If you’re in search of a credit card that offers an extended 0% intro APR on both balance transfers and purchases, the Citi® Diamond Preferred® Card might be the right fit for you. This card, frequently praised for its lengthy introductory APR offer, can help cardholders save on interest charges while working toward paying off credit card debt or financing new purchases.
The Citi® Diamond Preferred® Card features a competitive 0% intro APR on balance transfers for 21 months and 0% intro APR on purchases for 12 months. After the introductory period, the APR adjusts to a variable rate based on your creditworthiness. This card may especially appeal to those seeking a reliable, no-frills option that focuses on providing financial flexibility rather than rewards or cashback incentives.
In this review, we will delve into the advantages and potential drawbacks of the Citi® Diamond Preferred® Card, helping you determine whether it’s the most suitable choice for your financial goals and spending habits. Please note that terms and conditions are subject to change, and it’s crucial to check the issuer’s website for the most up-to-date information.
Card Overview
The Citi® Diamond Preferred® Card is a popular credit card option for those seeking an introductory 0% APR period. This card is known for its lengthy 0% APR offer on both balance transfers and purchases, making it a good choice for individuals looking to consolidate debt or finance a large purchase.
Some of the key features of the Citi® Diamond Preferred® Card include:
- A lengthy 0% intro APR period for both balance transfers and purchases
- No annual fee
- Free access to your FICO® Score
- Citi Entertainment® benefits, such as exclusive access to ticket presales and preferred seating at events
It’s important to note that while the card does not carry an annual fee, there is a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater. Additionally, this card does not offer a rewards program, so it may not be the best fit for individuals who want to earn points or cash back on their everyday spending.
Overall, the Citi® Diamond Preferred® Card can be a strong contender for users who focus on taking advantage of the 0% APR offer but should be critically evaluated by those in search of a rewards program or travel benefits.
0% Intro APR Period
The Citi® Diamond Preferred® Card offers a competitive 0% introductory APR period for both balance transfers and new purchases. This promotional period can provide cardholders with significant savings on interest payments, especially if they have existing high-interest debt or plan to make a large purchase.
For balance transfers, the 0% intro APR period lasts for 21 months, which is one of the longest promotional periods available on the market today. To take advantage of this offer, balance transfers must be completed within 4 months of account opening. Keep in mind, there is a balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater.
For new purchases, the 0% intro APR period lasts for 12 months from the date of account opening. This allows cardholders to finance a significant purchase without accruing interest charges during the promotional period. It is essential to set a plan to pay off the balance before the 0% APR period ends to avoid paying interest on the remaining balance.
After the promotional period, the APR for both balance transfers and purchases will vary with the market based on the Prime Rate, currently ranging from 13.74% to 23.74%, depending on the creditworthiness of the cardholder.
While the Citi® Diamond Preferred® Card offers impressive 0% intro APR periods, it is crucial for cardholders to make all minimum payments on time. Late payments may result in the cancellation of the introductory APR period and the application of penalty APR rates.
Balance Transfer Process
The Citi® Diamond Preferred® Card offers a generous balance transfer opportunity for cardholders looking to consolidate debt. The highlight of this card is its 21-month 0% intro APR on balance transfers, making it an attractive option for those looking to pay down debt without incurring additional interest charges during the promotional period(Upgraded Points).
To initiate a balance transfer, you will need to request it within 4 months of opening your account. Keep in mind that balance transfers come with a fee for the Citi® Diamond Preferred® Card(Investopedia). This card charges a balance transfer fee of 5% of the transfer amount or $5, whichever is greater(The Motley Fool). It is essential to consider this fee when determining the overall cost-effectiveness of transferring your balance to the Citi® Diamond Preferred® Card.
Once the balance transfer is approved, the 0% intro APR will automatically apply to the transferred amount. Ensure that you continue making minimum monthly payments on your old credit card until the balance transfer is fully processed to avoid any late fees or penalties.
Rewards and Benefits
The Citi® Diamond Preferred® Card does not offer any traditional rewards program or cash back on purchases. However, the card’s main appeal lies in its 0% Intro APR promotional period and other features. Here is an overview of its benefits:
- 0% Intro APR: The card offers an introductory 0% APR on purchases and balance transfers for 18 months, which is one of the longest offers available in the market.
- Balance Transfer Fee: After the introductory period, a balance transfer fee of $5 or 3% of the transferred amount (whichever is greater) applies on all transactions.
- Free Access to FICO® Score: Cardholders have free access to their FICO® credit score, allowing them to track their credit progress and make informed financial decisions.
- Citi Entertainment: The card offers access to exclusive events and experiences, such as concerts, dining experiences, and sporting events, through the Citi Entertainment program.
While lacking a traditional rewards structure, the card is best suited for individuals who are looking for balance transfer opportunities and a lengthy interest-free period to pay off existing debts or make large purchases. Keep in mind that after the introductory period, the variable APR on purchases and balance transfers ranges from 13.74% to 23.74%, based on creditworthiness.
Fees and Penalties
The Citi® Diamond Preferred® Card comes with some fees and penalties that you should be aware of. These fees are standard for most credit cards and are essential for maintaining your account.
