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If you're working your way out of credit card debt or are looking for low-cost financing, the Citi® Diamond Preferred® Card is an excellent option. It has one of the absolute best intro APR offers for balance transfers and a solid intro-APR period for purchases.
There's a tradeoff to these intro-APR offers — the card doesn't earn rewards or offer a welcome bonus, so it's not ideal if you want the perks and benefits that come with the best rewards cards. But if you're looking for a tool to help wipe away your debt, you can't do much better than the Citi Diamond Preferred. CNBC Select has the details on this card and comparable alternatives so you can choose the best fit for you.
The Citi® Diamond Preferred® Card is one of the best balance transfer credit cards and also has a generous intro APR offer.
- One of the longest intro-APR offers for balance transfers
- No annual fee
- No rewards
- No welcome bonus
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- 0% Intro APR on balance transfers for 21 months and on purchases for 12 months from date of account opening. After that the variable APR will be 16.49% - 27.24%, based on your creditworthiness. Balance transfers must be completed within 4 months of account opening.
- There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
- No Annual Fee - our low intro rates and all the benefits don't come with a yearly charge.
- Buy now and pay later. Split your payment for eligible purchases of $75 or more into a fixed payment with Citi® Flex Pay.
- Get free access to your FICO® Score online.
Balance transfer fee
There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
Foreign transaction fee
3%
Welcome bonus
The Citi® Diamond Preferred® Card has no welcome bonus offer.
Benefits and perks
The Citi® Diamond Preferred® Card offers new account holders an intro APR for purchases and balance transfers.
You'll get an intro 0% APR for 21 months on balance transfers from date of account opening. You have four months from account opening to make balance transfers and there is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5). Once the intro APR expires, a variable APR of 16.49% - 27.24% applies.
You can also take advantage of a 0% intro APR for 12 months on purchases from date of account opening. After the 0% APR ends, there is a variable 16.49% - 27.24% APR.
The 21 months of 0% intro APR makes this card hard to beat when it comes to balance transfers. The 12-month intro APR the Diamond Preferred offers for purchases is solid, but you can find rewards credit cards with no interest on purchases for longer periods. So if you're only interested in financing a new purchase, other cards may work better.
Rewards
The Citi® Diamond Preferred® Card doesn't earn rewards.
Rates and fees
You pay no annual fee to have the Citi® Diamond Preferred® Card. For foreign transactions, you'll pay a 3% fee, and there is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5). This card's APR is a variable 16.49% - 27.24% and is based on your creditworthiness.
Alternatives to the Citi Diamond Preferred Card
Citi® Diamond Preferred® Card vs. Wells Fargo Reflect® Card
The Citi® Diamond Preferred® Card is one of the best balance transfer credit cards and also has a generous intro APR offer.
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- 0% Intro APR on balance transfers for 21 months and on purchases for 12 months from date of account opening. After that the variable APR will be 16.49% - 27.24%, based on your creditworthiness. Balance transfers must be completed within 4 months of account opening.
- There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
- No Annual Fee - our low intro rates and all the benefits don't come with a yearly charge.
- Buy now and pay later. Split your payment for eligible purchases of $75 or more into a fixed payment with Citi® Flex Pay.
- Get free access to your FICO® Score online.
Balance transfer fee
There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
Foreign transaction fee
3%
The Wells Fargo Reflect® Card can help you save on interest charges thanks to its extra generous intro-APR offer on purchases and qualifying balance transfers.
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Apply Now to take advantage of this offer and learn more about product features, terms and conditions.
- 0% intro APR for 21 months from account opening on purchases and qualifying balance transfers. 17.49%, 23.99%, or 28.24% variable APR thereafter; balance transfers made within 120 days qualify for the intro rate, BT fee of 5%, min: $5.
- $0 annual fee.
- Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
- Through My Wells Fargo Deals, you can get access to personalized deals from a variety of merchants. It's an easy way to earn cash back as an account credit when you shop, dine, or enjoy an experience simply by using an eligible Wells Fargo credit card.
Balance transfer fee
5%, min: $5
Foreign transaction fee
3%
The Citi® Diamond Preferred® Card and Wells Fargo Reflect® Card both have valuable intro-APRs on qualifying balance transfers and new purchases. And since neither card earns rewards, the choice between the two boils down to how much you value a long intro-APR period on purchases. The Reflect's intro-APR on purchases is where it outperforms the Diamond Preferred.
You also get certain protections with the Wells Fargo Reflect, including cell phone protection (when you pay your monthly cell phone bill with the card) and roadside dispatch.
Citi® Diamond Preferred® Card vs. Citi Simplicity® Card
The Citi® Diamond Preferred® Card is one of the best balance transfer credit cards and also has a generous intro APR offer.
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- 0% Intro APR on balance transfers for 21 months and on purchases for 12 months from date of account opening. After that the variable APR will be 16.49% - 27.24%, based on your creditworthiness. Balance transfers must be completed within 4 months of account opening.
- There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
- No Annual Fee - our low intro rates and all the benefits don't come with a yearly charge.
- Buy now and pay later. Split your payment for eligible purchases of $75 or more into a fixed payment with Citi® Flex Pay.
- Get free access to your FICO® Score online.
Balance transfer fee
There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
Foreign transaction fee
3%
The Citi Simplicity® Card may not earn rewards, but it can still save you money due to its amazing intro-APR offers.
The Citi® Diamond Preferred® Card and Citi Simplicity® have the same major features and an important difference in a key fee.
The Citi Simplicity offers new cardholders a 0% intro APR on purchases for 12 months from date of account opening and an intro 0% APR on balance transfers for 21 months (then a variable 17.49% - 28.24% APR applies).
The Citi Simplicity has a slightly higher variable APR, but it has an intro balance transfer fee of 3% of the amount you transfer ($5 minimum), which is 2% lower than what you pay with the Diamond Preferred. The intro balance transfer fee applies to transfers you make in the first four months from account opening, then the fee increases to 5% of the amount of each transfer ($5 minimum).
Both the Citi Simplicity and the Diamond Preferred are excellent cards for balance transfers, 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's a lot to like about the Citi Diamond Preferred Card if you want to save on interest. It offers a stellar intro APR on balance transfers and has no annual fee. However, the card offers no rewards and has no intro bonus. While it has a good intro APR for purchases, if that's what you're looking for, other cards have better offers.
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
- You won't earn any rewards on the purchases you make 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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