Citi Diamond Preferred Card Review

Are you looking for a credit card that can help you save money on interest while consolidating your debt? Look no further than the Citi Diamond Preferred Card. With an impressive intro APR of 0% for 21 months on balance transfers and 0% for 12 months on new purchases, this card is a great option for those with good to excellent credit. While it may not offer any rewards or perks, this card is perfect for those looking to manage debt and make large purchases without worrying about high-interest rates.

Read on to learn more about the features, benefits, rewards rates, fees, and the Citi Diamond Preferred Card application criteria. So, if you need a credit card that can provide financial relief and help you achieve your goals, keep reading to find out if the City Diamond Preferred Card suits you. With its impressive introductory offers and no annual fee, this card is worth considering for those who meet the creditworthiness requirements.

So, let’s dive into our review of the Citi Diamond Preferred Card and see if it fits you. So, explore this card’s features, benefits, and perks! Good luck searching for the perfect credit card that meets your financial needs.

Quick Highlights

0% APR for 21 months on balance transfers (from 1st transfer)
0% APR for 12 months on purchases
Variable APR 18.24% – 28.99% after intro period (based on creditworthiness)
Must be completed within four months of account opening
Fee: $5 or 5% of transfer amount (whichever is greater)
Free FICO Score online access
Citi Entertainment access for event tickets
No annual fee
This is a promotional offer, so the high variable APR kicks in after the intro period.
A balance transfer fee applies.
Consider paying off the transferred balance within the intro period to avoid interest charges.

Rewards and Benefits

Rewards

The Citi Diamond Preferred Card does not offer any rewards or ongoing perks.

Rewards Redemption

The Citi Diamond Preferred does not allow rewards or points to be redeemed.

Benefits

Long intro APRs: This is the card’s main draw. You get 0% interest for 21 months on balance transfers (completed within four months of opening) and 12 months on purchases, saving you money on interest if you have debt or a large purchase planned.
No annual fee: Unlike many other cards with extended intro offers, this card doesn’t charge an annual fee, making its benefits even more attractive.
Balance transfer flexibility: While there’s a fee for transfers (either $5 or 5% of the amount, whichever is greater), the long intro period can offset that cost if you have a large balance to move.
Free FICO® Score access: Monitor your credit score for free, helping you track your progress and make informed financial decisions.

Feature and Benefits

Citi Entertainment: Get special access to purchase tickets for concerts, sporting events, and other events, often with presale opportunities or discounts.
Global chip technology: Enjoy added security and fraud protection with a chip-enabled card.
Free access to your FICO® Score online: Track your credit score and get insights into your credit health.
Citi Entertainment®: Get special access to purchase tickets for thousands of events, including concerts, sporting events, and dining experiences.
Citi Easy Deals: Access exclusive discounts and offers on online and in-store retailers.
Citi Flex Loan: Get a convenient and flexible line of credit for unexpected expenses.
24/7 customer service: Get help and support whenever you need it.
No ongoing rewards: This card doesn’t earn points, miles, or cash back, so there might be better choices for everyday purchases.
High variable APR: After the intro period, the APR jumps to 18.24% – 28.99%, which can be expensive if you carry a balance.
Balance transfer fee: The fee can eat into your savings, so consider the amount you’re transferring and the potential interest saved.

Rates and Fee of Citi Diamond Preferred Card

Intro APR

Balance transfers: 0% for 21 months from the first transfer completed within four months of account opening. After that, a variable APR of 18.24% – 28.99% applies.
Purchases: 0% for 12 months from account opening. After that, a variable APR of 18.24% – 28.99% applies.
APR Cash Advances: 29.99% This APR will market based on the prime rate
APR Citi Flex Plan: 18.24% to 28.99%, based on the creditworthiness
Penalty APR: up to 29.99% based on creditworthiness.
Minimum Interest Rate: If you charged interest, this will be less than 50 cents.
Fixed Fee: monthly Fee of up to 1.72% on every transaction

Fees

Balance Transfer Fee: The transferred amount is 5% or $5, whichever is greater.
Annual Fee: $0
Foreign Transaction Fee: 3% of every purchase transaction in U.S. dollars.
Cash advance fee: 5% of each advance; $10 minimum
Late payment fee: Up to $41
Returned payment fee: Up to $41

Eligibility Criteria for Applying

Basic Requirements

Be at least 18 years old and a U.S. citizen or permanent resident.
Have a valid Social Security
Have a physical U.S. address.
They have enough income to make monthly minimum payments on the card.

Fico Score

While Citi doesn’t explicitly state the minimum credit score, having good to excellent credit is recommended, which typically translates to a FICO score of 740-850.

Additional Information

Recent Bankruptcies or Foreclosures: Recent bankruptcies or foreclosures on your credit report may make it difficult to get approved.
Existing Citi Accounts: Having a good history with existing Citi accounts can improve your chances of approval.
Financial Health: Citi considers your financial health, including income, debt-to-income ratio, and employment status, when making approval decisions.

Customer Service/ Phone Number/Contact

Customer Service; 1-800-950-5114.

Applying for the Citi Diamond Preferred Card

Citi Website

Visit the official website of Citi Bank.
Click the “Apply Now” button on Citi® Diamond Preferred® Card
You will be redirected to the application page to enter your personal information and review the terms and conditions.

