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Updated December 30, 2014

Citi Diamond Preferred Card Review: 0% APR Offer

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With its 18-month introductory APR on purchases and balance transfers, the Citi Diamond Preferred Card is a great pick for people who carry a balance. While this card does offer a few other benefits, such as a concierge service, its main attraction is its introductory APR. That is a long time in the world of credit cards. This is an opportunity for you to get a break from high interest charges, whether you are trying to make a dent in your debt or if you need to make a bunch of big purchases at once and need time to pay them off.

12/30/2014 Update: We're sorry, Citi Diamond Preferred® Card is no longer available on CreditDonkey. This offer may have been discontinued or may no longer be available to new applicants.

Overall Score

4.5

Interest Rates

4.5

Fees

5.0

Benefits

4.0
5-point scale (the higher, the better)

Pros and Cons

  • 0% intro APR for 18 months on balance transfers and purchases
  • No Annual Fee
  • No Rewards

Bottom Line

Excellent card for people who carry a balance

Who Would Benefit Most from This Card

Whether you would benefit from making this your next new credit card depends on how you tend to use your credit cards in general. You could benefit if:

  • You have an existing balance: The 18-month introductory APR introductory period is a nice break from hefty interest charges. If you have been struggling to get on top of your debt, this is one way to get a handle on it (just be sure not to add many new purchases on the debt you’re already carrying and also check out our guide on how to save money by making a balance transfer.)

  • You’re about to make a really big purchase: If you need to make a large purchase such as a new appliance, the 0% introductory period on new purchases with this credit card will help you pay down that debt over time. The interest-free introductory period is lengthy compared to many other credit cards.

Introductory APR

The Citi Diamond Preferred Card has an 0% introductory APR on purchases and balance transfers for the first 18 months. After that, the APR will be a variable rate, currently 11.99% - 21.99% depending on your creditworthiness.

If you are paying interest on your other cards, you can move the balances over to the Citi Card to help save money on interest for a year and a half. This card does charge a fee of $5 or 3% on balances transfers, whichever is greater. 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 usually significantly lower than paying monthly interest for a year and a half.

Tip: Use this calculator to estimate how much you can save with a balance transfer.

Fees and Interest

There is no annual fee to use this credit card. That’s a nice plus; however, it’s also not a rewards card. You will not earn reward points that translate into cashback with this card.

Other Benefits

Citi Easy Deals points
While not a cash back rewards card, The Citi Diamond Preferred card does offer Citi Easy Deals points, which you earn every time you make a purchase. You can then redeem them when you make purchases online for name-brand merchandise, gift cards, dining, travel and entertainment. The offers and discounts vary by merchant, with 300,000 deals available.

Concierge and entertainment
It also offers a 24/7 personalized concierge service to help you make hotel or restaurant reservations and buy tickets for flights or shows. This is useful if you're travelling, as a live person can tell you the best places to stay, eat, and shop. You also get access to Citi Private Pass, a service that offers ticket presales, preferred seating VIP packages and unique entertainment experiences.

Purchase protection
The Citi Diamond Preferred card offers $0 liability on unauthorized charges, so you won't pay a cent if someone steals your card number and uses it to make purchases. And should you fall victim to identity theft or fraud, Citi Identity Theft Solutions will offer you a fair amount of assistance in resolving the issue, including filing police reports.

Price protection
And you also get access to price protection. If you register an eligible purchase with Citi Price Rewind, the cost of that purchase will be monitored on hundreds of retailer websites for 60 days. If a price difference of more than $25 is found, that difference will be refunded to you. (Limitations apply).

The added benefits of the Citi Diamond Preferred Card are not as generous as benefits offered by many other cards, but they are a nice supplement to the introductory APR.

Pros

  • 0% APR on all purchases and balance transfers for the first 18 months of the card
  • No annual fee

Cons

  • Card does not offer a cash back rewards program
  • 3% foreign transaction fee

How Citi Diamond Preferred Compares

Before you apply, it’s worth comparing this card to similar ones. Comparative cards include those that do not have an annual fee and that also don’t have rewards program.

One that will stick out in particular is the Citi Simplicity Card, which also offers a 0% intro APR on balance transfers and purchases for 18 months. After that, the variable APR will be 12.99% - 22.99% based on your creditworthiness.

The Simplicity has no late fees and no penalty fees, ever. In other words, it lives up to the idea of “simplicity.” The downside is the Simplicity's regular APR is 12.99% to 22.99% variable, compared to Citi Diamond Preferred's regular APR of 11.99% to 21.99% variable.

Bottom Line: Is Citi Diamond Preferred a Good Card?

© Brendan Lally (CC BY 2.0) via Flickr

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.

(This article was originally written by David and has been updated by Cynthia)

12/30/2014 Update: We're sorry, Citi Diamond Preferred® Card is no longer available on CreditDonkey. This offer may have been discontinued or may no longer be available to new applicants.

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Follow @CreditDonkey or write to David R at davidr@creditdonkey.com
David R is a contributing writer at CreditDonkey, a credit card comparison and financial education website. Our data-driven analysis has been recognized by major news outlets across the country and has helped consumers make savvy financial and lifestyle decisions. (read more)

Disclaimer: This content was first published on December 30, 2011. This content may have been updated on December 30, 2014. Information including APR, terms and benefits may vary, be out of date, or not applicable to you. Information is provided without warranty. Please check the issuer's website for updated information.

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Compare Citi Diamond Preferred to:

Chase Sapphire Preferred Card
Apply for Chase Sapphire Preferred Card
At Chase's Secure Site
  • Earn 40,000 bonus points when you spend $4,000 on purchases in the first 3 months from account opening. That's $500 in travel when you redeem through Chase Ultimate Rewards®
  • Earn 5,000 bonus points after you add the first authorized user and make a purchase in the first 3 months from account opening
  • 2X points on travel and dining at restaurants & 1 point per dollar spent on all other purchases
  • No foreign transaction fees, plus chip-enabled for enhanced security and wider acceptance
  • 1:1 point transfer to leading frequent travel programs at full value - that means 1,000 Chase Ultimate Rewards points equal 1,000 partner miles/points
  • Premium Travel and Purchase Protection Benefits, including Trip Cancellation/Trip Interruption Insurance, Auto Rental Collision Damage Waiver, Purchase Protection and more
  • 24/7 direct access to dedicated customer service specialists
  • Introductory Annual Fee of $0 the first year, then $95
Intro APR for PurchasesIntro APR for Balance TransferRegular APRAnnual Fee
N/AN/A
15.99% Variable
Introductory Annual Fee of $0 the first year, then $95

Chase Slate
Apply for Chase Slate
At Chase's Secure Site
  • Chase Slate named "Best Credit Card for Balance Transfers" two years in a row by Money Magazine
  • $0 Introductory balance transfer fee for transfers made during the first 60 days.
  • 0% Introductory APR for 15 months on purchases and balance transfers.
  • $0 Annual Fee
  • New Free Monthly FICO® Score and Credit Dashboard
Intro APR for PurchasesIntro APR for Balance TransferRegular APRAnnual Fee
0% for 15 months
0% for 15 months
12.99%, 17.99%, or 22.99% Variable
$0

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