What You Need to Know

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The Citi® Diamond Preferred® Card balance transfer fee is 3% of the transfer amount or $5, whichever is greater. This is competitive with the balance transfer fees on other credit cards, as most charge between 3% and 5%. Citi adds the fee to your card’s balance when it processes the transfer. So, if you transfer a balance of $1,000 to your Citi® Diamond Preferred® Card, its balance will go up to $1,030.

One of the best features of the Citi® Diamond Preferred® Card is a 0% intro APR on balance transfers for 18 months. There aren’t many balance transfer credit cards with such a long 0% intro APR offer. If you have credit card debt or any other high-interest debt, the 3% balance transfer fee may be worth paying. You may save a lot more money since you’ll have 18 months to pay off your debt without interest charges. Ideally, you should pay as much as possible during this timeframe to take full advantage of the 0% intro APR offer.

Citi lets you set up balance transfers online or by calling customer service. To do it online, start by logging in to your Citi account. Next, go to the section with your Citi Diamond Preferred. There will be an option to view current offers, including balance transfer offers. Click that link, select the balance transfer offer, and enter the required information. You should be able to set up the balance transfer within five to 10 minutes. Alternatively, you can call Citi at the number on the back of your Citi Diamond Preferred card.

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There are a few balance transfer rules with Citi that you should be aware of:

  • 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’s credit limit. If you want to transfer $10,000 in balances, you would need a credit limit of at least $10,300.

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.

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View more information: https://www.fool.com/the-ascent/credit-cards/citi-diamond-preferred-balance-transfer-fee/

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