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Citi Diamond Preferred

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Rewards Rate
N/A
Sign Up Bonus
N/A
Typical Credit Score
Good, Excellent
Citi Diamond Preferred
Citi Diamond Preferred
Pros & Cons
  • 0% Intro APR for 18 months on purchases from date of account opening and 0% Intro APR for 18 months on balance transfers from date of first transfer. After that the variable APR will be 14.74% - 24.74%, based on your creditworthiness. Balance transfers must be completed within 4 months of account opening.

  • There is a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater

  • Get free access to your FICO® Score online.

  • With Citi Entertainment®, get special access to purchase tickets to thousands of events, including concerts, sporting events, dining experiences and more.

  • Shop with confidence knowing that you have dependable protection benefits, including $0 Liability on Unauthorized Purchases and Citi® Identity Theft Solutions.

  • The standard variable APR for Citi Flex Plan is 14.74% - 24.74%, based on your creditworthiness. Citi Flex Plan offers are made available at Citi's discretion.

  • None
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Citi Diamond Preferred Review

Who is the Citi Diamond Preferred Card for?

While this card doesn't come with a general rewards program on purchases, cardholders will still enjoy full access to the exclusive Citi Entertainment portal which offers special access to thousands of events, concerts, sports games, restaurants, and more.

The main value of the Citi Diamond Preferred Card is to save money through lower interest rates without paying an annual cardholder fee. In this regard, the card is excellent. This card has an extensive introductory APR period of 0% for 18 months on balance transfers, and 0% for 18 months on purchases. However, if you do not make a transfer within the first four months, you will lose the introductory balance transfer APR. 

Although the card does not have a general rewards program, for an annual price of $0 and a lengthy period of zero interest on balance transfers and purchases, the benefits of this card offset its costs. As long as you are making payments on time and don’t accumulate interest, the card will be very inexpensive to own. Having no annual fee makes saving money much easier because you do not have to consider it in a budget. If you are trying to save money and short on finances, the Citi Diamond Preferred card may be a great option for you. 

This card is a great option for anyone looking to pay off debt, people who like to attend entertainment events, or anyone consolidate multiple credit card bills into a single statement. Its lack of an annual fee makes it a solid choice for people who are fee-averse.

Intro APR and Other Fees

This card comes with an intro APR of 0% for 18 months on balance transfers and 0% APR for 18 months on new purchases made on this card. Transferring your card balances to this card means you won’t pay interest until 2022. If you're currently paying a high-interest rate on another card, the savings add up quickly once you stop paying those monthly interest fees. You can consolidate any outstanding debt you may have, especially if it is at a higher interest rate. Then, you should make every effort possible to get this debt paid off within the introductory period. This will save you money in the long run and help eliminate your debt. Even if you cannot get all of it paid off, you should try to pay as much as possible. This will lower the amount of interest that will accumulate once the introductory period is over and the APR is raised to the normal level. 

This is an ideal card if you are about to make large purchases and don’t want to pay for it all upfront. After the intro APRs, the ongoing interest rate will vary between 14.74% and 24.74% for both balance transfer and purchases, which is reasonable for this kind of card.

Fees

The Citi Diamond Preferred card does have a foreign transaction fee of 3% and late and penalty fees of up to $40, which is something to keep in mind.  However, with its initial lack of interest on both balance transfers and purchases, paired with an $0 annual fee, the benefits more than make up for those costs. 

This is not a good card if you travel a lot, or are planning on spending a lot of money outside of the country. The 3% fee may not seem like a lot, but it will add up quickly if you are spending a lot of money abroad. Your purchases will first be converted to U.S. currency, and then the 3% fee will be calculated from here. People often forget about this fee when planning and budgeting for a trip, so you will often end up spending more than you realize.

If you have a trip planned soon, you should explore your options when it comes to credit cards. You can find other cards that have a 0% foreign transaction fee. You can save a lot of money this way, and then you do not have to factor it into your budget. Saving this 3% could help make your vacation longer, or upgrade plans you may already have. However, many of these cards will have an annual fee to make up for the lack of foreign transaction fees. The advantage that the Citi Diamond Preferred card has here is that it is free to own. To figure out which is better for you, it is helpful to plan a very specific budget when traveling. If 3% of your budget is less than the annual fee for other cards, then this card could still work for you. 

Citi Entertainment Portal

The Citi Entertainment Portal is one of the most exciting features of the card. As a cardholder, you will have the option to attend a variety of exclusive entertainment events at a greatly reduced cost. From concerts to comedy shows to music festivals, cardholders will not be disappointed in the type of events they have access to. Regardless of preferences, it is guaranteed that the portal will have an event you will be interested in. They have a wide variety of options and continually update and expand the selection for the benefit of cardholders. For example, they currently have options for virtual events and socially distanced events. The virtual events are mostly concerts and cooking lessons that you can buy access to and stream live over the internet. They also have lots of drive-in movie screenings with proceeds going to various charity organizations. 

Citi has a website where they post all of the deals to the entertainment events that they have. This makes it very easy to browse for events that you are interested in, and purchase tickets at the click of a button. There are also helpful tabs to help filter your search if you have a more specific event in mind. 

Combined with the $0 annual fee, access to these events is an excellent deal. The lack of a rewards program seems even more manageable with this bonus of discounted entertainment access. If you are someone who would prefer exclusive access to events over a standard rewards program, this card will be a great fit for you. It can help you save money for events that you are already planning on going to. This saved money will allow you to go to even more events, all while having access to exclusives that would not normally be available to you. 

