2020 Review: Citi Diamond Preferred Card — Best for Balance Transfers?
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There are plenty of credit cards out there with introductory APR offers lasting a year or more. Once you start looking for offers that span at least a year and a half, however, strong contenders are much harder to find. The Citi® Diamond Preferred® Card is right near the top of that pile.
Its massive balance transfer offer gives you a 0% APR for 21 months. There’s a 5% (minimum $5) balance transfer fee, which is somewhat high.
Though not nearly as long, the card’s intro purchase APR offer provides a 0% rate for 12 months.
After these periods end, the card’s APR reverts to its regular 15.24%–25.24% Variable for both purchases and balance transfers.
And that’s about it. There are no rewards, no annual fee, and only a few simple benefits, so the Diamond Preferred isn’t about to woo your local points junkie or travel enthusiast.
But if it’s a competitive introductory APR offer you’re after, you’ll find it here.
Citi® Diamond Preferred® Card
Details
securely on the issuer's website
Our Rating: 4 Out of 5 Stars
We give the Citi Diamond Preferred Card 4 out of 5 stars. Its introductory balance transfer period is one of the longest, and while its purchase APR introductory period is considerably shorter, it’s still a good feature. Its balance transfer fee is a notable drawback, however.
The relative lack of additional features isn’t a huge detriment given how balance transfers are its main focus.
Why We Like It
- Exceptionally long introductory balance transfer period coupled with a good, but not exceptional, purchase APR offer
- Citi Entertainment can be useful for securing event tickets and reservations
- No annual fee
Why It Could Be Better
- Charges a relatively high balance transfer fee
- No rewards
- Purchase APR promotional period is somewhat short
- Very few benefits
Insider Advice: Getting the Most Out of Your Card
- Transfer a balance: Take advantage of the huge introductory period, but only if you think it’s worth the 5% balance transfer fee. You might be better off considering competitive offers with smaller fees, or shorter periods with no transfer fees at all. We outline a few good alternatives below.
- Pay off a large purchase: Pay off purchases interest-free if you don’t have a card with a longer offer (of which there are several). It may be worth vetting other options first, though, so you can choose a card that provides rewards and an intro APR.
- Access entertainment: Citi Entertainment is basically the card’s only benefit, but the access it provides to presale tickets, “exclusive experiences,” and other events could be useful for cardholders who enjoy a night on the town.
- Monitor your credit: Keep an eye on your credit situation by viewing your FICO Bankcard Score 8, based on your Equifax credit report, for free.
The Rewards
The Citi Diamond Preferred provides no rewards; its introductory APR offer is the main feature.
The Benefits
By now, it’s probably pretty clear that there’s not too much going on with the Diamond Preferred. There are some small perks, but nothing terribly impactful.
- Citi Concierge: Call 1-800-508-8930 anytime to speak with a personal assistant, who can help with non-emergency tasks like finding tickets or making reservations.
- Citi Entertainment: Access tickets to a wide variety of events, like concerts and sporting events, occasionally including presales and exclusive experiences.
- Free FICO Score: Check your FICO Bankcard Score 8, based on your Equifax credit report, for free.
- Citi Identity Theft Solutions: Receive aid from Citi’s identity theft specialists, who will help you apply fraud alerts, monitor your credit reports, provide advice for completing police reports, and more.
- Automatic account alerts: Alerts concerning your balance, payments due, and other key account factors are delivered via email or text.
- Choose your payment due date: Pick from the beginning, middle, or end of the month.
- $0 fraud liability: Get comprehensive protection from unauthorized purchases on your account.
The Terms & Fees
| Purchase APR | Balance Transfer APR | Cash Advance APR |
|---|---|---|
| 0% for 12 months, then 15.24%–25.24% Variable | 0% for 21 months, then 15.24%–25.24% Variable | 26.74% Variable |
| Annual Fee | Foreign Transaction Fee |
|---|---|
| $0 | 3% |
| Balance Transfer Fee | Cash Advance Fee |
|---|---|
| 5%, $5 minimum | 5%, $10 minimum |
| Penalty APR | Late Fee | Returned Payment Fee |
|---|---|---|
| Up to 29.99% Variable | Up to $40 | Up to $40 |
This is where the Citi Diamond Preferred sells itself.
