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Citi Diamond Preferred Card Review

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This article was last updated Aug 07, 2018, but some terms and conditions may have changed or are no longer available. For the most accurate and up to date information please consult the terms and conditions found on the issuer website.

The information related to the Citi® Diamond Preferred® Card has been collected by CompareCards and has not been reviewed or provided by the issuer of this card prior to publication.

Who it’s best for

If you’re drowning in credit card debt and looking for a good balance transfer card, the Citi® Diamond Preferred® Card is a solid option. It can also be good for people looking to finance a large purchase without having to worry about paying interest fees for a while. With a long 0% intro APR period of 0%* for 18 months on balance transfers* and 0%* for 18 months on purchases*, you’ll have nearly two years to work on paying down your debt without having to worry about interest charges. But you will need excellent/good credit to qualify, so this card is best for people with healthy credit profiles.

This card isn’t designed for people with poor credit, people who want to earn rewards, or people looking to earn cash back. This card is designed for people looking to complete a balance transfer or make a large purchase. If you don’t have existing debt and aren’t looking to make a large purchase, you’re better off with another card that can earn you rewards, like the Citi® Double Cash Card – 18 month BT offer. Also, if you are someone with bad or fair credit, you won’t qualify for this card.

Where this card stands out in its category

With a $0* annual fee and an intro period of 0%* for 18 months on Balance Transfers*, the Citi® Diamond Preferred® Card is a leader in the balance transfer credit card market. This card has one of the longest 0% intro periods for balance transfers. If you have a large balance on your existing credit card and are racking up interest with a high APR, this card offers you a fantastic length of time to rid yourself of debt. Although this card doesn’t come with a rewards program, you will enjoy great additional card benefits, which we cover below.

Where this card falls short in its category

This card charges a balance transfer fee: 5% of each balance transfer; $5 minimum.

Although a transfer fee is typical of most balance transfer cards, you can find a card without a balance transfer fee — but you might receive a shorter intro period. This card also doesn’t provide rewards, but this isn’t a big deal breaker since most balance transfer cards don’t have rewards programs, and the goal of a balance transfer card is to pay off your debt.

Additional card benefits

The Citi® Diamond Preferred® Card has numerous card benefits on top of its great balance transfer offer. Whether you want access to exclusive events or 24/7 customer service, Citi has a feature for you. Here are the additional card benefits:

  • Citi® Private Pass®: Access to over a thousand events each year, ranging from concerts to sports events and more. Visit citiprivatepass.com for more information.
  • 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: Benefit from the flexibility to pay your bill on any available due date in the beginning, middle or end of the month. Note that not all dates are available and this may take up to 2 billing cycles to process. You can change your due date twice a year.
  • Apple Pay®: You can easily pay via Apple Pay® on your phone or at over 200,000 stores.
  • Citi® Concierge: Citi has representatives trained to help you with various needs, like travel and dining requests or questions.

View all our featured Citi credit cards

How to use it most effectively

Make sure you transfer your balance within four months from card opening so you don’t lose out on the intro balance transfer offer. After transferring your balance, create a plan that will allow you to pay off your balance before the intro period is over. If you plan on financing a large purchase with this card, be aware that once the intro period is over, you will be charged an APR of 15.24% - 25.24%* (Variable) on any unpaid balances. By paying off your balance before the intro period is over, you avoid interest charges and save money.

How to do a balance transfer with Citibank

A balance transfer with the Citi® Diamond Preferred® Card cannot exceed your available credit limit. This includes the total amount of your balance transfer plus balance transfer fees. For example, if your credit limit is $10,000, your transfer cannot exceed $9,700 because there would be a $300 balance transfer fee. You must complete your transfer within four months from account opening to enjoy the 0% intro balance transfer period (15.24% - 25.24%* (Variable), after).

To complete your balance transfer online, on your account dashboard you should see a link stating you’re eligible for a balance transfer in the same box as your account summary. Select “View Offer” to see your balance transfer offer. Then once you “Select Offer,” enter your transfer information and verify and submit your transfer. The balance transfer can take at least 14 days to process, so continue to make payments on your other account until the transfer is complete. Your pending transfer will be listed in the “Your Balance Transfer Requests” section, along with the current status of your request. Once your balance transfer request has been approved and fully processed, it will move to the “Your Balance Transfer” section, where you will see the amount you transferred and when the promotional rate will expire.

Read our full guide on doing a balance transfer with Citibank

Compare it with the Chase Slate® credit card

The Chase Slate® credit card offers a balance transfer fee of intro $0 on transfers made within 60 days of account opening. after that: either $5 or 5%, whichever is greater. This can save you a good sum of money compared to Citi® Diamond Preferred® Card, which charges a balance transfer fee of 5% of each balance transfer; $5 minimum. For example, if you transfer a $1,000 balance to Citi® Diamond Preferred® Card, you’ll be charged a $50 fee, while you won’t be charged anything when transferring to the Chase Slate® credit card (so long as you complete the transfer in 60 days from account opening). However, the Chase Slate® credit card has a shorter intro period (0% Intro APR on Balance Transfers for 15 months, then  17.24% - 25.99% Variable) may be a downside if you have a large balance. This card may be a better option for you if you want to avoid a balance transfer fee and are able to pay off your balance in a shorter period of time. See below for a breakdown of the key elements of both cards.

The information related to the Chase Slate® has been collected by CompareCards and has not been reviewed or provided by the issuer of this card.

Citi® Diamond Preferred® Card Chase Slate®
Annual Fee $0* $0
Balance Transfer Terms 0%* for 18 months on Balance Transfers* 0% Intro APR on Balance Transfers for 15 months
Balance Transfer Fee 5% of each balance transfer; $5 minimum. Intro $0 on transfers made within 60 days of account opening. After that: Either $5 or 5%, whichever is greater.
Ongoing APR 15.24% - 25.24%* (Variable) 17.24% - 25.99% Variable
Transfer Period 4 months from account opening 60 days from account opening
Rewards None Non-rewards card

Bottom line

For someone who is looking to save money on interest payments, the Citi® Diamond Preferred® Card provides you with a lengthy balance transfer intro period that can save you hundreds of dollars. This card is a great way for you to stop racking up interest on your balance — so long as you pay off your debt before the end of the intro period.


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