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The Points Guy believes that credit cards can transform lives, helping you leverage everyday spending for cash back or travel experiences that might otherwise be out of reach. That's why we publish a variety of editorial content and card comparisons: to help you find a great card to turn your goals into reality.
Our site may earn compensation when a customer clicks on a link, when an application is approved, or when an account is opened with our partners, and this may impact how or where these products appear. While we don't cover all available credit cards, our editorial team creates and maintains all of the analysis of these cards, and our content is not influenced nor subject to review by any credit card company, bank or partner prior to (or after) publication. Please view our advertising policy and product review methodology for more information.
Reviews
Citi Diamond Preferred card review: A good option for those with credit card debt
Ryan is a former TPG credit cards writer who has been around points and miles for several years and has published content at Miles to Memories, AwardWallet and The Points Guy. His wife joins him on many of his trips, and they enjoy snowboarding, diving, and seeing animals in the wild. When not traveling, Ryan is probably answering questions from his family about how he travels so much and whether this points & miles stuff is illegal.
Credit card writer Danyal Ahmed is an avid traveler, averaging about 100,000 aeronautical miles per year. He regularly applies that knowledge and his expertise in credit cards to his role as a credit card writer at TPG.
also contributed to this story
October 19, 2024 • 8 min read
The cards we feature here are from partners who compensate us when you are approved through our site, and this may impact how or where these products appear. We don't cover all available credit cards, but our analysis, reviews, and opinions are entirely from our editorial team. Terms apply to the offers listed on this page. Please view our advertising policy and product review methodology for more information.
Editorial note: This is a recurring post, regularly updated with new information and offers.
Quick summary
This card is designed for individuals seeking to pay down credit card debt, offering a lengthy introductory period with no interest on balance transfers and purchases.
It does not provide a rewards program or a welcome bonus, focusing instead on helping users save money through reduced interest charges.
Cardholders receive free access to their credit score and special event access, but the card lacks travel protections and other premium benefits.
The introductory interest-free period is longer than average, but balance transfer fees are higher compared to some alternatives.
What to consider
Balance transfers must be completed within four months of account opening to qualify for the lower fee; after that, a higher fee applies.
You cannot transfer more debt than your approved credit limit, so plan accordingly if consolidating large balances.
This card is best suited for those prioritizing interest savings over earning rewards or travel perks.
What you'll miss from the article
A detailed comparison of similar cards, including those offering rewards or lower balance transfer fees, to help you choose the best option for your financial needs.
Generated by AI with support from our editorial team.
Editorial disclaimer: Opinions expressed here are the author's alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.
Related stories
Citi® Diamond Preferred® Card
TPG Editor's Rating2.5 / 5
at Citi's secure site. Terms & restrictions apply. See rates & fees.
The (see rates and fees) doesn't earn rewards. Instead, it's geared toward people looking to avoid interest while paying down credit card debt through a long introductory annual percentage rate (APR) offer. While that could be a great benefit for some, it's worth comparing the Citi Diamond Preferred to other cards with lower balance transfer fees and that offer rewards along the way. Card rating*: ⭐⭐½
*Card rating is based on the opinion of TPG's editors and is not influenced by the card issuer.
If you're struggling to get ahead on credit card payments and reduce your debt, a credit card offering a introductory APR on balance transfers might help you.
After transferring your balance to the new card from your existing card, you'll avoid paying interest on your debt, potentially saving hundreds of dollars in interest each month.
The has a longer-than-average introductory APR, which is ideal when trying to pay down debt. However, that comes at the expense of not having a rewards program on the card and paying a higher-than-average balance transfer fee. TPG recommends that those seeking to be approved for the card have a credit score of at least 670.
Is this the right card for you? Let's take a look.
Generous introductory APR terms on balance transfers
No rewards
No welcome bonus
Citi Diamond Preferred Card welcome offer
There is no bonus for new applicants on the to earn extra cash back or points. Instead, the value of this card will come from money you save by reducing your monthly interest.
