When it comes to balance transfer and low interest credit cards, the Citi Diamond Preferred credit card is often in the conversation. With no annual fee and a lengthy 0% intro APR on balance transfers and purchases, the Citi Diamond Preferred Card is an attractive offer. To the right person, this can be exactly what you’re looking for, let’s talk about it.
No, the Citi Diamond Preferred Card is not a rewards card, if that is what you’re looking for, you may want to check out the Discover It card. On the other hand, if you have a big credit card debt that you need to reduce, the Citi Diamond Preferred is a great card to own. If you’re looking for a travel card that has rewards, see this: Best Travel Credit Cards
Citi® Diamond Preferred Card
Card Type: Balance Transfer And Low Interest
Annual Fee: None
APR: 0% intro APR on Purchases and Balance Transfers for 18 months, ongoing APR of 14.74% – 24.74% Variable APR
Sign-Up Bonus: None
Balance Transfer Fee: 3% of each transfer; $5 minimum
Citi Diamond Preferred Card Review
While the Citi Diamond Preferred credit card doesn’t have a sign-up bonus or rewards, it does have a few benefits many of us can enjoy. Don’t let that deter you from reading the offer, this card can help save you a lot of money in the right scenario. Let’s take a look at the Citi Diamond Preferred card benefits.
18 Month Interest Free Period
One of the best benefits with the Citi Diamond Preferred is the long interest free period. With the Citi Diamond Preferred Card, you’ll pay an intro 0% intro APR on purchases and balance transfers for 18 months. Afterwards, you’ll get an ongoing APR of 14.74% – 24.74% based on your credit. As of May 2021, this is one of the longest interest free periods for balance transfers on the market. That’s an incredible offer versus other competitors in the market.
No Annual Fee
Another perk you get with the Citi Diamond Preferred card is the fact that it doesn’t have any annual fee. This is a card you’re going to hold long-term, the last thing you want is an annual fee to hold the card. Fortunately with the Citi Diamond Preferred annual fee, you won’t have that problem.
Choose Your Own Payment Date
While some may feel it’s not a big deal, we like the fact that you can pick your own payment date. The Citi Diamond Preferred credit card allows you to choose a monthly payment due date that works for you. Since you’ll be using it to tackle a big balance, it’s a nice perk to have. With the benefit, you’ll be able to choose what fits your payment schedule best.
Who The Citi Diamond Preferred Card Is Not For
Like nearly all credit cards, this card is not for everybody. This card is for any of you that need to pay off a high balance that has high interest rates. With a balance transfer, you could save hundreds, if not thousands of dollars.
With that being said, if you’re looking for these benefits, you may want to look elsewhere.
If you’re looking for a credit card that gives you rewards and perks, the Citi Diamond Preferred is not for you.You’d be better off with a Discover it Cash Back card, on the other hand, where you can earn 5% cash back on quarterly rotating categories on up to $1,500 in purchases each quarter and 1% on everything else.
If you know you’ll need a long time to pay down an existing balance, the Citi Diamond Preferred Card is certainly an option you can go with. With one of the longest 0% intro APR periods on balance transfers (18 months) on the market, it’s a great way to tackle a balance.
Users have reported that the Citi Diamond Preferred credit limit given is more generous than most. Still, before you apply, you want to make sure you have your credit file in order.
The card is for specific users, so if you’re looking for rewards and perks, check out some of the other credit card reviews we have on the website.
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