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If you’re saddled with a large balance on a high-APR credit card, the Citi® Diamond Preferred® Card * The information for the Citi® Diamond Preferred® Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. offers the opportunity to avoid interest charges for almost two years with an industry-leading balance transfer period. We’ll explain more in our detailed Citi Diamond Preferred card review.


Why trust our credit card experts

Our team of experts evaluates hundreds of credit cards and analyzes thousands of data points to help you find the best card for your situation. We use a data-driven methodology to determine each rating. Advertisers do not influence our editorial content. You can read more about our methodology below.

  • 45+ cards analyzed.
  • 5 data points considered.
  • 5-step fact-checking process.

Citi Diamond Preferred basics

  • Annual fee: $0.
  • Welcome bonus: None.
  • Rewards: None.
  • APR: 0% intro APR for 21 months on eligible balance transfers from the date of the first transfer and 0% intro APR for 12 months on purchases from date of account opening. After that, the variable APR will be 18.24% to 28.99%. Balance transfers must be completed in the first four months. A balance transfer fee of either $5 or 5% of each transfer, whichever is greater, applies.
  • Recommended credit score: Good to excellent.
  • Does the card offer preapproval? No.
  • Other benefits: Free FICO Score and Citi Entertainment access. 

Citi Diamond Preferred review

The Citi Diamond Preferred card has one job: To help you save money on your existing high-interest debt via the card’s lengthy intro APR balance transfer offer. The card offers new cardholders a 0% intro APR for 21 months on eligible balance transfers from the date of the first transfer and 0% intro APR for 12 months on purchases from date of account opening. After that, the variable APR will be 18.24% to 28.99%. Balance transfers must be completed in the first four months. A balance transfer fee of either $5 or 5% of each transfer, whichever is greater, applies. Once the introductory offer expires, the card loses much of its luster. But if you’re looking for the longest balance transfer period you can find on a card, the Diamond Preferred shines.

Pros

  • Long introductory APR on balance transfers: The Citi Diamond Preferred offers one of the longest intro APRs for balance transfers at 21 months.
  • No annual fee: The Citi Diamond Preferred charges a $0 annual fee.
  • Introductory APR on purchases: In addition to the intro APR on balance transfers, the Citi Diamond Preferred also comes with an intro APR on purchases.

Cons

  • High balance transfer fee: The Citi Diamond Preferred charges a high balance transfer fee of 5% of each balance transfer; $5 minimum.
  • Potentially high APR once promotions expire: Once the intro APR offers expire, the ongoing APR of 18.24% - 28.99% (Variable) will apply to any unpaid balance. Your ongoing APR will be determined based on your creditworthiness.
  • No rewards: After the intro APR periods end, cardholders won’t benefit from any cashback or rewards points programs associated with the card.

Citi Diamond Preferred APR

New cardholders are eligible for a 0% intro APR for 21 months on eligible balance transfers from the date of the first transfer and 0% intro APR for 12 months on purchases from date of account opening. After that, the variable APR will be 18.24% to 28.99%. Balance transfers must be completed in the first four months. A balance transfer fee of either $5 or 5% of each transfer, whichever is greater, applies. Know that if you are late with a payment, you will most likely forfeit either of the intro APR promotions as well as incur a potential late fee.

If using the Citi Diamond Preferred for its lengthy balance transfer offer, it’s best to avoid using the card for new purchases as that defeats the purpose of trying to pay off a large balance. If you want to use the Citi Diamond Preferred for the intro APR on purchases, know that there are other credit cards offering longer intro purchase APR deals than the Citi Diamond Preferred.

