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Let's face it, there is nothing more frustrating than paying your credit card bills each month only to see your balance drop by a small portion of what you paid. If you are stuck in a seemingly endless cycle with credit card payments that just won't go away, then we have some great news for you.
Balance transfer credit cards, like the Citi® Diamond Preferred® Card, offer a way out of this vicious cycle. Balance transfer credit cards offer 0% introductory APR for a number of months, usually between 12 and 21 months. These credit cards allow every penny of your monthly payments to go towards the principle of your balance during the introductory period. This allows you to pay down your balance faster and potentially saves you hundreds, if not, thousands of dollars!
The Citi® Diamond Preferred® Card, from our partner Citibank, leads the way among balance transfer credit cards by offering one of the longest intro APR on the market; new cardholders receive an incredible 21 months of 0% intro APR on balance transfer and purchases! That makes this the perfect card if you’re stuck under a mountain of credit card debt or want to make a big purchase and pay it off over the 21 month time period interest free.
Transferring your balance to the Citi® Diamond Preferred® Card is a genius way to get out of credit card debt fast. Here’s a quick example to show just how much money you could save by using the Citi Diamond Preferred Card for a balance transfer.
Let’s say you have $5,000 in credit card debt you want to get rid of and the interest rate on your current credit card is 17.99% APR. If you transfer your debt to the Citi® Diamond Preferred® Card and made payments of $245.25 for the first 21 months you will be debt free in under two years without paying a penny in interest.
Now let’s look at the numbers for if you don’t transfer your balance: With the same monthly payment, you will end up paying over $1,000 in interest on your current credit card and the payback will take significantly longer. Ouch!
Not only is this Citi® Diamond Preferred® Card a powerful tool to save money on balance transfers, but it also serves as a way to get interest free financing on new purchases for almost two years. Perhaps you want to buy new appliances for your kitchen or have a costly auto repair bill to pay. If you don’t have the cash to pay it all up front, the Citi® Diamond Preferred® Card can help you spread those payments out over 21 months.
Here’s how the 0% intro APR for 21 months on purchases works: Let’s say you need to buy a new refrigerator that costs $2,500. To get interest free financing, the only thing you have to do is open a Citi Diamond Preferred account, then put the refrigerator purchase on your shiny new card during the first month.
When you divide the purchase price of $2,500 by 21 months, you need to make monthly payments of only about $119. As long as you pay the purchase off in full before the intro period is up, you won’t be changed any interest!
There is no annual fee with the Citi Diamond Preferred, so you won’t have to worry about paying a fee to carry the card. After the introductory period is up, the ongoing APR on the Citi® Diamond Preferred® Card will be 13.24% - 23.24%* (Variable) based on your credit worthiness.
Like most balance transfer credit cards, there is a balance transfer fee of either $5 or 3%, whichever is greater, but you can easily make that up on the money you save with no interest.
This credit card is all about saving you money with 0% intro APR for 21 months. If you’re looking for a fancy rewards program or luxurious travel rewards then this may not be the right fit.
But if no annual fee and 0% interest for almost two years sounds nice to you, then look no further than the Citi® Diamond Preferred® Card. Whether you’re looking to do a balance transfer or simply want interest-free financing on an upcoming purchase, you can’t go wrong with the Citi® Diamond Preferred® Card!
*Editorial Note: This content is not provided or commissioned by the credit card issuer. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.