Citi Diamond Preferred Card’s 0% Intro APR

The Citi Diamond Preferred Card is credit card that can help you lower your credit card debt if you take advantage of its 0% APR term.

The Citi Diamond Preferred Card, geared for consumers with credit scores above 700, has a substantial introductory period of 18 months with a 0% APR on both purchases and balance transfers. After that, the APR range remains fairly averagedetermined by the cardholder’s creditworthiness.

Balance transfers, while enjoying the 0% introductory APR, are subject to a balance transfer fee of $5 or 3% of the balance transfer (the greater amount.) You need to make the balance transfer within the first four months of opening the account.

Key Feature:  0% APR Can Help Reduce Debt

Consumers trying to save money by using this card to pare down their current balance should ensure the savings will be worthwhile after the fees.

That just takes some simple math comparing how much you would ultimately pay with your current credit card versus what you would pay in total with the Citi Diamond Preferred Card.

Also take into account the fact that all new purchases on your credit card – from the time you open it through the next 18 months – will be charged a 0% interest. If you are planning to charge those purchases to a higher interest rate credit card without paying the full balance at the end of the month, you could save a substantial amount of money by changing to a 0% interest rate credit card.

Of course, it’s critical that you plan to pay down your balance by the time the 0% APR period ends, or else you lose the advantage of having an interest free credit card.

The Citi Diamond Preferred Card is aimed at keeping credit simple, straightforward and low cost. It does not have a rewards program. So, consumers looking for a generous rewards card should keep shopping.

Other Perks with Citi Diamond Preferred Card

Consumers get access to a 24/7 assistance that can help book flights and hotels. They enjoy exclusive early access to particular tickets and preferred seating.

Cardholders, like with many credit cards, also get access to their FICO score, which can help them monitory their financial health.

Main Drawbacks: Savings in Lieu of Strong Rewards

While the Citi Diamond Preferred Card does have the major advantage of the longer 0% APR period that can help consumers get out of debt, it does not have a strong rewards program.

Instead, this credit card provides financial benefits through savings options on 0% interest on purchases and balance transfers for the first 18 months.

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