Citi Diamond Preferred Credit Card Review and Features

The Citi Diamond Preferred Credit Card is a popular choice for those looking to manage their finances effectively. With its attractive features, including long introductory rates and no annual fee, it stands out in the crowded credit card market. This review will cover everything you need to know about this card, including its benefits, fees, and how it compares to other options.

Key Takeaways

• No annual fee, making it budget-friendly.
• Offers 0% intro APR for 21 months on balance transfers.
• Provides access to FICO Score monitoring for free.
• Includes Citi Entertainment for exclusive events and offers.
• 3% foreign transaction fee may apply, so consider this if traveling.

Overview of the Citi Diamond Preferred Credit Card

The Citi Diamond Preferred Credit Card is a solid choice for those looking to manage existing debt. This card stands out because it has a $0 annual fee and offers a long 0% intro APR period on balance transfers. Here’s a closer look at its features:

Key Features and Benefits

• No annual fee: You won’t pay yearly fees, which helps you save money.
• Long introductory APR: Enjoy 0% APR for 21 months on balance transfers and 12 months on new purchases.
• Access to FICO Score: You can check your credit score for free through the Citi app.

Eligibility and Application Process

To apply for the Citi Diamond Preferred Card, you typically need a good to excellent credit score. The application process is straightforward:

1. Visit the Citi website.
2. Fill out the online application form.
3. Submit your application and wait for approval.

Comparison with Other Citi Cards

When comparing the Citi Diamond Preferred with other Citi cards, consider:

• Citi Double Cash: Offers cash back but has a different fee structure.
• Citi Simplicity: Focuses on no late fees but lacks rewards.
• Other balance transfer cards: May offer different APRs or rewards.

The Citi Diamond Preferred card is ideal for those who want to save money while paying down a balance. Its ultra-long 0% intro APR period on balance transfers makes it a great option for managing debt effectively.

Interest Rates and Fees

Introductory APR Offers

The Citi Diamond Preferred Credit Card offers an introductory APR of 0% for the first 18 months on purchases and balance transfers. This can be a great way to save on interest if you need to make a large purchase or transfer a balance from another card.

Regular APR and Variable Rates

After the introductory period, the regular APR ranges from 17.74% to 28.49%* variable. This means that your interest rate can change based on market conditions. Here’s a quick look at the rates:

Rate Type	APR Range
Introductory APR	0% for 18 months
Regular APR	17.74% – 28.49%*

Fee Structure and Charges

The Citi Diamond Preferred Card has a $0 annual fee, which is a plus for many users. However, there are some fees to be aware of:

• Late Payment Fee: Up to $40 if you miss a payment.
• Balance Transfer Fee: 5% of the amount transferred, with a minimum of $5.
• Cash Advance Fee: Either $10 or 5% of the amount, whichever is greater.

It’s important to understand these fees to avoid unexpected charges on your statement.

Overall, the Citi Diamond Preferred Credit Card can be a good choice if you plan to pay off your balance before the introductory period ends, but be mindful of the regular rates and fees that apply afterward.

Balance Transfer Benefits

Introductory Balance Transfer APR

The Citi Diamond Preferred Card offers a fantastic 0% intro APR on balance transfers for 21 months. This means you can transfer your existing credit card debt and not pay any interest during this period. This is a great way to save money while you pay off your balance.

Balance Transfer Fees

When transferring a balance, there is a fee of 5% of the amount transferred, with a minimum of $5. For example, if you transfer $1,500, you will incur a fee of $75. This fee is on the higher side compared to some other cards, so it’s important to consider this when deciding to transfer.

How to Transfer a Balance

Transferring a balance is simple. Here are the steps:

1. Apply for the Citi Diamond Preferred Card and get approved.
2. Initiate the balance transfer within the first four months of opening your account.
3. Provide details of the debt you want to transfer, including the account number and amount.

The Citi Diamond Preferred Card is a solid choice for those looking to manage their debt effectively. With a long introductory period, it can help you pay off your balance without the burden of interest.

Summary of Balance Transfer Benefits

Feature	Details
Introductory APR	0% for 21 months
Balance Transfer Fee	5% or $5 minimum
Transfer Period	Must transfer within 4 months

Additional Cardholder Perks

Citi Entertainment Access

Cardholders enjoy exclusive access to tickets for various events, including concerts, sports, and dining experiences. This perk allows you to enjoy entertainment options that may not be available to the general public.

Citi Flex Loan and Easy Deals

With the Citi Diamond Preferred Card, you can take advantage of flexible loan options and special deals. Here are some benefits:

• Flexible payment plans for larger purchases.
• Discounts on select products and services.
• Access to special financing offers that can help you manage your expenses.

