Citi Diamond Preferred Card review: Balance transfer offers perfect intro-APR
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If you're trying to pay off credit card debt or need affordable financing, the Citi® Diamond Preferred® Card is a great choice. It offers one of the best 0% intro APR deals for balance transfers and a strong intro-APR period for purchases.
The Citi Diamond Preferred card is a great option for those looking to pay off debt, but it doesn't offer rewards or a welcome bonus. If you're looking for a card with perks and benefits, you may want to consider other options. CNBC Select has information on this card and similar alternatives to help you make an informed decision.
Welcome bonus
The Citi® Diamond Preferred® Card has no welcome bonus offer.
Benefits and perks
New account holders of the Citi® Diamond Preferred® Card receive an intro APR for purchases and balance transfers.
You will receive an introductory 0% APR for 21 months on balance transfers from the date of your first transfer. Within four months of account opening, you can make balance transfers, and there is a 5% transfer fee with a minimum of $5. After the intro APR expires, a variable APR of 18.24% to 28.99% will apply.
You can enjoy a 0% intro APR for 12 months on purchases from the date you open the account. After the intro APR ends, the variable APR will be between 18.24% and 28.99%.
This card offers 21 months of 0% intro APR on balance transfers, making it a tough competitor. However, the 5% balance transfer fee is on the higher side of the typical range (3% to 5%), so be mindful of this when determining how much money the card will actually save you.
While the 12-month intro APR on purchases offered by the Diamond Preferred card is stable, there are credit cards that provide no interest on purchases for a longer duration. Therefore, if your primary goal is to finance a new purchase, other cards may be more suitable.
Rewards
The Citi® Diamond Preferred® Card doesn't earn rewards.
Rates and fees
The Citi® Diamond Preferred® Card does not require an annual fee, but there is a 3% fee for foreign transactions and a 5% balance transfer fee with a $5 minimum. The APR for this card is a variable 18.24% to 28.99% and is determined based on your creditworthiness.
Alternatives to the Citi Diamond Preferred Card
Citi® Diamond Preferred® Card vs. Wells Fargo Reflect® Card
Both the Citi® Diamond Preferred® Card and Wells Fargo Reflect® Card offer intro-APRs on balance transfers and new purchases. However, since neither card earns rewards, the decision between the two comes down to the length of the intro-APR period on purchases.
The Wells Fargo Reflect card offers an introductory 0% APR for 21 months on balance transfers from the account opening date, followed by a variable APR of 18.24%, 24.74%, or 29.99%. The card also has a 5% balance transfer fee ($5 minimum) and allows 120 days from account opening to complete transfers.
The Reflect's intro-APR on purchases is superior to the Diamond Preferred, as it offers a 0% intro APR on purchases for 21 months from account opening (followed by a variable APR of 18.24%, 24.74%, or 29.99%), providing an additional nine months of interest-free purchases.
With the Wells Fargo Reflect card, you receive cell phone protection (when you pay your monthly bill with the card) and roadside dispatch.
Citi® Diamond Preferred® Card vs. Citi Simplicity® Card
The Citi Diamond Preferred Card and Citi Simplicity Card share many significant features, but differ in a crucial fee.
New cardholders with Citi Simplicity receive a 0% intro APR on purchases for 12 months from the account opening and a 0% intro APR on balance transfers for 21 months from the first transfer, followed by a variable APR of 19.24% to 29.99%.
The Citi Simplicity has a higher variable APR, but it offers a lower intro balance transfer fee of 3% of the amount transferred ($5 minimum), which is 2% less than the Diamond Preferred's fee. The intro balance transfer fee applies to transfers made in the first four months from account opening, after which it increases to 5% of the amount of each transfer ($5 minimum).
The Citi Simplicity and Diamond Preferred are both great cards for balance transfers, but the Simplicity's lower fee makes it more advantageous for quickly paying off debt.
Is the Citi Diamond Preferred Card right for you?
The Citi Diamond Preferred Card is a great option for those looking to save on interest, with a high intro APR on balance transfers and no annual fee. However, it lacks rewards and intro bonus, and its purchase APR may not be the best compared to other cards.
Pros
- This card offers one of the absolute longest intro-APRs for balance transfers
- You can also save interest on purchases for a full year
- You don't have an annual fee to worry about
Cons
- No rewards will be earned on purchases made with the Diamond Preferred Card.
- It has no intro bonus offer
- Outside of the card's intro-APR offers, there are no noteworthy benefits
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