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If you’re overwhelmed by credit card debt and looking for a good balance transfer card to get some relief from interest charges, the Citi® Diamond Preferred® Card, issued by our partner Citi, can help.
We break down the pros and cons of the Citi® Diamond Preferred® Card, and show how it compares to a similar balance transfer credit card – the Chase Slate®.
- Citi® Diamond Preferred® Card pros
- Citi® Diamond Preferred® Card cons
- Compare it to the Chase Slate®
- Which credit card is best for me?
With an interest-free period for a year and a half, the Citi® Diamond Preferred® Card offers one of the longest introductory APRs on balance transfers cards currently available. Just know, the card isn’t designed for individuals with poor credit or for those who want to earn rewards. Additionally, while the card comes with a $0 annual fee, it does charge balance transfer fees.
Citi® Diamond Preferred® Card pros
Intro APR on balance transfers. The Citi® Diamond Preferred® Card provides a generous intro APR of 0% for 18 months on balance transfers. Once the intro period ends, an ongoing APR of 14.74% - 24.74% (variable) will apply to any unpaid portion of the transfer.
To see how long it may take you to pay off your credit card debt, check out our balance transfer calculator.
Intro APR on purchases. If you’re planning to make a big ticket purchase and pay it off over time, the Citi® Diamond Preferred® Card also has a similar intro purchase deal. The card offers an intro APR of 0% for 18 months on purchases. After that, a regular APR of 14.74% - 24.74% (variable) applies to any remaining balance.
Annual fee. The Citi® Diamond Preferred® Card charges a $0 annual fee.
Additional Citi® Diamond Preferred® Card benefits:
- Citi Entertainment℠. Receive special access to thousands of events, including concerts, sporting events, dining experiences and more.
- Citi® Identity Theft Solutions. If you happen to be a victim of identity theft, Citi will assist you by identifying compromised accounts, filing police reports and taking other actions to restore your credit image.
- 24/7 Customer Service. Call the number on the back of your card for assistance with nearly all questions regarding your account.
- Choose your payment due date. Have the flexibility to pay your bill on any available due date in the beginning, middle or end of the month. Note, not all dates are available, and it may take up to two billing cycles to process your request. You can change your due date two times each year.
- Automatic account alerts. Set up alerts to remind you about balance levels, payment due dates and when you go over your limit.
Citi® Diamond Preferred® Card cons
Balance transfer fee. A balance transfer fee applies with this offer: 3% of each balance transfer; $5 minimum.
Although a transfer fee is typical with most balance transfer credit cards, you can find a card without a balance transfer fee – but you might receive a shorter intro period.
No rewards program. The Citi® Diamond Preferred® Card does not provide a sign-up bonus or rewards on the purchases you make using the card. But this isn’t a big deal breaker, since many balance transfer cards don’t offer rewards programs, as the goal of a balance transfer card is to pay off debt.
Foreign transaction fees. If you use your Citi® Diamond Preferred® Card to make purchases outside of the U.S., you will be subject to foreign transaction fees of 3% of each purchase transaction after its conversion into U.S. dollars.
Compare it with the Chase Slate®
The Citi® Diamond Preferred® Card and Chase Slate® are similar credit cards in that both offer $0 annual fees as well as intro APRs on purchases and balance transfers for more than a year. Also, neither card comes with a rewards program.
Where the cards differ the most is in the length of their intro APRs and their balance transfer fees. See how the two cards stack up side by side below.
Citi® Diamond Preferred® Card vs. Chase Slate®
|Citi® Diamond Preferred® Card||Chase Slate®|
|Intro APR on purchases||0% for 18 months on purchases, then 14.74% - 24.74% (variable)||0% intro apr on purchases for 15 months, then 16.49% - 25.24% variable|
|Intro APR on balance transfers||0% for 18 months on balance transfers, then 14.74% - 24.74% (variable)||0% intro apr on balance transfers for 15 months, then 16.49% - 25.24% variable|
|Balance Transfer Fee||A balance transfer fee applies with this offer: 3% of each balance transfer; $5 minimum.||$0 for the first 60 days that your account is open, after that, either $5 or 5% of the amount of each transfer, whichever is greater.|
|Transfer period||4 months from account opening||60 days from account opening|
The Chase Slate® offers slightly shorter interest-free periods on purchases and balance transfer than the Citi® Diamond Preferred® Card. However, if you can pay your transferred balance in full within the first 15 months of card membership, you stand to save more with the Chase Slate® if you take advantage of the balance transfer offer soon after opening the card to avoid any balance transfer fee.
Read our Chase Slate® card review.
Which balance transfer credit card is best for me?
For someone looking to save money on interest charges while paying down debt or financing a large purchase, the Citi® Diamond Preferred® Card provides a lengthy intro APR on balance transfers and purchases.
That said, if you don’t think you’ll need all that time to pay off your debt, the Chase Slate® card may be a better choice. In addition to offering an intro APR on balance transfers and purchases for more than a year, the card lets you avoid balance transfer fees on transfers made within the first 60 days of opening your account.
Whichever balance transfer credit card you choose, beware that if you don’t use it correctly, it can end up costing you more in the long run.
The information related to Citi® Diamond Preferred® Card and Chase Slate® has been independently collected by CompareCards and has not been reviewed or provided by the issuer of this card prior to publication.