Here are some key fees for the Citi® Diamond Preferred® Card:
- Annual Fee: None
- Balance Transfer Fee: $5 or 3% of the transferred amount, whichever is greater
- Cash Advance Fee: $10 or 5% of the advanced amount, whichever is greater
- Foreign Transaction Fee: 3% of the transaction amount in U.S. dollars
Additionally, there are some penalty fees to consider:
- Late Payment Fee: Up to $40
- Returned Payment Fee: Up to $40
It’s crucial to manage your account responsibly to avoid incurring unnecessary fees or penalties. Pay your balance on time, avoid cash advances, and remember the foreign transaction fee when using your card abroad.
Who Should Apply
The Citi® Diamond Preferred® Card is an ideal choice for individuals seeking an extended 0% Intro APR period to help manage their finances. The card’s strong balance transfer and purchase benefits make it particularly well-suited for:
- Those looking to consolidate high-interest credit card debt
- Individuals planning significant purchases and needing extra time to pay off the balance
- Cardholders who prefer cards without annual fees
In addition to the 0% Intro APR, the Citi® Diamond Preferred® Card offers exclusive access to Citi Entertainment, allowing cardholders to enjoy special access to events and experiences. As a result, this card may also attract:
- Individuals interested in entertainment-related perks and experiences
- Cardholders who frequently attend concerts, sporting events, or other live performances
It’s essential to consider your financial goals and current credit standing before applying for this card. Since the Citi® Diamond Preferred® Card requires good to excellent credit, potential applicants should ensure they meet the required credit score range to increase the likelihood of approval.
Pros and Cons
The Citi® Diamond Preferred® Card offers several advantages and disadvantages that are worth considering before you decide to apply for this credit card.
Pros:
- Long 0% Intro APR period: The Citi Diamond Preferred Card provides a 21-month introductory period of 0% APR for both purchases and balance transfers. This is longer than the average introductory period offered by most credit cards, making it ideal for individuals seeking to pay down their debt.
- No annual fee: Enjoy the benefits and savings from the lengthy introductory period without the burden of an annual fee.
- Citi Entertainment® perks: Cardholders gain access to exclusive presale tickets, preferred seating, and VIP packages for various events through Citi Entertainment®.
Cons:
- Balance transfer fee: Although the card offers a long 0% APR period for balance transfers, it imposes a 5% balance transfer fee (minimum $5) on the amount being transferred.
- Foreign transaction fees: The card charges a 3% foreign transaction fee, which could make it costly to use while traveling internationally.
- No rewards program: The Citi Diamond Preferred Card does not have a point or cashback rewards program, so you won’t be able to earn rewards on your spending.
When evaluating the Citi® Diamond Preferred® Card, it is essential to weigh these pros and cons against your financial goals and priorities, especially if your primary focus is on benefiting from the 0% Intro APR period.
Comparison to Other 0% APR Cards
The Citi® Diamond Preferred® Card stands out among other 0% APR cards by offering a longer introductory period for both purchases and balance transfers. Below, we will compare it with a few popular 0% APR cards in the market:
| Credit Card | 0% Intro APR for Purchases | 0% Intro APR for Balance Transfers | Balance Transfer Fee |
|---|---|---|---|
| Citi® Diamond Preferred® Card | 18 months | 18 months | 3% or $5, whichever is greater |
| Chase Freedom Flex℠ | 15 months | 15 months | 3% or $5, whichever is greater |
| Discover it® Cash Back | 6 months | 18 months | 3% intro fee or up to 5% for future transfers |
| U.S. Bank Visa® Platinum Card | 20 billing cycles | 20 billing cycles | 3% or $5, whichever is greater |
In terms of the length of the introductory period, the Citi® Diamond Preferred® Card is competitive with other cards on the market. The U.S. Bank Visa® Platinum Card offers a slightly longer 0% APR period, but the Citi® Diamond Preferred® Card still provides an extended period for consumers to pay down their balances without interest.
One thing to note is that while some other cards in this comparison, such as the Chase Freedom Flex℠ and Discover it® Cash Back, offer rewards programs, the Citi® Diamond Preferred® Card does not. This may be a deciding factor for some users who are looking for additional benefits besides the 0% introductory APR.
When considering balance transfer fees, the Citi® Diamond Preferred® Card aligns with industry standards. Most cards in this comparison charge a 3% fee or a minimum amount, whichever is greater.
Final Verdict
The Citi® Diamond Preferred® Card offers a competitive 0% introductory APR on both purchases and balance transfers for 18 months, making it an attractive option for those looking to pay down debt or finance a large purchase.
Key benefits include:
- 0% Intro APR for 18 months on purchases and balance transfers
- No annual fee
- Free access to FICO® Score
- Citi Entertainment® access for cardholders
Despite its strengths, the card does have some downsides:
- No rewards program
- Balance transfer fee of 3% or $5, whichever is greater
- Foreign transaction fee of 3%
Considering the benefits and drawbacks, the Citi® Diamond Preferred® Card can be a valuable tool for individuals looking to tackle debt or make a large purchase with an extended interest-free period. However, for those seeking rewards or frequent travelers, alternative credit cards may be more appropriate.