Balance Transfer

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There are a number of balance transfer cards on the market today, and some of them are better than others. The rates and fees for these cards vary considerably, which is why it’s important to compare your options to find the perfect credit card for you. If you’re looking for a balance transfer card with a long introductory period, Citi Diamond Preferred is the perfect choice for you. Let’s take a closer look at how to use the Citi Diamond Preferred card for balance transfers. Resources: lacounty, wikipedia,
Why Citi Diamond Preferred a Great Balance Transfer Card

Unlike most balance transfer cards that have a 12, 15, or 18 month introductory period, Citi Diamond Preferred has a 21 month intro period. For the first 21 months you own the card, you will not incur a balance transfer fee. After that time, the fee goes up to $5 or 3%, whichever one is higher. That’s a fairly standard rate throughout the industry.
Common Reasons for Balance Transfers

What are balance transfer credit cards used for? Why do people need balance transfer cards? There are several common reasons for balance transfers, including:

Consolidating credit card debt from multiple cards
Transferring a balance from a high interest credit card to a low interest credit card
Getting a card with better rewards or loyalty points Getting out from under a card with high monthly or annual fees

If you’re looking into balance transfer cards, chances are you are already in one of the situations above. In that case, it’s important to look over the terms of agreement for each card available to you to determine if it is the right fit for your balance transfer needs.
Is Citi Diamond Preferred the Right Balance Transfer Card for You?

In addition to the 21 month 0% balance transfer fee introductory period, Citi Diamond Preferred offers 0% APR for the same amount of time. Beyond that, the card has a fairly low APR of 12.24%-22.24%. There is no annual fee for the card, and each monthly statement comes with a free FICO credit score.

The only downside here is that you need excellent credit to apply for the card. If you have a poor payment history with your current credit card, you may not be able to qualify for Citi Diamond Preferred.
The Right Way to Transfer a Credit Card Balance

Before you get a new balance transfer credit card, you need to understand the right way to approach this process. Start by looking for a card with a long introductory period, like the one offered by Citi Diamond Preferred. This gives you a certain amount of time to pay off the transferred balance before you start incurring extra fees. Any remaining balance that you have after the intro period could collect fees from the entire time you’ve had the card. Simply put: the longer the intro period, the better off you’ll be.

If you’re confident that you can pay off your transferred balance within the intro period, talk to your old credit card company and your new credit card provider about the transaction. Ask your old credit card provider if there will be any fees for transferring your balance. In most cases, the only fees you will get will be on the card you transferred the balance to, not the one you transferred it from.

Once the balance transfer is complete, pay as much as you can toward the principle of your card balance. Paying your monthly minimums will only cover your interest rate and will not get you out of debt in time. As long as you continue to make high payments on the account, you can get out from under your former credit card balance and start to enjoy your new credit card.

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