The card provides an introductory balance transfer APR offer that’s among the longest there is, with a good purchase APR to boot. Unfortunately, there’s a balance transfer fee, and it’s higher than usual. Most cards with balance transfer offers seem to charge a 3% fee, a bit lower than the 5% you see here. That additional 2% can result in a significant increase if the balance you’re transferring is already large.
Nevertheless, if you’re transferring a balance that you may have trouble paying off with a shorter introductory period, the Diamond Preferred is a good option.
The introductory purchase APR is decent, but the card earns no rewards, so you should probably search elsewhere for a card that provides both in one place if you’re looking to pay off new, large purchases.
The Diamond Preferred charges a 3% foreign transaction fee. That’s not uncommon for a card like this, and it shouldn’t be a big deal, because this isn’t a card you’ll want to bring abroad.
2020’s Best Credit Cards With No Balance Transfer Fees and 0% APR
The Bottom Line
This card does one thing, and it does it well. It’s unfortunate that the card’s balance transfer fee is as high as it is, but the length of the intro period nonetheless makes the Citi® Diamond Preferred® Card one of the more notable balance transfer cards that’s currently available. You just have to give it some thought to decide whether it’s right for you.
Is it worth it to pay a 5% transfer fee and have lots of time to pay the balance in full, or should you settle for a shorter intro period with a lower transfer fee, or no fee at all?
If you’re looking to pay off a purchase without interest charges, is this card’s promotional period long enough for you, or do you need something that lasts more than a year?
Consider carefully.
Whatever you do, make sure you always use the card responsibly and make your payments on time, or you could forfeit the introductory interest rate and face a treacherous penalty APR instead. That would totally defeat the purpose of this Citi credit card.
Aside from its introductory offers, the Diamond Preferred card’s other features don’t require much discussion. There are a few good security perks, and Citi Entertainment can be useful if you love to be out and about. But beyond that, there’s not much else.
How to Apply for the Citi Diamond Preferred Card
Click the “Apply Now” button below, and you’ll be taken to the Citi website. Once you’re at the application you’ll have to provide a variety of basic background details, outlined below.
Citi will then conduct an inquiry to check your creditworthiness, and you’ll most likely get an instant decision, though the issuer may follow up for more information.
What Credit Scores Do You Need for the Citi Diamond Preferred?
The Citi Diamond Preferred caters to applicants with good credit. This credit score range typically encompasses a FICO score of at least 670, and a VantageScore of at least 700.
Take note that you’re not guaranteed to be approved with these scores, though. Other factors, including your income and monthly housing payments, may also influence Citi’s decision. So you could be approved with scores below the “good” threshold, or denied even with excellent scores.
Qualifications and Requirements
- Personal information: Name, date of birth, Social Security number, U.S. citizenship status
- Address and contact information: Home address, phone number, email address
- Financial information: Total annual income, monthly mortgage or rent payment
Citi® Diamond Preferred® Card
Details
securely on the issuer's website
Alternatives to the Citi Diamond Preferred Card
The Citi Diamond Preferred is a strong option if you have to transfer a balance, but it may not be the right fit for your situation.
Earlier, we mentioned cards with useful features like lower balance transfer fees, longer purchase APR offers, and strong rewards programs that complement their APRs. We’ll discuss a few of these below, so you can weigh their advantages against those of the Diamond Preferred.
BankAmericard® Credit Card
Details
securely on the issuer's website
The BankAmericard® Credit Card is nice and simple. It delivers the same intro APR for both purchases and balance transfers, and there’s no balance transfer fee for the first 60 days.
There’s no penalty APR, either, though you shouldn’t have to worry about that if you use your card wisely.
- Purchase and Balance Transfer APR: 0% for 15 billing cycles, then 15.24%–25.24% Variable (for transfers completed within the first 60 days)
- Balance Transfer fee: $0 for first 60 days, then 3%, $10 minimum
- Free FICO credit score: Check your FICO Score 8 whenever you’d like, based on your TransUnion credit report.
- Annual fee: $0
U.S. Bank Visa® Platinum Card
Details
securely on the issuer's website
The U.S. Bank Visa® Platinum Card boasts an introductory APR offer that’s almost as long as the Diamond Preferred’s.
