Review: Is the Citi Diamond Preferred credit card best for you?
The
The card's biggest selling point is the 0% APR it offers on both purchases and balance transfers in the first 18 months of account opening (then a
This 0% introductory rate makes the
You're eligible for the 0% APR on purchases for 18 months from the date of account opening, and on balance transfers for 18 months from the date of the first balance transfer (which must occur within four months of opening the account).
Just remember you'll owe a balance-transfer fee of 3% of the amount you transfer over (minimum $5). This can still translate to significant savings compared to carrying the balance on a high-interest credit card— as long as you pay it off before the promotional APR period runs out.
Bottom line: The
Citi Diamond Preferred versus other Citi credit cards with 0% APR
Annual fee | Annual fee | Annual fee |
Rewards Rate None | Rewards Rate Earn 2% cash back for each dollar you spend — 1% when you make a purchase and another 1% when you pay it off | Rewards Rate Earn 2x ThankYou points on the first $6,000 spent at supermarkets and gas stations each year (then 1x points) and 1x points on other purchases Card automatically rounds up to the nearest 10 points on every purchase |
Welcome bonus None | Welcome bonus None | Welcome bonus 15,000 Citi ThankYou points after you spend $1,000 on your card within the first three months of account opening |
0% APR offer 0% APR on purchases and balance transfers for the first 18 months, then a | 0% APR offer 0% APR on balance transfers for the first 18 months, then a | 0% APR offer 0% APR on purchases and balance transfers for the first 15 months, then a |
Foreign transaction fee Yes | Foreign transaction fee Yes | Foreign transaction fee Yes |
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Citi Diamond Preferred versus other balance transfer cards
Annual fee | Annual fee | Annual fee |
Rewards Rate None | Rewards Rate None | Rewards Rate None |
Welcome bonus None | Welcome bonus None | Welcome bonus None |
0% APR offer 0% APR on purchases and balance transfers for the first 18 months, then a | 0% APR offer 0% APR on purchases and balance transfers for the first 20 billing cycles, then a
| 0% APR offer 0% APR on purchases and balance transfers for the first 18 months, then a |
Foreign transaction fee Yes | Foreign transaction fee Yes | Foreign transaction fee Yes |
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The Citi Diamond Preferred doesn't have a rewards program
When you begin looking at cards that offer an introductory 0% APR, you'll probably notice that quite a few rewards credit cards offer zero interest on purchases for a limited time. This includes popular cash-back credit cards like the
But when you look at balance transfer credit cards geared specifically to people who need to pay down debt, you'll find cards with longer 0% APR offers and no rewards programs. While the lack of rewards can be a downside, the savings you can get by not having to pay interest for several more months can be substantial. Not only that, but avoiding rewards can help you focus more on debt repayment without incentivizing you to spend.
The
Just remember that, whichever card you choose, you'll still have to make the minimum payment each month, and your 0% APR offer won't last forever. You'll need to focus on paying off as much debt as you can since you'll eventually be charged the ongoing variable APR on your remaining balance.
Citi Diamond Preferred card benefits and features
The
Free FICO score access
As a cardholder, you'll get free access to your FICO score at any time. This can help you keep an eye on changes or improvements to your credit score, or find out quickly if your score drops.
Entertainment benefits
Citi Diamond Preferred card fees and costs
The
A foreign transaction fee will also apply to purchases you make outside the US, so this isn't a good card to use overseas. Instead, consider one of the many credit cards that don't charge foreign transaction fees to save money when you travel abroad.