Pre-qualified Offer

Check if you have a pre-qualified offer from Citi. You might receive a pre-approval email or see it advertised on your online banking platform if you have an existing Citi account.
If pre-qualified, you can usually apply directly through the offer link.

Conclusion

The Citi® Diamond Preferred Card is a no-frills credit card with an introductory 0% APR offer on balance transfers and purchases. It’s a good option for cardholders looking to consolidate debt at a low interest rate or finance a large purchase without accruing interest charges for an extended period. However, the card doesn’t earn any rewards and has a high variable APR after the introductory period ends, making it less attractive for everyday spending.

Whatcard Recommended Credit Card:

Frequently Asked Question(FAQs) of Citi Diamond Preferred Card

Does the city Diamond preferred card have rewards?

No, the Citi® Diamond Preferred® Card has no rewards program, neither in the form of cashback, points, travel miles, or any other type of incentive. It is primarily designed for its 0% introductory APR offers on balance transfers and purchases and its lack of annual fees.

Does the city Diamond preferred card have rewards?

Both cards offer a 0% intro APR on balance transfers for 21 months, but the Diamond Preferred has a slightly lower ongoing variable APR (18.24% – 28.99%) compared to Simplicity (19.24% – 29.99%). Simplicity has a higher regular APR on purchases (19.24% – 29.99%) than Diamond Preferred (18.24% – 28.99%). Simplicity charges a lower balance transfer fee (3% of the amount transferred) than Diamond Preferred (the amount transferred is 5% or 5$, whichever is greater). Simplicity stands out with no late fees, while Diamond Preferred charges up to $41.

7.3Expert Score

Balance Transfer

The Citi Diamond Preferred Card offers intro APR for balance transfers (0% for 21 months) and new purchases (0% for 12 months), making it an excellent option for debt consolidation. This card shines for those with good to excellent credit who prioritize saving money on interest. However, other cards might be a better fit if you're looking for long-term rewards and benefits. There is no annual fee and no rewards or perks. This card is best for Debt association and financing large purchases. Creditworthiness should be Good to Excellent credit Card holders.

Balance Transfer Rating:

7.8

Introductory Offer:

4.4

Features:

8.1

Issuer Customer Experience:

6.1

PROS

Super Long Balance Transfer Intro APR: This card boasts a 21-month intro period with 0% APR on balance transfers, one of the most extended offers. This allows ample time to pay off transferred debt without accruing interest charges, potentially saving you significant money.
No Annual Fee: Unlike many balance transfer cards, the Citi Diamond Preferred® Card has no annual fee, making it a cost-effective option for short-term debt consolidation. You won't be burdened with additional charges on top of your transferred balance.
Fixed Rate Citi Flex Plan: This card offers the Citi Flex Plan, which allows you to borrow against your available credit at a fixed interest rate for a set period. This can help manage more considerable planned expenses or unexpected needs.

CONS

No Rewards: Unlike some other cards with competitive balance transfer offers, the Citi Diamond Preferred® Card doesn't offer any rewards programs like cash back, travel miles, or points. If you want to earn rewards on your everyday spending, this card might not be the best fit.
Short Intro APR on Purchases: While the balance transfer intro period is impressive, the introductory APR on new purchases is only 12 months. This is shorter than many other cards, so if you plan on carrying a balance on new purchases, you'll start accruing interest sooner.
High Balance Transfer Fee: The Citi Diamond Preferred® Card charges a balance transfer fee of either $5 or 5% of the transferred amount, whichever is greater. This can significantly add to the cost of moving your debt, especially for more significant amounts.
Potentially High Ongoing APR: After the introductory periods end, the card's variable APR can range from 18.24% to 28.99%, depending on your creditworthiness. This can be significantly higher than the current average interest rate, so it's crucial to pay off your balance within the intro periods or risk incurring high-interest charges.

Specification: Citi Diamond Preferred Card Review

Best For:	Long Intro APR
Recommended Credit	Good to Excellent (670 – 850)
Intro Offer:	No Current Offer
Rewards	Currently, No Rewards Available
Annual Fee:	No Annual Fee
Regular APR:	18.24%-28.99% variable
Intro Balance Transfers APR:	0% for 21 months on Balance Transfers
Intro Purchase APR:	0% for 12 months on Purchases
Intro Purchase APR Period:	12 Month
Balance Transfers Fee:	Either $5 or 5% of the amount of each transfer, whichever is greater.
Foreign Transaction Fee	3% of each purchase transaction in U.S. Dollars.
Cash Advance Fee	$10 or 5% of the amount of each cash advance, whichever is greater.
Late Payment Fee:	Up to $41
Cash Equivalent Fee	N/A
Convenience Check Fee	N/A
Returned Payment Fee:	Up to $40
Over Limit Fee:	N/A
ExtendPay Fee	N/A
Credit Card Limit:	Minimum $5000 upto Cardworthiness
Credit Card Type	Long Intro APR
Credit Card Features	Apple Pay, Citi easy deals, Extended Warranty Program, free FICO® credit score, Purchase Protection

Citi Diamond Preferred Card Review