Citi Diamond Preferred Card provides one of the longest introductory APR periods available for balance transfers, does not charge an annual fee and could help save you money over time. Simply plug your debts into a balance transfer calculator to see how much money could be saved over time.
Be mindful that this card charges an unusually high balance transfer fee of 5% ($5 minimum). This compares poorly with other cards available.
1. No interest for 21 months
An extended 0% interest period on balance transfers could save you hundreds or even thousands in debt payoff savings. Citi Diamond Preferred Card has 21 months without interest charges on transfers, providing ample time to manage debt and become debt free more easily.
However, if you plan to transfer an extremely large amount of debt, the card’s high balance transfer fee (5% of transferred balance or $5; whichever is greater) may outweigh its potential benefits. Furthermore, no ongoing rewards programs exist with the card, further diminishing its long-term worth.
Citi Diamond Preferred Card’s no interest for 21 months benefit is its main draw, but this card also comes equipped with other useful perks – like being able to track your FICO(r) score online, no annual fee and complimentary access to Citi Entertainment which gives cardholders access to tickets and preferred seating at concerts, sports events and dining experiences.
One of the primary uses for a balance transfer card with no introductory APR is clearing revolving credit card debt with higher interest rates. You can use one to transfer it onto a lower rate card, and spend beyond minimum payments in order to knock it down quickly before your 0% APR window closes.
One key advantage of credit cards with extended 0% APR balance transfer windows is consolidating multiple debts onto one card for easier management and repayment. You could also use it to finance major purchases with no interest charged if payments are made on time.
If you need to transfer a considerable amount of debt, the Citi Diamond Preferred Card might not be your top choice. Due to its lower credit limit and lack of flexibility in transferring large sums, its best use would probably lie elsewhere; personal loans or balance transfer cards with higher limits might be better options for such purposes.
2. No annual fee
Citi Diamond Preferred Card can help you reduce debt more quickly through balance transfer credit cards that offer zero-interest periods of 21 months or longer and reduced balance transfer fees. Unfortunately, however, this card lacks many other unique benefits that set itself apart from its competition; such as signup bonuses or ongoing rewards programs. Furthermore, other balance transfer cards may offer longer intro APR periods or lower balance transfer fees than this card does.
If you have a substantial credit card debt with high interest, paying only the minimum payment every month may take years to repay. Even if your payments do not increase your balance, having only enough room left over for emergencies to cover minimum payments could leave little wiggle room to address sudden expenses. To speed up this process and save thousands in interest fees by moving the balance onto a Citi Diamond Preferred Card before its 0% APR period expires can help speed things along considerably faster.
Citi Diamond Preferred Card offers an attractive 0% APR period for 12 months on new purchases made with it, making it an attractive option for consumers who wish to make larger purchases and pay them off over time. Unfortunately, however, this card does come with an annual fee and therefore might not be suitable for everyone.
Though this card provides a generous 0% APR offer on balance transfers, its limited long-term value makes it less appealing than alternatives in terms of earning rewards like cash back or travel perks in return.
At the core, finding the ideal credit card for balance transfers depends on your unique requirements and desired goals. If your aim is to reduce debt with zero percent APR offers such as the Citi Diamond Preferred, that card may be an ideal fit; but if you want a card with higher earnings potential for purchases and balance transfers alike then one of our other top picks might be more appropriate.
3. No foreign transaction fee
Debt can be stressful, particularly if the interest payments are sky-high. A credit card balance transfer may offer relief from this burden of interest payments while helping speed up repayment by giving you more opportunity to address principal balance.
Citi Diamond Preferred Card offers an introductory 0% APR period and no annual balance transfer fee, making it an attractive solution for people dealing with credit card debt. Before applying, however, you should carefully consider a few points.
If you’re in search of rewards or features with which to indulge, the Citi Diamond Preferred Card might not be ideal. But if you need help paying down credit card debt quickly and want 21 months without interest payments – applying could be worth your while!
Know, though, that deferring interest for 21 months only works if you can make more than the minimum payments each month – otherwise you could end up owing more in total than what was transferred over.
Like with any credit card, when using the Citi Diamond Preferred Card to transfer balances you must ensure you pay it off before its introductory 0% APR period ends or face incurring interest on all of what was transferred onto it.
While it is ideal to pay off credit card debt before the introductory APR period ends, life can get in the way and delay is inevitable. A balance transfer can give you nearly two years to repay debts, saving money over time. Citi Diamond Preferred Card stands out amongst balance transfer cards with its 21 month 0% APR intro rate and no annual fee; but be sure to do your research when selecting the ideal card for yourself.
4. Consolidate your debt
Being in credit card debt is expensive and keeping up with it can be difficult, making payments harder to manage and repay faster. A balance transfer could help simplify finances and speed up debt pay-off more rapidly if you own multiple cards from different card issuers; moving them all onto one of Citi’s best balance transfer cards could save money in interest costs.
Note, however, that credit cards’ introductory 0% APR for balance transfers is distinct from their regular APR on purchases and before considering making one, make sure that enough purchases can be made with this card during its introductory APR period to repay its full balance before its end.
Use either the online application or calling the number on the back of your card to initiate a balance transfer with Citi. When initiating, you may be required to provide information such as account number, creditor’s name and amount you would like transferred. It usually takes Citi two to 21 days to process this request – during this period make sure payments remain current on both accounts to avoid late fees!
After your balance transfer period ends, select a card with a low ongoing APR. For example, the Citi Diamond Preferred Card offers a potential APR of 19.99% which is significantly lower than the current average credit card interest rate; other balance transfer cards offer even lower potential APRs.
Another aspect to keep in mind when selecting a balance transfer card is whether or not rewards will accrue on purchases. If your goal is to pay off debt before the introductory APR period ends, a card without rewards might be appropriate; but for larger debt loads, cards that earn rewards could help accelerate reaching financial goals more rapidly.