Who is This Credit Card Best For?
Attacks existing balances while avoiding new debt
Takes improving their finances seriously and wants recognition for using credit responsibly
This simple card is made for those who need extra time to pay off credit card balances but don’t want to pay for that extra time. If you have old debt you want to get rid of and you don’t need a lot of bells and whistles, this card may be for you.
It doesn’t have a rewards program, but it does give cardholders four months to make 0% APR balance transfers. That's not shabby when compared to a maximum of 60 days required by many comparable cards. Just make sure you are disciplined about paying off debt. However, once the 0% APR period ends, the standard purchase and balance transfer rates aren’t competitive and could quickly reverse any of the no-interest cost savings.
Nearly two years to pay off other card balances interest-free
Four months to take advantage of the balance-transfer deal
No annual fee
Balance transfer fee
Wide range of non-introductory APRs
- Nearly two years to pay off other card balances interest-free: Long 0% balance transfer offers are always standouts in the card industry, but the whopping 21-month-long period offered by the Citi Diamond Preferred is one of the longest. That will allow you to create and stick to an extended, feasible repayment plan that won’t take over your finances.
- Four months to take advantage of the balance-transfer deal: That’s two more months than the standard 60 days other cards give you.
- No annual fee: There’s no upfront or recurring cost for using the card. This makes it easy to calculate the card’s value.
- Balance Transfer Fee: Not all cards touting balance transfer perks charge fees for such transactions, but the Citi Diamond Preferred card does, even for transfers made under the introductory balance transfer APR. While a transfer to a no-interest card can save you money, the addition of a 5% fee reduces the savings.
If you transferred $5,000 from another card that charges 20% APR to pay it off interest-free in 21 months on the Citi Diamond Preferred card, you’d save more than $500 in interest by doing so, even taking into account the balance transfer fee.
Citi Diamond Preferred’s Other Features
- Citi Entertainment: Get special access to purchase tickets to thousands of events each year, including presale tickets and VIP packages to concerts, sporting events, and dining experiences, plus complimentary movie screenings and more.
- Citi Concierge: Cardholders can connect with a staff of specially trained experts who can assist you with travel, shopping, dining, and entertainment purchases.
- Choose your payment due date: As a new cardholder, you can choose when to pay your bill on any available due date at the beginning, middle, or end of the month.
Citibank ranked No. 6 for customer satisfaction by J.D. Power’s 2019 U.S. Credit Card Satisfaction Study, scoring a 799 on a 1,000-point scale. The industry average score was 806.
Citi may not be a standout in this area, but customers get some nice benefits, like free access to their FICO score 8 online and on the Citi mobile app, a 24-hour customer service phone line available every day, and a secure, online portal where you can chat with a customer service representative.
Citi’s Fraud Early Warning system will notify you of suspicious account activity by text, email, phone or mail to keep you in the loop right away. And if you want another layer of protection, you can generate a virtual, temporary Citi credit card number to take the place of your real one while shopping online.
If your card is lost or stolen, use Citi Quick Lock online or via the mobile app to instantly lock the card and block new charges and deter fraud. That feature also conveniently allows recurring transactions to proceed uninterrupted until the matter is resolved.
If fraud does occur, you can call Citi Identity Theft Solutions to help resolve identity theft situations by identifying compromised accounts, filing police reports, and sharing resources to help you and your credit bounce back.
Fees to Watch Out For
Most of the Citi Diamond Preferred’s fees fall in line with industry standards. Take note: If you do carry a balance after the promotional period ends, there’s a minimum interest charge of 50 cents and foreign transactions carry a 3% fee. These are also common fees, but you can also find balance transfer cards without them.