The Good

• 0% introductory APR for 21 months on purchases and on balance transfers (transfers must be completed within the first 4 months to qualify for intro rate)
• Citi® Price Rewind also lets you get a refund if you find a lower price on the same item within 60 days of making a purchase with your card
• No annual fee
• FICO® Score updated monthly for free

The Credit Card is best for people who have credit card debt, a good credit score, and need 1.5 – 2 years to bay off existing debt.   If you can afford to make higher payments and pay your debt faster, you probably should.  But if not, these longer 0% intr offers are great.  If you always pay your bill in full each month, you may want a credit card that offers cash back or points so you’re getting something for the money you’re actually spending. The more debt you have though, typically the longer it takes to pay down.  So you’ll definitely appreciate the card’s 21-month offer period.

The Card has a zero percent introductory APR for 12 months on new purchases and 21 months on balance transfers, then a 14.24% to 24.24% variable APR. This introductory period is longer than the 12, 15 and 18-month periods offered by many other cards. What that really means is that the existing debt that you transfer over is “free” with 0% APR for 21 months.  The new purchases you make though must be paid within 12 months.  At BrightRates, we only advocate that you make purchases on ANY credit card that you can pay off monthly.  So while it’s a nice feature, we don’t put much value in 0% APR on new purchases – it’s the existing balance transfer that really wins the day.

The Credit Card’s benefits include travel accident insurance, car rental insurance, trip cancellation and extended warranty coverage, interruption protection, travel and emergency assistance, damage and theft purchase protection, Citi Price Rewind and concierge service.

The Bad

• 3% balance transfer fee (which is standard)
• No rewards
• Penalty APR of up to 29.99% (variable)
• No points or cash back

The Credit Card- 21 Month Balance Transfer Offer doesn’t reward you with cash back or points for your purchases. The Citi® Diamond Preferred® Card doesn’t earn you any miles, points, or spending rewards of any kind. If you are someone who is looking for a rewards credit card, look elsewhere.  That said, we do not recommend focusing on rewards if still trying to pay off existing debt.

You’ll have to pay a fee to transfer a balance, which is standard. You’ll pay 3% of the amount transferred or $5, whichever is greater.  So if you transferred $2,000 in existing debt, you would pay a $60 transfer fee.  Again, this is standard and 3% is what you will find with most cards – though some go as high as 5%.

Our Summary

The Credit Card offers a generous 21 months at a 0% intro APR, which is fantastic for anyone who needs a long period of time to pay down credit card debt from other cards. Though the credit card has some less-ideal features such as late fees and a penalty APR and balance transfer, it also offers access to the Citi® Price Rewind and Citi® Concierge services. Overall, the card is a strong contender in the balance transfer credit card category.

If you have good or excellent credit and need to pay down existing debt, consider the Citi® Diamond Preferred® Credit Card. As a balance transfer card, the Credit Card is a solid choice. The penalty APR of up to 29.99 percent variable is the catch though, as is the returned payment fee of up to $35.  If you anticipate having late payments, get the Citi Simpliciti card instead.