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What You Need to Know About Citi Diamond Preferred's Balance Transfer Fee

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Lyle Daly
Author: Lyle Daly
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Lyle Daly is a personal finance writer who specializes in credit cards, travel rewards programs, and banking. His work with Motley Fool Money and The Motley Fool has appeared syndicated in USA Today and Yahoo! Finance. He was born in California but currently lives as a digital nomad with a home base in Colombia.

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If you have expensive debt, the Citi® Diamond Preferred® Card could be the solution. It has a long balance transfer offer with a 0% intro APR, allowing you to refinance your debt and save on interest. Before you do that, it's important to know what to expect with the Citi® Diamond Preferred® Card's balance transfer fee.

What is the Citi Diamond Preferred's balance transfer fee?

The Citi® Diamond Preferred® Card charges a balance transfer fee of Balance transfer fee applies with this offer; 5% of each balance transfer; $5 minimum., whichever is greater. Citi adds the fee to your card's balance when it processes the transfer. For example, if you transfer a $1,000 balance, then Citi will also add the $50 fee, meaning your card's balance will increase by $1,050 total.

The standard range for balance transfer fees is 3% to 5%. While the Citi® Diamond Preferred® Card is within that range, there are several balance transfer credit cards that only charge 3%. You may want to compare credit card options to see if you could save more money with another card.

Credit card comparison

We recommend comparing options to ensure the card you're selecting is the best fit for you. To make your search easier, here's a short list of standout credit cards.

Offer Our Rating Welcome Offer Rewards Program APR Learn More
Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Best for cash back on rotating categories 		Discover will match all the cash back you’ve earned at the end of your first year. 1% - 5% Cashback Circle with letter I in it. Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases.

Intro:

Purchases: 0%, 15 months

Balance Transfers: 0%, 15 months

Regular: 18.49% - 27.49% Variable APR *Rates as of December 12, 2024.

Apply Now for Discover it® Cash Back

On Discover's Secure Website.

Rates & Fees External Link Icon

Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Best for cash rewards on everyday spending 		$200 cash rewards Circle with letter I in it. Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months. 2% cash rewards Circle with letter I in it. Earn unlimited 2% cash rewards on purchases.

Intro: Circle with letter I in it. 0% intro APR for 12 months from account opening on purchases and qualifying balance transfers

Purchases: 0% intro APR, 12 months from account opening

Balance Transfers: 0% intro APR, 12 months from account opening on qualifying balance transfers

Regular: 19.24%, 24.24%, or 29.24% Variable APR

Apply Now for Wells Fargo Active Cash® Card

On Wells Fargo's Secure Website.

Rates & Fees External Link Icon

Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Best for unlimited rewards on purchases 		25,000 points Circle with letter I in it. 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases 1.5 points per dollar Circle with letter I in it. Earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees, and your points don't expire as long as your account remains open.

Intro: Circle with letter I in it. 0% Intro APR for 15 billing cycles for purchases. 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days. After the intro APR offer ends, 18.49% - 28.49% Variable APR on purchases and balance transfers will apply. A 3% fee for 60 days from account opening, then 4% fee applies to all balance transfers.

Purchases: 0% Intro APR for 15 billing cycles for purchases

Balance Transfers: 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days

Regular: 18.49% - 28.49% (Variable)

Apply Now for Bank of America® Travel Rewards credit card

On Bank of America's Secure Website.

What are the best features of the Citi Diamond Preferred?

The best feature of the Citi® Diamond Preferred® Card is a 0%, 21 months on Balance Transfers intro APR on balance transfers. It begins from the date of the first transfer and applies to balance transfers completed within four months of account opening. After the intro period is over, the go-to 17.24% - 27.99% (Variable) APR applies.

A balance transfer offer can make it easier, cheaper, and faster to pay off credit card debt. Let's say you have $5,000 in credit card debt at a 20% APR. If you pay $300 per month, it will take you 20 months to pay off, and you'll pay $906 in interest.

If you open a Citi® Diamond Preferred® Card and transfer the $5,000 balance there, you'll pay a $250 balance transfer fee. But you can then pay down your balance interest free. If you pay that same $300 per month, you'll have it paid off in 18 months with no more interest charges. You get out of debt two months earlier and save $656.

LEARN MORE: A Complete Guide to Balance Transfers

Here are the rest of this Citi credit card's best perks:

  • No annual fee
  • 0%, 12 months on Purchases into APR on purchases (the go-to 17.24% - 27.99% (Variable) APR applies after the intro period)
  • Free FICO® Score monitoring

What are Citi's balance transfer rules?

Here are the balance transfer rules with Citi:

  • You must complete balance transfers within four months of opening your Citi credit card.
  • You can't transfer balances from one Citi account to another. That means you can't move balances from other Citi credit cards to the Citi® Diamond Preferred® Card.
  • The amount you want to transfer and the balance transfer fee can't be more than your Citi® Diamond Preferred® Card's available credit. If you want to transfer $10,000 in balances, you would need at least $10,500 in available credit.

SEE MORE: Best Balance Transfer Credit Cards

How to do a balance transfer with Citi

You can transfer a balance with Citi online or over the phone at the number on the back of your card. Here's how to do a balance transfer with Citi online:

  1. Log in to your Citi account.
  2. Select "Credit Card Services." You'll find it under the "Services" drop-down menu.
  3. Select "Balance Transfer," which is located under "Lending Options."
  4. Select "Start a Balance Transfer."
  5. Choose the balance transfer offer you want to use.
  6. Enter the transfer details and submit your request.

It generally takes Citi between two and 21 days to complete a balance transfer. Until the balance is transferred to your Citi card, continue making the necessary payments on the original account. Otherwise, you could incur late fees. Once all your balance transfers are complete, you can focus on paying down your Citi® Diamond Preferred® Card as quickly as possible to take advantage of the balance transfer offer.

Still have questions?

Here are some other questions we've answered:

FAQs

  • The balance transfer fee for the Citi® Diamond Preferred® Card is 5% with a $5 minimum.

  • Yes, the Citi® Diamond Preferred® Card is a balance transfer card. Its most notable feature is a 0% intro APR on balance transfers for 21 months (from the date of the first transfer for balance transfers completed within four months of opening the Citi card account). Note that the go-to variable APR applies once the intro period ends.

  • Yes, the Citi® Diamond Preferred® Card charges a 3% foreign transaction fee.