Kudos has partnered with CardRatings and Red Ventures for our coverage of credit card products. Kudos, CardRatings, and Red Ventures may receive a commission from card issuers. Kudos may receive commission from card issuers. Some of the card offers that appear on Kudos are from advertisers and may impact how and where card products appear on the site. Kudos tries to include as many card companies and offers as we are aware of, including offers from issuers that don't pay us, but we may not cover all card companies or all available card offers. You don't have to use our links, but we're grateful when you do!
Citi Diamond Preferred Balance Transfer Card Review: Is It Right for You?
The Citi Diamond Preferred Balance Transfer card stands out in the balance transfer credit card market with its generous 0% intro APR period and minimal fees. In this comprehensive review, we'll examine whether this card deserves a place in your wallet and how it can help you manage your credit card debt effectively.
What Is the Citi Diamond Preferred Balance Transfer Card?
The Citi Diamond Preferred Balance Transfer card is a specialized credit card designed primarily for debt consolidation and balance transfers. It offers one of the longest 0% intro APR periods in the market, making it an attractive option for consumers looking to transfer existing credit card debt and save on interest charges.
The card features no annual fee and comes with several Mastercard® ID Theft ProtectionTM benefits, though it doesn't offer a rewards program.
Citi Diamond Preferred Balance Transfer Card Pros & Cons
Let's examine the key advantages and disadvantages of this card:
Pros:
- Extended 0% intro APR period for balance transfers and purchases
- No annual fee
- Flexible payment options: choose a monthly payment due date
- $0 liability on unauthorized charges
- Comprehensive ID theft protection features
- Competitive ongoing APRs after the introductory period
Cons:
- Balance transfer fee applies (typically 3% or $5, whichever is greater)
- No rewards structure for spending
- Requires good to excellent credit for approval
- Strict qualifying difficulty standards
- Potential for a high penalty APR if you miss payments
Who Is the Citi Diamond Preferred Balance Transfer Card For?
This card is ideally suited for consumers who:
- Have existing credit card debt they want to consolidate
- Need a lengthy interest-free period to pay off large purchases
- Maintain good to excellent credit (typically 670 or higher)
- Want flexibility in choosing their payment due date
- Don't prioritize earning rewards on their spending
The card's primary appeal lies in its balance transfer timeline and account opening period features. Your creditworthiness and credit history will play crucial roles in the transfer approval process and determining your credit limit.
Comparing the Citi Diamond Preferred Balance Transfer Card with Other Cards
When considering the Citi Diamond Preferred Balance Transfer Card, it's helpful to compare it with other popular options in the credit builder card category:
Chime Credit Builder Secured Visa® Credit Card:
- Annual fee: $0
- Security deposit: Flexible, based on the amount transferred to Credit Builder account
- Key features: No credit check to apply, reports to all three major credit bureaus
- Standout feature: No minimum security deposit required
Capital One Quicksilver Secured Cash Rewards Credit Card (rate & fees):
- Annual fee: $0
- Security deposit: Minimum $200, which becomes your credit limit
- Key features: 1.5% cash back on all purchases, automatic credit line reviews
- Standout feature: Earn rewards while building credit
Current Build Visa® Credit Card:
- Annual fee: $0
- Security deposit: Flexible, based on the amount transferred to Build account
- Key features: No credit check required, reports to all three major credit bureaus
- Standout feature: Linked to Current banking app for easy fund transfers
Each card offers unique benefits tailored to different spending habits and preferences. Consider your personal financial goals when choosing the best card for you.
Key Takeaways:
- Citi Diamond Preferred Balance Transfer Card excels in being an attractive option for consumers looking to transfer existing credit card debt and save on interest charges
- Chime Credit Builder offers flexibility with no minimum deposit
- Capital One Quicksilver Secured provides cash back rewards
- Current Build integrates with banking app for convenient use
[[ CARD_LIST * {"ids": ["3069","3058", "5132"]} ]]
Consider Using Kudos to Maximize Your Credit Card Benefits
While the Citi Diamond Preferred Balance Transfer card excels at debt management, you can enhance its value by using Kudos, a free AI-powered browser extension. Kudos helps you optimize your credit card usage by:
- Automatically suggesting the best card to use for each purchase
- Working with over 15,000 stores to maximize savings
- Offering Flash Boost events where you can multiply your rewards up to 5X
- Providing personalized credit card recommendations based on your spending patterns
If you're looking to get more out of your credit cards, Kudos is the best free shopping app to use when you shop online. They're currently offering $20 back after your first eligible purchase — just sign-up for free with code "GET20" and make a purchase at a Boost merchant.
Our Expert Takeaway
The Citi Diamond Preferred Balance Transfer card is a solid choice for consumers focused on debt consolidation and balance transfers. Its lengthy 0% intro APR period and flexible payment options make it an excellent tool for managing credit card debt. However, the lack of rewards and strict credit requirements mean it's not suitable for everyone.
Citi Diamond Preferred Balance Transfer Card FAQ
What credit score do I need for the Citi Diamond Preferred card?
Generally, you'll need a good to excellent credit score (670 or higher) for approval. Your credit profile, income, and debt obligations will also factor into the credit approval decision.
How does the balance transfer process work?
After account opening, you can submit a balance transfer request. The transfer approval process typically takes 2-4 weeks, and you'll need to pay a balance transfer fee. The transfer must be completed within the specified introductory period to qualify for the 0% APR offer.
Will a balance transfer affect my credit score?
Balance transfers can impact your credit score through changes in your debt utilization ratio and the credit history length. However, reducing your overall credit card debt can positively affect your credit profile in the long term.
What happens after the introductory period ends?
After the 0% intro APR period expires, any remaining balance will be subject to the card's variable APR, which is based on the prime rate and your creditworthiness.
Are there any restrictions on balance transfers?
Yes, there are debt transfer restrictions. You typically cannot transfer balances from other Citi cards or loans. The amount you can transfer will depend on your approved credit limit and the card's balance transfer timeline.
Supercharge Your Credit Cards
Experience smarter spending with Kudos and unlock more from your credit cards. Earn $20.00 when you sign up for Kudos with "GET20" and make an eligible Kudos Boost purchase.
Editorial Disclosure: Opinions expressed here are those of Kudos alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
