Citi Diamond Preferred is not a rewards card in the traditional sense – members do not earn cash back, points or miles on purchases. However, cardholders can enjoy savings by signing up for Citi Easy Deals which gives access to online deals with popular retailers. Where the Citi Diamond Preferred really shines is with its low introductory APR offer currently available to new members. The card, which is part of the MasterCard network, is issued by Citibank and has no annual fee.
New account holders can take advantage of a 0% introductory APR for 21 months on purchases and balance transfers. After this time, the variable APR will be 12.24%, 15.24%, 18.24%, 20.24% or 22.24% based on your creditworthiness at the time of approval. Balance transfers must be completed and post to your account within four months from the date your account is opened. Additionally, each balance transfer is subject to a fee of $5 or 3% of the total amount of the transfer (whichever is greater). Please note that this fee is not waived during the promotional APR offer.
Citi Diamond Preferred offers members VIP Treatment in the form of 24/7 access to personalized concierge service. This feature provides assistance in booking hotel rooms, flights, concert tickets and much more. Plus, cardholders receive special access to ticket presales, preferred seating, VIP packages and unique entertainment experiences through Citi
Private Pass.
This card is not a rewards card so members do not have the opportunity to earn cash back, miles or points on purchases. Card members are eligible to sign up for Citi Easy Deals – a benefit which allows you to receive great online deals at many popular retailers such as Gap and CVS. More information can be obtained at citieasydeals.com.
Cardholders have the flexibility to choose a payment date and can also elect to receive Automatic Account Alerts. These alerts will notify you of balance levels, payments due and other important account information. They are available by email or directly on your mobile phone.
Citi Diamond Preferred members receive these additional card benefits:
- $0 Liability on Unauthorized Charges – You are not responsible for a charge that you did not authorize, online or otherwise.
- Extended Warranty – Add up to a year on your warranty of five years or less when your item is purchased with your card. Coverage is limited up to $10,000 per calendar year.
- Worldwide Car Rental Insurance – You may be covered against theft or damage up to $50,000 for any car rental in any country when you pay with your Citi Diamond Preferred. (You must decline the rental company’s collision loss/damage insurance to qualify.)
- Trip Cancellation and Interruption Protection – If unforeseen events disrupt your travel plans you may be reimbursed for non-refundable trip expenses, like change fees, up to $1,500 per rolling year when you pay for your trip with your Citi Card.
- Travel and Emergency Assistance – Services are available 24/7 for emergency travel arrangements, travel issues, medical and legal referrals and more.
Members are charged a 3% foreign transaction fee on all purchases made on the card while traveling outside of the U.S.
Citi Diamond Preferred comes with EMV chip technology for enhanced security when making purchases at a chip-enabled terminal.
There is no annual fee for Citi Diamond Preferred.
The Facts
Below we have broken down the specific details of Citi Diamond Preferred to help you determine if it’s the right choice for you.
The Good:
Low introductory APR:
New members receive a 0% introductory APR for 21 months on both purchases and balance transfers. After this promotional period ends, the variable APR will be 12.24% to 22.24% depending on your creditworthiness and other financial factors at the time of approval. A balance transfer fee of $5 or 3% of the transfer amount (whichever is greater) is applied to any balance transfer that posts to your account. To qualify for this introductory rate, all balance transfers must be completed within 4 months from the date of account opening.
Citi Diamond Preferred VIP Treatment:
Card members enjoy 24/7 concierge service. This feature provides assistance with booking flights and hotel rooms as well as making restaurant reservations or purchasing concert tickets.
Citi Easy Deals program:
This benefit allows you to receive great online deals at many popular retailers such as Gap and CVS. You must sign up for this service.
Additional member benefits:
Citi Diamond Preferred members receive these additional card benefits:
- $0 Liability on Unauthorized Charges
- Extended Warranty
- Worldwide Car Rental Insurance
- Trip Cancellation and Interruption Protection
- Travel and Emergency Assistance
Smart Chip technology:
Citi Diamond Preferred comes with EMV chip technology for enhanced security when making purchases at a chip-enabled terminal.
No annual fee:
Members are not charged an annual fee for this card.
The Bad:
Foreign transaction fees:
Members are charged a 3% foreign transaction fee on all purchases made on the card while traveling outside of the U.S.
Wide range of APRs:
Once the promotional APR on purchases and balance transfers ends after 21 months, a variable APR ranging from 12.24% to 22.24% will be applied. Your specific APR is determined at the time of approval and is based on your creditworthiness at that time.
The Ugly:
No rewards:
Citi Diamond Preferred is not a rewards card so members do not earn cash back, points or miles.
This card may not offer rewards but it does have one thing going for it – a 0% APR for 21 months on both purchases and balance transfers. If you have a high interest credit card balance and want to transfer it to a new card – this one delivers. You’ll have almost two years to pay off your high interest balance without incurring any finance charges. The same holds true if you’re planning to purchase a big-ticket item. You’ll have 21 months to pay off the entire purchase while paying absolutely no interest. Important: Making even one late payment can cause you to lose the 0% introductory APR – your account may then be assessed the penalty APR of 29.99%.