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If you're burdened with credit card debt, it's time you checked out the Citi® Diamond Preferred® Card. This card's unbeatable introductory APR period for balance transfers helps cardholders avoid other cards' high interest rates. In addition, the card's introductory APR for purchases assists you in financing large expenses without burying yourself in interest-related debt.
This isn't the perfect card. Its introductory APR periods aren't ideal for everyone, and it doesn't earn traditional rewards to redeem for travel. Depending on your circumstances, however, it could be the right card for you. Here's what you need to know about the Citi Diamond card in order to decide.
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Citi Diamond Pros
- $0 annual fee.
- Industry-best introductory APR offer on balance transfers.
- Lengthy introductory APR offer on purchases.
Citi Diamond Cons
- No rewards to earn or redeem.
- 3% foreign transaction fee.
Citi Diamond Welcome Bonus
Unfortunately, you won't earn a traditional sign-up bonus with the Citi Diamond. This card serves a different purpose than some other credit cards with big welcome bonuses. Its goal is to help you save money on debt.
New applicants can receive a 0% Intro APR for 21 months on balance transfers and for 12 months on purchases; after that, the variable APR will be 17.24% - 27.99%, based on your creditworthiness. Balance transfers must be completed within 4 months of account opening.
Balance transfer fee applies with this offer; 5% of each balance transfer; $5 minimum.. Additionally, after the introductory period ends, the new APR will be 17.24% - 27.99% (Variable).
While this welcome bonus won't help you get free hotel nights or free flights, it can provide big savings. How much you save depends on your current interest rates on your other credit cards and the balance you transfer to the Citi Diamond to utilize its 0% introductory APR.
Related: The Best Credit Cards With No Annual Fee and 0% Introductory APR
Citi Diamond Benefits
In short, the Citi Diamond serves two main purposes: avoiding interest charges on existing credit card debt and financing large purchases. The benefits outside of those factors are slim.
0% introductory APR on purchases
The Citi Diamond comes with the 0% introductory APR offer detailed above. This is a great way to avoid interest charges on upcoming expenses.
One way this card could come in handy is for expensive home renovations. Let's say you've scheduled a $4,000 home renovation but don't have all the cash up front. With this card, you could space out monthly payments over the duration of the introductory offer. As long as you make your monthly payment on time and pay off the balance before the introductory APR period ends, you won't accrue any interest.
Also, some car dealerships will allow you to put a few thousand dollars on a credit card when you lease or purchase a new car. If you need a car and don't have all the money for the downpayment up front, you could charge part of it on this card and have time to pay the charge off interest-free.
Don't forget: If you have a balance remaining after the initial APR (annual percentage rate) period, you will pay interest.
0% introductory APR on balance transfers
If you have revolving credit card debt, you're probably paying significant monthly interest. Transferring that debt to the Citi Diamond could help you avoid interest for 21 months on Balance Transfers. This feature comes at a cost. To determine if it's right for you, always factor in the balance transfer fee. You'll pay Balance transfer fee applies with this offer; 5% of each balance transfer; $5 minimum..
By comparison, 21 months on Balance Transfers is an industry-leading balance transfer period. After it ends, however, you'll begin paying interest on any remaining account balances. Based on creditworthiness, you'll pay 17.24% - 27.99% (Variable) APR. To take advantage of the offer, cardholders must submit balance transfers within four months of account opening.
$0 annual fee
You won't pay an annual fee to keep the Citi Diamond every year.
Citi Entertainment
When you're a Citi cardholder, you'll have access to Citi Entertainment — a comprehensive platform where you can purchase tickets to events such as concerts or sporting events. You will also get presale access to specific events and experiences. Recent Citi presale benefits included Beyoncé and Taylor Swift tours, and the platform also sells tickets to Cirque Du Soleil and special holiday events.
Related: Our Favorite Benefits on No Annual Fee Credit Cards
Free access to your credit score
Citi Diamond cardholders can check their FICO® score for free without affecting their credit. Not only that, you can learn more about what factors go into determining your credit score. Scores are updated monthly on the Citi mobile app and website.
Related: How To Check Your Credit Score for Free
$0 liability
Citi fully protects this card against unauthorized charges. Rest easy knowing you'll never be held responsible for charges you didn't authorize.