FICO Score Access and Monitoring

Cardholders can check their FICO Score for free through the Citi mobile app or online account. This feature helps you keep track of your credit health and make informed financial decisions.

Having access to your FICO Score can empower you to manage your credit better and understand how your financial habits affect your score.

In summary, the Citi Diamond Preferred Card offers several additional cardholder benefits that enhance your overall experience. From entertainment access to financial tools, these perks can make a significant difference in how you use your card.

Pros and Cons of the Citi Diamond Preferred Credit Card

Advantages of the Card

• $0 annual fee: This card does not charge an annual fee, making it a cost-effective choice for many users.
• Long introductory APR: It offers a lengthy introductory APR period on balance transfers, which can help you save on interest while paying down debt.
• Intro APR for new purchases: You can also benefit from an introductory APR on new purchases, giving you some breathing room.

Drawbacks to Consider

• High balance transfer fee: The balance transfer fee is 3% or $5, whichever is greater, which can add up quickly.
• No rewards program: Unlike many other cards, this one does not offer any rewards for spending.
• Variable APR: After the introductory period, the ongoing APR can be 17.74% – 28.49%, which is quite high.

Is It the Right Card for You?

This card is best suited for those looking to manage existing debt rather than earn rewards. If you don’t have current debt, you might want to consider other options that offer rewards or lower fees.

The Citi Diamond Preferred Card is a solid choice for balance transfers, but it lacks many perks that other cards provide. Consider your financial needs carefully before applying.

How to Manage Your Citi Diamond Preferred Credit Card

Payment Options and Methods

Managing your Citi Diamond Preferred Card is easy with several payment options available:

• Online Payments: Log in to your account at Citi.com to make payments.
• Mobile App: Use the Citi Mobile App for quick payments on the go.
• Mail: Send your payment by mail to the address on your billing statement.
• Phone: Call the number on the back of your card to make a payment.

Online Account Management

With online account management, you can:

1. Check your balance and transactions.
2. Set up automatic payments to avoid late fees.
3. Review your statements and payment history.
4. Access your FICO Score for free to monitor your credit health.

Customer Service and Support

If you need help, Citi offers various support options:

• 24/7 Customer Service: Call the number on your card for assistance anytime.
• Online Chat: Use the chat feature on the Citi website for quick questions.
• FAQs: Visit the Citi website for answers to common questions.

Remember: The Citi Diamond Preferred Card has no annual fee, making it a great choice for those who want to enjoy its benefits without extra costs!

Comparing the Citi Diamond Preferred Card with Competitors

Citi Diamond Preferred vs. Citi Double Cash

The Citi Diamond Preferred Card and the Citi Double Cash Card both offer no annual fee and attractive introductory APR offers. However, the Double Cash card provides a better cash back rate, which can be beneficial after paying off your balance. Here’s a quick comparison:

Feature	Citi Diamond Preferred	Citi Double Cash
Annual Fee	$0	$0
Introductory Balance Transfer Fee	5% or $5 minimum	3% or $5 minimum
Cash Back Rate	None	1% on purchases, 1% on payments

Citi Diamond Preferred vs. Citi Simplicity

When comparing the Citi Diamond Preferred with the Citi Simplicity Card, both cards have similar features, but the Simplicity card stands out with its no late fees and no penalty APR. Here’s how they stack up:

• Annual Fee: Both cards have no annual fee.
• Introductory Offers: Both cards offer 0% APR for a limited time on balance transfers.
• Late Fees: The Simplicity card does not charge late fees, while the Diamond Preferred does.

Citi Diamond Preferred vs. Other Balance Transfer Cards

The Citi Diamond Preferred is a strong contender among balance transfer cards, but it’s essential to compare it with others. Here are some points to consider:

1. Introductory APR: The Diamond Preferred offers 0% for 21 months, which is longer than many competitors.
2. Balance Transfer Fees: The fee is 5% or $5 minimum, which is on the higher side compared to some other cards.
3. Rewards: Unlike some competitors, the Diamond Preferred does not offer a rewards program, which may be a drawback for some users.

The choice between these cards often depends on your financial goals. If you need to transfer a balance, the Diamond Preferred offers a lengthy intro period, but if you want rewards, consider other options.

Final Thoughts on the Citi Diamond Preferred Credit Card

In conclusion, the Citi Diamond Preferred Credit Card is a solid choice for those looking to manage existing debt. With no annual fee and a long introductory period for balance transfers, it offers a great way to save on interest. However, it lacks a rewards program and has a foreign transaction fee. If you need to make a big purchase or transfer a balance, this card could be very helpful. Just remember to pay off your balance before the regular APR kicks in to avoid high interest rates.

Frequently Asked Questions