Citi Diamond Preferred Card

Andrew Reyes  | 
  • Annual percentage rate (APR): 14.74% to 24.74%.
  • Purchase intro APR: 0% for 18 months.
  • Rewards: N/A.
  • Annual fee: $0.
  • Late fee: Up to $40.
  • Credit score: Excellent (750-850).
  • Compare cards here.

Benefits

  • Excellent introductory APR: The Citi Diamond Preferred Card has an introductory 0% APR for new purchases and balance transfers done within four months of opening the card. This rate lasts for 18 months. It’s a generous offer, as most promotions of this nature generally last six months to a year. The intro APR makes this card a solid choice for people who want to consolidate some debt.
  • No annual fee: Like many other credit cards designed for consumers with high credit ratings, this card has no annual fee. This can help you save money and allow you to build up your credit history without the need to justify paying an annual fee.
  • A high level of user control: Whether you want to carefully control your spending or stay on the lookout for potential cases of fraud, this card (as with other offerings from Citi) offers a high degree of control. In fact, users can even choose their monthly payment due date. Whether they’re using an internet browser or the Citi Mobile App, users of this card will have a high degree of control wherever they are.

Drawbacks

  • High credit score required: Those looking for options for balance transfers will likely want to know if they are eligible for the Citi Diamond Preferred Card, but you’ll need a high credit score to qualify. Individuals who want to transfer large balances from high-interest cards might not have the greatest credit scores, which may mean that this is not a practical option.
  • No rewards: Credit card rewards incentivize continued use by giving consumers perks such as cash back on purchases or payments, air travel miles, discounts, and more. This offering by Citi, however, does not come with such benefits. Once users have taken advantage of the introductory rate, there are no additional incentives to continue using the card, as far as perks are concerned.
  • High APR for credit requirements: Consumers with excellent credit scores can, on average, get accounts with a variable APR of 14.54% to 21.86%. The Citi Diamond Preferred Card, which has a variable APR of 14.74% to 24.74%, is higher than this average. While concerns about higher interest rates can be addressed by regularly paying off your outstanding balance each month, this is an important consideration for consumers who intend on carrying a balance from month to month.

What Can You Expect From the Citi Diamond Preferred Card?

The user experience for this card is largely focused on providing convenience and control to cardholders, particularly when it comes to controlling spending and detecting fraud. There are also several perks of being a Citi cardholder that give you access to exclusive offers and deals. To learn more, read about the specific perks below.

Citi Mobile App

Available for both Android and iOS devices, the Citi Mobile App gives users a good deal of control over their account. This includes instant access to your credit card account summary, options for push notifications, and the ability to quickly lock a card by reporting it lost or stolen. On both platforms, the Citi Mobile App has a near-perfect rating based on user reviews.

There are also options to help Citi Diamond Preferred Card users maintain their excellent credit. On the app, users can review their FICO score and review spending insights to learn more about their habits. These are useful tools to avoid excess spending and determine how to achieve an even better credit rating.

Perks for Citi Card Users

There are a few additional perks for Citi cardholders. These include:

  • Citi Entertainment: Citi Diamond Preferred Card users have access to special ticket opportunities for exclusive events. Among the many options, this includes concerts, wine tasting events, and even virtual experiences. You can even access a Citi concierge service if you need help setting up reservations or making travel arrangements.
  • Citi Easy Deals: Cardholders in good standing are enrolled in Citi Easy Deals, a system that offers users exclusive deals. Spending more on your card can bring you from the Base Tier to the Enhanced or Plus Tiers, which confer a slew of new deals to explore.
  • Online and mobile fraud protection: All Citi cardholders are automatically covered with online and mobile fraud protection. This is a free service to protect cardholders against unauthorized activity.

Who Should Get the Citi Diamond Preferred Card?

The Citi Diamond Preferred Card is a great option for individuals with good credit who want to consolidate some debt or who intend to make many purchases in the near future and want to minimize credit card interest fees for the introductory 0% APR period.

Despite its 3% balance transfer fee, this card is a strong option for such transfers. While certain cards may offer lower (or no) balance transfer fees, few have an introductory 18-month 0% APR period. When determining whether this card is the right choice for your needs, it’s important to calculate whether this lengthy promotional period justifies the 3% fee at the outset.

Overall, the Citi Diamond Preferred Card is a good option for people who have excellent credit and are considering their balance transfer credit card options. While the lack of rewards and higher-than-average APR for cards with high credit requirements may be less-than-ideal, the 18-month 0% APR promotional period can give you some serious financial freedom. Further, the lack of an annual fee will allow you to build your credit card history without regret.

Compare other balance transfer credit cards and learn more here.


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