The Citi Diamond Preferred Card has a long 0% intro APR period for balance transfers and a $150 welcome bonus [Expired]

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The Citi® Diamond Preferred® Card welcome bonus offer mentioned below is no longer available.

The Citi® Diamond Preferred® Card has been a solid option for those looking for a credit card with a low intro APR period, offering new cardholders a way to finance new purchases or make a balance transfer and save on interest charges. Now, the card has launched a welcome offer where you can earn cash back alongside the 0% APR period.

However, just like any other financial product, this card takes careful planning to fully maximize its potential.

Select breaks down the bonus, the features of the card and how you can use the card to its full potential.

After you're approved for the Citi® Diamond Preferred® Card, you can earn a $150 statement credit after you spend $500 on purchases in the first 3 months of account opening.

While this bonus is middle-of-the-road compared to other cash-back credit cards, many 0% intro APR cards aren't known to have a welcome bonus at all, especially one with this long of an 0% APR intro period for balance transfers.

For example, the U.S. Bank Visa® Platinum Card card offers 0% intro APR for the first 18 billing cycles on balance transfers and purchases (then 18.74% - 29.74% variable). The 0% introductory APR applies to purchases and is valid for the first 18 billing cycles. The 0% introductory APR applies to balance transfers made within 60 days of account opening and is valid for the first 18 billing cycles, but it does not offer a welcome bonus.

So if you're accruing interest on another credit card, using a balance transfer offer like this and scoring an easy $150 could be a smart financial move. Note that to earn the bonus you'll have to make new purchases on the card as balance transfers won't count towards the spending requirement.

The card comes with several features, but most notably are the 0% APR offers. When you're approved for the card, you'll have:

• 0% intro APR for 21 months on balance transfers (variable APR is 13.99% - 23.99% after)
• 0% intro APR for 12 months on purchases (variable APR is 13.99% - 23.99% after)

This means as long as you pay the minimum payment each month and on time, you'll not accrue any interest charges during the promotional period. Keep in mind that for each balance transfer, you'll need to pay either $5 or 5% of the total balance transferred, whichever is more. And to be eligible for the 0% intro APR on balance transfers, balances must be transferred within the first four months of card membership.

In addition, the card has no annual fee, gives you the ability to select your payment due date for your monthly statement and $0 liability for any unauthorized charges.

Outside of the welcome bonus, this card doesn't earn any cash back or rewards for ongoing spend.

A 0% intro APR credit card is a great tool to either finance a large purchase or consolidate existing credit card debt.

For example, let's say you have $5,000 in home renovation purchases to make and want to pay it off over time. By putting the purchases on the Citi Diamond Preferred, you can pay it off slowly over 12 months without accruing any interest. However, if you put those same charges on the Chase Sapphire Preferred® Card, you'll pay a variable interest rate ranging from 21.49% - 28.49%. Even on the low end, you'll pay over $300 in interest over the 12 months. At the high end, it would be over $500. So by using the right card, you can save significantly.

If you're currently revolving credit card debt, a balance transfer could save you hundreds of dollars. If you transfer that same $5,000 from the Sapphire Preferred to the Citi Diamond Preferred, you'll have 21 months to pay it off without accruing interest. And while you'll be charged a $250 balance transfer fee, the money you save in interest charges will more than cover the fee.

The Citi® Diamond Preferred® Card is a solid choice for consumers looking to make a large purchase(s) or refinance looming credit card debt. And with an additional $150 bonus after you spend $500 in the first three months, it makes this card a solid pick compared to other 0% intro APR cards.

However, before applying for a new credit card, it's important to have a well-calculated budget in place to know exactly how much you'll owe each month and when you have the debt paid in full.