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The Citi® Diamond Preferred® Credit Card is popular with consumers, even though it doesn’t earn rewards for spending or offer noteworthy benefits. However, it’s offering a rare welcome bonus for a limited time. Citi is an Insider partner.
Review: Is the Citi Diamond Preferred the best credit card for you?
When you begin looking at cards that offer an introductory 0% APR, you’ll probably notice that quite a few rewards credit cards offer zero interest on purchases and/or balance transfers for a limited time. This includes popular cash-back credit cards like the Chase Freedom Flex℠ and the Chase Freedom Unlimited®.
The Citi® Diamond Preferred® Credit Card’s biggest selling point is the Citi® Diamond Preferred® Card (then a 14.74% – 24.74% Variable APR) — among the longest of any card with a 0% introductory APR offer. However, it doesn’t earn rewards for spending, nor does it usually come with a welcome bonus offer. That said, for a limited time, you can earn Citi® Diamond Preferred® Card.
This 0% introductory rate makes the Citi® Diamond Preferred® Credit Card ideal for those who want to consolidate high-interest debt or who want to make a large purchase and pay down the balance slowly without interest over time.
Just keep in mind balance transfers must be completed within the first four months of account opening, and you’ll owe a balance transfer fee of 5% of the amount you transfer over (minimum $5). This can still translate to significant savings compared to carrying the balance on a high-interest credit card — as long as you pay it off before the promotional APR period runs out.
We’re focused here on the rewards and perks that come with each card. These cards won’t be worth it if you’re paying interest or late fees. When using a credit card, it’s important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay.
The Citi Diamond Preferred doesn’t have a rewards program
Most balance transfer credit cards geared specifically to people who need to pay down debt come with longer 0% APR offers and no rewards programs. While the lack of rewards can be a downside, the savings you can get by not having to pay interest for several more months can be substantial. Not only that but avoiding rewards can help you focus more on debt repayment without incentivizing you to spend.
There are other cards with long intro APR offers, such as the U.S. Bank Visa Platinum Card (U.S. Bank Visa® Platinum Card, then a 13.99% – 23.99% variable APR) or the Citi Simplicity® Card (Citi Simplicity® Card, then a Citi Simplicity® Card APR). However, these cards don’t come with a welcome bonus or earn rewards.
There’s also the Discover it® Balance Transfer, which offers a Discover it® Balance Transfer, then a Discover it® Balance Transfer APR. There’s no welcome bonus on this card either, but cardholders earn 5% cash back in categories that rotate each quarter on up to $1,500 in combined spending when you activate (then 1%) Discover It Cashback rotation. Plus, Discover will match all the rewards you earn after the first 12 months through its Cashback Match program — with no limits.
Just remember that, whichever card you choose, you’ll still have to make the minimum payment each month, and your 0% APR offer won’t last forever. You’ll need to focus on paying off as much debt as you can since you’ll eventually be charged the ongoing variable APR on your remaining balance.
Benefits and features
The Citi® Diamond Preferred® Credit Card doesn’t have many benefits outside of its introductory interest rate offer. Here are the main perks you should know about.
Free FICO score access
As a cardholder, you’ll get free access to your FICO score at any time. This can help you keep an eye on changes or improvements to your credit score, or find out quickly if your score drops.
Entertainment benefits
Citi® Diamond Preferred® Credit Card holders also get Citi Entertainment benefits, which include special or early access to tickets to concerts, sporting events, dining experiences, and more.
Fees and costs
The Citi® Diamond Preferred® Credit Card doesn’t have an annual fee, but there are some ongoing fees to be aware of. For starters, you’ll pay a 5% balance transfer fee (minimum $5) if you transfer debt from another card, as well as a 5% cash advance fee (minimum $10) if you use your credit card to get cash out.
A foreign transaction fee will also apply to purchases you make outside the US, so this isn’t a good card to use overseas. Instead, consider one of the many credit cards that don’t charge foreign transaction fees to save money when you travel abroad.
Comparison: Citi Diamond Preferred card vs other Citi credit cards with 0% APR
Citi® Diamond Preferred® Credit Card
Citi® Double Cash Card
Citi Simplicity® Card
Annual fee
Citi® Diamond Preferred® Card
Citi® Double Cash Card
Citi Simplicity® Card
Rewards rate
N/A
1% cash back (1 point per dollar) when you buy, plus 1% cash back (1 point per dollar) when you pay your bill
N/A
Welcome bonus
Citi® Diamond Preferred® Card
Citi® Double Cash Card
Citi Simplicity® Card
0% APR offer
Citi® Diamond Preferred® Card, then a 14.74% – 24.74% Variable APR APR
Citi® Double Cash Card, then a Citi® Double Cash Card APR
Citi Simplicity® Card, then a Citi Simplicity® Card APR
Review
Citi Diamond Preferred vs other balance transfer cards
Citi® Diamond Preferred® Credit Card
U.S. Bank Visa Platinum Card
Discover it® Balance Transfer
Annual fee
Citi® Diamond Preferred® Card
U.S. Bank Visa Platinum Card
Discover it® Balance Transfer
Rewards rate
N/A
N/A
5% cash back in categories that rotate each quarter on up to $1,500 in combined spending when you activate (then 1%) Discover It Cashback rotation
1% cash back on all other eligible purchases
Welcome bonus
Citi® Diamond Preferred® Card
U.S. Bank Visa® Platinum Card
None, but Discover will match all the cash back you earned after the first 12 months
0% APR offer
Citi® Diamond Preferred® Card, then a 14.74% – 24.74% Variable APR APR
U.S. Bank Visa® Platinum Card, then a 13.99% – 23.99% APR
Discover it® Balance Transfer, then a Discover it® Balance Transfer APR
Review
U.S. Bank Visa Platinum Card review
Discover it Balance Transfer card review
Citi Diamond Preferred credit card frequently asked questions (FAQ)
What credit score do you need for the Citi Diamond Preferred?
Most folks who are approved for the Citi® Diamond Preferred® Credit Card have a credit score in the good to excellent range — that is, a FICO score of 670 or more.
If you’re new to or rebuilding credit, read our guides to improving your credit score and how using credit cards can help boost your score.
How do you transfer a balance to the Citi Diamond Preferred?
Transferring a balance is easy to do online through the “Balance Transfers” section under the “Payments and Transfers” menu in your Citi account. You’ll be given the option to add the account details of the creditor or account you’d like to transfer a balance from, along with the amount you’d like to transfer to your Citi® Diamond Preferred® Credit Card account.
You can also complete this process over the phone by calling the number on the back of your card. Be sure to complete any balance transfers within four months of account opening to take advantage of the card’s 0% APR offer.
Is the Citi Diamond Preferred a good card?
The Citi® Diamond Preferred® Credit Card is a great card if you’re looking to consolidate high-interest debt by taking advantage of a long intro balance transfer offer. Doing so can save you hundreds of dollars or more, as long as you have the means and plan to pay off your balance before the introductory period expires.
The limited-time welcome offer is a nice bonus, but it’s not the main reason to get the card. That said, if you’re looking for a card that earns rewards on your everyday spending and can live with a shorter intro APR period, there are cards that offer 0% APRs on purchases and balance transfers that do earn points, miles, or cash back.