Citi Diamond Preferred balance transfer savings potential

To illustrate how much you can save using the Citi Diamond Preferred’s balance transfer offer, let’s assume you are carrying a $10,000 balance on another card with a 20% APR and want to pay it off in 21 months:

  • With your current card balance, you’ll need to pay $568 a month to pay it off in 21 months, which includes $1,934 in interest charges.
  • If you transfer that balance to the Citi Diamond Preferred, your total payoff amount will be $10,500 as this includes the balance transfer fee of 5% of each balance transfer; $5 minimum.
  • Your monthly payments will be reduced to $500 a month.
  • Your total savings would be $1,434 ($1,934 minus $500 for the balance transfer fee), providing you don’t add to the balance with any new purchases.

Know that in exchange for such a lengthy balance transfer offer, cardholders will be charged a higher-than-average balance transfer fee. Balance transfer fees are typically 3% to 5%. So, to justify a higher balance transfer fee, it’s best for large balance transfer amounts, where the savings will be greatest.

How the Citi Diamond Preferred compares to other balance transfer cards 

Citi Diamond Preferred vs. Wells Fargo Reflect® Card * The information for the Wells Fargo Reflect® Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.

Another balance transfer card boasting a balance transfer intro rate for almost two years with no annual fee is the Wells Fargo Reflect. Plus, the Wells Fargo Reflect also offers a 0% intro APR for 21 months from account opening on purchases and on qualifying balance transfers made within the first 120 days, afterwards a 18.24%, 24.74%, or 29.99% variable APR applies. There’s a balance transfer fee of 5% with a $5 minimum.

The Wells Fargo Reflect offers cardholders a cellphone protection plan and access to roadside dispatch as benefits, but no rewards program. Both cards are an excellent choice if you’re looking to tackle some existing high interest debt.

Citi Diamond Preferred vs. BankAmericard® credit card * The information for the BankAmericard® credit card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.  

The $0-annual-fee BankAmericard also offers a 0% intro APR for 18 billing cycles for purchases and any balance transfers made in the first 60 days, and then a variable APR of 16.24% to 26.24%. An intro balance transfer fee of 3% of each transaction made within 60 days of account opening applies. After that, the fee will be 4% of each transaction. Although there are no rewards with this card either, if you happen to miss a payment deadline, you won’t lose your promotional APR. 

If you have an irregular paycheck, this may give the BankAmericard an edge over the Citi Diamond Preferred. However, the BankAmericard’s intro balance transfer offer is shorter than the Diamond Preferred’s, which means you’ll have less time to pay off your debt without occurring interest charges.

Citi Diamond Preferred vs. Citi Double Cash® Card * The information for the Citi Double Cash® Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.

If you’re looking for a balance transfer card that has staying power after the introductory period, consider the Citi Double Cash card. The card has no annual fee and offers a 0% intro APR on balance transfers for 18 months. After that, the standard variable APR will be 19.24% to 29.24%. An intro balance transfer fee of either $5 or 3%, whichever is greater, applies to transfers completed in the first four months. After that, the fee will be 5% of each transfer (minimum $5). There is no intro APR offer for purchases, however, and no travel or cellphone protection benefits.

While your transferred balance does not earn cash-back rewards, any purchases you make with the card can earn 2% cash back on purchases — 1% when purchases are made and another 1% when they’re paid off, plus, for a limited time, 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/24. Although it’s not the longest balance transfer period you’ll find, you’re likely to find a reason to continue using this card after you pay down your debt.

The Citi Diamond Preferred card is right for you if:

  • You’re seeking a no-frills balance transfer card offering a generous introductory APR period. 
  • The cost of the balance transfer fee added on to your existing debt is still less than what you’d pay in interest on your current credit card.
  • You have a plan to pay off all or most of your debt within the intro APR period.

Methodology

Our credit card team has spent hours analyzing hundreds of credit cards. We took a deep dive into the details of each product and that analysis, combined with our years of experience covering credit cards, informed us as we developed these credit card rankings.

Frequently asked questions (FAQs)

Typically, generous intro APR balance transfer cards are reserved for customers with good to excellent credit, which FICO defines as 670-850*. You can use to see if you qualify without generating a hard inquiry. 

