There is no greater personal finance challenge than getting oneself out of credit card debt. Many people are taken by the ease of paying with plastic and quickly lose track of their spending. Others build credit card debt after being faced with a loss of income or unexpected medical bills. If you have taken on debt, or foresee the likelihood of doing so, what you need is a credit card that offers 0% introductory rate on balance transfers and purchases for the longest possible period. The Citi Diamond Preferred Card fits that bill, with an industry leading 0% APR for 18 months.
Citi Diamond Preferred Card Benefits
The Citi Diamond Preferred card’s 18 month 0% APR is remarkably long. The only other card with the same 0% duration is the Citi Platinum Card. For balance transfers, a fee of 3% of the amount transferred is charged. This too is a competitive rate as there are many other cards with transfer fees of 4% or 5%, all of which offer significantly shorter 0% intro rates.
The long introductory period available on the Citi Diamond Card essentially negates the impact of the balance transfer fee, as consumer essentially pay less than 2% during the course of the 0% period, a sharp relief from average interest rates that currently hoover in the mid-teens.
After the Citi Diamond Card’s introductory period expires, interest rates rise to a very reasonable variable rate that starts as low as 11.99%. This rate is also extremely competitive, particularly in comparison to other credit cards that offer 0% introductory rates.
Saving with the Citi Diamond Preferred MasterCard
The 0% APR on purchases and balance transfers for 18 months offered by the Citi Diamond Preferred Card cannot be beat. A person carrying $5,000 of credit card debt who uses the Diamond card for a 0% APR balance transfer can save $770 if they make average monthly payments of $200. This will also reduce that person’s debt by over 80% during the 0% APR period to a very manageable $950.
Final Thoughts on the Citi Diamond Preferred MasterCard
The Citi Diamond Preferred Card is ideal for people who are carrying credit card balances and want to reduce monthly interest expenses and get out of debt, as this card offers the longest 0% rate available and charges an extremely low balance transfer fee. This card is also a strong option for consumers who will be making new purchases they cannot immediately repay.
Essentially, the only consumers who can’t benefit from the Citi Diamond Preferred Card are those who have no credit card debt and pay their bills in full every month. Consumers who fall into this category are likely better off with a rewards credit card that can help them earn money on every purchase.
For more information or to apply, please see the information table below.
June 1st, 2011 at 8:30 pm
Is there any difference between this card and the Citi Platinum Card?
June 2nd, 2011 at 3:29 am
I already have a balance on a Citibank Sears card. Can I transfer it to this card and get the 0% rate for 21 months?
June 2nd, 2011 at 1:47 pm
Heather,
Unfortunately, you can’t transfer a balance from one Citibank credit card to another Citi credit card. This is true for all 0% promotions from all companies. I would consider a Discover balance transfer or a Chase balance transfer to get rid of your debt on the Sears card.
June 2nd, 2011 at 1:50 pm
Jason,
They are basically the same exact card. Only difference is the color IMO.