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Updated on Monday, July 9, 2018
Balance transfer credit cards can be a helpful way to finally dig yourself out of debt, as long as they’re used responsibly. The Citi® Diamond Preferred® Card is one of the longest intro periods you’ll find today. The longer the intro period, the more time you have to make a dent in your debt without incurring interest charges, which makes this card one of our top picks for balance transfer cards today. In this review, we’ll cover all the benefits of the card, as well as tips on how best to use it for a balance transfer.
The Citi® Diamond Preferred® Card offers an intro APR of 0% for 18 months on Balance Transfers. After that, a regular APR of (14.74% - 24.74% (variable) applies. This is one of the longest balance transfer intro periods in our database, and may be plenty of time for you to pay off debt.
Take note, this card comes with a balance transfer fee — Balance transfer fee applies with this offer: 3% of each balance transfer; $5 minimum. While the fee is often outweighed by the amount you save by completing a transfer, you may want to check out no-fee balance transfer cards.
- Citi® Price Rewind: When you register eligible items with Citi® Price Rewind, a 60-day search for a lower price will begin. If a lower price is found, Citi may reimburse you for the difference between the amount you spent and the lower price found (up to $200 per item and $1,000 annually). Terms apply.
- Citi® Private Pass®: You can receive exclusive access to a range of entertainment events including concerts, sporting events, dining experiences and more with Citi® Private Pass®. Terms apply.
Balance transfers can be a great way to get out of debt, but before you complete a transfer, check out some key terms:
- Balance transfer fee: A balance transfer fee applies with this offer: 3% of each balance transfer; $5 minimum. This amount is pretty standard among credit cards that charge balance transfer fees.
- Regular purchase APR: Balances that linger after the intro period ends will be subject to interest charges at a rate of 14.74% - 24.74% (variable) APR. So, it’s important to make it your goal to pay off your balance before the intro period ends. This can help you avoid falling into the same cycle of debt you were in before the balance transfer.
- Balance transfer window: Balances must be transferred within four months of account opening to qualify for the intro period. Therefore, transfer balances when you open the card or soon after so you don’t miss out.
- How long the balance transfer takes to process: Citi states balance transfers can take up to 14 days to process. Continue making payments on your old card until the balance transfer posts to your account so you don’t rack up late payment fees.
We have a step-by-step guide on how to complete your balance transfer with Citi here, which includes screenshots for each step.
If you’re looking for a credit card that offers rewards or has no fee on balance transfers, here are two of our top alternatives:
The Amex EveryDay® Credit Card from American Express
The Amex EveryDay® Credit Card from American Express is a comprehensive card that offers numerous benefits for cardholders. There is an intro 0% for 15 Months (after, 12.99% - 23.99% variable APR). Plus, you can benefit from the $0 balance transfer fee. That’s a solid offer and you can also earn rewards on new purchases — earn 2x points at U.S. supermarkets, on up to $6,000 per year in purchases (then 1x), and 1x points on other purchases Other cardmember benefits include free two-day shipping at select merchants with ShopRunner, travel insurance and exclusive entertainment access. Terms apply.
The Chase Slate® has a decent 0% Intro APR on Balance Transfers for 15 months (after 16.74% - 25.49% Variable APR). While that is a shorter intro period than the Citi® Diamond Preferred® Card, there is a great Intro $0 on transfers made within 60 days of account opening. After that: Either $5 or 5%, whichever is greater. This can save you a good amount of money compared with paying a balance transfer fee that’s Balance transfer fee applies with this offer: 3% of each balance transfer; $5 minimum.
The information related to The Amex EveryDay® Credit Card from American Express, Chase Slate®, and Citi® Diamond Preferred® Card has been independently collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply to American Express credit card offers. See americanexpress.com for more information.