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Citi® Diamond Preferred® Card Review
Citi® Diamond Preferred® Card
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Michael Graw
Feb. 02, 2023
2 min read
Michael Graw
Citi® Diamond Preferred® Card summary
Citi® is one of the largest US banks and was founded in 1812. The Citi® Diamond Preferred® Card is a great option for anyone who wants to take a break from paying interest. The card offers 0% APR on new purchases for your first 12 months as a cardholder and 0% APR on balance transfers for 21 months from the date of your first transfer. After that there is an APR of 17.24% - 27.99% (variable).
Pros
  • Intro APR on purchases and balance transfers
  • No annual fee
Cons
  • Doesn't offer rewards
  • Recommends good/excellent credit

Citi® Diamond Preferred® Card at a glance

4.6
Editorial score

Fees

No annual fee, has other fees
4.0

Eligibility (credit score)

Doesn't cover bad credit
4.0

Security

FDIC insured, SSL/AES encryption and supports 2 factor and biometric authentication
5.0

Customer service

24/7 service with multiple communication options
5.0

Online experience

Excellent site and app with detailed FAQs, help center, and transparency of rates and features
5.0

Citi® Diamond Preferred® Card Citi® Diamond Preferred® Card Learn More

Overview

Citi® is one of the largest US banks and has more than 700 branches across the country. The bank offers a wide range of credit cards, including cards with no annual fees and rewards cards. Citi® was named the World's Best Digital Bank by Global Finance magazine in 2022.

The Citi® Diamond Preferred® Card is a credit card that offers no annual fee and an introductory 0% APR for new purchases and balance transfers. It can be a good option for individuals who want to pay off a large credit card balance without accruing interest in the meantime. The Citi® Diamond Preferred® Card does not offer points or cash back for spending.

Suitable for?

The Citi® Diamond Preferred® Card is primarily for individuals who have a large credit card balance or are planning to make a large purchase. The card’s main perk is that it offers long 0% APR introductory periods for balance transfers and new purchases. This offers cardholders a chance to pay off their balance without accruing interest.

The Citi® Diamond Preferred® Card also stands out for having no annual fee. However, it does not offer rewards in the form of cash back, or points like many other annual fee-free credit cards do. Individuals who don’t need a holiday from paying interest may be better suited with a cash-back rewards credit card.

Interest Rates and Fees

The Citi® Diamond Preferred® Card has no annual fee.

New cardholders pay no interest on new purchases for 12 months from the date of opening their account or on balance transfers for 21 months from the date of their first transfer. To qualify for the introductory 0% APR offer, balance transfers must be made within four months of the account being opened. Balance transfers cost $5 or 5% of the transfer amount, whichever is greater.

After the introductory period, the card carries an interest rate of 17.24% - 27.99% APR (variable). Your interest rate is determined primarily by your credit rating.

Annual FeeInterestRateBalanceTransferFeeForeignTransactionFee
$00% APR for 12 months on new purchases and 21 months for balance transfers, then 17.24% - 27.99% APR (Variable)$5 or 5%, whichever is greater3%

Rewards & Cashback

The Citi® Diamond Preferred® Card does not offer any rewards.

The Application Process

You can apply for the Citi® Diamond Preferred® Card online, over the phone, or in person at a Citi® branch. You will need to provide your name, address, email, phone number, birth date, Social Security number, and annual income.

Citi® will conduct a hard credit check, which can impact your credit score. You must have a credit score of 670 or more to qualify for the Citi® Diamond Preferred® Card.

Citi® typically issues an approval decision instantly, but it can take up to 30 days in some cases. If you’re approved, your new card will arrive in the mail in seven to 10 days.

Help & Support

Citi® offers 24/7 customer support by phone and live chat. You can also visit any Citi® branch or contact the company through social media.

Phone: 1-800-950-5114

Citi® has an FAQs section on its website as well as an online knowledge base with detailed guides to card activation and payments.

Security

Citi® protects your online application with SSL encryption. You can enable two-factor authentication and fingerprint or facial recognition-based login for your online account.

The Citi® Diamond Preferred® Card comes with $0 liability protection, which means you’re never responsible for paying for fraudulent charges made on your card. You can opt-in for SMS and email alerts to inform you of any suspicious activity on your card.

Citi® has a 24/7 fraud prevention hotline and online security center with guides on how to keep your account safe.

FAQ

Will an introductory 0% APR help you save money?

If you have a large balance to transfer to your Citi® Diamond Preferred® Card or don’t pay off your statement balance every month, the card’s intro APR offer may save you money with 0% APR on new purchases for your first 12 months as a cardholder and 0% APR on balance transfers for 21 months from the date of your first transfer. Keep in mind that your normal interest rate kicks in after the 12 or 21 months are up, so you’ll save the most money if you pay down some or all of your balance before this time.

Will a balance transfer impact my credit score?

A balance transfer will not impact your credit score. If you transfer a balance to the Citi® Diamond Preferred® Card and then pay off some or all of it, you could see your credit score improve.

Conclusion

The Citi® Diamond Preferred® Card can be a good option for individuals with outstanding credit card balances or who have large purchases planned. It offers 0% APR for 12 months on new purchases and for 21 months on balance transfers. After this introductory period, you’ll pay an interest rate of 17.24% - 27.99% APR (variable) depending on your creditworthiness. The Citi® Diamond Preferred® Card doesn’t offer rewards, but it has no annual fee.

Citi® Diamond Preferred® Card Citi® Diamond Preferred® Card Learn More

Methodology

This review was completed using the information from the Citi® website.

Editorial Disclosure

Opinions expressed here are the author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.

Michael Graw
Written by
Michael Graw
Michael Graw is a Bellingham, Washington-based writer focusing on finance, tech, and science. His work has been featured in print magazines and high-impact websites. He writes for BestMoney and enjoys helping readers make sense of the options on the market.‎
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