Ben Todd | Jun 2, 2017 | 0
Citi Diamond Preferred Credit Card Review (Updated 2016)
The Citi Diamond Preferred card is primarily a balance transfer credit card offered by Citi Bank. Balance transfer credit cards allow you to transfer balances from a credit card that has a high interest rate to a balance transfer card that allows you to pay off your debts with a long 0% interest period. The Citi Diamond Preferred card is no different and also provides some extra benefits that will be discussed in this review.
Our Favourite Things About The Citi Diamond Preferred Card
- Long 0% introductory offer: You will get a 0% variable A.P.R. on all purchases and balance transfers for 21 months, giving you a lot of time to pay down your balance with the benefit of no interest. After the 21 months is up you will pay a variable A.P.R. ranging from 12% to 22%.
- City Easy Deals Program: You will earn Citi Easy Deals points on purchases made with this card that will allow you to redeem your points on the Citi Easy Deals site. You can redeem your points for online deals, and reduced prices on apparel, electronics, gift cards, travel offers and more.
- No annual fee: This card does not feature an annual fee, which is always makes the card a more attractive option.
- Travel/Auto perks: This card features many travelling benefits such as vehicle rental insurance, vehicle rental discounts, emergency travel assistance, lost luggage assistance, and medical emergency services. This will allow you to travel with confidence and peace of mind.
- Purchase protection: You will enjoy various purchase protection benefits such as extended warranty that will cover up to $10 000 per year, and age and theft protection that will cover you up to $1000 per item, and $50 000 per calendar year.
- 24/7 Diamond Preferred Concierge Service: This concierge service is available at all times to help you book hotels, flights and more.
- Citi Private Pass Feature: This neat little feature on this card gives you perks such as pre-sale tickets, as well as preferred seating and more.
- Citi With Apple Pay: With a simple touch you can pay for in app at various stores with iPhone 6.
- Citi Price Rewind Feature: This neat feature really makes this card stand out from the crowd. When you purchase an item with this card, you can submit the purchase info to Citi Price Rewind which tracks the price of the item for the next 60 days. If it finds the item cheaper within 60 days , then you will get a refund for a price difference. The limit on the amount of refunds you can receive in a year is $1200, which ads value to this card.
- Access to FICO score: You will get free online access to your FICO score, that will be updated on a monthly basis.
Things We Don’t Like About The Citi Diamond Preferred Card
- Balance transfer fee: This card features a balance transfer fee of either 3% or $5, whichever is greater. Some cards feature a higher balance transfer fee, while some cards such as the Chase Slate, do not feature a balance transfer fee for the first 60 days.
- Requires excellent credit: If you do not have excellent credit you will have a very tough time qualifying for this card. Most cards that require excellent credit offer many more features then this card.
- Cash advance fee: This card will charge you a cash advance fee of either 5% or $10 whichever is greater. This means you will be charge the fee when you use this card to withdraw cash from an A.T.M.
- Foreign transaction fee: When you use this card for purchases in foreign currencies, you will pay a 3% fee.
Who The Citi Diamond Preferred Card Best Suits
- Those looking for the longest 0% intro period possible to pay down balance transfers with the benefit on no interest.
- Those looking for a long 0% intro period to pay down large purchases with the benefit of no interest.
How The Citi Diamond Preferred Card Compares With Similar Cards
Chase Slate Card
The Chase Slate card also features a long 0% intro period as it features a 0% intro A.P.R. on all purchases and balance transfers for the first 15 months of card opening, which is 3 months shorter then the Citi Diamond card’s 0% offer. This card however, only requires you to have good credit while you need excellent credit with the Citi Diamond card. Furthermore, another advantage this card has over the Citi Diamond card is there is no balance transfer fee for transfers made in the first 60 days of card opening. This can potentially save you a lot of money depending on how much you are transferring. Both cards do have a foreign transaction fee.
The Chase Slate card also allows free access to your FICO score, which is updated monthly. This card was named the best credit card for balance transfers three consecutive years by Money Magazine. One downside to this card is that it does not have any sort of rewards program while the Citi Diamond card has the Citi Easy Deals program. If you have a large balance you will be transferring over then this card would be the better option for you due to the no balance transfer fee for the first 60 days.
Bank Americard Credit Card
This balance transfer credit card, offered by Bank of America is very similar to the Citi Diamond Preferred card. It features a 0% intro A.P.R. on all purchases and balance transfers for 18 months. After the intro period a variable A.P.R. ranging from 11% to 21 % applies, which is just a tad lower then the Citi Diamond card. It also features the same balance transfer fee as the Citi Diamond Preferred card of 3% or $10, whichever is greater. Both cards do have a foreign transaction fee.This card as well as the Citi Diamond card do not have an annual fee, however with this card you can qualify with good credit and with the Citi Diamond card you need to have excellent credit. Another difference between the cards is this card does not have any sort of rewards program while the Citi Diamond Preferred does. This card doesn’t really offer anything that the Citi Diamond doesn’t have, so if you have excellent credit go for the Citi Diamond card.
Discover IT Credit Card
This credit card offered by Discover bank features a balance transfer period as well as a rewards program. This card has a intro offer of 0% intro A.P.R. on balance transfers for 18 months. After the 0% period an A.P.R. ranging from 11% to 23% applies. This card does not have a 0% offer on purchases. Both cards do have feature an annual fee. This card also allows you to view your FICO score online for free. It is more in depth then the Citi Diamond card as it provides all your recent FICO scores on an interactive chart, as well as listing key factors that are affecting your score the most. Where this card really shines is through the rewards program. You will earn 5% cash back on revolving categories each category, as well as 1 % on all other purchases. This is a much deeper rewards program then the Citi Diamond card. This card does not have a foreign transaction fee while the Citi Diamond card does. If you are looking for a card that has a good balance transfer offer as well as a solid rewards program then this is the card for you. This is especially the case if you think you can pay off your transferred debt within the 18 months, as the rewards on this card are to good to pass up.
Should You, Or Shouldn’t You, Our Final Verdict
This card offers a lot of value, as it features one of the longest 0% offers you will see at 21 months, that is almost 2 years of no interest on purchases balance transfers. This gives you a great opportunity to pay down your debts that you were previously paying interest on. If you have a large item you want to buy, you can pay it off slowly over the 21 months without any interest to worry about.
This card has the Citi Easy Deals program, however it isn’t the best program. You have to spend $10 to earn 1 point on eligible purchases . If you are more interested in a card that has a deeper rewards program as well as a 0% balance transfer fee, then there are other cards available such as the Citi Double Cash card. The Citi Double Cash card offers a steady 2% cash back rate as well as 0% A.P.R. on purchases and balance transfers for 15 months.
With that being said, this is one of our favorite balance transfer cards because of the long intro period. It also comes with many different useful perks and features such as the Citi Easy Deals program, the 24/7 concierge service, and the Citi Price Rewind Feature. If you are focused strictly on a balance transfer as well as the longest 0% period possible, then you should get the Citi Diamond Preferred card.