The Citi® Diamond Preferred® Card is a strong contender in the realm of balance transfer credit cards, largely due to its long introductory APR period on balance transfers.
This card is designed to give cardholders a generous window to manage and pay off their balances without accruing additional interest, making it a potentially preferred choice for those looking to consolidate debt and save on interest.
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690-850 (Good – Excellent)
CreditFinder’s Rating: 4.2/5
The Citi® Diamond Preferred® Card caters to those with good to excellent credit scores, offering a 0% intro APR for 21 months on balance transfers made within the first four months and a 0% intro APR for 12 months on purchases. After these periods, the APR adjusts to a variable rate of 18.24% to 28.99%, depending on creditworthiness.
Pros and Cons:
Pros:
- Extended Intro APR Period: Provides one of the longest windows for balance transfers available in the market.
- No Annual Fee: Makes it cost-effective for managing and paying down debt.
- Citi Entertainment Perks: Offers access to special events and ticket pre-sales, adding value for those interested in entertainment.
Cons:
- No Rewards Program: Limits its long-term value beyond the introductory period.
- Balance Transfer Fee: Charges a balance transfer fee of 5% (minimum $5), which is on the higher end compared to some other cards.
- Limited Perks: While it does offer some Citi-specific perks, the benefits are minimal compared to more feature-rich credit cards.
Ideal User:
This card is best suited for individuals who need a substantial period to pay down existing debts without accumulating interest. It is particularly beneficial for those who can plan to pay off the transferred balance within the 21-month introductory period.
Key Features:
- Introductory APR: Offers 0% interest on balance transfers for 21 months and on purchases for 12 months, providing a significant interest-free period to manage financial liabilities.
- Regular APR: Post-introductory period, the APR ranges from 18.24% to 28.99% variable, which is competitive based on the cardholder’s credit profile.
- Balance Transfer Fee: At 5% of each transfer (minimum $5), this fee is something to consider when calculating the total cost of transferring a balance.
Why Choose the Citi® Diamond Preferred® Card?
Debt Management: If managing existing debt efficiently is a priority, the extended intro APR offer on balance transfers makes this card an attractive option, potentially saving significant amounts in interest payments.
Simplicity: With no annual fee and a straightforward approach to balance transfers and purchases, this card keeps things uncomplicated, which might appeal to those who value a no-frills credit card experience.
Citi Perks: Access to Citi Entertainment provides exclusive access to purchase tickets to thousands of events annually including presale tickets and exclusive experiences for concerts, sporting events, dining experiences and more, adding a layer of lifestyle benefits that might appeal to some users.
Comparison to Other Balance Transfer Cards:
When compared to other leading balance transfer cards like the Chase Slate or BankAmericard, the Citi® Diamond Preferred® stands out with its longer intro APR period on balance transfers. However, the higher balance transfer fee needs to be considered against the benefits of the extended interest-free period.
Long-Term Use:
While the Citi® Diamond Preferred® Card offers exceptional benefits for balance transfers, its long-term appeal may be limited due to the absence of a rewards program. After the initial balance is paid off or the introductory periods end, cardholders might find it less beneficial if they are interested in earning rewards or cash back on their purchases.
Conclusion:
The Citi® Diamond Preferred® Card is an excellent option for those who need a lengthy period to pay off their balances without incurring interest.
Its straightforward benefits and extended intro periods make it a strong candidate for anyone looking to consolidate and reduce their credit card debt efficiently.
However, for those who also want to earn rewards or enjoy broader credit card benefits, exploring additional options that offer both introductory rates and rewards might be more advantageous.
