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Updated January 17, 2018

Citi Diamond Preferred Card Review: 0% APR Offer

Editorial Note: This content is not provided by the card issuer. Opinions expressed here are author's alone, not those of the issuer, and have not been reviewed, approved or otherwise endorsed by the issuer.
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With its 21 month introductory APR on balance transfers, the Citi Diamond Preferred Card is a great pick for people who have existing credit card debt.

Overall Score

4.5

Interest Rates

4.5

Fees

5.0

Benefits

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

Pros and Cons

  • Intro APR for 21 months on balance transfers
  • Intro APR for 12 months on purchases
  • No Annual Fee
  • No Rewards

Bottom Line

Excellent card for people who carry a balance

Overview

Citi Diamond Preferred offers a 0% intro APR on balance transfers for 21 months and a 0% intro APR on purchases for 12 months. After that, a variable APR, currently 14.74% to 24.74% depending on your creditworthiness. There is a 5% balance transfer fee ($5 minimum). There is no annual fee.

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 21-month introductory APR introductory period on balance transfers 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 12-month introductory period on new purchases with this credit card will help you pay down that debt over time.

Introductory APR

© CreditDonkey

The Citi Diamond Preferred Card has an 0% introductory APR on balance transfers for 21 months from the date of the first transfer. After that, the APR will be a variable rate, currently 14.74% - 24.74%* (Variable) depending on your creditworthiness. All transfers must be completed within the first 4 months.

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 over a year and a half. This card does charge a fee of $5 or 5% on balances transfers, whichever is greater. If you transfer $1,000 to this card, you owe an additional $50 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.

The Citi Diamond Preferred also has a 0% intro APR on purchases for the first 12 months. After that, the APR will be 14.74% - 24.74%* (Variable) depending on your creditworthiness.

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, up to $500 per item and $2,500 per year. (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

  • Introductory APR on purchases and balance transfers
  • 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 APR will be 15.74% - 25.74%* (Variable) 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 15.74% - 25.74%* (Variable), compared to Citi Diamond Preferred's regular APR of 14.74% - 24.74%* (Variable).

 

Citi Diamond Preferred® Card

Citi Simplicity® Card

 

Interest Rates and Fees

Introductory APR for Purchases0%* introductory APR for 12 months*0%* introductory APR for 18 months*
Introductory APR for Balance Transfers0%* introductory APR for 21 months*0%* introductory APR for 18 months*
Purchase APR14.74% to 24.74%* (Variable) based on your creditworthiness and other factors15.74% to 25.74%* (Variable) based on your creditworthiness and other factors
Balance Transfers APR14.74% to 24.74%* (Variable) based on your creditworthiness and other factors15.74% to 25.74%* (Variable) based on your creditworthiness and other factors
Annual Fee$0 annual fee$0 annual fee

Citi Diamond Preferred: Pricing information including interest rates, rewards, benefits and fees was obtained on June 19, 2018 from published websites and is believed to be accurate, but not guaranteed.

Citi Simplicity: Pricing information including interest rates, rewards, benefits and fees was obtained on June 19, 2018 from published websites and is believed to be accurate, but not guaranteed.

Disclaimer: The information for the Citi Diamond Preferred® Card and Citi Simplicity® Card has been collected independently by CreditDonkey. The card details on this page have not been reviewed or provided by the card issuer.

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)

David R is a contributing writer at CreditDonkey, a credit card comparison and financial education website. Write to David R at davidr@creditdonkey.com. 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)

Editorial Note: This content is not provided by Citi. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Citi.

Disclaimer: This content was first published on December 30, 2011. This content may have been updated on January 17, 2018. 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.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. This site may be compensated through the Advertiser's affiliate programs.

Disclaimer: The information for the Citi Diamond Preferred® Card, Citi Simplicity® Card, and Chase Slate has been collected independently by CreditDonkey. The card details on this page have not been reviewed or provided by the card issuer.

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Compare Citi Diamond Preferred to:

Compare Citi Diamond Preferred vs Chase Sapphire Preferred
Apply for Chase Sapphire Preferred Card
At Chase's Secure Site
  • Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $625 toward travel when you redeem through Chase Ultimate Rewards®
  • Chase Sapphire Preferred® named a 'Best Travel Credit Card' by MONEY® Magazine, 2016-2017
  • 2X points on travel and dining at restaurants worldwide & 1 point per dollar spent on all other purchases.
  • Earn 5,000 bonus points after you add the first authorized user and make a purchase in the first 3 months from account opening
  • No foreign transaction fees
  • 1:1 point transfer to leading airline and hotel loyalty programs
  • Get 25% more value when you redeem for travel through Chase Ultimate Rewards. For example, 50,000 points are worth $625 toward travel.
  • No blackout dates or travel restrictions - as long as there's a seat on the flight, you can book it through Chase Ultimate Rewards
Intro APR for PurchasesIntro APR for Balance TransferRegular APRAnnual Fee
N/AN/A
17.74% - 24.74% Variable
$0 Intro for the First Year, then $95

Citi Simplicity Review

Do you have existing debt? The Citi Simplicity is a great way to pay if off faster with a generous intro APR offer. Find out if it's right for you and how it compares with other balance transfer cards.

    Citibank Balance Transfer Offers

    Check out current Citi balance transfer offers and start saving. Whether you're transferring a balance to or from a Citi card, know these vital tips.
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About CreditDonkey®
CreditDonkey is a credit card comparison website. We publish data-driven analysis to help you save money & make savvy financial decisions.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

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CreditDonkey does not know your individual circumstances and provides information for general educational purposes only. CreditDonkey is not a substitute for, and should not be used as, professional legal, credit or financial advice. You should consult your own professional advisors for such advice.