Citi Diamond Preferred Credit Card Review

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From Seek Capital - Best for Balance Transfer

Welcome Offer

No Interest for 21 Months

Enjoy 0% APR for 18months on Balance transfers

Earn

0%APR on Balance Transfers
0% APR on balance transfers for the first 21 months
0%APR on Purhases
0% APR on purchases for the first 12 months
$0Annual Fee
No annual fee for this card
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Get the access you need to keep track of your credit, updated monthly

Citi Diamond Preferred

Manage your money smarter when you finance a big purchase with the Citi Diamond Preferred MasterCard. It has a great 0 percent APR introductory offer for purchases and an even better extended no interest offer on balance transfers. Plus, it’s backed by Citi’s standard customer service, payment and protection perks, which means you can swipe confidently whether you’re at the local cafe or exploring markets in Mexico or Europe.

Rewards Highlights

  • No Annual Fee
  • 0% Introductory Balance Transfer APR for 21 Months
  • 0% Introductory Purchase APR for 21 Months

Expert Review

The Pros

  • No Annual Fees
  • 0% APR on Balance Transfers and Purchases

The Cons

  • Strict Approval Requirements

Recommended Credit Profile

Rates & Fees

  • Annual Fee$0
  • Intro Purchase APR0% for 18 months
  • Intro Balance Transfer APR0% for 18 months
  • Regular APR14.99% to 24.99%
  • Great ForShoppingDiningGas
  • Regular Purchase APR14.99% to 24.99%
  • Regular Balance Transfer APR14.99% to 24.99%
  • Cash Advance APR27.24%
  • Balance Transfer Fee$5 or 5%
  • Cash Advance Fee$10 or 5%
  • Foreign Transaction Fee3%

0 Percent APR Offer for Purchases and Balance Transfers

The Citi Diamond Preferred card is a balance transfer card, which means the terms for creditworthy account holders make it possible to transfer a balance from another card and save big money. If you transfer a balance from another card to the Citi Diamond Preferred card within the first four months of opening the account, you can carry that balance for up to 21 months without paying any interest on it.

That’s almost two years to pay off a balance without accruing interest, which means you could save hundreds and even thousands of dollars in interest. The offer lets you get more time to pay without paying morefor that time. For example, you could transfer $3,000 from another card, pay $143 a month for 21 months and never pay interest. Compare that with paying off a $3,000 balance over 21 months at 18 percent interest. You’d have to pay $168 a month, and you’d pay around $518 extra in interest.

If you do decide to put the balance transfer to use, know that you’ll pay a fee for the convenience. The fee is 3 percent of the transfer or a minimum of $5. That means on a transfer of $3,000, you’ll pay a fee of $90. That’s well under the amount you’ll save in interest if you need more time to pay the balance off, though.

This Citi Diamond Preferred card also comes with an introductory offer on purchases. You get 0 percent APR on purchases for the first 12 months after opening the card, which means you can get up to a year to pay for a large purchase.

Want to buy a new living room set that costs $2,500? That’s $208 a month in payments. Need new tires to the tune of $800? That’s about $67 a month. The Citi Diamond Preferred card is a great way to finance a large purchase, because as long as you pay it off before the 12 months are up, you won’t pay extra for taking your time with the balance.

As with most introductory offers, you do really want to pay things off before the 0 percent APR period is over. Otherwise, you could get hit with a big interest amount on your statement.

Plenty of Other Great Perks

Aside from saving you money when you want to finance a large purchase or cover a balance transfer, the Citi Diamond Preferred card has a plethora of other benefits. We’ve summarized most of them below so you know exactly what you get with this card — and just how to put it to work in your financial life.

Protection Benefits

The Citi Diamond Preferred card comes with technology and service benefits that keep your account and personal information safe. First, Citi Identity Theft Solutions help you get on track should you be impacted by identity theft. Citi customer service helps you identify whether your credit card account was compromised and, if so, assists you with filing paperwork to report to the authorities and taking steps to recover your credit.

EMV chip technology in your card lets you use your card at payment terminals across the world with peace of mind because enhanced security provides a buffer between you and would-be fraud schemes.

The card also comes with purchase protection, which means you aren’t on the hook if unauthorized charges are made on your account. That covers fraudulent charges online and provides protection if your card is stolen.

Convenience and Customer Service Benefits

Citi also offers some great perks that make keeping up with your account more convenient and open some doors to fun opportunities.

  • Citi Private Pass lets you enjoy early access to purchase tickets for a wide range of events, including sports, concerts, dining experiences and movie screenings. You can even score complimentary movie screenings and be the first to access VIP packages when you do so through citiprivatepass.com. Just go the website and search by your city to find all of the amazing experiences available. If you are in Boston, you can get early access to the Kyrie Irving Basketball Clinic with Jayson Tatum before tickets go on sale to the public. If you are in Los Angeles, get your Andrea Bocelli tickets at the Hollywood Bowl before the tickets even go on sale to the public. If you are in Chicago, you can get your tickets to see the Barenaked Ladies perform before the tickets go on sale to the public. This is amazing! Never miss an event again when you are a Citi cardholder.
  • When you have questions about your account or any of the relevant perks, you can call Citi customer service. It’s open 24 hours a day all year — which is really helpful when you’re traveling for holidays and need assistance. If you run into a problem when you are doing your last-minute shopping for Christmas don't worry. Citi is always there to help you resolve your issues, with award-winning customer service.
  • Automatic account alerts keep you up-to-date on your balance and other account housekeeping matters. You can set up alerts to inform you of up-coming due dates or when you’re getting close to a credit limit; alerts are possible via email or text. You can get notified whenever you make a transaction with your card. Imagine you are in a restaurant and you give the waiter your card and leave by accident. On the car ride home you see that your card was charged. Instead of waiting the next day to realize your card is missing, you just turn around and go get your credit card. This is also a great feature for fraud. If your card or card number is stolen and a transaction is made, you will be notified right away. You can stop the perpetrator from making any additional transactions with your credit card before it gets out of hand.
  • Connect your Citi card with Apple Pay for touchless payment at compatible payment kiosks and registers. You can pay at hundreds of thousands of locations with your iPhone or Apple Pay-equipped tablet, which means you won’t have to fish a wallet out of your bag. We love to use this perk during travel or in busy shopping situations because it keeps our wallets safely stored away.
  • If you need customer service that goes beyond account specifics, Citi Concierge service is available to card holders. You can call the concierge line for help with dining reservations, travel booking, entertainment recommendations or shopping.

Seek tip: Citi lets you pick your monthly due date to make it easier to manage your credit card balance. If the original date doesn’t work, just call customer service and let them know whether you want to pay at the beginning, middle or end of each month. Remember: with the 0 percent APR introductory offer, you don’t have to pay your balance off fully each month during the first year to save on interest fees.

Fees and Costs of Card Ownership

While you won’t pay interest fees for the first year, the Citi Diamond Preferred card does come with a few other fees. Citi charges a foreign transaction fee of 3 percent. That means every $100 you spend outside of the United States costs $3 extra. Typically, we advise not using a card with this type of fee during international travel, but there’s one exception. If you need to fund an international trip on a card and pay for it across a couple months, you’ll save more than the foreign transaction fee with the 0 percent APR offer — if you charge the trip and pay for it within the first 12 months.

The Citi Diamond Preferred card doesn’tcome with an annual fee, which is what we like to see on a card that doesn’t have travel rewards to make up for that fee.

Overall, this is a strong balance transfer card that offers a nice introductory period. It’s also backed with a suite of Citi perks that can make your life more convenient if you use them.

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