How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.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 can help. This card offers one of the longest introductory APRs on balance transfers cards currently available. Plus, it includes an intro APR period for purchases, which can help you save interest on a large expense.
But a high balance transfer fee applies with this offer; 5% of each balance transfer; $5 minimum. This could end up costing you a significant amount (around $300 for a $6,000 balance transfer). The Citi Simplicity® Card is a much better choice for balance transfer, offering the same intro APR period but with a much lower balance transfer fee.
The Citi® Diamond Preferred® Card also doesn’t earn rewards or come with many additional benefits, so it’s not a great card to keep in the long term. If you want a card that earns rewards or comes with extra protections, the Citi Double Cash® Card or Wells Fargo Reflect® Card may be a better fit.
| Credit Cards | Our Ratings | Intro Balance Transfer APR | Regular Balance Transfer Rate | Balance Transfer Fee | |
|---|---|---|---|---|---|
Citi® Diamond Preferred® Card
 Apply Now
on Citibank's secure site Rates & Fees |
0% intro APR for 21 months on Balance Transfers | 17.24% - 27.99% (Variable) | Balance transfer fee applies with this offer; 5% of each balance transfer; $5 minimum. |
Apply Now
on Citibank's secure site Rates & Fees |
|
Citi Simplicity® Card
Apply Now
on Citibank's secure site Rates & Fees |
0% intro APR for 21 months on Balance Transfers | 18.24% - 28.99% (Variable) | There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5) |
Apply Now
on Citibank's secure site Rates & Fees |
|
Citi Double Cash® Card
Apply Now
on Citibank's secure site Rates & Fees |
0% intro APR for 18 months on Balance Transfers | 18.24% - 28.24% (Variable) | There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5) |
Apply Now
on Citibank's secure site Rates & Fees |
|
Wells Fargo Reflect® Card*
|
0% intro APR for 21 months from account opening on qualifying balance transfers | 17.24%, 23.74%, or 28.99% Variable APR | 5%, min: $5 |
Long intro APR on balance transfers
The Citi® Diamond Preferred® Card comes with a generous 0% intro APR for 21 months on Balance Transfers (followed by a 17.24% - 27.99% (Variable) APR). This is one of the longest introductory periods currently available for a balance transfer credit card, making the Citi® Diamond Preferred® Card a good option if you need a long period to pay off a balance.
A recent LendingTree study found that the typical length of a 0% balance transfer offer is 15 months, with 82% of 0% balance transfer credit cards offering introductory periods of either 12 or 15 months. 21 months is the longest duration you can find for a 0% balance transfer card.
See all of the top balance transfer credit cards.
Intro APR for new purchases
The Citi® Diamond Preferred® Card also has a 0% intro APR for 12 months on Purchases (followed by a 17.24% - 27.99% (Variable) APR). This can allow you to finance large purchases over time while avoiding costly interest charges.
This is a decent intro period for purchases, especially if you’re searching for a card that offers a combination of balance transfer and purchase intro offers. According to a LendingTree study, just 53% of 0% balance transfer credit cards also come with a 0% intro APR offer for purchases.
But if you’re looking for a longer intro APR on purchases as well as balance transfers, the Wells Fargo Reflect® Card has a 0% intro APR for 21 months from account opening on purchases followed by a 17.24%, 23.74%, or 28.99% Variable APR. Or, the BankAmericard® credit card has a 0% Intro APR for 18 billing cycles for purchases followed by a 15.24% - 25.24% Variable APR.
High balance transfer fee
The Citi® Diamond Preferred® Card has a higher-than-average balance transfer fee. A balance transfer is meant to help you save by offering an interest-free period to pay off debt, but this fee can cut into your savings significantly. Depending on how much you transfer, this could be hundreds of dollars. For example, if you transfer a $6,000 balance, it would cost you around $300.
In comparison, the Citi Simplicity® Card offers the same intro period with a lower introductory balance transfer fee. Transferring the same amount could cost you around $180 with the Citi Simplicity® Card versus $300 with the Citi® Diamond Preferred® Card.
Savings on a $6,000 balance transfer
| Intro APR | Balance transfer fee | Cost of balance transfer | Estimated savings* | |
|---|---|---|---|---|
| Citi® Diamond Preferred® Card | 0% intro APR for 21 months on Balance Transfers, then 17.24% - 27.99% (Variable) | Balance transfer fee applies with this offer; 5% of each balance transfer; $5 minimum. | $300 | $1,060 |
| Citi Simplicity® Card | 0% intro APR for 21 months on Balance Transfers, then 18.24% - 28.99% (Variable) | There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5) | $180 | $1,180 |
| Citi Double Cash® Card | 0% intro APR for 18 months on Balance Transfers, then 18.24% - 28.24% (Variable) | There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5) | $180 | $1,162 |
| Wells Fargo Reflect® Card | 0% intro APR for 21 months from account opening on qualifying balance transfers, then 17.24%, 23.74%, or 28.99% Variable APR | 5%, min: $5 | $300 | $1,060 |
No rewards program
The Citi® Diamond Preferred® Card is a great tool if you’re focused on paying down a card balance. However, if you’re looking to earn cash back or points on your spending, you’re out of luck with this card.
If you want to get rewarded for card spending, you’ll find plenty of balance transfer credit cards that earn rewards, like the Citi Double Cash® Card. With this card, you’ll earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time. Plus, a special travel offer, earn 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/25.
Foreign transaction fee
The card carries a 3% foreign transaction fee on each purchase transaction after its conversion into U.S. dollars.
If you plan on traveling, consider keeping another card in your wallet to use for purchases outside of the U.S. For example, the Capital One Savor Cash Rewards Credit Card may be a better option for travelers because of its lack of foreign transaction fees while still carrying a solid intro APR offer on balance transfers and purchases (see rates & fees).
Few other benefits
Beyond its intro APR offer, there’s little reason to carry the Citi® Diamond Preferred® Card. The card offers few other benefits or perks. In comparison, you can find many balance transfer cards with rewards and benefits on top of their introductory offers.
As a trade off for a slightly shorter intro period, you can find cards that offer perks and rewards, like the Citi Double Cash® Card. It has a 0% intro APR for 18 months on Balance Transfers (followed by a 18.24% - 28.24% (Variable) APR), and you’ll earn unlimited cash back on every purchase.
The Wells Fargo Reflect® Card does come with a few additional perks that the Citi® Diamond Preferred® Card doesn’t have, including cellphone protection and 24/7 roadside dispatch.
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.
However, because of its high balance transfer fee, a card like the Citi Simplicity® Card is a more affordable option for balance transfers. It has a much lower balance transfer fee while providing the same intro APR period.
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Credit limits can vary between cardholders. Citi sets credit limits based on your creditworthiness and other determining factors, like your income and outstanding debt. According to Citi’s terms and conditions, your credit limit could be as low as $500.
The Citi® Diamond Preferred® Card can be hard to get for applicants with lower credit scores. You’ll need good / excellent credit to qualify.
The Citi® Diamond Preferred® Card is a plastic credit card, not a metal card.
For Capital One products listed on this page, some of the benefits may be provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply
The information related to the Wells Fargo Reflect® Card and BankAmericard® credit card has been independently collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply.
The content above is not provided by any issuer. Any opinions expressed are those of LendingTree alone and have not been reviewed, approved, or otherwise endorsed by any issuer. The offers and/or promotions mentioned above may have changed, expired, or are no longer available. Check the issuer's website for more details.
