Citi® Diamond Preferred® Card review

Citi® Diamond Preferred® Card review

Updated: January 25, 2021

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Updated: January 25, 2021

Partner Offer: Citi is an advertising partner

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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
Issuer Customer Experience3.3

In a Nutshell:

Thanks to its long introductory offers on balance transfers and purchases, the Citi Diamond Preferred Card is a solid option if you need to pay down debt or finance a large purchase. Just be sure to factor in the card’s high balance transfer fee when weighing options.

Learn more about this card

0% Introductory period (balance transfers)
18 months

Excellent

0% Introductory period (purchases)
18 months

Excellent

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

Poor

Regular APR
14.74%-24.74% (variable)

Average

Annual fee
$0

Excellent

Citi Customer Service Ratings

  • J. D. Power 2020 customer satisfaction rating: 801 (50% of issuers in this category ranked higher)
  • 24/7 customer service?: Yes
  • Online chat available?: Yes
  • Google Play Store mobile app rating: 4.6/5
  • Apple Store mobile app rating: 4.9/5
Very Good

Other Notable Features: Choose your payment due date, extended warranty, personal concierge service, damage and theft purchase protection, Citi Entertainment, Citi Easy Deals, Apple Pay

Low Interest Rating:
3.9 rating
3.9 rating
3.9 / 5
Rates, Fees, Penalties:4.0
Rewards:0.0
Features:3.0
Issuer Customer Experience3.3

In a Nutshell:

Thanks to its long introductory offers on balance transfers and purchases, the Citi Diamond Preferred Card is a solid option if you need to pay down debt or finance a large purchase. Just be sure to factor in the card’s high balance transfer fee when weighing options.

Learn more about this card

Regular APR
14.74-24.74% (variable)

Poor

Introductory Purchase APR
0% for 18 months

Excellent

Introductory Balance Transfer APR
0% for 18 months

Excellent

Fees

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

Penalties

  • Up to $40 late payment fee
  • Up to 29.99% penalty APR (variable)
  • Up to $40 returned payment fee
Poor

Citi Customer Service Ratings

  • J. D. Power 2020 customer satisfaction rating: 801 (50% of issuers in this category ranked higher)
  • 24/7 customer service?: Yes
  • Online chat available?: Yes
  • Google Play Store mobile app rating: 4.6/5
  • Apple Store mobile app rating: 4.9/5
Very Good

Other Notable Features: Choose your payment due date, extended warranty, personal concierge service, damage and theft purchase protection, Citi Entertainment, Citi Easy Deals, Apple Pay

If you need to pay off credit card debt or hit pause on your monthly interest charges, the Citi Diamond Preferred Card will likely stand out for its exceptionally long introductory offer on balance transfers. Indeed, it boasts one of the longest introductory offers on the market.

The card’s appeal doesn’t stop there. It also offers a long introductory period on new purchases and a number of extra perks that will be useful long after the promotional period ends.

That said, you’ll have to do the math to be sure the card’s high balance transfer fee doesn’t end up costing you more than you’d save with a few extra months of no-interest payments.

Long 0% introductory APR on balance transfers

The Citi Diamond Preferred card comes with a fairly long 0% introductory APR for balance transfers (0% for 18 months, 14.74%-24.74% variable APR thereafter). While this offer is on par with that of many other balance transfer cards, which typically offer introductory periods of between 12 and 18 months, it is notably lower than the card’s previous offering of 21 months of 0% interest.

Still, depending on how much you owe and how much you can afford to pay each month, having 18 months to pay down your balance could be exactly what you need. Just be sure to get the process started early, as you must complete your balance transfer within four months of opening the account to take advantage of the promotional offer.

Reduced balance transfer fee

Along with reducing the length of the Diamond Preferred card’s balance transfer offer, Citi has also reduced the card’s balance transfer fee, a change that could make your balance transfer less costly overall. You’ll now be charged a balance transfer fee of just 3% of your balance or $5, whichever is higher. Previously, the card charged a 5% balance transfer fee, which is fairly high.

That said, some cards charge no balance transfer fee at all. This is critical to keep in mind if you have a large balance to transfer, as a card with low or no transfer fees could save you a ton, even when compared to a card with a long 0% introductory offer.

See Related: How to transfer a balance to a Citi credit card

Lengthy 0% introductory APR on new purchases too

Along with its long introductory period on balance transfers, the Citi Diamond Preferred Card offers an impressive introductory rate on new purchases: 0% for the first 18 months and 14.74%-24.74% variable APR thereafter.

Whether you’re planning a move, home renovation or even a vacation, being able to spread out payments on large expenses with the card’s extra-long financing period could be a big help. It’s certainly a better option than the deferred interest offers you’ll see advertised at many stores, since even if you do need more than 18 months to pay off your purchases, you’ll only be charged interest going forward, not retroactively.

The high-end APR could cost you

After the promotional period on balance transfers and new purchases ends, the Citi Diamond Preferred card’s ongoing APR will be 14.74%-24.74% (variable), depending on your creditworthiness.

While the card’s low-end APR is in line with the average APR for a balance transfer card, the high-end is very high indeed. Additionally, if you struggle to pay on time you could face a penalty APR of up to 29.99% (variable).

Carrying a revolving balance can really cost you with this card, so if you have less-than-perfect credit and suspect you’ll only qualify for the higher-end APR, make sure you have a plan in place to avoid racking up more debt and pay off your balance during the promotional period.

