Reviews Citi Diamond Preferred card review

Citi Diamond Preferred card review

Published: September 5, 2017
See Full Card Details
Advertiser Disclosure
Ratings Policy
Balance Transfer Rating:
4.4 rating
4.4 rating
4.4 / 5
Introductory Offer: 4.7
Net Value: 3.9
Features: 3.0

In a nutshell:

The Citi Diamond Preferred card is one of our top picks for transferring a balance thanks to its extra long promotional period — which gives cardholders nearly two years to pay off an interest-free balance and make interest-free purchases — and reasonable balance transfer fee.

Learn more about this card

0% Introductory Period
21 months

Transfer Fee
$5 or 3% (whichever is higher)

Introductory Purchase APR
0%

Regular APR
13.99-23.99%* (variable)

Annual Fee
$0

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:
4.2 rating
4.2 rating
4.2 / 5
Rates, Fees, Penalties: 4.5
Rewards: 0.0
Features: 3.0

In a nutshell:

Citi Diamond Preferred is a good credit card with no annual fee and excellent introductory APR and balance transfer terms.

Learn more about this card

Regular APR
13.99-23.99%* (variable)

Introductory Purchase APR
0%

Introductory Balance Transfer APR
0%

Fees

  • No annual fee
  • 3% or $5 balance transfer fee (whichever is higher)
  • 3% foreign transaction fee
  • 26.24% cash advance APR (variable)
  • 5% or $10 cash advance fee (whichever is higher)

Penalties

  • Up to $35 late payment fee
  • Up to 29.99% penalty APR (variable)
  • Up to $35 returned payment fee

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 an extra-long zero percent introductory APR for both purchases and 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. However, due to the exceptional length of the introductory offer, you will likely find much better savings on interest with this card than most others.

Generous introductory APR
The Citi Diamond Preferred card offers a very generous 21-month, zero percent introductory APR for both purchases and balance transfers. If you are interested in consolidating your debt from high-interest credit cards or you are eyeing a big-ticket item that you can’t buy outright, the card might be perfect for you.  Note that you need to complete your balance transfer within four months of opening the account.

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 an 13.99 to 23.99 percent APR based on your creditworthiness. The lowest 13.99 percent level is not terrible, considering that average card rates on new offers are higher than 15 percent. However, if your main goal is to find a credit card with a low regular APR, you can do better with other cards.

Reasons to get it:

  • You want a zero percent introductory balance transfer rate for debt consolidation.
  • You want to finance a high-ticket item with the zero percent introductory APR and have enough time to pay it off.
  • 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 it:

  • 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 zero percent introductory APR to buy a big-ticket item, make sure you can pay the card off before the introductory period is over.
  • Use the premium features of the card. Damage and theft purchase protection, for example, will cover a purchase for up to four months (three months for New York City residents). If you buy a high-tech gizmo for an upcoming trip, use the Citi Diamond Preferred card for peace of mind.

Our reviews and best card recommendations are based on an objective rating process and are not driven by advertising dollars. However, we do receive compensation when you click on links to products from our partners. Learn more about our advertising policy

All reviews are prepared by CreditCards.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including card rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the bank’s website for the most current information.

Responses to comments in the discussion section below are not provided, reviewed, approved, endorsed or commissioned by our financial partners. It is not our partner’s responsibility to ensure all posts or questions are answered.

See Full Card Details