Citi Diamond Preferred Card Review

Being an adult isn’t cheap, and sometimes life hands us extra financial surprises- and not the win the lottery kind.

Credit cards are there to fall back on when life’s unexpected events happen, but some cards are better than others for repayment options, offering extended 0% APR on balance transfers and new purchases, and the Citi® Diamond Preferred® Card is one of them.

Citi® Diamond Preferred® Card Pros & Cons

Pros:

• 18-month Introductory APR period on Balance Transfers and New Purchases
• $0 Annual Fee
• Free Access to FICO Score

Cons:

• No Rewards
• No Welcome Bonus
• Foreign Transaction Fees

What Is the Citi® Diamond Preferred® Card?

The Citi® Diamond Preferred® Card is a credit card with no annual fee and no rewards that offers an extended introductory 0% APR period that allows cardholders to pay off debt or finance a purchase.

Citi® Diamond Preferred® Features and Benefits

No Annual Fee

The Citi® Diamond Preferred® Card has no annual fee. This is an important feature for people looking to pay off debt or finance a purchase because it keeps payments predictable during the introductory period.

0% Introductory Rates on Balance Transfers & Purchases

The 0% Introductory APR on both balance transfers and new purchases is the beacon that attracts people to this card.

Not only does the Citi® Diamond Preferred® Card have 0% APR on both balance transfers and new purchases, unlike most other cards, they also offer an extended introductory period of 18 months.

While the 0% introductory offer is fantastic, it is important to note that balance transfers to the Citi® Diamond Preferred® Card are not free.

All transfers are assessed a 3% balance transfer one-time fee or $5, whichever is more.

Customized Payment Due Dates

Cardholders are given freedom with the Citi® Diamond Preferred® Card to pick their payment due dates.

Card payments are not restricted to when repayment works for the card but rather when the repayment works for the cardholder.

The Citi® Diamond Preferred® Card allows cardholders to pick whatever day of the month they would like to make their payments due.

The card encourages automatic bill pay to ensure that the minimum balance is always on time.

Citi® Diamond Preferred® Card Downsides

Late Payment Fees

Late payment fees are an industry standard, and the Citi® Diamond Preferred® Card is no different.

The card does come with a generous 23-day grace period, but late payments will incur a $40 fee after the grace period.

Anyone looking for a card with an introductory offer and no late fees should check out the Citi Simplicity Card.

Consumers Can’t Earn Rewards

The Citi® Diamond Preferred® Card has a lot going for it during the Introductory APR period of 18 months, but that’s about it.

This card does not offer any rewards points, cash back, or any major bells and whistles once the introductory period is up.

The Citi® Diamond Preferred® Card serves a purpose, and that purpose is not everyday use. Cardholders not needing to pay down credit card debt or finance a purchase will not benefit from this card.

Citi® Diamond Preferred® Card Alternatives

#1. Citi® Diamond Preferred® Card vs Citi® Double Cash Card – 18-month BT offer

Both the Citi® Diamond Preferred® Card and the Citi® Double Cash Card offer 0% APR on balance transfers for 18 months.

The Citi® Double Cash Card does not have a 0% APR on new purchases for 18 months like the Citi® Diamond Preferred® Card.

These cards are both offered by Citi Bank and come with additional perks like Citi Concierge and Citi Entertainment, but Citi® Double Cash Card also has rewards and is considered a cashback card.

The Citi® Double Cash Card is not just cleverly named- it comes with 2% cashback. Cardholders earn 1% when they buy and 1% when they pay.

The Citi® Double Cash Card also has a slightly lower interest rate and also has no annual fee.

#2. Citi Diamond Preferred vs Blue Cash Everyday® Card from American Express

The Citi® Diamond Preferred® Card and the Blue Cash Everyday® Card from American Express offer completely different experiences.

While the Citi® Diamond Preferred® Card comes with no annual fee and an extended introductory period and is best for paying off credit card debt or financing a new purchase, it’s not a great card for everyday use.

