Citi Diamond Preferred Credit Card Review

by

The Citi Diamond Preferred Card is not one of our best balance transfer credit cards. You can consult our list of best balance transfer credit cards for what we think are better options.


Full Citi Diamond Preferred Credit Card Review


Advantages

  • 0% APR Extended Offer

  • Privileged access to concerts, sporting events and VIP packages

  • No annual fee

The inconvenients

  • 5% balance transfer fee

  • 3% foreign transaction fee


The benefits explained

  • 0% APR Extended 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. At the end of the introductory period, the regular rate varies between 15.99% and 25.99%, depending on creditworthiness.
  • Special access to concerts, sporting events and VIP packages: Cardholders get access to exclusive VIP packages, pre-sale tickets to events and other benefits like exclusive experiences through the Citi Private Pass. In most cases, cardholders have to pay for tickets and packages, but it’s also possible to find free tickets and experiences.
  • No annual fee: With no annual fee, access to the features and benefits of this card represents good value for money.


Disadvantages Explained

  • 5% balance transfer fee: Cardholders who take advantage of the balance transfer offer will pay a fee of $5 or 5% of the amount transferred, whichever is greater. Some cards may waive the balance transfer fee during the 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 purchases abroad with this card, cardholders will pay a 3% foreign transaction fee. Many other cards, like the Capital One VentureOne card and the Chase Sapphire Preferred card, don’t charge foreign transaction fees and might be better suited for spending abroad.


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 ample time to substantially pay off high-interest debt. You need to analyze the numbers and verify that the interest savings will offset 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 pre-sale tickets. With this card’s access to Citi Entertainment, cardholders can purchase tickets to concerts and events before they become available to the general public, as well as exclusive packages with VIP experiences.


Reward Earnings Details

This card does not have a traditional rewards program. The closest to offering rewards is the Citi Easy Deals program, which allows you to earn points based on 10% of your monthly purchases. You need to register with Citi Easy Deals to see how many points you have.


Reward Redemption Details

The points cardholders earn with the Citi Easy Deals program can be applied toward discounts on gift cards, merchandise, travel, and magazine subscriptions. To redeem points, log in to your Citi Easy Deals account and browse the available discounts.


Transfer of points

There is no way to transfer Easy Deals points to other programs.


How to maximize your rewards

The best way to get the most out of Easy Deals points is to use them to buy discounted gift cards for the places you usually shop, reducing your overall costs. Since the points you earn are based on your spending habits, it’s important not to go the extra mile to make extra purchases just to earn extra points.


Outstanding Benefits of the Citi Diamond Preferred Credit Card

  • Citi Identity Theft Solutions
  • Virtual account numbers for shopping online or by mail
  • Access FICO Score every month
  • Citi Concierge Services


Standard Benefits

  • $0 Fraud Protection
  • EMV chip technology
  • Automatic account alerts
  • 24/7 customer service


Cardholder experience

Citi tied for 5th out of 11 card issuers in JD Power’s 2021 Credit Card Satisfaction Study. The bank scored below average.

Citi cardholders have access to a number of financial tools, including early warning of 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 you travel, shop and enjoy exclusive experiences.

Customer Service can be contacted for assistance via online chat (after logging into your account) and 24/7 at 800-950-5114.


Security functions

Citi offers a number of security features to help provide cardholders with peace of mind. You receive automatic account alerts and early warnings of fraud, as well as monthly access to your FICO score.

One security feature that stands out is Citi Quick Lock. This feature allows you to instantly block cash advances and purchases if you can’t find your card. Automatic payments, such as bill payments, continue while the card is locked. If you find your card, you can unlock it, but if you can’t find it, you can have a new card sent to you.

Citi also offers identity theft solutions, which help you place a fraud alert on (and monitor) your TransUnion account. It can also help you determine if other accounts are compromised and advise you on how to report the breach to law enforcement.

You can also create virtual credit card numbers for hassle-free shopping online.


Fees to watch

There aren’t many fees with this card, and the lack of annual fees is a nice perk. 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 late payment fees, so paying on time is important.

Also, if you’re looking for a card to take with you when traveling abroad, be aware of the foreign transaction fee, which is 3% of each US dollar purchase transaction.


Our opinion

The generous 21-month 0% APR on balance transfers makes the Citi Diamond Preferred card an ideal choice if you’re hoping to speed up paying off your debts. You have more time to repay the principal and if the interest savings are enough to overcome the balance transfer fee, this card may be a good choice.

However, if you’re looking for more traditional rewards, there are better choices. If you like the idea of ​​accessing Citi cardholder benefits, while earning cash back, the Citi Double Cash Card offers unlimited 1% cash back when you make purchases, plus another cash back in 1% cash back when you pay for purchases, and currently has a 0% APR for 21 months on Balance Transfers promotion as well.

Other rewards cards, like the Capital One VentureOne, let you earn trips with no annual fees or foreign transaction fees. Additionally, there is a 12-month 0% APR offer on purchases.