Full Review of Citi Diamond Preferred Credit Card
Extended 0% APR offer
Special access to concerts, sporting events, and VIP packages
No annual fee
5% balance transfer fee
3% foreign transaction fee
- Extended 0% APR Offer: The biggest advantage of the Citi Diamond Preferred card is its long-term introductory rate on purchases and balance transfers. Cardholders currently pay 0% APR for 21 months on balance transfers made during the first four months of card membership and 0% on purchases for 12 months. When the introductory period ends, the regular rate ranges between 13.74% and 23.74%, depending on creditworthiness.
- Special Access to Concerts, Sporting Events and VIP Packages: Cardholders receive access to exclusive VIP packages, presale tickets to events, and other perks like exclusive experiences through Citi Private Pass. In most cases, cardholders have to pay for tickets and packages, but it’s also possible to find complimentary tickets and experiences.
- No Annual Fee: With no annual fee, access to this card's features and benefits represent a good value.
- 5% Balance Transfer Fee: Cardholders who take advantage of the balance transfer offer will pay a fee of $5 or 5% of the transferred amount, whichever is higher. Some cards, like the Capital One Quicksilver, charge a lower 3% fee. The American Express AmEx EveryDay card has no balance transfer fee for its introductory offer. Before applying for this card, consider the cost of the balance transfer and make sure the interest savings are worth the cost.
- 3% Foreign Transaction Fee: When making overseas purchases with this card, cardholders will pay a foreign transaction fee of 3%. Plenty of other cards, like the Capital One VentureOne card and Chase Sapphire Preferred card, don't charge a foreign transaction fee and might be better suited for spending overseas.
This Card is Best For
Resists or refuses an annual fee on principle or due to cost
Tends to pay less than balance in full and so accumulates debt on card
The Citi Diamond Preferred card is best for someone looking to reduce debt using a 0% APR balance transfer. The 21-month introductory period provides a substantial amount of time for dramatically paying down high-interest debt. You should run the numbers and verify that the interest savings will outweigh the 5% fee for the amount of debt you plan to transfer.
Additionally, the card can be a good choice for consumers who value entertainment experiences and presale tickets. With this card’s access to Citi Entertainment, cardholders can purchase tickets to concerts and events before they're available to the general public, as well as buy exclusive packages with VIP experiences.
Rewards Earning Details
This card doesn't have a traditional rewards program. The closest it comes to offering rewards is through the Citi Easy Deals program, which allows you to earn points based on 10% of your monthly purchases. You have to register with Citi Easy Deals to see how many points you have available.
Rewards Redemption Details
The points cardholders earn with the Citi Easy Deals program can be applied for discounts on gift cards, merchandise, travel, and magazine subscriptions. To redeem points, log into your Citi Easy Deals account and browse the available discounts.
There is no way to transfer Easy Deals points to other programs.
How to Maximize Your Rewards
The best way to make the most of Easy Deals points is to use them to buy discounted gift cards for places you normally shop at, reducing your overall costs. Because the points you earn are based on your spending habits, it's important to not go out of your way to make extra purchases just to earn extra points.
Citi Diamond Preferred Credit Card's Outstanding Benefits
- Citi Identity Theft Solutions
- Choose your payment due date
- Virtual account numbers for shopping online or by mail
- FICO Score access each month
- Citi Concierge services
- $0 liability fraud protection
- EMV chip technology
- Automatic account alerts
- 24/7 customer service
Citi's credit card offerings are rated as "average" in all the factors considered for J.D. Power's 2019 Credit Card Satisfaction Survey. In general, Citi ranks in the middle of the pack when compared to other issuers.
Citi cardholders have access to a number of financial tools, including early warning for fraudulent activity, the ability to quickly lock stolen or misplaced cards, and access to a monthly FICO Score. Citi also offers a concierge service to help with travel, shopping, and exclusive experiences.
Customer service can be reached for help through online chat (after you log into your account) and 24/7 at 800-950-5114.
Citi offers a number of security features to help provide cardholders with peace of mind. You receive automatic account alerts and early fraud warnings, as well as monthly access to your FICO Score.
One security feature that stands out is Citi Quick Lock. This feature allows you to block cash advances and purchases instantly if you can’t locate your card. Automatic payments, like bill pay, continue while the card is locked. If you find your card, you can unlock it, but if you don’t, you can have a new card sent to you.
Citi also offers Identity Theft Solutions, which helps you place a fraud alert on (and monitor) your TransUnion account. It can also help you find if other accounts are compromised and advise you on reporting the breach to law enforcement.
You can also created virtual credit card numbers for shopping online worry-free.
Fees to Watch Out For
There aren't a lot of fees with this card, and the lack of an annual fee is a nice benefit. However, if you get this card for the balance transfer introductory rate, be aware of the 5% fee. Additionally, this card comes with a penalty rate of up to 29.99% on top of a late payment fee, so paying on time is important.
Also, if you're looking for a card to take with you when you travel overseas, be aware of the foreign transaction fee, which is 3% of each purchase transaction in U.S. dollars.
The generous 21-month 0% APR on balance transfers makes the Citi Diamond Preferred card an ideal choice if you're hoping to accelerate debt repayment. You have more time to pay down the principal, and if the interest savings are enough to overcome the balance transfer fee, this card can be a good fit.
However, if you're looking for more traditional rewards, there are better choices. If you like the idea of accessing Citi cardholder benefits, while getting cash back, the Citi Double cash card offers unlimited 1% cash back when you make purchases, plus another 1% cash back when you pay off the purchases, and currently has a 0% APR for 18 months on balance transfers promotion as well.
Other rewards cards, like the Capital One VentureOne, allow you to earn travel without an annual fee or foreign transaction fees. Plus, there's a 15-month 0% APR balance transfer offer with a lower 3% balance transfer fee.