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Citi® Diamond Preferred® Card Intro Offer: 0% APR on balance transfers for 21 months

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The Citi Diamond Preferred card is a top pick for transferring a balance thanks to its extra long promotional period — which gives cardholders nearly two years to pay off an interest-free balance and make interest-free purchases — and reasonable balance transfer fee.
  • 0% Intro APR on balance transfers for 21 months from the date of first transfer. All transfers must be completed in first 4 months. After that, the variable APR will be 14.24% - 24.24%, based on your creditworthiness*
  • 0% Intro APR on purchases for 12 months from the date of account opening. After that, the variable APR will be 14.24% - 24.24%, based on your creditworthiness*
  • If you transfer a balance after the 0% Intro purchase APR expires, new purchases and unpaid purchase balances will automatically accrue interest until all balances, including the transferred balance, are paid in full
  • There is a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater
  • $0 liability on unauthorized purchases and Citi® Identity Theft Solutions
  • No annual fee*
  • Free access to FICO® Scores*

https://citicards.citi.com/usc/Di...4E0B96FCB9
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Created 01-28-2018 at 05:10 PM by giffbiff
in Finance (4) Get Citi Coupons
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16 Comments

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#2
Not slick if you have to pay a BT fee...
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The Ron Swanson
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#3
Quote from Eagles89
:
Not slick if you have to pay a BT fee...
No one else out there offers 21 months interest-free on balance transfers, however. And the BT fee is pretty reasonable, $5.00 or 3%, whichever is greater.
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#4
Quote from giffbiff
:
No one else out there offers 21 months interest-free on balance transfers, however. And the BT fee is pretty reasonable, $5.00 or 3%, whichever is greater.

No, but Slate offers 15 months interest free with no BT fee.

Which is a lot more reasonable than paying 3% of the balance to go from 15 to 21 months.

Lots more cards offer 12 for free on top.
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Last edited by Knightshade January 29, 2018 at 04:32 AM.
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The Ron Swanson
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#5
Quote from Knightshade
:
No, but Slate offers 18 months interest free with no BT fee.

Which is a lot more reasonable than paying 3% of the balance to go from 18 to 21 months.
"A lot more reasonable" is a bit of a stretch. Let's do some simple math, if I transfer $6000 and pay the 3% BT fee that's $180. If I make a $250 monthly payment I can have the balance paid off in less than 24 months, but if I keep that balance on a high-interest rate credit card at 24%, which many are that and above, and continue to make the same $250 payment it will take me more than a year longer to pay it off and I will have paid more than $2200 in interest along the way. By transferring the 6K, even with the $180 BT fee, I still pay the loan off a year quicker and save more than $2000. That's a SD for a balance transfer if you need to get out from under a high-interest rate card! I'm not trying to defend the card, I'm not a proponent of credit cards, both deals are good for balance transfers.
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#6
Quote from giffbiff
:
"A lot more reasonable" is a bit of a stretch.
Not really, no. Free is always more reasonable than paying 3%.


Quote from giffbiff
:
Let's do some simple math
Yes, let's!

Quote from giffbiff
:
, if I transfer $6000 and pay the 3% BT fee that's $180. If I make a $250 monthly payment I can have the balance paid off in less than 24 months, but if I keep that balance on a high-interest rate credit card at 24%, which many are that and above, and continue to make the same $250 payment it will take me more than a year longer to pay it off and I will have paid more than $2200 in interest along the way. By transferring the 6K, even with the $180 BT fee, I still pay the loan off a year quicker and save more than $2000. That's a SD for a balance transfer

Except, it's totally not. Because after 21 months at $250 you will only have paid $5250.

You will now pay high interest on the remaining amount for 3-4 months. Plus the pointless $180 you paid for the transfer.


Here's some more math.


Instead I transfer to the Slate. $0.00 cost.

I pay $250 a month until the 0% period is almost at an end.

Then I open a different card that also does 0% for a year or more with zero balance transfer fee (there's several of them)

And I finish paying it off, all for $0.00 above the original debt.


Now I'm out of debt and over $200 cash ahead of your plan.


Simple math indeed.
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#7
Quote from Knightshade
:
Not really, no. Free is always more reasonable than paying 3%.




Yes, let's!




Except, it's totally not. Because after 21 months at $250 you will only have paid $5250.

You will now pay high interest on the remaining amount for 3-4 months. Plus the pointless $180 you paid for the transfer.


Here's some more math.


Instead I transfer to the Slate. $0.00 cost.

I pay $250 a month until the 0% period is almost at an end.

Then I open a different card that also does 0% for a year or more with zero balance transfer fee (there's several of them)

And I finish paying it off, all for $0.00 above the original debt.


Now I'm out of debt and over $200 cash ahead of your plan.


Simple math indeed.
​You win!
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#8
Quote from Knightshade
:
Not really, no. Free is always more reasonable than paying 3%.




Yes, let's!




Except, it's totally not. Because after 21 months at $250 you will only have paid $5250.

You will now pay high interest on the remaining amount for 3-4 months. Plus the pointless $180 you paid for the transfer.


Here's some more math.


Instead I transfer to the Slate. $0.00 cost.

I pay $250 a month until the 0% period is almost at an end.