Decent perks for a no-annual-fee card

The Citi Diamond Preferred Card offers cardholders some premium benefits, such as Citi EntertainmentSM, a program that provides special access to ticket sales, preferred seating and VIP packages at concerts, sporting events and dining experiences. The card also offers a chance to save with the Citi Easy Deals program, which gives cardholders discounts on a variety of everyday purchases.

Borrow against your available credit limit at a fixed rate

The Citi Diamond Preferred Card could come in especially handy if unexpected major expenses pop up. As a Citi cardholder, you may be able to take advantage of a Citi Flex Plan, which allows you to borrow cash against your available credit limit and pay it back at a fixed rate over a fixed term of up to 60 months, depending on your eligibility.

Since a Citi Flex Plan uses the existing credit line on your Citi credit card, you won’t have to fill out an application, go through a credit check or pay an origination fee.

Unfortunately, however, you must be offered a Citi Flex Plan and not all cardholders are eligible.

Tip:You may also be able to finance Amazon.com purchases using Citi Flex Pay.

No rewards program

The Citi Diamond Preferred Card’s perks are a welcome addition – especially considering the card charges no annual fee – but for most people these won’t make up for its lack of a rewards program.

While paying off debt should definitely be your top priority following a balance transfer, you can still take advantage of a balance transfer card that offers rewards to save on everyday purchases.

Consider the Citi® Double Cash Card, which not only offers an 18-month introductory period for balance transfers (13.99-23.99% variable APR thereafter), but also gives you a chance to earn cash back on all of your purchases (up to 2% back, 1% when you buy and 1% as you pay off those purchases).

If financing new purchases is more of a priority, the Capital One Quicksilver Cash Rewards Credit Card is another option, offering unlimited 1.5% cash back on all purchases and a 0% introductory APR on new purchases for 15 months (15.49%-25.49% variable APR thereafter).

How does the Citi Diamond Preferred Card compare to other balance transfer cards?

The Citi Diamond Preferred card’s main selling point is its extremely long 0% introductory offer on both balance transfers and new purchases, but it’s thin on other perks. Here are a couple of our favorite alternatives, each of which comes with a solid 0% introductory offer on balance transfers:

Citi Diamond Preferred Card

Citi® Diamond Preferred® Card

 

Discover it Balance Transfer

BankAmericard® credit card

Citi Double Cash Card

Citi® Double Cash Card

Introductory period (new purchases)

18 months

Introductory period (new purchases)

12 months

Introductory period (new purchases)

None

Introductory period (balance transfers)

18 months

Introductory period (balance transfers)

12 months (if made in first 60 days)

Introductory period (balance transfers)

18 months

Regular APR

14.74%-24.74% (variable)

Regular APR

12.99%- 22.99% (variable)

Regular APR

13.99-23.99% (variable)

Other things to know

  • You can apply for a Citi Flex Plan to borrow against your available credit limit at a fixed rate
  • Includes extended warranty, personal concierge service, purchase protection, Citi Entertainment and Citi Easy Deals
Other things to know

  • No rewards program
  • Earn cash back with BankAmeriDeals card-linked offer program
  • Includes Fico® Score for free and credit education, zero fraud liability and overdraft protection (if you link an eligible Bank of America checking account to your credit card)
Other things to know

  • Earn up to 2% cash back on every purchase (1% when you buy and 1% when you pay off purchases)
  • $25 minimum cash redemption
  • Awards expire if card is not used for more than 12 months
  • Cash back can be converted to Citi ThankYou points

BankAmericard® credit card

The BankAmericard offers a shorter introductory period on both balance transfers and new purchases. You’ll only get 12 months to chip away at debt (if you transfer within 60 days of account opening) or carry a balance without being charged interest. However, the card offers a lower ongoing APR and a chance to earn cash back on eligible spending via the BankAmeriDeals program.

Citi Double Cash Card

Since it’s marketed mostly as a general cash back credit card, the Citi Double Cash Card’s generous balance transfer terms may surprise you. While the card lacks an introductory APR on new purchases, you can take advantage of a 0% APR for 18 months on balance transfers (13.99%-23.99% variable thereafter). The card’s transfer fee is also lower than the Citi Diamond Preferred Card’s – just 3% (or $5, whichever is higher). Even better, the card’s flat-rate cash back earning scheme encourages good spending habits, since you’ll earn 1% back when you buy and 1% back when you pay off your purchases.

Why get the Citi Diamond Preferred card?

  • You’re looking for a long introductory offer on balance transfers available.
  • You want to finance a larger purchase over 18 months without using deferred interest.
  • You’ll make use of the premium extra benefits that come with the card.

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 introductory APR to buy a big-ticket item, make sure you can pay the card off before the introductory period is over.
  • Try out our balance transfer calculator to see if the money you’ll save with the card’s long introductory offer on balance transfers justifies the high balance transfer fee.
  • For additional advice, check out our complete guide to transferring a balance to your Citi card.
  • Enroll in Citi Easy Deals to earn special discounts on certain purchases.

Is the Citi Diamond Preferred Card worth it?

The Citi Diamond Preferred Card’s long introductory APR on balance transfers and new purchases is hard to beat. It may be a great fit if you think you’ll need a long time to pay down your balance, but you could actually save more by getting a card with a low balance transfer fee instead.

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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.

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