membership allows you to get special access to purchase tickets to thousands of events annually, including presale tickets and VIP packages to concerts, sporting events, and dining experiences.
You can also get access to complimentary movie screenings and more.
Of course, you need to spend money to get the benefits of Citi Private Pass. But if you’re already planning on attending an event, it could offer a better experience and cheaper tickets.
Citi® Diamond Preferred® benefits
In addition to the perks we’ve already discussed, you’ll also get access to Citi Price Rewind. This is Citi’s price protection program, which helps you track prices of items you buy and can refund you if the price drops within 60 days.
The main difference between Price Rewind and other price protection programs is that it does most of the work for you. Simply register your item, and Citi will search for you. With other credit card issuers, you have to do all the legwork on your own.
Other benefits include:
- Concierge service to help you with travel, shopping, dining, entertainment, and other everyday needs.
- Option to choose your own due date.
- 24/7 customer service.
Citi® Diamond Preferred® costs and fees
As we mentioned before, the Citi® Diamond Preferred® charges a balance transfer fee of $5 or 5%, whichever is greater. What’s more, the APR for purchases and balance transfers jumps to 14.49% to 24.49% variable after your promotions end.
According to the Federal Reserve, the average credit card interest rate is 15.32% as of February 2018. So, it’s highly likely that you’ll end up with an above-average interest rate.
Other important rates to keep in mind are the card’s 26.74% variable APR on cash advances and 29.99% variable penalty APR if you make a late payment.
The good news is that the card has no annual fee. Other costs include:
- Cash advance fee of $10 or 5%, whichever is greater.
- Foreign transaction fee of 3%.
- Late payment fee of $35.
- Returned payment fee of $35.
Does the Citi® Diamond Preferred® make sense for me?
The Citi® Diamond Preferred® is a great option for people who need time to pay back their debt. But the card isn’t necessarily the best balance transfer credit card out there.
For example, there are cards that offer a 0% APR promotion and impressive rewards, and others offer a 0% APR promotion and no upfront balance transfer fee.
To find out which card is right for you, compare this one with other top balance transfer cards. As you shop around, you’ll have a chance to review features and terms from several cards and decide which works best for your situation.