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If you’re working your way out of credit card debt or are looking for low-cost financing, the Citi® Diamond Preferred® Card is an excellent option. It has one of the absolute best 0% intro APR offers for balance transfers and a solid intro-APR period for purchases.

There’s a tradeoff to these intro-APR offers — the card doesn’t earn rewards or offer a welcome bonus, so it’s not ideal if you want the perks and benefits that come with the best rewards cards. But if you’re looking for a tool to help wipe away your debt, you can’t do much better than the Citi Diamond Preferred. CNBC Select has the details on this card and comparable alternatives so you can choose the best fit for you.

The Citi® Diamond Preferred® Card offers new account holders an intro APR for purchases and balance transfers.

You’ll get an intro 0% APR for 21 months on balance transfers from the date you make the first transfer. You have four months from account opening to make balance transfers and there is a fee of 5% of the amount of each transfer with a $5 minimum. Once the intro APR expires, a variable APR of 18.24% to 28.99% applies.

You can also take advantage of a 0% intro APR for 12 months on purchases from the date you open the account. After the 0% APR ends, there is a variable 18.24% to 28.99% APR.

The 21 months of 0% intro APR makes this card hard to beat when it comes to balance transfers. That said, the 5% fee does fall on the high end of the typical range we see with the best balance transfer cards (3% to 5%), so take that into account when calculating how much money the card will save you.

The 12-month intro APR the Diamond Preferred offers for purchases is solid, but you can find rewards credit cards with no interest on purchases for longer periods. So if you’re only interested in financing a new purchase, other cards may work better.

You pay no annual fee to have the Citi® Diamond Preferred® Card. For foreign transactions, you’ll pay a 3% fee, and there is a 5% balance transfer fee with a $5 minimum. This card’s APR is a variable 18.24% to 28.99% and is based on your creditworthiness.

The Citi® Diamond Preferred® Card and Wells Fargo Reflect® Card both have intro-APRs on balance transfers and new purchases. And since neither card earns rewards, the choice between the two boils down to how much you value a long intro-APR period on purchases.

Similar to the Citi card, the Wells Fargo Reflect gives you an intro 0% APR for 21 months on balance transfers from the date you open the account (after that a variable 18.24%, 24.74% or 29.99% APR applies). The Reflect card also has the same 5% balance transfer fee ($5 minimum) and you have 120 days from account opening to complete your transfers.

The Reflect’s intro-APR on purchases is where it outperforms the Diamond Preferred. You’ll get a 0% intro APR on purchases for 21 months from account opening (then a variable 18.24%, 24.74% or 29.99% APR applies). That’s an extra nine months of no interest on purchases.

You also get certain protections with the Wells Fargo Reflect, including cell phone protection (when you pay your monthly cell phone bill with the card) and roadside dispatch.

Citi® Diamond Preferred® Card vs. Citi Simplicity® Card

The Citi® Diamond Preferred® Card and Citi Simplicity® have the same major features and an important difference in a key fee.

The Citi Simplicity offers new cardholders a 0% intro APR on purchases for 12 months from account opening and an intro 0% APR on balance transfers for 21 months from the date of the first transfer (then a variable 19.24% to 29.99% APR applies).

The Citi Simplicity has a slightly higher variable APR, but it has an intro balance transfer fee of 3% of the amount you transfer ($5 minimum), which is 2% lower than what you pay with the Diamond Preferred. The intro balance transfer fee applies to transfers you make in the first four months from account opening, then the fee increases to 5% of the amount of each transfer ($5 minimum).

Both the Citi Simplicity and the Diamond Preferred are excellent cards for balance transfers, but the Simplicity’s lower fee gives it an edge when it comes to getting out of debt quickly.

There’s a lot to like about the Citi Diamond Preferred Card if you want to save on interest. It offers a stellar intro APR on balance transfers and has no annual fee. However, the card offers no rewards and has no intro bonus. While it has a good intro APR for purchases, if that’s what you’re looking for, other cards have better offers.

Pros

• This card offers one of the absolute longest intro-APRs for balance transfers
• You can also save interest on purchases for a full year
• You don’t have an annual fee to worry about

Cons

• You won’t earn any rewards on the purchases you make with the Diamond Preferred Card
• It has no intro bonus offer
• Outside of the card’s intro-APR offers, there are no noteworthy benefits

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