Citi Diamond Preferred Card Review: Transfer Balances, Save on Interest

Looking for a credit card that offers incredibly low interest rates? The Citi Diamond Preferred Card might just be what you’re looking for. The card offers numerous useful features.

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Curious to know what makes this card stand out and how it compares to other options on the market? In this Citi Diamond Preferred Card review, we’ll dive into how it works, rates, features, benefits, and potential drawbacks of this card to help you determine if it’s the right fit for your financial needs.

Features of the Citi Diamond Preferred Card

The Citi Diamond Preferred Mastercard offers a range of features designed to enhance your credit card experience. One key benefit is its ID Theft Protection program, provided by Mastercard®. This program helps keep your identity safe by monitoring your information and alerting you to any suspicious activity. Enrollment is quick and free.

Additionally, the card offers automatic account alerts to keep you informed about your balance, payment due dates, and when you approach your credit limit. These notifications can be sent via email or directly to your mobile phone, helping you stay on top of your account.

For those who prefer digital payments, the Citi Diamond Preferred Card supports digital wallets, allowing you to shop confidently online, in apps, and in stores. It also features contactless payment technology, so you can simply tap your card on the payment reader and go.

Finally, with Citi Entertainment®, you gain special access to purchase tickets for a wide array of events, including presale tickets and exclusive experiences for sporting events, concerts, dining, and more. 

Pros and Cons of the Citi Diamond Preferred Card

Just like other credit cards with upsides and downsides, this card is not exceptional. Here are the advantages and disadvantages of this card:

Benefits

Some of its upsides include:

  • Choose Your Payment Due Date: Select a due date that works best for you each month, whether it’s at the beginning, middle, or end, and decide between paying the full balance or just the minimum payment due.
  • 24/7 Customer Service: Access support anytime, day or night, with customer service representatives available around the clock.
  • $0 Liability for Unauthorized Charges: Enjoy peace of mind knowing you won’t be held responsible for any charges made on your account without your authorization.
  • Check Your Credit Scores for Free: Enjoy free access to your FICO® Score.

Cons

Here are the drawbacks:

  • No Rewards: The Citi Diamond Preferred Card does not offer rewards.
  • Loss of Introductory APR Offer: If you make a late payment, Citi may cancel your introductory APR and apply the Penalty APR instead.

Rates and Fees

When it comes to interest rates and charges for the Citi Diamond Preferred Card, there are a few key details to keep in mind. For purchases, your APR will range from 18.24% to 28.99%, depending on your creditworthiness (applies after the 0% introductory APR period). These rates can vary with the market, based on the Prime Rate.

If you’re looking to transfer a balance, the APR will be between 18.24% and 28.99%, (applies after the 0% introductory APR offer) also depending on your creditworthiness, and will fluctuate with the Prime Rate.

For cash advances, the APR is set at 29.99%, and like the other APRs, it will vary with the Prime Rate. There’s also a penalty APR that can go up to 29.99%, depending on your creditworthiness. This rate could apply if you make a late payment or if a payment is returned, and it may remain in effect indefinitely if either situation occurs.

There’s no annual fee for the card. However, there are transaction fees: for balance transfers, it’s either $5 or 5% of the amount transferred, whichever is greater; for cash advances, it’s either $10 or 5% of the amount, whichever is greater; and for foreign purchases, a 3% fee applies. Late payments and returned payments can each incur fees up to $41.

Requirements and Eligibility Criteria

So, what are the Citi Diamond Preferred Card requirements? To be eligible for the Citi Diamond Preferred balance transfer credit card, you need to be at least 18 years old (21 in Puerto Rico). And if you’re married, you can apply for a separate account if you prefer. 

Moreover, this card offer is only available to individuals living in the United States and its territories. Citibank will make the final decision on your eligibility for this card. Additionally, you’ll need a credit score in the good to excellent range to apply for the card.

How to Apply for the Citi Diamond Preferred Card

Applying for the Citi Diamond Preferred Card is easy. Visit the Citi website and click “Apply Now”. If you’re a Citi customer, log in with your Citi username and password to speed up the process.

Before applying online, you’ll need to agree to receive statements and legal notices electronically, as outlined in their Paperless Terms & Conditions. You can adjust these settings once you set up Online Access. The offer is available if you apply using the methods provided here, but it might not be available elsewhere.

You’ll need to provide personal details like your name, Social Security Number, and income information. For further assistance, you can contact Citi by phone at 1-800-505-1675 or use 711 for TTY services. Once you submit your application, please allow up to 4 weeks for processing.

Conclusion

The Citi Diamond Preferred Card stands out with its appealing introductory APR offers and practical features. This card can be a solid choice if you’re looking to transfer balances and save on interest. Stay on top of payments to avoid interest charges and take advantage of Citi’s great offers.

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Loan terms: 12 to 60 months. APR: 0.99% to 9% based on the selected term (includes fees, per local law). Example: $10,000 loan at 0.99% APR for 36 months totals $11,957.15. Fees from 0.99%, up to $100,000.