In this article, we’ll review the Citi® Diamond Preferred® Card from our partner Citibank. We’ll look at who the card is for, its credit score requirements, fees, benefits, key characteristics, and more.
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The Citi Diamond Preferred Card is a great balance transfer card, it comes with an extensive introductory APR offer on both balance transfers and new purchases. This makes it perfect for people looking to pay off credit card debt while saving big on interest rates, it's also an excellent choice for shoppers who want to finance large new purchases during the 12-month long intro purchase APR period. To top it all off, the annual fee for the card is $0 for a fee-averse cardholder.
Issued by Citibank, the Citi Diamond Preferred Credit Card is best suited to individuals with Good to Excellent credit scores.
A FICO® score of 670 and above falls within the Good - Excellent credit score range. A credit score in this range gives you the best approval odds when applying for this card. It should be noted that an 'Excellent' credit score alone doesn’t guarantee approval from the credit card issuer. The card issuer may also consider your existing credit card debt and other pertinent information about your credit history.
Now let's look at the kind of fees you can expect.
Unlike a typical balance transfer credit card, the Diamond Preferred comes with a $0 annual fee. This is incredibly helpful as, unlike other cards, you won’t have an annual fee eating into your credit line.
However, like most other credit cards, the Citi Diamond Preferred Card has additional fees such as a cash advance fee, a late payment fee, a foreign transaction fee, etc.
This card has a cash advance fee of $10 or 5% of the cash amount of each cash advance, whichever is greater.
The foreign transaction fee on this credit card is 3% of each foreign transaction in U.S. dollars.
Since this credit card issuer supports balance transfers, a balance transfer fee is applicable. The balance transfer fee is either $5 or 5% of the cash amount of each balance transfer, whichever is greater.
Additionally, the credit card company levies a late payment fee of up to $40 and a returned payment fee of up to $40.
Note that these additional fees are consistent with other popular credit cards. But because the Citi Diamond card doesn't charge an annual fee, it’s a more appealing credit card choice.
One of the biggest advantages of the Citi Diamond Preferred Card is the card’s extensive introductory APR offer.
The card comes with a 21 month long 0% Intro APR on balance transfers from the date of the first transfer. This offer is valid when transfers are completed within four months from the date of account opening. Afterward, the ongoing APR is 13.74% - 23.74% (Variable).
For purchases, the 0% Intro APR period lasts 12 months from the date of account opening. The regular APR for purchases is the same as balance transfers, 13.74% - 23.74% (Variable).
You can avoid paying interest on a purchase by clearing your credit card bills before the due date every month. The credit card company sets your due date at least 23 days after the close of each billing cycle.
Citi also sends out automatic account alerts to notify cardholders when a payment is due or when they go over their card credit limit.
This credit card has a variable cash advance APR of 25.24%. It also has a variable penalty APR of up to 29.99%, depending on your creditworthiness.
Like with most other credit cards, the penalty rate may be applied to your account if your payment is returned or you make a late payment.
Here are some of the perks you can enjoy with this Citi card:
Free access to your FICO® Score
With the Citi Diamond Preferred Credit Card, you get free access to your FICO Score online, giving you valuable insights about your current credit score.
Access to Citi Entertainment®
Another bonus to being an eligible Citi cardholder is that you can access Citi’s entertainment access portal called Citi Entertainment®.
You can use your Citi Diamond Preferred Card to purchase tickets to thousands of events annually via the portal. You can purchase presale tickets and exclusive experiences for the year's most anticipated concerts, sporting events, dining experiences, and more.
$0 liability protection
Since the Citi Diamond Preferred Card is a Mastercard®, cardholders have $0 liability protection. This means that the credit card company won't hold you responsible for unauthorized purchases and transactions, your $0 liability applies to unauthorized purchases made in the store, online, over the telephone, via a mobile device, and ATM transactions.
Identity and credit monitoring services
Users also enjoy access to Mastercard’s identity theft solutions and credit monitoring services. With these services, you receive alerts and notifications when your identity is detected under suspicious circumstances or whenever there are fraudulent changes to your credit profile.
Next, let’s take a look at some of the key characteristics of this credit card.
Here are some key features of this Citi card:
Extensive Introductory APR offers
While many credit cards on the market offer 0% APR on balance transfers, the promotional period typically ranges from 12 to 18 months. On the other hand, the Citi Diamond Preferred card has an extensive 0% introductory APR period of 21 months on balance transfers and 12 months on purchases. This is easily one of the best introductory APR offers available in the market today.
Note: The total amount of the balance transfer must be less than the available credit limit on your Citi Diamond Preferred Card.
Access to Mastercard benefits
Because the Citi Diamond Preferred Card is a Mastercard, cardholders can access credit card benefits, such as $0 liability protection, identity and credit monitoring services, and more.
$0 annual fee
This balance transfer credit card has a $0 annual fee, making it incredibly convenient and affordable.
No rewards program
One of the downsides of this credit card is that it doesn’t have a rewards program. However, the $0 annual fee and lengthy intro APR periods on both, balance transfers and purchases, more than make up for it.
If you’re still keen on a rewards card, you might want to consider the Citi® Double Cash Card. The Double Cash has a straightforward cashback rewards structure that rewards users for paying their balances in full on time.
The Citi® Diamond Preferred® card is a stellar offering in the balance transfer category. Its 21 months long 0% introductory APR on balance transfers could be just what you need to pay off existing credit card debt free of any pesky interest charges.
Apart from its generous introductory APR, this credit card comes with a $0 annual fee, making it a solid choice for a fee-averse cardholder.
Additionally, this credit card gives you access to Citi Entertainment and several Mastercard features. All these features make up for the fact that the Citi Diamond card isn’t a rewards card with a welcome offer and rewards program.
You can apply for the Citi Diamon Preferred Card here.