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Citi Diamond Preferred Card review

Citi Diamond Preferred Card review

Published: February 13, 2019
Published: February 13, 2019
Ratings Policy
Balance Transfer Rating:
3.4 rating
3.4 rating
3.4 / 5
Introductory Offer: 3.4
Net Value: 2.4
Features: 3.0
Customer Experience 3.5

In a Nutshell:

The Citi Diamond Preferred offers a competitive introductory period for transferring a balance, but its balance transfer fee is high. This offer is no longer available on our site.

0% Introductory period (balance transfers)
18 months

0% Introductory period (purchases)
18 months

Transfer fee
$5 or 5% (whichever is higher)

Regular APR
15.24-25.24%* (variable)

Annual fee
$0

Customer Experience

Other Notable Features: Choose your payment due date, car rental insurance, extended warranty, personal concierge service, damage and theft purchase protection, trip cancellation and interruption protection, travel and emergency assistance, Citi Private Pass, Citi Easy Deals, Apple Pay, Citi Price Rewind

Low Interest Rating:
3.9 rating
3.9 rating
3.9 / 5
Rates, Fees, Penalties: 4.0
Rewards: 0.0
Features: 3.0
Customer Experience 3.5

In a Nutshell:

The Citi Diamond Preferred card offers a lengthy introductory period for both balance transfers and new purchases, but its APR is high. This offer is no longer available on our site.

Regular APR
15.24-25.24%* (variable)

Introductory Purchase APR
0% for 18 months

Introductory Balance Transfer APR
0% for 18 months

Fees

  • No annual fee
  • 5% or $5 balance transfer fee (whichever is higher)
  • 3% foreign transaction fee
  • 5% or $10 cash advance fee (whichever is higher)

Penalties

  • Up to $39 late payment fee
  • Up to 29.99% penalty APR (variable)
  • Up to $39 returned payment fee

Customer Experience

Other Notable Features: Choose your payment due date, car rental insurance, extended warranty, personal concierge service, damage and theft purchase protection, trip cancellation and interruption protection, travel and emergency assistance, Citi Private Pass, Citi Easy Deals, Apple Pay, Citi Price Rewind

Citi Diamond Preferred offers a decent regular APR, excellent ancillary benefits and a long 0 percent introductory APR for balance transfers. On the downside, the card doesn’t have a rewards program, and, if you are searching for a card with a very low APR, there are better offers to be found.

Decent balance transfer offer

The Citi Diamond Preferred card offers a generous 18-month, zero percent introductory APR for balance transfers (15.24-25.24 percent variable APR thereafter). If you are interested in consolidating your debt from high-interest credit cards, the card might be perfect for you.  Note that you need to complete your balance transfer within four months of opening the account.

High transfer fee

One huge drawback to this card is its high balance transfer fee – 5 percent or $5, whichever is higher. Most balance transfer cards only charge 3 percent, which can mean hundreds in savings on a larger balance. Though the introductory period on the Citi Diamond Preferred is on the long side, you might be better off sticking with a shorter intro offer and lower balance transfer fee. You’ll have to do the math on your own finances to see if you can save in interest what you’ll pay in the fee.

Premium extra benefits

Citi Diamond Preferred offers excellent premium benefits without charging an annual fee.  Citi Private Pass is a special program that provides special access to ticket sales, preferred seating and VIP packages. The card also offers theft and damage protection, trip interruption and cancellation insurance.

Regular APR is not the best

The Citi Diamond Preferred card offers a 15.24 to 25.24 percent APR based on your creditworthiness. The lowest 15.24 percent APR is not terrible, considering that average card rates on new offers are higher than 16.92 percent. However, if your main goal is to find a credit card with a low regular APR, you can do better with other cards.

Why get the Citi Diamond Preferred card?

  • You want a 0 percent introductory balance transfer rate for debt consolidation.
  • You want a low-rate regular APR card after achieving your goals.
  • You want premium extra benefits that come with no annual fee.

How to use the Citi Diamond Preferred card:

  • If your primary goal is to use the introductory offer to pay off debt, try to avoid new purchases that will incur more debt.
  • If you use the 0 percent introductory APR to buy a big-ticket item, make sure you can pay the card off before the introductory period is over.
  • For additional advice, check out our complete guide to transferring a balance to your Citi card.

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