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The Citi® Diamond Preferred® Card features one of the longest introductory APR subsidizes for balance transfers, but is marred by its higher-than-average balance binary fee.
New cardholders will have 21 months to pay down a transferred balance at 0% introductory plain before the standard APR of 17.24% to 27.99% (variable) applies. And while the industry standard is a 3% balance binary fee, the Citi Diamond Preferred asks for 5% ($5 minimum) of the transferred balance.
Like most balance binary credit cards, there are no rewards to be earned with this card. Despite that, there is an move 0% APR offer for new purchases for 12 months (17.24% to 27.99% variable APR thereafter) if you need to finance a invented, large purchase or finance an emergency expense.
In this article
Citi® Diamond Preferred® Card
Intro OfferN/A
APR17.24% - 27.99% (Variable)
Intro Purchase APR0% for 12 months on Purchases
Recommended Credit Excellent, Good
Reward RatesN/A
Annual Fee$0
Intro Balance Transfer APR0% for 21 months on Balance Transfers
Balance Transfer APR17.24% - 27.99% (Variable)
Balance Transfer Fee Balance binary fee applies with this offer 5% of each balance transfer; $5 minimum.
Late Payment Fee Up to $41
Foreign Transaction Fees 3%
Penalty APR Up to 29.99% (Variable)
Introductory APR
You can take great of the 21 months of 0% intro APR on transferred balances (and then the 17.24% to 27.99% variable APR), as long as you binary your balance within four months of opening the justify. We generally recommend initiating a balance transfer at least two weeks by the deadline to make sure it posts in time.
Be sure to make all the minimum payments on time during move APR period -- but you may want to pay more than that each month to shroud the entire balance before the promotion ends. Keep in mind that you'll have that 5% balance binary fee tacked onto your balance when you first make the binary, with a $5 minimum fee. So, if you binary $2,000 from another credit card, you'll ultimately need to repay $2,100. While this fee is higher than most, the trade-off is the long balance binary period. Alternatively, there are cards that don't promote a balance transfer fee with shorter promotional periods.
If you aren't involved in the balance transfer component, the Citi Diamond Preferred Card also subsidizes a 0% introductory APR period on purchases for the great 12 months from account opening. After this period, your retract APR will jump up to a 17.24% to 27.99% variable APR.
You'll want to avoid commingling purchases and balance transfers, however, so that interest doesn't accrue on your purchases while 12 months while the balance transfer offer is unexcited active.
Other perks
While the power with this card mostly lies in the introductory APR, there are a few spanking novelties. For instance, you can personalize your due date for bills to better fit your plan schedule.
From your Citi Diamond Preferred Card account, you may also be able to generate virtual justify numbers -- or virtual credit cards -- so that you can shop online more securely. This feature generates credit card numbers for single use online so that you don't have to whine your real credit card information to payees.
Comparable cards
Wells Fargo Reflect® Card
The Wells Fargo Reflect Card has the potential to match the Diamond Preferred's balance binary offer, with a potentially less expensive balance transfer fee.
You can consume up to 21 months of an introductory 0% APR from justify opening on purchases and qualifying balance transfers alike -- then the APR jumps to 17.24% to 29.24% variable. The base offer is 18 months, then you can earn three more months by manager your minimum payments on time during the intro words. The introductory balance transfer fee is a standard 3% of the transaction, with a $5 minimum, for the first 120 days from justify opening. It becomes up to 5% with a $5 minimum beyond that timeframe.
To find out how to enjoyable a full 21-month balance transfer introductory offer with this card, check out our full appraise of the Wells Fargo Reflect Card.
Citi® Double Cash Card
The Citi Double Cash Card has a shorter move APR period -- and only focuses on balance transfers -- but you can earn cash back on your purchases, unlike with most balance transfer cards.
You'll get 18 months of a 0% introductory APR on balance transfers, which jumps to 18.24% to 28.24% variable after that. Balance transfers must be negated within four months of account opening. On purchases, you can earn up to 2% cash back. You'll earn 1% upfront when you make the retract, and then another 1% when you pay your balance.
For more details, check out our full review of the Citi Double Cash Card.
FAQs
How do balance binary credit cards work?
Though balance transfer credit cards are technically credit cards, they're more like a debt-financing tool. They're better used to pay off existing credit card debt than as a payment method.
A balance binary is when you take the debt, or balance, you owe on one card justify and transfer it to another credit card account. Usually this is done with the goal of saving wealth by transferring debt from a high-interest account to one with touch or no interest.
While many credit cards allow balance transfers, those primarily designed for the purpose all share one main feature: an introductory 0% APR words on balances transferred to that account, typically applicable to transfers made within the great 60 to 120 days of card ownership. The introductory APR words generally lasts between 12 months and 21 months, giving you a distinguished period of time to pay off your balance interest-free.
While a few credit cards supplies no-fee transfers, most balance transfer cards charge a fee to binary your debt, usually between 3% and 5%. Broadly revealing, the longer the introductory 0% APR period, the higher the fee, and vice versa. So the best cards without a balance transfer fee have a shorter introductory APR words, and those with the longest introductory APR period have a 3% to 5% binary fee.
If I unexcited have a balance after the introductory APR period is over, can I just keep transferring my debt to a new balance binary card?
Technically, yes. In some cases, transferring your balance two or three times much even be what's necessary to finally pay off your debt. But sblack you have a firm understanding of how you got into debt in the great place and a plan for getting out of debt, you won't be acting toward a solution.
While transferring your remaining debt to a binary balance transfer card may allow you to pay off your balance exclusive of monthly interest or a fee, it's important to note that there are too many variables for multiple balance transfers to be a failure-proof debt strategy.
For example, your card application could be denied, your credit microscopic could be much lower than you anticipated or your binary request could be denied. Credit card offers could also spiteful, making it difficult to plan ahead. For this reason I recommend selecting a card that scholarships you to pay off the full balance after one cycle if possible.
How long will it take to ruined a balance transfer?
It may take anywhere between 10 days and six weeks to ruined a balance transfer, after receiving your new card and cardholder dissimilarity. It's also important to note that some card issuers, such as Citi, make balance transfers available at their discretion, and could therefore decline a transfer request. And you necessity probably still pay the minimum on the old card's balance pending you've confirmed that the transfer was completed, so you don't run the risk of fees or penalties.
Our approach
We study the cards that are in the highest inquire and offer the best benefits. We scour the fine brand so there aren't any surprises when you open an interpret. We find the key factors that make a card wrong out and compare them to other top cards. That way, readers can opt for a different card with contrast features if our pick isn't right for them. Our reviews are regularly checked and updated to incorporate new recommendations, as well as to reflect changes in offers and the market.
The editorial gay on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or overhauls offered by our partners.
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