THE POINTS GUY
New applicants can receive an introductory 0% APR offer on balance transfers for 21 months from date of account opening, though transfers must be completed within four months from account opening. After the introductory period, a variable APR of 16.49%-27.24% will apply, based on your creditworthiness.
The introductory 0% APR also applies to purchases made within 12 months of account opening. After the introductory period, a variable APR of 16.49%-27.24% applies (based on creditworthines).
Note that the Citi Diamond Preferred has a balance transfer fee of 3% of the amount of the transfer (minimum $5) completed in the first four months from account opening. After that, your fee will be 5% of each transfer (minimum $5).
You also cannot transfer a balance higher than your credit limit, so consider this when you apply for a new card and plan to transfer a high dollar amount.
The principal benefit of the is its introductory APR. This contactless credit card offers two additional benefits, in addition to saving hundreds or thousands of dollars per year due to a reduced interest rate.
PHOTOALTO/LAURENCE MOUTON/GETTY IMAGES
You'll get free access to your FICO credit score, which will help you track your score as you use the Diamond Preferred card to pay down your credit card debt faster.
Since this card doesn't have an annual fee, it doesn't offer extra perks like extended warranty protection, rental car insurance or lost luggage insurance for your travels. If you're looking for those benefits, you may need a travel rewards credit card instead.
Earning rewards on the Citi Diamond Preferred Card
Unfortunately, you won't earn any points, miles or cash back with the . Instead, the card is focused on helping you pay down debt through a long introductory APR period for purchases and balance transfers.
WESTEND61/GETTY IMAGES
That said, there are cards like the , which offers 0% intro APR for 15 billing cycles and for any balance transfers made in the first 60 days of opening an account; after that, a variable APR of 17.49% - 27.49% will apply.
Redeeming rewards on the Citi Diamond Preferred Card
As you won't earn any rewards, you have nothing to redeem. Consider this trade-off as you save money through a long intro APR offer and compare the value of money saved to the value of rewards you might earn from another card (through everyday spending or a welcome bonus) to see which is better for your situation.
Which cards compete with the Citi Diamond Preferred Card?
This isn't the only card with a 0% introductory APR offer. Here's a look at a few other cards to see if another provides more value for you.
If you want a balance transfer with a lower fee, the offers a 0% intro APR for 15 billing cycles and for balance transfers made in the first 60 days; after that, a variable APR of 17.49% - 27.49% will apply. For more information, check out our full review of the Customized Cash Rewards card.
If you want to earn rewards on purchases also: The (see rates and fees) has no annual fee and a 0% introductory APR on balance transfers for 18 months. After the introductory period, the variable APR is 17.49%-27.49%. Balance transfers have a 3% fee (minimum of $5) for the first four months, then 5% (minimum of $5). With this card, you'll earn Citi ThankYou points, which you can cash out or use with travel partners to save money on a vacation. For more information, check out our full review of the Citi Double Cash.
If you want extra cash back plus a balance transfer: The Discover it® Cash Back Credit Card has no annual fee and a 0% introductory APR for balance transfers and purchases for 15 months. There's a 3% balance transfer fee and a variable APR of 17.24%-28.24% after the introductory period. You'll also earn up to 5% back on purchases, plus Discover will match your cash back at the end of the first year. For more information, check out our full review of the Discover It Cash Back card.
The information for the Discover it Cash Back card has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
Is the Citi Diamond Preferred Card worth it?
Those who are more interested in cutting interest while paying down debt may be willing to open a credit card that doesn't have a welcome bonus and doesn't earn rewards. While other cards have better earnings, the has a longer introductory APR period (21 months), which could provide you with big savings in the long run.
Bottom line
Avoiding interest for 21 months could help you reduce stress and save money if you have significant credit card debt. However, you will pay a fee to transfer your balance(s) to the . Still, those looking to get out of credit card debt may be willing to forgo rewards and welcome bonuses in favor of a few more months of not paying interest.