Another possible benefit: Product change to another Citi card
One other benefit you may gain by holding this card is the ability to product change to another Citi credit card later on. After opening the Citi Diamond, transfer your debt, and pay it off interest-free. After you've had the card for 12 months (or whenever you've paid off the balance), call Citi to see if you can convert your card to one that earns rewards.
Citi Diamond Earning Rates
As we've discussed already, the Citi Diamond cardholders don't earn rewards on purchases. You won't earn cash back or Citi ThankYou® Points, but there's a time and a place for transferring to or spending on cards with introductory APR offers. The value of this card comes from the money you save through the introductory APR period.
Redeeming Points With the Citi Diamond
As there are no earnings, there's nothing to redeem with the Citi Diamond.
If you think there's no value in a card that doesn't earn points you can redeem, think again. Like any card, you're the only one who can determine if it's a good option for you. Will you get more value in the long run by earning rewards (but perhaps paying interest) on another card or by avoiding interest with the Citi Diamond‘s introductory offer? Only you can decide, but this is a common consideration when financing a large purchase.
Related: How To Calculate Point Values
Application Restrictions
Citi restricts how often it approves individuals for a new credit card, sometimes referred to as an 8/65 rule:
- One personal credit card in an eight-day period.
- Two personal credit cards in a 65-day period.
- One small business credit card in a 90–95-day period.
The bonus restrictions on other Citi cards don't apply to the Citi Diamond, however, since there's no welcome bonus of points or cash back.
Related: Understanding Rewards Credit Card Application Rules and Restrictions
Cards That Compete with the Citi Diamond
The Citi Diamond is a great choice if you're looking to take a break from interest while paying off credit card debt. But is it the best option when compared to other cards with a 0% introductory APR?
- If you want a longer 0% APR on purchases, consider the Chase Slate Edge℠. You'll get a 0% introductory APR rate for 18 months on balance transfers and 18 months on purchases. After the introductory period, a variable APR of 20.49% - 29.24% applies. There's a transfer fee of $5 or 5% of the amount of each transfer, whichever is greater. Learn more in our Chase Slate Edge review.
- If you want a 0% APR period plus rewards, look at the Chase Freedom Flex℠. You'll enjoy a 0% introductory APR on purchases for 15 months and a 0% introductory APR on balance transfers for 15 months, then a Variable APR of 19.24% - 27.99%. You'll also earn 1%, 3%, or 5% cash back in different bonus categories on purchases — all without paying an annual fee. There's a balance transfer fee of $5 or 5% of the amount of each transfer, whichever is greater. Our Chase Freedom Flex review has further details.
- If you want a lower balance transfer fee, opt for the Bank of America® Customized Cash Rewards credit card. You'll enjoy a 0% Intro APR for 15 billing cycles for purchases and 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days. Afterward, you'll pay a variable APR of 18.24% - 28.24%. The balance transfer fee is 3% for 60 days from account opening, then 4% with no minimum. You'll also earn 6% cash back for the first year in the category of your choice (then 3%), automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases), and unlimited 1% on all other purchases. If you're a Bank of America Preferred Rewards member, you can earn 25%–75% more cash back on every purchase. Find out more in our Bank of America Customized Cash Card review.
- Earn 5% on up to $1,500 on combined purchases in bonus categories each quarter you activate
- Earn 5% on travel purchased through Chase Ultimate Rewards
- Earn 3% on dining at restaurants, including takeout and eligible delivery services
- Earn 3% on drugstore purchases
- Earn 1% on all other purchases
- 6% cash back for the first year in the category of your choice: gas and EV charging stations, online shopping/cable/internet/phone plan/streaming, dining, travel, drug store/pharmacy purchase, or home improvement/furnishing purchases, then 3% after the first year of card membership*
- 2% cash back at grocery stores and wholesale clubs*
- 1% cash back on all other purchases
- * You'll earn 6% and 2% cash back on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, then earn 1%. After the 3% first-year bonus offer ends, you will earn 3% and 2% cash back on these purchases up to the quarterly maximum.
Related: The Best Rewards Credit Cards Featuring 0% APR on Purchases
Final Thoughts
The Citi Diamond is a great choice if you're looking to get ahead on your finances or want flexibility in paying off purchases without the worry of mounting interest charges. However, a card like this should be used diligently, as interest-free spending shouldn't be an excuse to spend beyond your means.
This card isn't for everyone. It doesn't earn rewards or offer a traditional welcome bonus. However, if you're struggling with credit card debt, take a break from interest and use this to catch up on payments and eventually live debt-free.
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