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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.
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. The card also offers an intro APR period for purchases, which can help you finance a large expense for over a year without incurring interest charges.
Just know, the card isn’t designed for individuals with poor credit or for those who want to earn a sign-up bonus or rewards for every purchase they make using the card. Additionally, while the card comes with a $0 annual fee, it does charge balance transfer fees.
We provide an overview of 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 Edge℠.
Intro Purchase APR
0% for 12 months on Purchases
Regular Purchase APR
15.99% - 25.99% (Variable)
Intro BT APR
0% for 21 months on Balance Transfers
Regular BT APR
15.99% - 25.99% (Variable)
Annual Fee
$0
Cash Advance Fee
5% of each cash advance; $10 minimum
Foreign Transaction Fee
3%
Balance Transfer Fee
Balance transfer fee applies with this offer 5% of each balance transfer; $5 minimum.
Intro APR on balance transfers
The Citi® Diamond Preferred® Card provides a generous intro APR of 0% for 21 months on balance transfers. Once the intro period ends, an ongoing APR of 15.99% - 25.99% (variable) will apply to any unpaid portion of the transfer.
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 12 months on Purchases. After that, a regular APR of 15.99% - 25.99% (Variable) applies to any remaining balance.
Annual fee
The Citi® Diamond Preferred® Card charges a $0 annual fee.
Balance transfer fee
A balance transfer fee applies with this offer 5% 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 allow cardholders to earn a sign-up bonus, or cash back or points for each dollar they spend using the card.
But this shouldn’t be a big deal breaker if the motivation behind applying for the card is to save on interest charges via the 0% APR intro offers.
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 it’s conversion into U.S. dollars.
The Citi® Diamond Preferred® Card and Chase Slate Edge℠ are similar in that both offer $0 annual fees as well as intro APRs on purchases and balance transfers for a year or more. Additionally, neither offers a sign-up bonus or rewards for every purchase you make using the card.
The Chase Slate Edge℠ also comes with a slightly shorter interest-free periods on purchases and balance transfer than the Citi® Diamond Preferred® Card. Cardholders receive a 0% Intro APR on Purchases for 18 months. After that, a 16.49% - 25.24% Variable APR applies. Additionally, the card offers a 0% Intro APR on Balance Transfers for 18 months. Then, a 16.49% - 25.24% Variable APR applies.
That said, the Chase Slate Edge℠ offers an automatic review of your account for a potentially higher credit limit after you spend $500 on the card within the first six months, provided your payments have been made on time. And if you spend at least $1,000 on your card within a year (and you pay on time), you may also be automatically considered for an APR reduction of up to 2%.
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| Citi® Diamond Preferred® Card | Chase Slate Edge℠ | Citi® Double Cash Card – 18 month BT offer | Citi Simplicity® Card |
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Apply Now on Citibank's secure site
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Apply Now on Chase's secure site
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Apply Now on Citibank's secure site
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Apply Now on Citibank's secure site
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| Annual Fee | |||
| $0 | $0 | $0 | $0 |
| Welcome Offer | |||
| None | N/A | No bonus | N/A |
| Rewards Rate | |||
| N/A | N/A | Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. | N/A |
| Intro Balance Transfer APR | |||
| 0% for 21 months on Balance Transfers | 0% Intro APR on Balance Transfers for 18 months. | 0% for 18 months on Balance Transfers | 0% for 21 months on Balance Transfers |
| Regular Balance Transfer APR | |||
| 15.99% - 25.99% (Variable) | 16.49% - 25.24% Variable | 16.24% - 26.24% (Variable) | 16.99% - 26.99% (Variable) |
| Balance Transfer Fee | |||
| Balance transfer fee applies with this offer 5% of each balance transfer; $5 minimum. | Either $5 or 3% of the amount of each transfer, whichever is greater in the first 60 days. After, either $5 or 5% of the amount of each transfer, whichever is greater. | There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. A balance transfer fee of 5% of each transfer ($5 minimum) applies if completed after 4 months of account opening. | Balance transfer fee applies with this offer 5% of each balance transfer; $5 minimum. |
| Intro Purchase APR | |||
| 0% for 12 months on Purchases | 0% Intro APR on Purchases for 18 months. | N/A | 0% for 12 months on Purchases |
| Regular APR | |||
| 15.99% - 25.99% (Variable) | 16.49% - 25.24% Variable | 16.24% - 26.24% (Variable) | 16.99% - 26.99% (Variable) |
| Recommended Credit | |||
| Excellent/Good | Excellent/Good | Excellent/Good | Excellent/Good |
| Card Details | |||
| Citi® Diamond Preferred® Card | Citi® Double Cash Card – 18 month BT offer | Citi Simplicity® Card | |
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 Edge℠ card is a good alternative.
The information related to the Chase Slate Edge℠ has been independently collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. This offer and/or promotion may have since changed, expired, or are no longer available.