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The Citi Diamond Preferred is a great option for consolidating high-interest debt.
Citi; Gilbert Espinoza/Business Insider
The Citi® Diamond Preferred® Credit Card comes with an excellent introductory 0% APR offer.
It doesn't normally have a sign-up bonus, but right now, you can earn a Citi® Diamond Preferred® Card.
The card doesn't earn rewards for spending, but the new welcome offer makes it more appealing.
Disclaimer: Citi is an Insider advertising partner.
Using a credit card with a long introductory 0% APR is a great way to consolidate debt or save interest on large purchases you want to pay off over time. The no-annual-fee Citi® Diamond Preferred® Credit Card is one of the best balance transfer cards because of its extra-long Citi® Diamond Preferred® Card (followed by a Citi® Diamond Preferred® Card APR).
The downside: The Citi® Diamond Preferred® Credit Card doesn't earn rewards on spending, and usually doesn't offer a sign-up bonus. But now, for a limited time, the card is offering a welcome bonus of a Citi® Diamond Preferred® Card.
The addition of a welcome offer makes the Citi® Diamond Preferred® Credit Card a lot more appealing. You still won't earn rewards for your day-to-day spending, but if your objective is to put some money back in your wallet quickly, the new bonus is a good deal.
Here's what you need to know about the Citi® Diamond Preferred® Credit Card to help you decide if this offer is right for you.
Citi Diamond Preferred $150 sign-up bonus
Along with a limited-time bonus of a Citi® Diamond Preferred® Card, the biggest benefit you'll get from the Citi® Diamond Preferred® Credit Card is its generous intro 0% APR offer.
New cardholders get a Citi® Diamond Preferred® Card (then a Citi® Diamond Preferred® Card APR). Keep in mind balance transfers must be completed within the first four months of account opening, and there's a fee of either $5 or 5% of the amount of each transfer, whichever is greater.
Although there are plenty of cards that offer a longer intro APR on purchases, only a handful of others offer 21 months of 0% interest on balance transfers, including the Citi Simplicity® Card and Wells Fargo Reflect℠ Card — and neither of these comes with a sign-up bonus.
Taking advantage of a 0% intro APR on balance transfers can give you some breathing room if you have other high-interest credit card debt you want to consolidate and pay down. As long as you make the minimum payment each month, you won't be charged interest for the duration of the offer — and if your balance is large, this can translate into hundreds of dollars in savings.
This card could also fit your strategy if you have a big or unexpected purchase you can't pay off all at once. With its intro APR on purchases, you'll get 12 months of 0% interest (provided you make the minimum payments) which can save you a significant amount of cash.
Consider other cards if you want a long 0% APR on purchases
If an intro APR on new purchases is what you're after, be sure to look at other no-annual-fee cards with a long 0% APR introductory period that also offer a bonus and earn rewards. For example:
Credit card
0% APR offer
Welcome bonus
Rewards rate
Chase Freedom Unlimited®
Chase Freedom Unlimited® (then a 14.99%–23.74% variable APR)
$200 after spending $500 in the first three months from account opening
5% cash back (5x points) on travel purchased through Chase Ultimate Rewards
3% cash back (3x points) on dining and drugstore purchases
1.5% cash back (1.5x points) on everything else
Chase Freedom Flex℠
Chase Freedom Flex℠ (then a 14.99% – 23.74% APR)
$200 Bonus after you spend $500 on purchases in your first 3 months from account opening
5% cash back (5x points) on travel purchased through Ultimate Rewards
5% cash back (5x points) on up to $1,500 in purchases each quarter in rotating bonus categories when you activate, then 1%
3% cash back (3x points) on dining and drugstore purchases
1% cash back (1x points) on everything else
Blue Cash Everyday® Card from American Express
Blue Cash Everyday® Card from American Express (then a 13.99% to 23.99% variable APR APR) (See Rates)
$150 statement credit after you spend $1,000 in the first 3 months from account opening
3% back at US supermarkets*
2% back at US gas stations
1% back on all other purchases
Capital One Quicksilver Cash Rewards Credit Card
Capital One Quicksilver Cash Rewards Credit Card (then a Capital One Quicksilver Cash Rewards Credit Card APR)
Capital One Quicksilver Cash Rewards Credit Card
1.5% cash back on all purchases
Capital One SavorOne Cash Rewards Credit Card
Capital One SavorOne Cash Rewards Credit Card (then a 15.49% - 25.49% variable APR APR)
Capital One® SavorOne® Cash Rewards Credit Card
3% cash back on dining, grocery stores, entertainment, and streaming services
1% cash back on all other purchases
Citi Custom Cash℠ Card
Citi Custom Cash℠ Card (then a Citi Custom Cash℠ Card APR)
Citi Custom Cash℠ Card
5% cash back on up to $500 spent in your top eligible spending category*** each billing cycle (then 1%)
1% cash back on all other purchases
*3% back on the Blue Cash Everyday® Card from American Express up to $6,000 spent at US supermarkets in a calendar year, then 1% back (cash back is received in the form of Rewards Dollars)
***eligible 5% cash back categories on the Citi Custom Cash℠ Card are restaurants, gas stations, grocery stores, select travel, select transit, select streaming services, drugstores, home improvement stores, fitness clubs, and live entertainment
The right card for your situation really depends on why you want to use a 0% APR offer. If it's for a balance transfer, and earning rewards isn't as important to you, the Citi® Diamond Preferred® Credit Card is hard to beat. Otherwise, be sure to check out our guide to the best low-interest and 0% APR credit cards for more options.
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