Generous balance transfer intro APR but no rewards #CashNews.co

With the average credit card interest rate of 22.8%, carrying a balance can be extremely expensive. One way to eliminate interest charges is to use a credit card with a 0% intro APR offer for new customers. The Citi® Diamond Preferred® Card features a 0% intro APR for up to 21 months — almost two years of interest-free financing. This promotion allows consumers to get debt-free by paying off new purchases or high-interest credit card debt without paying any interest.

When you open the Citi Diamond Preferred Card, you can benefit from an intro APR offer for purchases and balance transfers.

The 0% intro APR on purchases provides interest-free financing for 12 months. After the promo period expires, if there is an unpaid balance, the standard purchase APR applies going forward.

Customers can eliminate credit card interest by transferring balances to the Citi Diamond Preferred Card. This 0% intro APR on balance transfers is good for 21 months. All transfers must be completed within four months of opening your account, and there is a 5% balance transfer fee (minimum $5) on the transaction amount. When the balance transfer promotion expires, the standard APR applies to any unpaid balance.

The Citi Diamond Preferred Credit Card has limited benefits besides its intro APR offers. For this reason, cardholders may be better off switching to another credit card once the promotion expires. If they’ve paid off their debt (or at least substantially reduced it), their credit score may have improved enough to qualify for a card that offers valuable rewards or benefits.

Cardholders can get their credit score for free through their account dashboard or the bank’s mobile app. They can also buy tickets to thousands of events, including presale opportunities and exclusive events, through Citi Entertainment.

The Citi Diamond Preferred card is best for consumers who need extra time paying off their purchases or have high interest credit card debt. With the card’s intro APR offers, they have up to 21 months of interest-free financing to pay off their balances.

The Citi Diamond Preferred credit card can be used everywhere Mastercard is accepted. Mastercard is one of the largest credit card networks, and it is widely accepted when making purchases in the U.S. or internationally. When making purchases outside the U.S., there is a foreign transaction fee of 3%.

• Online at Citi.com

• Citi mobile app (Apple, Google)

• Set up recurring payments

• Regular mail to: P.O. BOX 9001037, Louisville, KY 40290-1037

• Overnight mail to: Citibank Express Payments, 6716 Grade Lane Building 9, Suite 910, Louisville, KY 40213

• Over the phone by calling (800) 950-5114

• In-person at a Citibank branch

The Citi Diamond Preferred card is an excellent choice for intro APR offers, but there may be better options for some consumers. Since it doesn’t earn rewards or offer a welcome bonus, you may want to select another credit card if that’s your priority.

Check out our full review of the Savor Cash Rewards card

Here’s what we think about the Blue Cash Everyday Amex card

This article was edited by Rebecca McCracken

Editorial Disclosure: The information in this article has not been reviewed or approved by any advertiser. All opinions belong solely to Yahoo Finance and are not those of any other entity. The details on financial products, including card rates and fees, are accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information. This site doesn’t include all currently available offers. Credit score alone does not guarantee or imply approval for any financial product.