Citi Diamond Preferred Card Review

Citi Diamond Preferred Card Review
Lauren Ward
on May 11, 2018
Read in 2 min

If you’re looking for a credit card with a long introductory rate period for balance transfers, then your search is over.

The Citi Diamond Preferred Card is a great option for debt consolidation.

Check out our review for full details and other ways you could benefit from this card.

Citi Diamond Preferred Card Account Basics

How does the offer on low APR on balance transfers and purchases work?

Here’s how it breaks down.

You can get 0% APR on any balance transfers completed within the first four months, which lasts for a full 21 months from the date of your first transfer.

That’s one of the best introductory terms out there, so this card is a great fit if you want some extra time to pay off your debt interest-free.

Once that period is over, your APR will be variable and range between 14.49% and 24.49%, depending on your credit history.

If you just want to use the card for new purchases, you can take advantage of the 0% APR for a period of 12 months.

Fees

There’s no annual fee associated with this credit card, which is a huge bonus for keeping it in the long-term.

You will, however, be charged if you decide to take advantage of that balance transfer offer.

That costs equals the greater of $5 or 5% of your transfer amount.

Check your numbers on that because transferring $10,000 in existing credit card debt could end up costing you $500.

Run your numbers to make sure you’re maximizing your savings.

If you plan on travelling abroad and using your card, know that you’ll be charged a 3% foreign transaction fee.

That’s fairly standard vs other cards out there, but still good to plan for.

Account Limitations

One of the downsides to this credit card is that there is no rewards program.

However, you can take advantage of a few different perks.

For example, Citi offers a free 24/7 concierge service that helps you make reservations for dining, travel, and entertainment.

On top of that, your credit card gives you access to the Citi Bonus Cash Center.

You can shop through this online portal and earn 5% cashback on any purchases you make there.

Finally, just like most credit cards, this one offers 0% liability if someone uses your account fraudulently.

That means you’ll be reimbursed for any charges made with a stolen credit card.

Conclusion

The Citi Diamond Card offers one of the best introductory rate periods for balance transfers.

Just remember that on top of a high transfer fee, you could also be subject to high APRs after the 21-month period end.

It’s definitely smart to make a repayment plan that you can stick to before you sign up for this card.

Otherwise, the features on this card are fairly basic.

With a low minimum credit line, it may be a good option for rebuilding your credit with on-time payments each month.

Since there’s no annual fee, you don’t have to worry about it costing you even if you don’t end up using it very frequently.

Lauren Ward Finance Journalist

Lauren Ward is a freelance content writer focusing on personal finance, real estate, and lending.

Her work has been featured on Huffington Post, CBS News, and Kiplinger.

She previously worked at the Federal Reserve Bank of Richmond as well as several national non-profit organizations.

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