Then I open a different card that also does 0% for a year or more with zero balance transfer fee (there's several of them)

And I finish paying it off, all for $0.00 above the original debt.


Now I'm out of debt and over $200 cash ahead of your plan.


Simple math indeed.
Just some third-party information on best balance transfer cards currently available and you actually save more with the Citi card than the Slate which is only 15 months interest-free and not 18 months.
https://www.creditcards.com/balance-transfer/
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Quote from giffbiff
:
Just some third-party information on best balance transfer cards currently available and you actually save more with the Citi card than the Slate which is only 15 months interest-free and not 18 months.
https://www.creditcards.com/balance-transfer/

How do you "save more" with a card that charges 3% fee (this one) versus a card that charges 0% fee (Slate)?

The "estimated savings" #s given on your link are assuming only a ~$56 monthly payment on the card and a $2500 debt and 24 months of payments.

Everyone can run their own math of course, but it also assumes you just get ONE balance transfer card and make only small payments and use it for 24 straight months- which makes little sense since none of them run 0% that long.

So the best course would be to get the longest 0% interest and 0% fee card, and make as large a monthly payment as you can during the 0% period.

Then if you paid it off- great, you saved the 3% your own card would've cost the person.

If not, open another 0% interest, 0% transfer card and use that, which gives you more total time, for no cost, compared to getting this Citi card.


Heck- even if it's a lot of debt and you can't fully repay it before you use up the "free" time on ALL 0 transfer fee cards, you at least pay a much lower balance transfer fee when that happens to move the remaining balance to a last-resort card like this one.


As your own source notes-

Quote :
A few cards, such as the Chase Slate, offer a $0 intro fee for balance transfers made in the first 60 days of account opening, which can save you hundreds of dollars depending on the amount you are transferring
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#10
Besides SLATE what cards offer 0% balance transfers with 0% balance transfer fees?
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Quote from TheVulture
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Besides SLATE what cards offer 0% balance transfers with 0% balance transfer fees?

Here's a list of 18 more cards that do. Is that enough?

http://www.magnifymoney.com/blog/...322859387/


(to be fair, only about half of those offer 0% for a year or more- the rest do it for 6 months... still, Slate plus any card on the list gets you 0% for as long as this card, or as much as 6 months longer than this card, all with $0.00 in transfer fees)

Other disclaimer-many of the other cards DO have some sort of requirement (only open to certain states, or certain professions, etc)- though a number of them let you qualify for a couple of dollars, which are still way cheaper than paying 3% of your balance.


That said- the top 2 by themselves already beat this deal handily- (Slate and BOA) since you get 30 months of 0% with $0.00 fees... and they also have no "special" signup requirements
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Last edited by Knightshade January 29, 2018 at 04:30 AM.
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#12
Quote from Knightshade
:
Here's a list of 18 more cards that do. Is that enough?

http://www.magnifymoney.com/blog/...322859387/


(to be fair, only about half of those offer 0% for a year or more- the rest do it for 6 months... still, Slate plus any card on the list gets you 0% for as long as this card, or as much as 6 months longer than this card, all with $0.00 in transfer fees)

Other disclaimer-many of the other cards DO have some sort of requirement (only open to certain states, or certain professions, etc)- though a number of them let you qualify for a couple of dollars, which are still way cheaper than paying 3% of your balance.


That said- the top 2 by themselves already beat this deal handily- (Slate and BOA) since you get 30 months of 0% with $0.00 fees... and they also have no "special" signup requirements
Thank you, I hadn't seen that site before.
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#13
Slightly off topic but with the strategies you discussed above, once you transfer to the 2nd card, do you typically close the first 0% card so you can apply again later? Reason I ask is I can use this or the Slate deal to transfer a bunch of existing cards to one balance, but some of those existing cards are the ones that run these intro deals.
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#14
Quote from s0lidMuse
:
Slightly off topic but with the strategies you discussed above, once you transfer to the 2nd card, do you typically close the first 0% card so you can apply again later? Reason I ask is I can use this or the Slate deal to transfer a bunch of existing cards to one balance, but some of those existing cards are the ones that run these intro deals.

In the case of say the slate it'd make a lot more sense once the balance is paid off to product change it into a useful card (like a Freedom) rather than close it- that would be true regardless of if you planned to try and churn the slate offer down the line or not.

Closing a $0 annual fee card almost never makes sense if there's any other choice.
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#15
Quote from Knightshade
:
No, but Slate offers 15 months interest free with no BT fee.

Which is a lot more reasonable than paying 3% of the balance to go from 15 to 21 months.

Lots more cards offer 12 for free on top.
i'm looking at the slate and I'm seeing in their website 1% fee

*i know this post is old, just for reference that this changed recently

*postingIntro balance transfer offer
Transfer balances with a low introductory fee of 1% during the first 60 days your account is open.† Same page link to Pricing and Terms After that, the fee for future balance transfers is 5% of the amount transferred, with a minimum of $5.†


link [chase.com]

edit:
google takes you to a 1% fee, but slickdeals link takes you to a 0% fee one

https://slickdeals.net/f/7573684-slate-by-chase-intro-offer-0-apr-for-15-months-no-balance-transfer-fee?v=1
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Last edited by SDRebel February 21, 2018 at 03:15 PM.
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