The Citi Diamond Preferred card — a top choice for balance transfers — is offering a rare $150 sign-up bonus, but only for a limited time

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• 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.
• Read Insider's guide to the best rewards credit cards.

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.

Read more: Citi Diamond Preferred card review

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.

Read more: A 5-minute conversation with my grandmother helped me get out of the post-divorce debt that plagued me for years

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:

*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.