Review: Citi® Diamond Preferred® Card

citi-diamond-preferred-visaThere 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 for both purchases and balance transfers is another Citi®offering, the Citi Simplicity® 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® Card

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® Card

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.

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About the author

Jeff Weber

Jeffrey Weber has been following and blogging about the credit card industry since 2004. He has also written for Forbes and been cited in a wide range of major media outlets including USA Today, Time, MSN Money, The Christian Science Monitor, The Detroit Free Press and numerous other prestigious online and print publications.

Jeffrey resides in Easton, Connecticut and enjoys spending his free time chasing after his two year old son, watching films with his wife and occasionally taking a holiday to go snorkeling.

– has written 338 posts.

{ 6 comments… read them below or add one }

MJ June 5, 2012 at 6:28 pm

thanks jeffrey. i was approved for 2 cards citi diamond preffered and citi simplicity both with both 0% till 18 mos. i will have them in 3 days. will it be a smart move to transfer 1,100 each on these cards so i will have like 1 plus also left on my high rate card. you see i have like almost 3,300 with 29.99% interest on my high rate card . will this affect my credit score ? please advise, many thanks for your time.

MJ

Reply

Jeff Weber Jeffrey Weber June 8, 2012 at 10:27 am

I would transfer as much as you are allowed to the 0% cards. If it doesn’t cover your entire balance, make minimum payments on the 0% cards and pay as much as humanly possible on the 29.9% card to reduce your interest expenses as quickly as possible.

Reply

MJ June 1, 2012 at 10:50 pm

jeffrey,
i am not familiar at all with balance transfer but i applied anyway for citi diamond preffered card and luckily got approved. I have 3500 balance in my Chase card and wanted to transfer the whole balance to my citi diamond card which only gives me 1200 credit line. my question is can i still transfer the whole amount of 3500 from chase since i only have 1200 credit limit with citi damond? please advise. many thanks

Reply

Jeff Weber Jeffrey Weber June 5, 2012 at 10:29 am

MJ,

You will only be able to transfer about $1,100, but you can continue to make additional transfers when your balance declines. In the interim, I would recommend paying only the minimum on your Citi Diamond card, since it has a 0% rate, and paying as much as you can on your high rate card. This will reduce your overall interest expense.

You could look into applying for a second card from a different company to get more credit at a 0% rate, but you may fare better by waiting a few months when your total balances are down which will make your credit score improve.

Reply

Jeff Weber Balance Transfers Helper June 2, 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.

Reply

Jeff Weber Balance Transfers Helper June 2, 2011 at 1:50 pm

Jason,

They are basically the same exact card. Only difference is the color IMO.

Reply

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These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

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