With the average credit card interest rate of 22.8%, carrying a balance can be extremely expensive. One way to eliminate interest charges is to use a credit card with a 0% intro APR offer for new customers. The Citi® Diamond Preferred® Card features a 0% intro APR for up to 21 months — almost two years of interest-free financing. This promotion allows consumers to get debt-free by paying off new purchases or high-interest credit card debt without paying any interest.
Citi Diamond Preferred Credit Card
APR
The standard purchase APR is 18.24% to 28.99% variable, depending on creditworthiness. When you pay your balance in full each month, you have a grace period of at least 23 days from your statement date to avoid interest charges.
Balance transfers not qualifying for promotional interest rates are charged 18.24% to 28.99% variable APR. When using a promotional interest rate, the standard balance transfer rate applies to any unpaid balance when the promo expires.
If you make a cash advance, a variable APR of 29.99% applies. Cash advances have no grace period, so interest starts accruing immediately.
Customers who make a late payment or whose payment is returned are subject to a penalty APR of up to 29.99%, based on your creditworthiness. The penalty APR may apply indefinitely, even if your account returns to good standing.
Annual fee
There is no annual fee with the Citi Diamond Preferred Card. This keeps your costs low, especially when taking advantage of the card’s intro APR offers on purchases and balance transfers.
Welcome offer
The Citi Diamond Preferred Card does not offer a welcome bonus to new customers.
Intro offer
When you open the Citi Diamond Preferred Card, you can benefit from an intro APR offer for purchases and balance transfers.
The 0% intro APR on purchases provides interest-free financing for 12 months. After the promo period expires, if there is an unpaid balance, the standard purchase APR of 18.24% to 28.99% variable applies going forward.
Customers can eliminate credit card interest by transferring balances to the Citi Diamond Preferred Card. This 0% intro APR on balance transfers is good for 21 months. All transfers must be completed within four months of opening your account, and there is a 5% balance transfer fee (minimum $5) on the transaction amount. When the balance transfer promotion expires, the standard balance transfer rate of 18.24% to 28.99% applies to any unpaid balance.
Rewards rate
This card does not earn rewards.
Additional benefits
The Citi Diamond Preferred Credit Card has limited benefits besides its intro APR offers. For this reason, cardholders may be better off switching to another credit card once the promotion expires. If they’ve paid off their debt (or at least substantially reduced it), their credit score may have improved enough to qualify for a card that offers valuable rewards or benefits.
Cardholders can get their credit score for free through their account dashboard or the bank’s mobile app. They can also buy tickets to thousands of events, including presale opportunities and exclusive events, through Citi Entertainment.
Who is the Citi Diamond Preferred Credit Card best for?
The Citi Diamond Preferred card is best for consumers who need extra time paying off their purchases or have high interest credit card debt. With the card’s intro APR offers, they have up to 21 months of interest-free financing to pay off their balances.
Citi Diamond Preferred Card benefits
Citi Diamond Preferred Card potential drawbacks
-
Balance transfer fee of 5%
-
Does not earn rewards or offer a welcome bonus
-
The standard APR goes up to 28.99%
-
Very limited benefits
Where can you use the Citi Diamond Preferred Card?
The Citi Diamond Preferred credit card can be used everywhere Mastercard is accepted. Mastercard is one of the largest credit card networks, and it is widely accepted when making purchases in the U.S. or internationally. When making purchases outside the U.S., there is a foreign transaction fee of 3%.
How to make a Citi Diamond Preferred Credit Card payment
-
Set up recurring payments
-
Regular mail to P.O. BOX 9001037, Louisville, KY 40290-1037
-
Overnight mail to Citibank Express Payments, 6716 Grade Lane Building 9, Suite 910, Louisville, KY 40213
-
Over the phone by calling (800) 950-5114
Citi Diamond Preferred Credit Card customer service info
Alternative cards to consider
The Citi Diamond Preferred card is an excellent choice for intro APR offers, but there may be better options for some consumers. Since it doesn’t earn rewards or offer a welcome bonus, you may want to select another credit card if that’s your priority.
Why we like it: The offers a genrous intro APR on purchases and balance transfers, and earns unlimited cash back without charging an annual fee. New customers can earn a welcome bonus of 20,000 miles after spending $500 within three months. Additionally, it earns unlimited 1.25x miles on all purchases and 5x miles when booking travel through Capital One. You can redeem your miles for travel, statement credits, gift cards, and more. They can also be transferred to more than 15 airline and hotel partners to book award travel.
Recommended credit score: Good to Excellent
Why we like it: People whose dining, entertainment and grocery store purchases make up a significant portion of their spending can maximize rewards with the . On these bonus category purchases, you’ll earn 3% cash back and 1% on everything else. As a new cardholder, you can earn a $200 cash-back bonus when you spend $500 during the first three months. The card also features a generous intro APR on purchases and balance transfers. There is no annual fee, and the card does not charge foreign transaction fees.
Recommended credit score: Good to Excellent
Why we like it: The earns up to 3% cash back while providing a generous intro APR offer (see ). Cardholders earn 3% cash back on the first $6,000 they spend in each category — U.S. supermarkets, U.S. online purchases, and U.S. gas stations — and 1% cash back on everything else. If you maximize the bonus categories, you can earn at least $540 cash back each year. New cardholders earn a $200 welcome bonus when they spend $2,000 in the first six months.
Recommended credit score: Good to Excellent
This article was edited by Rebecca McCracken
Editorial Disclosure: The information in this article has not been reviewed or approved by any advertiser. The details on financial products, including card rates and fees, are accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information. This site doesn’t include all currently available offers. Credit score alone does not guarantee or imply approval for any financial product.