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If you’re looking to pay down credit card debt or find affordable financing, the Citi® Diamond Preferred® Card is a great option, offering one of the absolute best 0% introductory APR offers on balance transfers and a solid introductory period on purchases.
There is one downside to these introductory APR offers: The card offers no rewards and no welcome bonus, so it’s not ideal if you want the perks and benefits of the best rewards cards. But if you’re looking for a way to pay down debt, it doesn’t get much better than the Citi Diamond Preferred. CNBC Select has the details on this card and comparable alternatives so you can choose the best one for you.
Citi® Diamond Preferred® Card
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Rewards
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Welcome Bonus
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Annual fee
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Introduction of APR
0% for 21 months on balance transfers from the date of the first transfer; 0% for 12 months on purchases from the date of account opening
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Regular annual percentage rate
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Balance transfer fee
5% of each balance transfer; minimum $5. Balance transfers must be completed within 4 months of account opening.
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Foreign assignment fee
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Credit required
Per
- No annual fee
- Balances can be transferred within 4 months of account opening
- One of the longest implementation phases for balance transfers
Disadvantages
- 3% foreign transaction fee
Citi Diamond Preferred Card Review
Welcome Bonus
Benefits and discounts
You will receive an introductory interest rate of 0% for 21 months on balance transfers from the date of your first transfer. You will have four months from account opening to make balance transfers and will be charged a fee of 5% of the amount of each transfer with a minimum of $5. Once the introductory rate expires, a variable interest rate of 18.24% to 28.99% will apply.
You can also benefit from an introductory interest rate of 0% on purchases for 12 months from the date of account opening. After the 0% interest rate expires, a variable interest rate of 18.24% to 28.99% applies.
With 21 months of 0% introductory interest, this card is hard to beat for balance transfers. However, the 5% fee is at the high end of the typical range we see with the best balance transfer cards (3% to 5%), so take that into account when calculating how much money you’ll save with the card.
The 12-month introductory interest rate the Diamond Preferred offers on purchases is solid, but you can also find rewards credit cards that keep interest on purchases the same for longer periods, so if you’re only interested in financing a new purchase, other cards may be a better fit.
Rewards
Prices and fees
You pay no annual fee for the Citi® Diamond Preferred® Card. There is a 3% foreign transaction fee and a 5% balance transfer fee with a $5 minimum. The annual percentage rate on this card varies between 18.24% and 28.99%, depending on your creditworthiness.
Alternatives to the Citi Diamond Preferred Card
Citi® Diamond Preferred® Card vs. Wells Fargo Reflect® Card
Citi® Diamond Preferred® Card
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Rewards
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Welcome Bonus
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Annual fee
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Introduction of APR
0% for 21 months on balance transfers from the date of the first transfer; 0% for 12 months on purchases from the date of account opening
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Regular annual percentage rate
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Balance transfer fee
5% of each balance transfer; minimum $5. Balance transfers must be completed within 4 months of account opening.
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Foreign assignment fee
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Credit required
Wells Fargo Reflect® Card
On Wells Fargo’s secure website
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Rewards
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Welcome Bonus
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Annual fee
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Introduction of APR
0% introductory interest rate for 21 months from account opening on purchases and qualified balance transfers.
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Regular annual percentage rate
18.24%, 24.74% or 29.99% variable annual percentage rate
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Balance transfer fee
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Foreign assignment fee
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Credit required
The Citi® Diamond Preferred® Card and the Wells Fargo Reflect® Card both have introductory APRs on balance transfers and new purchases. And since neither card offers rewards, choosing between the two boils down to how much you value a long introductory APR period on purchases.
Similar to the Citi card, the Wells Fargo Reflect gives you an introductory 0% interest rate on balance transfers for 21 months from the date you open your account (after which a variable APR of 18.24%, 24.74%, or 29.99% applies). The Reflect card also has the same 5% balance transfer fee (minimum $5) and you have 120 days from account opening to complete your transfers.
Reflect’s introductory interest rate on purchases beats Diamond Preferred. You’ll earn an introductory interest rate of 0% on purchases for 21 months from account opening (after which a variable interest rate of 18.24%, 24.74%, or 29.99% applies). That’s an additional nine months of no interest on purchases.
Wells Fargo Reflect also offers certain coverages, including cell phone protection (if you use the card to pay your monthly cell phone bill) and roadside assistance.
Citi® Diamond Preferred® Card vs. Citi Simplicity® Card
Citi® Diamond Preferred® Card
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Rewards
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Welcome Bonus
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Annual fee
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Introduction of APR
0% for 21 months on balance transfers from the date of the first transfer; 0% for 12 months on purchases from the date of account opening
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Regular annual percentage rate
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Balance transfer fee
5% of each balance transfer; minimum $5. Balance transfers must be completed within 4 months of account opening.
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Foreign assignment fee
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Credit required
Citi Simplicity® Card
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Rewards
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Welcome Bonus
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Annual fee
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Introduction of APR
0% introductory interest rate for 21 months on balance transfers from the date of the first transfer and 0% introductory interest rate for 12 months on purchases from the date of account opening.
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Regular annual percentage rate
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Balance transfer fee
There is an introductory fee of 3% of each transfer (minimum $5) for transferring funds within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
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Foreign assignment fee
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Credit required
The Citi® Diamond Preferred® Card and the Citi Simplicity® have the same core features but differ in one key fee.
Citi Simplicity offers new cardholders an introductory interest rate of 0% on purchases for 12 months from account opening and an introductory interest rate of 0% on balance transfers for 21 months from the date of the first transfer (thereafter a variable APR of 19.24% to 29.99%).
The Citi Simplicity has a slightly higher variable APR but an introductory balance transfer fee of 3% of the amount you transfer (minimum $5), which is 2% less than what you pay with the Diamond Preferred. The introductory balance transfer fee applies to transfers you make in the first four months after account opening. After that, the fee increases to 5% of the amount of each transfer (minimum $5).
Both the Citi Simplicity and Diamond Preferred are excellent balance transfer cards, but the Simplicity’s lower fee gives it an edge when it comes to getting out of debt quickly.
Is the Citi Diamond Preferred Card right for you?
There is a lot to like about the Citi Diamond Preferred Card if you want Save on interest. It offers a great introductory APR on balance transfers and has no annual fee. However, the card offers no rewards and no introductory bonus. While it does have a good introductory APR on purchases, if that’s what you’re after, other cards have better deals.
Per
- This card offers one of the absolute longest introductory APRs for balance transfers
- You can also save interest on purchases for a year
- You don’t have to worry about an annual fee
Disadvantages
- You will not receive rewards for purchases made with the Diamond Preferred Card
- There is no introductory bonus offer
- Apart from the card’s introductory offers, there are no significant benefits
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At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions about their money. Every credit card Review is based on rigorous reports from our team of experienced writers and editors with extensive knowledge of credit card Products. While CNBC Select receives a commission from our partners for many offers and links, we create all of our content without input from our commercial team or outside third parties and pride ourselves on our journalistic standards and ethics.
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Editor’s note: The opinions, analyses, reviews or recommendations expressed in this article are solely those of the editorial staff of Select and have not been reviewed, approved or otherwise endorsed by any third party.
