 | | - 0% Intro APR on Balance Transfers and Purchases for 18 months. After that, the APR will be 11.99%-21.99% based upon your creditworthiness.
- 24/7 access to personalized concierge service providing assistance in booking hotel, flights, concert tickets and much more
- Special access for Citi cardmembers to purchase presale tickets, preferred seating, VIP packages, and other unforgettable live entertainment experiences through Citi Private Pass(R).
- Exciting deals and savings for great brands through Citi Specials
- $0 liability on unauthorized purchases and Citi® Identity Theft Solutions
- No annual fee*
| | | | Intro APR for Purchases | Intro APR for Balance Transfer | APR as low as | Annual Fee | 0% | 0% | 11.99% - 21.99% (Variable) | $0 |
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| Overall Score | 4.5 | |
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| Fees | 5.0 | |
| Benefits | 4.0 | |
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Pros and Cons
- 0% APR 18 months
- No Annual Fee
Bottom Line
Excellent card for people who carry a balance
The Citi Diamond Preferred Credit Card is an excellent card for consumers with large balances on other credit cards. This card offers one of the longest interest free introductory periods of all credit cards. By properly using this feature, you can save on your interest payments and use these savings towards paying down your debt. While this card offers a few other benefits, its main attraction is its introductory APR.
Introductory APR
The Citi Diamond Preferred Card charges no interest during its first 18 months of use. This 0% interest rate applies to all of your purchases. This card also charges no interest on balance transfers during this period. If you are paying interest on your other cards, you can move the balances over to the Citi Card and delay interest payments for nearly two years. This card charges a onetime 3% on balances transfers. If you transfer $1,000 to this card, you owe an additional $30 in fees. While a balance transfer to this card is not free, the transfer fee is significantly lower than paying monthly interest for two years.
Fees and Interest
There is no annual fee to use this credit card. This card is not a rewards card and Citi does not need to charge an annual fee. The 0% introductory APR only lasts for 18 months.
After this period, you owe monthly interest on your account balance. The interest rate on this card ranges from 11.99% to 21.99%. Your interest rate depends on your creditworthiness. If you have a high credit score, you interest rate will usually be lower.
Other Benefits
This card is not a rewards card so you do not earn cash back, free hotel stays, or free flights from your purchases. The Citi Diamond Preferred Card does collect points for the Citi Extra Cash program. Extra Cash is a discount program, not a cash back program. When you make purchases through the Citi website, you can use these points for a discount on merchandise, entertainment events, or travel tickets.
This card also offers a concierge service to help you buy tickets for flights or shows. The added benefits of the Citi Diamond Preferred Card are not as generous as many other cards, but they are an extra bonus to its introductory APR.
A rare perk included with this card is Price Protection. If you buy something with your Citi card and then see it advertised in print for less within 60 days, you will receive a refund for the difference up to $250 (excludes Internet purchases and certain items).
Pros
- 0% APR on all purchases and balance transfers for the first 18 months of the card.
- No annual fee
- Price protection
Cons
- Card does not offer any cash back program
Bottom Line
This is a great card if you want to transfer balances from other credit cards and receive a long relief from interest payments. If you want a card to generate high annual benefits from your purchases, you are better off with a rewards card.
Write to David R at davidr@creditdonkey.com
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Disclaimer: This content is not provided or commissioned by Citi. Opinions expressed here are author's alone, not those of Citi, and have not been reviewed, approved or otherwise endorsed by Citi. This site may be compensated through Citi Affiliate Program.
Disclaimer: This content was first published on December 30, 2011. This content may have been updated on February 1, 2012. Information including APR, terms and benefits may vary, be out of date, or not applicable to you. Information is provided without warranty. Please check Citi website for updated information.