It’s a month shorter, but the balance transfer fee is 2% less. That can make a significant difference.
The card also provides a small batch of benefits, including several useful shopping and travel protections, that you won’t receive with the Diamond Preferred.
- Purchase and Balance Transfer APR: 0% for 18 billing cycles, then 15.49%–25.49% Variable (for transfers completed within the first 60 days)
- Balance Transfer fee: 3%, $5 minimum
- Travel and shopping protections: Extended Warranty Protection, an Auto Rental Collision Damage Waiver, and Travel and Emergency Assistance Services
- Cell Phone Protection: Pay your phone bill with your U.S. Bank Visa Platinum Card, and receive coverage for damage and theft claims up to $600, up to two claims per year, with a $25 deductible.
- Free VantageScore credit score: View your VantageScore 3.0 credit score, based on your TransUnion credit report, to help monitor your credit.
- Annual fee: $0
Citi® Double Cash Card - 18 month BT offer
Details
securely on the issuer's website
The Citi® Double Cash Card - 18 month BT offer (Review) has racked up a big following thanks to its flat 2% reward rate, but that’s not its only selling point.
This Citi card is also popular because it delivers a very strong introductory balance transfer APR period. It’s not as long as the Diamond Preferred’s, but at only a few months shorter, and with a smaller transfer fee, it’s certainly a competitor.
Unfortunately, the Double Cash provides no purchase APR offer, so it doesn’t have the same two-in-one appeal for carrying balances as the Diamond Preferred. And take note that if you transfer a balance, interest will be charged on your purchases unless you pay off the entire balance (including any transfers) by the due date.
| Spending Rewards |
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The Double Cash doesn’t provide the full 2% cash back at once. You only get 1% back when you actually make a purchase, and then another 1% back when the purchase is paid off.
Still, considering most strong balance transfer credit cards have no rewards, this is a pretty great offer. And besides, using credit cards responsibly means paying down your balance monthly, so you should get that full 2% pretty quickly.
- Balance Transfer APR: 0% for 18 months on Balance Transfers, and then 15.49% – 25.49% (Variable) (from date of first transfer, when transfers are completed within 4 months)
- Balance transfer fee: 3% of each balance transfer; $5 minimum.
- Free FICO credit score: Monitor your FICO Bankcard Score 8, based on your Equifax credit report.
- Quick customer service: Say “representative” when calling customer support to be connected with a rep more quickly.
- Annual fee: $0
Amex EveryDay® Credit Card
Details
securely on the issuer's website
Looking to transfer a balance? Hoping to find a card that’ll actually be useful after that balance is paid off? The Amex EveryDay® Credit Card (Review) might be just what you’re looking for.
It features a great rewards program, no annual fee, and strong introductory APR offers for both purchases and balance transfers.
And there’s no balance transfer fee, either, which adds a lot of appeal to an already exceptional rewards credit card.
| Spending Rewards |
|---|
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| Introductory Bonus Offer |
|---|
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The 20% point bonus this card delivers is a fairly unique feature that offers a lot of additional value. And while 20 purchases may sound like a lot, if you use the card at supermarkets for little snacks or something like that every couple of days, your purchases will add up quickly.
- Balance Transfer APR: 0% for 15 months, then 14.99%–25.99% Variable (for transfers requested within 60 days)
- Balance Transfer fee: None
- Amex Offers: Discounts or extra points at a rotating selection of merchants and websites, like (at the time of publishing) Adidas.com, Macys.com, Pizza Hut, and many more
- Complimentary ShopRunner membership: Register with ShopRunner for free two-day shipping and returns at select online retailers.
- Entertainment Access: Exclusive discounts to events, concerts, sporting events, and shows
- Annual fee: $0
The information related to Amex EveryDay® Credit Card has been collected by Credit Card Insider and has not been reviewed or provided by the issuer or provider of this product.
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The Citi Diamond Preferred Card offers a very long promotional APR period on balance transfers, as well as a shorter, but still solid, introductory purchase APR. Aside from a few basic benefits, that’s about all there is to it — the intro APRs are its main draw.
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The information related to Amex EveryDay® Credit Card has been collected by Credit Card Insider and has not been reviewed or provided by the issuer or provider of this product.
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