*Credit ranges listed here are derived from FICO® Score 8, which is one of many different types of credit scores. If you apply for a credit card, the lender may use a different credit score when considering your application for credit.

No, the Citi Diamond Preferred card does not charge an annual fee.

While Citi does not share specific credit limit information for the Citi Diamond Preferred, the higher your credit score and the longer you’ve responsibly used credit, the better your chances are to receive a reasonable credit limit. Once you receive your card, you can always contact customer service to ask for a credit limit increase, provided your credit history is in excellent shape.

Another strong competitor to the Citi Diamond Preferred is the U.S. Bank Visa® Platinum Card * The information for the U.S. Bank Visa® Platinum Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. . The no-annual-fee U.S. Bank Visa Platinum Card offers a 0% intro APR on purchases and balance transfers for 21 billing cycles, then a variable APR of 18.74% to 29.74%. A balance transfer fee of either 5% of the amount of each transfer or $5 minimum, whichever is greater, applies. 

The U.S. Bank Visa Platinum Card also comes with a cellphone protection plan. There is no rewards program with the U.S. Bank Visa Platinum Card, but if you’re looking for a lower balance transfer fee in exchange for a with a similar balance transfer promotional period, then you may want to take a closer look at the U.S. Bank Visa Platinum Card.

The Citi Diamond Preferred is a good card if you’re looking to pay down high-interest debt with a balance transfer card. It is not a good card if you’re looking to earn rewards however as the card doesn’t offer this feature.

To do a balance transfer with Citi on any of its cards, including the Citi Diamond Preferred, can start with the application process. When applying, the application will ask you if you want to do a balance transfer and if so, for how much. You’ll also be asked to fill in the account information for where you are transferring a balance from. 

You won’t know what your credit limit will be on the new card until you are approved, and that will determine how much debt you can transfer to the new card, including any balance transfer fees. If you want to make a transfer after the application process, you can log in to your account and select “payments and transfers” on top of the page. Then select “balance transfers” and then “view available balance transfer offers.” If you see an offer you want, you can fill out the information to request the transfer. Just be aware that Citi, like all issuers, won’t allow you to transfer a balance from one Citi account to another.

Both the Citi Diamond Preferred and the Citi Simplicity are balance transfer cards offering the same lengthy intro offers on purchases and balance transfers and no annual fees. If you’re not sure which one to get between the two the main difference is the balance transfer fees. The Citi Diamond Preferred charges 5% of each balance transfer; $5 minimum and the Citi Simplicity has an intro fee of 3% of each balance transfer; $5 minimum within the first four months of account opening then 5% of each balance transfer; $5 minimum after four months of account opening.

*The information for the BankAmericard® credit card, Citi Double Cash® Card, Citi Simplicity® Card, Citi® Diamond Preferred® Card, U.S. Bank Visa® Platinum Card and Wells Fargo Reflect® Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.

Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.

Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.

Julie Stephen Sherrier is a personal finance writer and editor based in Austin, TX. She is the former senior managing editor for LendingTree, responsible for all credit card and credit health content. Before joining LendingTree, Julie spent more than a decade as the managing editor and then editorial director at Bankrate and CreditCards.com. She also served as an adjunct journalism instructor at the University of Texas at Austin.

Robin Saks Frankel is a credit cards lead editor at ӣƵ Blueprint. Previously, she was a credit cards and personal finance deputy editor for Forbes Advisor. She has also covered credit cards and related content for other national web publications including NerdWallet, Bankrate and HerMoney. She's been featured as a personal finance expert in outlets including CNBC, Business Insider, CBS Marketplace, NASDAQ's Trade Talks and has appeared on or contributed to The New York Times, Fox News, CBS Radio, ABC Radio, NPR, International Business Times and NBC, ABC and CBS TV affiliates nationwide. She holds an M.S. in Business and Economics Journalism from Boston University. Follow her on Twitter at @robinsaks.

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