The Blue Cash Everyday® Card from American Express is pretty close to the complete opposite.

The Blue Cash Everyday® Card from American Express does come with an annual fee of $95 (waived for the first year) there are no introductory 0% APRs on purchases or balance transfers.

However, the Blue Cash Everyday® Card from American Express has a ton to offer in cashback rewards.

The Blue Cash Everyday card is a great choice for everyday spending, while the Citi® Diamond Preferred® Card is not.

#3. Citi® Diamond Preferred® Cardvs American Express Cash Magnet® Card

If Introductory APRs on new purchases are important to you, both of these cards will fit the bill.

The Citi® Diamond Preferred® Card does have a slightly longer introductory 0% APR period at 18 months versus the American Express Cash Magnet® at 15 months.

Cardholders that can pay off their new purchases in 15 months would probably be further ahead to get an American Express Cash Magnet® Card for the uncomplicated 1.5% cashback on all purchases and generous bonus offer of $150 when cardholders spend $1000 or more on their card in the first 3 months.

The AMEX Cash Magnet card is not the best cashback card on the market, but it’s straightforward and also has the new purchases introductory period, which allows cardholders to finance purchases.

The American Express Cash Magnet® Card does not offer an introductory period on balance transfers, though, so anyone needing that should look to the Citi® Diamond Preferred® Card instead.

Frequently Asked Questions

Is Citi® Diamond Preferred® A Good Credit Card?

The Citi® Diamond Preferred® Card is a good card for a purpose. For everyday spending, there are hundreds are cards that will serve you better.

It has a higher-than-average APR once the introductory period is up, and it doesn’t offer any rewards.

This card is a great card for balance transfers and interest-free new purchases for 18 months.

The Citi® Diamond Preferred® Card with its no annual fee is best for people who need a backup plan and a strict about making sure they repay their balance in the 18 months before the APR begins to accrue.

What Is the Credit Limit on the Citi® Diamond Preferred® Card?

The credit limit on the Citi® Diamond Preferred® Card is not a free for all. The credit allowance begins at $500 and increases based on the applicant’s credit score and credit to income ratio.

It is not unusual for cardholders to receive more than a $10,000 credit limit from Citi® Diamond Preferred® Card given their credit score.

What Card Is Better Citi® Diamond Preferred® Card or Citi® Double Cash?

The decision about which card is better really depends on what you need it for. The Citi® Diamond Preferred® Card has 0% APR for 18 months on balance transfers as well as new purchases.

The Citi® Double Cash Card has 18 months 0% APR on balance transfers alone. For cardholders needing 0% APR on new purchases, the Citi Diamond Preferred Card is the best choice.

In pretty much every other circumstance, the Citi Double Cash Card is the way to go. After the Introductory period is up, the Citi® Diamond Preferred® Card has nothing to offer that the Citi® Double Cash Card does not also provide, and the Citi Double Cash comes with 2% cash back rewards for the life of the card.

What Credit Score Is Needed for the Citi® Diamond Preferred® Card?

People interested in getting the Citi® Diamond Preferred® Card need a credit score in the good to the excellent range or 700+.

The higher the credit score, the higher the credit limit. Since this card is best for consolidating debt or financing a new purchase, cardholders want to be sure that the card covers the amount they need before they jump in with both feet.

Bottom Line: Citi® Diamond Preferred® Review

The Citi® Diamond Preferred® Card is a great card for anyone looking to finance a new purchase, pay off a credit card, or customize monthly payments.

The 0% APR for 18 months introductory offer makes the Citi® Diamond Preferred® Card a great option for anyone who finds themselves in a bit of a pickle.

Because the APR is slightly higher than other cards, cardholders should be careful to make sure they pay off their balances on time.

The Citi® Diamond Preferred® Card is not a great pick for everyday use since it offers no rewards but definitely serves its purpose as a card to use in a pinch.