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If you're struggling with credit card debt, you're looking for a card like the Citi® Diamond Preferred® Card. It has an industry-leading introductory APR period for balance transfers, which can help you escape high interest rates on your other credit cards. It also has an introductory APR for purchases that can help you finance large expenses without burying yourself in interest-related debt.
However, the card isn't perfect. It doesn't earn traditional rewards, and its introductory APR periods aren't ideal for everyone. Is this the right card for you? Here's everything you need to know about the Citi Diamond card.
Page Contents
Citi Diamond Pros
- $0 annual fee.
- Industry-best 0% introductory APR offer on balance transfers for 21 months (then a 18.24% - 28.99% variable rate).
- 0% introductory APR for 12 months on purchases (then a 18.24% - 28.99% variable rate).
Citi Diamond Cons
- No rewards to earn or redeem.
- 3% foreign transaction fee.
Citi Diamond Welcome Bonus
You won't earn a traditional sign-up bonus with the Citi Diamond. Instead, its value comes from saving money on debt.
New applicants can receive a 0% Intro APR for 21 months on balance transfers from date of first transfer and 0% Intro APR for 12 months on purchases from date of account opening. After that the variable APR will be 18.24% - 28.99%, based on your creditworthiness. Balance transfers must be completed within 4 months of account opening.
Note that there is a balance transfer fee: 5% of each balance transfer; $5 minimum. And after your introductory period ends, your new APR will be 18.24% - 28.99% (variable).
While this welcome bonus won't help you get free hotel nights or free flights, it can provide big savings. How much will depend 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.
Citi Diamond Benefits
The Citi Diamond is best if you're looking to avoid interest charges on existing credit card debt or need to finance a large purchase. However, 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. Costly home renovations are a great example.
If you spend $4,000 on a home renovation, you could space out your monthly payments over the duration of the intro offer. And 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.
However, if you have a balance remaining after the initial APR 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 can help you avoid interest for 21 months. There is a balance transfer fee, however, so this feature isn't without costs. You'll pay 5% of each balance transfer; $5 minimum.
21 months is an industry-leading balance transfer period. After it ends, you'll begin to pay interest on any remaining balance on your account. Based on creditworthiness, you'll pay 18.24% - 28.99% variable APR. To take advantage of this offer, you must submit balance transfers within four months of account opening.
$0 Annual Fee
You'll pay $0 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, as well. Recent Citi presale benefits included Beyoncé and Taylor Swift tours.
Free Access to Your Credit Score
Citi Diamond can check their FICO score for free. This score is updated monthly in the Citi mobile app and website.
Citi Diamond Earning Rates
Citi Diamond cardholders don't earn rewards on purchases. You won't earn cash back or Citi ThankYou Points.
Thus, the value of what you earn on 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 Preferred® Card.
It's worth considering your situation to see if this is a good option for you. Will you get more value in the long run from earning rewards (but perhaps paying interest) on another card or by avoiding interest with the Citi Diamond‘s introductory offer?
Related: How to Calculate Point Values
Application Restrictions
Citi restricts how often it will approve you for a 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 reduce credit card debt from interest. 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.
- If you want a 0% APR period plus rewards, look at the Chase Freedom Flex℠. You'll enjoy a 0% Intro APR on purchases for 15 months and a 0% Intro 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 — without paying an annual fee. There's a balance transfer fee of $5 or 5% of the amount of each transfer, whichever is greater.
- 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 a 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% of the amount of each transaction with no minimum. You'll also earn 3% cash back in your top spending category each month.
Related: The Best Rewards Credit Cards Featuring 0% APR on Purchases
Final Thoughts
The Citi® Diamond Preferred® Card 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, you may gladly trade those for a long period without interest, using this to catch up on payments and eventually pay off debts.
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