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The Citi® Diamond Preferred® Card is popular with consumers, even though it doesn’t earn rewards for spending or offer noteworthy benefits. However, it’s offering a rare welcome bonus that will end very soon. Citi is an Insider partner.

Review: Is the Citi Diamond Preferred the best credit card for you?

When you begin looking at cards that offer an introductory 0% APR, you’ll probably notice that quite a few rewards credit cards offer zero interest on purchases and/or balance transfers for a limited time. This includes popular cash-back credit cards like the Chase Freedom Flex℠
and the Chase Freedom Unlimited®. 

The Citi® Diamond Preferred® Card’s biggest selling point is the 0% intro APR on balance transfers for 21 months (transfers must be completed within 4 months of account opening) and on purchases for 12 months (then a 17.24% – 27.99% Variable)  — among the longest of any card with a 0% introductory APR offer. However, it doesn’t earn rewards for spending, nor does it usually come with a welcome bonus offer. That said, for a limited time, you can earn a $150 statement credit after you spend $500 on purchases in the first 3 months of account opening. This offer won’t be around for much longer, so if you’re interested you should apply now.

This 0% introductory rate makes the Citi® Diamond Preferred® Card ideal for those who want to consolidate high-interest debt or who want to make a large purchase and pay down the balance slowly without interest over time. 

Just keep in mind balance transfers must be completed within the first four months of account opening, and you’ll owe a balance transfer fee of 5% of the amount you transfer over (minimum $5). This can still translate to significant savings compared to carrying the balance on a high-interest credit card — as long as you pay it off before the promotional APR period runs out.

We’re focused here on the rewards and perks that come with each card. These cards won’t be worth it if you’re paying interest or late fees. When using a credit card, it’s important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay.

The Citi Diamond Preferred doesn’t have a rewards program

Most balance transfer credit cards geared specifically to people who need to pay down debt come with longer 0% APR offers and no rewards programs. While the lack of rewards can be a downside, the savings you can get by not having to pay interest for several more months can be substantial. Not only that but avoiding rewards can help you focus more on debt repayment without incentivizing you to spend.

There are other cards with long intro APR offers, such as the U.S. Bank Visa® Platinum Card (0% intro APR on purchases and balance transfers for 18 billing cycles, then a 18.74% – 28.74% Variable variable APR) or the Citi Simplicity® Card (0% intro APR on balance transfers for 21 months (transfers must be completed within 4 months of account opening) and on purchases for 12 months, then a 18.24% – 28.99% Variable APR). However, these cards don’t come with a welcome bonus or earn rewards.

There’s also the Discover it® Balance Transfer, which offers a 0% intro APR on balance transfers for 18 months and on purchases for 6 months, then a 15.74% – 26.74% Variable (as of 12/15/2022) APR. There’s no welcome bonus on this card either, but cardholders earn 5% cash back in categories that rotate each quarter on up to $1,500 in combined spending when you activate (then 1%) (from January 1 to March 31, 2023, you can earn 5% cash back at grocery stores, drug stores and select streaming services on up to $1,500 in purchases after enrollment, then 1%). Plus, Discover will match all the rewards you earn after the first 12 months through its Cashback Match program — with no limits.

Just remember that, whichever card you choose, you’ll still have to make the minimum payment each month, and your 0% APR offer won’t last forever. You’ll need to focus on paying off as much debt as you can since you’ll eventually be charged the ongoing variable APR on your remaining balance.

Benefits and features

The Citi® Diamond Preferred® Card doesn’t have many benefits outside of its introductory interest rate offer. Here are the main perks you should know about.

Free FICO score access

As a cardholder, you’ll get free access to your FICO score at any time. This can help you keep an eye on changes or improvements to your credit score, or find out quickly if your score drops. 

Entertainment benefits

Citi® Diamond Preferred® Card holders also get Citi Entertainment benefits, which include special or early access to tickets to concerts, sporting events, dining experiences, and more.

Fees and costs

The Citi® Diamond Preferred® Card doesn’t have an annual fee, but there are some ongoing fees to be aware of. For starters, you’ll pay a 5% balance transfer fee (minimum $5) if you transfer debt from another card, as well as a 5% cash advance fee (minimum $10) if you use your credit card to get cash out.

A foreign transaction fee will also apply to purchases you make outside the US, so this isn’t a good card to use overseas. Instead, consider one of the many credit cards that don’t charge foreign transaction fees to save money when you travel abroad.

Comparison: Citi Diamond Preferred card vs other Citi credit cards with 0% APR

Citi Diamond Preferred vs other balance transfer cards

Citi Diamond Preferred credit card frequently asked questions (FAQ)