Citi Diamond Preferred Card review 2024: Save on interest charges for almost two years

If you’re saddled with a large balance on a high-APR credit card, the Citi® Diamond Preferred® Card * The information for the Citi® Diamond Preferred® Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. offers the opportunity to avoid interest charges for almost two years with an industry-leading balance transfer period. We’ll explain more in our detailed Citi Diamond Preferred card review.

Citi Diamond Preferred basics

• Annual fee: $0.
• Welcome bonus: None.
• Rewards: None.
• APR: 0% intro APR for 21 months on eligible balance transfers from the date of the 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% to 28.99%. Balance transfers must be completed in the first four months. A balance transfer fee of either $5 or 5% of each transfer, whichever is greater, applies.
• Recommended credit score: Good to excellent.
• Does the card offer preapproval? No.
• Other benefits: Free FICO Score and Citi Entertainment access. 

Citi Diamond Preferred review

The Citi Diamond Preferred card has one job: To help you save money on your existing high-interest debt via the card’s lengthy intro APR balance transfer offer. The card offers new cardholders a 0% intro APR for 21 months on eligible balance transfers from the date of the 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% to 28.99%. Balance transfers must be completed in the first four months. A balance transfer fee of either $5 or 5% of each transfer, whichever is greater, applies. Once the introductory offer expires, the card loses much of its luster. But if you’re looking for the longest balance transfer period you can find on a card, the Diamond Preferred shines.

Pros

• Long introductory APR on balance transfers: The Citi Diamond Preferred offers one of the longest intro APRs for balance transfers at 21 months.
• No annual fee: The Citi Diamond Preferred charges a $0 annual fee.
• Introductory APR on purchases: In addition to the intro APR on balance transfers, the Citi Diamond Preferred also comes with an intro APR on purchases.

Cons

• High balance transfer fee: The Citi Diamond Preferred charges a high balance transfer fee of 5% of each balance transfer; $5 minimum.
• Potentially high APR once promotions expire: Once the intro APR offers expire, the ongoing APR of 18.24% - 28.99% (Variable) will apply to any unpaid balance. Your ongoing APR will be determined based on your creditworthiness.
• No rewards: After the intro APR periods end, cardholders won’t benefit from any cashback or rewards points programs associated with the card.

Citi Diamond Preferred APR

New cardholders are eligible for a 0% intro APR for 21 months on eligible balance transfers from the date of the 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% to 28.99%. Balance transfers must be completed in the first four months. A balance transfer fee of either $5 or 5% of each transfer, whichever is greater, applies. Know that if you are late with a payment, you will most likely forfeit either of the intro APR promotions as well as incur a potential late fee.

If using the Citi Diamond Preferred for its lengthy balance transfer offer, it’s best to avoid using the card for new purchases as that defeats the purpose of trying to pay off a large balance. If you want to use the Citi Diamond Preferred for the intro APR on purchases, know that there are other credit cards offering longer intro purchase APR deals than the Citi Diamond Preferred.

Citi Diamond Preferred balance transfer savings potential

To illustrate how much you can save using the Citi Diamond Preferred’s balance transfer offer, let’s assume you are carrying a $10,000 balance on another card with a 20% APR and want to pay it off in 21 months:

• With your current card balance, you’ll need to pay $568 a month to pay it off in 21 months, which includes $1,934 in interest charges.
• If you transfer that balance to the Citi Diamond Preferred, your total payoff amount will be $10,500 as this includes the balance transfer fee of 5% of each balance transfer; $5 minimum.
• Your monthly payments will be reduced to $500 a month.
• Your total savings would be $1,434 ($1,934 minus $500 for the balance transfer fee), providing you don’t add to the balance with any new purchases.

Know that in exchange for such a lengthy balance transfer offer, cardholders will be charged a higher-than-average balance transfer fee. Balance transfer fees are typically 3% to 5%. So, to justify a higher balance transfer fee, it’s best for large balance transfer amounts, where the savings will be greatest.

How the Citi Diamond Preferred compares to other balance transfer cards 

Citi Diamond Preferred vs. Wells Fargo Reflect® Card * The information for the Wells Fargo Reflect® Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.

Another balance transfer card boasting a balance transfer intro rate for almost two years with no annual fee is the Wells Fargo Reflect. Plus, the Wells Fargo Reflect also offers a 0% intro APR for 21 months from account opening on purchases and on qualifying balance transfers made within the first 120 days, afterwards a 18.24%, 24.74%, or 29.99% variable APR applies. There’s a balance transfer fee of 5% with a $5 minimum.

The Wells Fargo Reflect offers cardholders a cellphone protection plan and access to roadside dispatch as benefits, but no rewards program. Both cards are an excellent choice if you’re looking to tackle some existing high interest debt.

Citi Diamond Preferred vs. BankAmericard® credit card * The information for the BankAmericard® credit card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.  

The $0-annual-fee BankAmericard also offers a 0% intro APR for 18 billing cycles for purchases and any balance transfers made in the first 60 days, and then a variable APR of 16.24% to 26.24%. An intro balance transfer fee of 3% of each transaction made within 60 days of account opening applies. After that, the fee will be 4% of each transaction. Although there are no rewards with this card either, if you happen to miss a payment deadline, you won’t lose your promotional APR. 

If you have an irregular paycheck, this may give the BankAmericard an edge over the Citi Diamond Preferred. However, the BankAmericard’s intro balance transfer offer is shorter than the Diamond Preferred’s, which means you’ll have less time to pay off your debt without occurring interest charges.

Citi Diamond Preferred vs. Citi Double Cash® Card * The information for the Citi Double Cash® Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.

If you’re looking for a balance transfer card that has staying power after the introductory period, consider the Citi Double Cash card. The card has no annual fee and offers a 0% intro APR on balance transfers for 18 months. After that, the standard variable APR will be 19.24% to 29.24%. An intro balance transfer fee of either $5 or 3%, whichever is greater, applies to transfers completed in the first four months. After that, the fee will be 5% of each transfer (minimum $5). There is no intro APR offer for purchases, however, and no travel or cellphone protection benefits.

While your transferred balance does not earn cash-back rewards, any purchases you make with the card can earn 2% cash back on purchases — 1% when purchases are made and another 1% when they’re paid off, plus, for a limited time, 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/24. Although it’s not the longest balance transfer period you’ll find, you’re likely to find a reason to continue using this card after you pay down your debt.

The Citi Diamond Preferred card is right for you if:

• You’re seeking a no-frills balance transfer card offering a generous introductory APR period. 
• The cost of the balance transfer fee added on to your existing debt is still less than what you’d pay in interest on your current credit card.
• You have a plan to pay off all or most of your debt within the intro APR period.

Frequently asked questions (FAQs)