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Not worth the Citi® Diamond Preferred® card but spending If you're looking to get rewarded for your money, it can be a good deal if you need to consolidate your debt from other cards. With an incredible offer of 0% APR (and then a fluctuating APR of 15.99% to 26.74%), this is one of the longest running offers in the industry. The card also includes shorter interest-free offers on purchases, and Citi Diamond Preferred has no annual fee.

If you want to consolidate your debt by transferring high-interest balances, or if you need a card that offers interest savings on new purchases for a limited time, this balance transfer credit card is on the list. It should be on top. .

But is Citi Diamond Preferred worth it? Or would I be better off with a different credit card with 0% APR?

When is the Citi Diamond Preferred Card worth?

Before deciding whether it is worth signing up for Citi Diamond Preferred, you should consider all its benefits and how they apply to your situation. Here are some scenarios where this card is well worth it, both short and long term.

I have a lot of high interest debt that needs to be sorted out

When you apply for Citi Diamond Preferred, your balance transfer APR starts at 0% for 21 months, then 15.99 A variable APR from % to 26.74% applies. This offer allows you to easily consolidate your high-interest credit card debt and pay it off faster with no interest during the introductory period.

So how much can you save with Citi Diamond Preferred? In most cases, it depends on how you use it. Consider the following example. Please note that this card charges a 5% (or $5, whichever is higher) balance transfer fee.

Let's say you have $8,000 in credit card debt with an APR of 21% and you create a budget that allows you to pay $450 per month against your balance. At this rate, you can pay off this debt in 22 months, accruing more than $1,667 in interest along the way.

Now suppose you transferred that debt to Citi Diamond Preferred and introduced a 0% APR for 21 months (then a variable APR of 15.99% to 26.74%). Doing this will require a balance transfer fee of $400, which will start the process of outstanding $8,400. However, the same monthly payment of $450 will be debt-free in 19 months, and will accrue $0 in interest during that time.

This means you can save over $1,200 with Citi Diamond Preferred.

I want to make a big purchase and pay it off in 12 months

Also, Citi Diamond Preferred includes a 0% introductory annual interest rate for 12 months of purchase. It comes with an offer (followed by a variable annual interest rate of 15.99% to 26.74%), which is helpful if you want to buy something expensive and pay it off slowly.

You can also use this card to buy new furniture and appliances such as new computers and game systems. You can also use this card to pay your holiday expenses and then pay off the balance over the next 12 months without interest.

It is important to avoid annual fees

No annual fee for other Citi Diamond Preferred Benefits, so you can use your card for a long time. You may not want to use the card after his APR period in the first year is over, but holding the card for a longer period of time will increase the average age of your credit history and thus improve his credit score. Keeping a $0 balance on your card after paying off your debt also helps lower your credit utilization, another important determinant of your credit score.

When is the City Diamond Preferred card not worth it?

While the City Diamond Preferred card is definitely worth it in some scenarios, it lacks some areas. I have. Let's say you're actually better off using a different credit card.

I want to keep fees to a minimum

We explained how Citi Diamond Preferred charges a 5% balance transfer fee (minimum $5) upfront, but you should know that this fee is expensive. In fact, there are other balance transfer cards that charge a lower balance transfer fee (usually 3%), and depending on how much debt you need to consolidate, the difference in fees can be hundreds of dollars.

As an example, the Wells Fargo Reflect® Card offers 0% first-year APR for 18 months from account opening and eligible balance transfer at time of purchase. Minimum timely payment during the introductory period will extend the introductory APR for 3 months. After that, the APR fluctuated from 17.24% to 29.24%. Balance transfers made within 120 days are subject to the introductory rate and a 3% fee, followed by a BT fee of up to 5% (minimum $5). However, the upfront fee for consolidating the $8,000 debt shared in the example above will be $240 instead of $400 when completed during the referral period.

Rewards matter to you

Please remember that Citi Diamond Preferred does not offer rewards for payments. On the other hand, many other cards offer 0% APR on purchases or balance transfers. If you're happy with the introductory APR offer of up to 15 months instead of 21 months, you can find a variety of popular cashback credit cards. Many of these cards offer rewards for spending and generous sign-up bonuses.

I don't want to pay foreign transaction fees

Also, be aware that Citi Diamond Preferred charges foreign cards. 3% transaction fee. Therefore, if you plan to travel abroad, you should consider using another card.

Citi Diamond Preferred Card Should I get a Citi Diamond Preferred?

Obtaining Citi Diamond Preferred is best if you want to consolidate and pay off high-interest debt, or if you want to access an introductory APR on a short-term purchase. Makes sense.

That said, there are other 0% interest credit cards to consider, such as those that allow you to earn rewards on your purchases. Please consider Popular cards to consider in this niche include Discover it® Cash Back and Chase Freedom Unlimited®.

If you decide to acquire Citi Diamond Preferred because you need a long time to pay off your debt, you need to plan ahead.

When transferring high-interest balances, remember how much you will need to pay each month to pay off your debt before the trial period ends. Do the math, work out how much you'll need to pay over the 21-month timeline, and then get serious about sticking to your plan. After all, the remaining balance will be charged a normal variable APR rate of 15.99% to 26.74% after 21 months.

For example, let's say your credit card balance is $5,000 and adding a 5 percent balance transfer fee adds up to $5,250. To pay off your debt before the offer ends, you must pay $250 each month ($5,250 divided by 21 months = $250 per month). However, please note that Citi Diamond Preferred offers introductory APR rates for purchases as short as 12 months.


Citi Diamond Preferred is ideal for certain types of consumers. In other words, someone who plans to maintain a balance and wants to pay as little as possible to do so. This can be applied to high value items charged to the card or debt consolidated from other credit cards.

Keep in mind that this card is intended for high credit consumers. If you need to improve your credit score and know you won't be able to qualify, consider a fair credit or low credit card.

City Diamond There are many reasons to fall in love with her preferred. — But it's important to compare the card against other options from all angles before submitting your application.