Benefits

By owning this card you will also have access to your FICO score. This permission to view your FICO score is free and unlimited, permitting the cardholder to gain valuable access to their current credit score. This is very useful, especially when you are focusing on paying off debt and rebuilding your credit. You can see what appears on your credit report, and figure out what is hurting you the most. You will be able to keep track of the debts you owe and how long they have been outstanding. This will help you prioritize your payments and raise your score over time.

Citi also offers extra protection and security measures for all of its cards to help the cardholder feel at ease. These include $0 liability on unauthorized purchases and Citi Identity Theft Solutions. The $0 liability on unauthorized purchases feature ensures that the cardholder will not have to pay for any fraudulent charges. This added element of security helps eliminate the cardholder’s worry. Additionally, the Citi Identity Theft Solutions feature aims to assist any cardholder that experiences identity theft. Both of these elements of the card ensure added safety and protection for the card owners. When filing a fraud claim, the credit card company will always do there due diligence to protect from any fraudulent claims on your part. They want to make sure that identity theft has occurred so that they do not lose money unnecessarily. To make the investigation easier and get your money back sooner, it is always important to keep receipts and any records of transactions you have made on the credit card.

Even though you have no financial liability, it is always important to take your security seriously. You should keep your information private and protect it as much as possible.

Convenience

If you set automatic account alerts, you’ll be reminded about your balance levels, payments due, or when you go over your credit limit, by email or directly on your mobile phone. Also, you can choose your payment due date making it more flexible of paying your full balance or just the minimum payment due each month. Finally, you can tap your Citi Diamond Preferred card with Contactless Pay making your everyday purchases quickly and safely with just a tap of your contactless-chip card. These features make it very easy to track your spending and due payments. You will be able to manage your finances better and build your credit score if needed. By paying attention to the alerts, it will be very easy to know when your payments are due. This will ensure that you never miss one and do not accumulate unnecessary interest. 

Conclusion

The Citi Diamond Preferred card is known as a balance transfer card. This is because of its extensive introductory APR period of 18 months for 0%, which is far more extensive than most other cards. However, many other features make this card an excellent choice. It’s Entertainment Portal contains access to thousands of exclusive music, sports, and other entertainment events. This card is great for anyone who wants access to these events rather than a rewards program, and for people who want to take advantage of zero interest for nearly two years to get out of debt. There is also no annual fee, so the card will not be expensive to own. The card is great for anyone who is looking to consolidate their debt and reduce it within the year during the introductory period. Additionally, it will be perfect if you are in that scenario and also interested in entertainment events and exclusives.

Complete Card Details
Rewards Rate
N/A
Welcome Bonus
N/A
Typical Credit Score
Good, Excellent
Intro Annual Fee
N/A
Annual Fee
N/A
Additional User Annual Fee
N/A
Foreign Transaction Fee
3%
Intro Purchase APR
0%
Regular Purchase APR
14.74% - 24.74%
Cash Advance Fee
5%
Cash Advance APR
25.24%
Late Fee
Up to $40
Intro Balance Transfer APR
0%
Regular Balance Transfer APR
14.74% - 24.74%
Penalty APR
Up to 29.99%
Balance Transfer Fee
3%
Return Payment Fee
Up to $40
Minimum Deposit
$500
Credit Card Network
Mastercard
Credit Card Issuer
Citi
Citi Diamond Preferred FAQ

What is the minimum credit score required to apply for Citi Diamond Preferred?

A credit score of 700 is required to be eligible for Citi Diamond Preferred.

What is the minimum deposit required for Citi Diamond Preferred?

This card requires a minimum depost of $500

What is the Intro Annual Fee for Citi Diamond Preferred

The Intro Annual Fee for Citi Diamond Preferred is not available at the moment. Please check the terms for more details.

What is the Annual Fee for Citi Diamond Preferred

The Annual Fee for Citi Diamond Preferred is not available at the moment. Please check the terms for more details.

What is the Intro Purchase APR for Citi Diamond Preferred

The Intro Purchase APR for Citi Diamond Preferred is 0%.

What is the Regular Purchase APR for Citi Diamond Preferred

The Regular Purchase APR for Citi Diamond Preferred is 14.74% - 24.74%.

What is the Intro Balance Transfer APR for Citi Diamond Preferred

The Intro Balance Transfer APR for Citi Diamond Preferred is 0%.

What is the Regular Balance Transfer APR for Citi Diamond Preferred

The Regular Balance Transfer APR for this credit card is 14.74% - 24.74%.

What is the Cash Advance APR for Citi Diamond Preferred

The Cash Advance APR for this credit card is 25.24%.

What is the Cash Advance Fee for Citi Diamond Preferred

The Cash Advance Fee for Citi Diamond Preferred is 5%.

What is the Late Fee for Citi Diamond Preferred

The Late Fee for this credit card is up to $40.

What is the Penalty APR for Citi Diamond Preferred

The Penalty APR for this credit card is up to 29.99%.

What is the Balance Transfer Fee for Citi Diamond Preferred

The Balance Transfer Fee for this credit card is 3%.

What is the Min. Balance Transfer Fee for Citi Diamond Preferred

The Min. Balance Transfer Fee for Citi Diamond Preferred is $5.

What is the Foreign Transaction Fee for Citi Diamond Preferred

The Foreign Transaction Fee for Citi Diamond Preferred is 3%.

What is the Return Payment Fee for Citi Diamond Preferred

The Return Payment Fee for this credit card is up to $40.
$738
$1,065
$261
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