The Citi® Diamond Preferred® Card is a premium credit card offering a wide range of benefits tailored for consumers who seek to maximize their financial flexibility and enjoy exclusive perks.
With an emphasis on providing long-term value, this card delivers 0% introductory APR on purchases and balance transfers for the first 21 months(after that, a variable APR applies).
This feature makes it particularly attractive for individuals looking to manage large purchases or consolidate debt without incurring high-interest charges for a significant period.
The card also includes valuable access to a large network of benefits, from concierge services to discounts on travel, ensuring cardholders have more than just a credit limit at their disposal.
This makes it an ideal choice for those who need a versatile and low-cost financial solution for various life situations.
Reasons to Choose the Citi Diamond Preferred Card
Long 0% Introductory APR Period: One of the most compelling reasons to choose this card is the 0% introductory APR on purchases and balance transfers for the first 21 months.
This feature offers significant savings for individuals who plan to carry balances or make large purchases over time without worrying about high-interest rates.
Exclusive Access to Entertainment and Travel Benefits: The card comes with a wide range of perks, including exclusive access to concerts, theater tickets, and special events.
Additionally, Citi offers discounts and deals for travel, making it an excellent choice for those who love to explore new destinations while enjoying savings.
No Annual Fee: One of the standout benefits of the Citi® Diamond Preferred® Card is that it charges no annual fee.
This is an attractive feature for users who do not want to pay extra charges just for holding a credit card, especially when comparing it to other cards that charge an annual fee for similar benefits.
No Late Fee on First Late Payment: Citi offers flexibility with no late fee on the first missed payment (if you’ve had your account in good standing).
While repeated late payments will incur a fee, this gives cardholders a bit of leniency if they accidentally miss a due date.
Negative Factors of the Citi Diamond Preferred Card
High APR After Introductory Period: While the 0% introductory APR on purchases and balance transfers is a major benefit, the card has a high variable APR once the introductory period ends.
This can make the card less appealing for those who plan to carry a balance long-term after the first 21 months.
Balance Transfer Fee: If you plan to transfer a balance from another credit card to the Citi® Diamond Preferred® Card, you’ll need to pay a balance transfer fee of either 5% of the transfer amount or a minimum of $5.
While this fee is standard for many credit cards, it can add up, especially for larger transfers.
Limited Rewards Program: Unlike other credit cards that offer cash back or points rewards, the Citi® Diamond Preferred® Card does not have a rewards program.
This means that cardholders are not able to earn rewards on their purchases, which could be a drawback for those seeking a more reward-driven credit card.
Foreign Transaction Fees: Another downside is that the Citi® Diamond Preferred® Card charges a foreign transaction fee of 3% on purchases made outside the U.S.
This can be inconvenient for travelers who frequently shop or dine abroad, as the fees can add up quickly.
What Are the Requirements to Apply for the Citi Diamond Preferred Card?
To apply for the Citi® Diamond Preferred® Card, you need to meet certain eligibility criteria. Here’s what you’ll need to qualify:
Good to Excellent Credit: Applicants should have a good to excellent credit score (typically 700+).
If your score is lower than this range, you may still be able to qualify, but approval odds are better with higher credit scores.
Income Level: You must have a stable income to demonstrate your ability to repay the amount you borrow.
Citi doesn’t disclose a specific income requirement for this card, but applicants should be able to show sufficient income to handle monthly payments.
U.S. Citizenship or Residency: You must be a U.S. citizen or a permanent resident to apply for the Citi® Diamond Preferred® Card.
In some cases, applicants with certain visa statuses may also be eligible.
Age Requirement: Applicants must be at least 18 years old to apply for a credit card in the U.S.
Additionally, you must have a valid Social Security number or Individual Taxpayer Identification Number (ITIN).
Fees and Costs
The Citi® Diamond Preferred® Card comes with several important fees and costs to consider:
- Annual Fee: $0
- Balance Transfer Fee: 5% of the transfer amount, with a minimum of $5
- Late Payment Fee: Up to $40
- Cash Advance Fee: 5% of the amount withdrawn or $10, whichever is higher
- Foreign Transaction Fee: 3% of the total transaction amount
- Returned Payment Fee: Up to $40
- APR After Introductory Period: 15.24% to 25.24% Variable APR, depending on your creditworthiness
It’s important to fully understand these fees before applying, as they can impact your costs depending on how you use the card.
Frequently Asked Questions
1. How long does the 0% APR last on the Citi® Diamond Preferred® Card?
The 0% introductory APR lasts for 21 months on purchases and balance transfers, which is one of the longest periods available on a credit card.
2. Are there any rewards with the Citi® Diamond Preferred® Card?
No, this card does not offer a rewards program. It is designed for individuals looking for low-interest and debt management options rather than earning rewards.
3. Can I transfer a balance from another card?
Yes, the Citi® Diamond Preferred® Card allows balance transfers with a 5% fee (minimum $5).
It’s an excellent way to consolidate high-interest debt into one account with a 0% APR for up to 21 months.
4. What is the interest rate after the 0% introductory period?
After the introductory period, the variable APR ranges from 15.24% to 25.24%, depending on your creditworthiness.
5. Does the Citi® Diamond Preferred® Card offer any travel benefits?
Yes, it offers travel discounts and concierge services, making it an attractive option for individuals who travel frequently or want access to exclusive events.
Conclusion
The Citi® Diamond Preferred® Card is an excellent option for individuals looking for a long-term financial tool with a strong focus on low-interest rates and debt management.
The 0% introductory APR on purchases and balance transfers is particularly appealing for those looking to manage larger purchases or consolidate debt without incurring high-interest charges for a substantial period.
However, potential applicants should be aware of the high APRafter the introductory period, as well as fees such as the balance transfer fee and the foreign transaction fee.
Overall, the Citi® Diamond Preferred® Card is ideal for those who do not require a rewards program but are looking for financial flexibility and exclusive benefits.
With a no annual fee and several perks, it offers solid value to cardholders who want to make the most of their spending without breaking the bank on interest or fees.
