The Citi® Diamond Preferred® Card – For People Who Prefer No Interest

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » Research » Reviews » Citibank® » The Citi® Diamond Preferred® Card – For People Who Prefer No Interest

The Citi® Diamond Preferred® Card – For People Who Prefer No Interest


Updated: July 1, 2020

The content is accurate at the time of publication and is subject to change.
This content is not provided by Citi. Any opinions, analyses, reviews or recommendations expressed here are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by the Citi.
Citi® Diamond Preferred® Card
Citi<sup>®</sup> Diamond Preferred<sup>®</sup> Card Expert Rating:
Credit-Land.com’s experts may evaluate each card presented on Credit-Land.com to assist you with choosing the right offer. Some of the criteria reviewed include, but not limited to, the following: interest rates, fees, benefits, rewards programs, and customer service. The rating provided next to each offer reflects the experts’ honest opinions, beliefs, and experiences with each product presented on Credit-Land.com. Furthermore, this rating is NOT influenced by any compensation received by any partners listed on Credit-Land.com.

0% Intro APR for 18 months on purchases from date of account opening and 0% Intro APR for 18 months on balance transfers from date of first transfer. After that the variable APR will be 14.74% - 24.74%, based on your creditworthiness. Balance transfers must be completed within 4 months of account opening.

There is a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater

Are you more interested in interest than rewards? Does a credit card that asks you to keep track of points, miles or cash back percentages leave you uninterested, but you are very interested in the interest rate of a credit card? Are you interested in how many times I can say interest in one paragraph? Well, if you have any interest, let me tell you about an interesting card from Citi (Citi is a Credit-Land.com advertising partner) – or maybe I should say an UN-interesting card - the Citi® Diamond Preferred® Card. The card offers an entire year and a half of zero interest on balance transfers and purchases – now are you interested?

For folks who want to transfer a balance or make a big purchase (or a few) and pay it off over the course of an introductory period instead of paying it off right away, the Citi® Diamond Preferred® Card is a great choice. Also, not many cards give a longer interest-free period on balance transfers than this – many cards offer six months, or twelve, or even fifteen months with no interest, but this one gives you a year and half. That means if you transfer a balance from a high-interest card in 2020, you can take to the end of 2021 to finish paying it off, without paying a penny of interest.

HERE ARE THE SPECS ON THIS CARD:

  • Purchase APR: 0% (18 months on Purchases). After that regular APR will be 14.74% - 24.74% (Variable), based on your creditworthiness.
  • Balance transfer APR: 0% (18 months on Balance Transfers). All transfers must be completed in first 4 months. After that regular APR will be 14.74% - 24.74% (Variable), based on your creditworthiness.
  • Balance transfer fee: Balance transfer fee applies with this offer 3% of each balance transfer; $5 minimum.
  • Transaction fee on foreign purchases: 3%
  • Cash Advance Fee: 5% of each cash advance; $10 minimum
  • Annual Fee: $0

THE PERKS

This card is on the simple side – it doesn’t offer a rewards program but a VIP Treatment. The Citi® Diamond Preferred® Card gives access to protection through Citi® Identity Theft Solutions and purchase protection benefits, gives convenience of automatic account alerts, and round the clock customer service. Other card’s benefits include:

  • Unlimited 24/7 access to personal concierge service that will provide card holders with help booking hotels and flights, making restaurant reservations, and other great services.
  • Exclusive access to concert tickets and presale event tickets
  • Special access to VIP package, preferred seating, and exclusive live entertainment through Citi Private Pass
  • Zero liability for fraud, identity theft, and unauthorized purchases

THE DOWNSIDE

Like many cards that offer a long introductory period on purchases and balance transfers, Citi® Diamond Preferred® Card has a slightly higher APR than average, depending on your creditworthiness: 14.74% - 24.74% (Variable).

However, there is an easy solution to this. If you pay off your balance in full every month after the promotional period is over, you’ll never pay interest. Easier said than done, perhaps, but it’s always best to stay on a budget and not spend more than you can afford in any case.

When choosing a credit card with promo interest rates, decide what your goal is – are you going to transfer a balance and try to get the whole thing paid off before the promotional zero percent offer ends? Or are you going to make some purchases that you need time to pay off? In either case, write out a budget and decide how much you’ll pay each month. When 0% intro APR is over, you’ll want to have your balance down to zero so you’re not charged any interest. As with any card, always make sure you make your minimum payment on time. This is particularly important with a zero-interest promotional offer because if you pay late, your zero percent rate will end, and the penalty APR will go into effect. So make sure you know your payment due date, and pay in time! Setting up automatic payments is a great way to make sure you don’t lose your zero percent rate.

PRIZE FOR MOST-POPULAR

Citi<sup>®</sup> Diamond Preferred<sup>®</sup> Card Expert Rating:
Credit-Land.com’s experts may evaluate each card presented on Credit-Land.com to assist you with choosing the right offer. Some of the criteria reviewed include, but not limited to, the following: interest rates, fees, benefits, rewards programs, and customer service. The rating provided next to each offer reflects the experts’ honest opinions, beliefs, and experiences with each product presented on Credit-Land.com. Furthermore, this rating is NOT influenced by any compensation received by any partners listed on Credit-Land.com.

Citi® Diamond Preferred® Card is one of the most popular cards around, so that must tell you something. People like it – maybe for the low interest, maybe for the benefits offered. We recommend this card for people who have a specific purpose for using it; if you want to pay down a balance or make a big purchase, it’s great. After that, you may want to look into a rewards card that will pay you back for spending money – or maybe you won’t. If you aren’t interested in keeping track of a rewards program, you don’t carry a balance after the introductory period, and you always make payments on time, this could be the card for you.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.

Related Research:

Balance Transfers Made Simple

Balance Transfers Made Simple

Posted: October 09, 2012

Transferring an outstanding credit card balance to a new, lower-rate card is a great way to save money, but how exactly does it work? If you are thinking of transferring a balance and have questions, this guide will take you through the… Continue reading

Stop Paying Interest on Debt with a Balance Transfer Credit Card in Three Steps

Stop Paying Interest on Debt with a Balance Transfer Credit Card in Three Steps

Posted: October 25, 2012

If you’re struggling to pay off credit card debt, transferring the balance on your high-interest credit card to a new, zero-interest or low interest credit card is one of the smartest financial moves you can make. Transferring your credit… Continue reading

Top Credit Cards in {{SEASON}} {{YEAR}} for Those With Excellent Credit

Top Credit Cards in Summer 2020 for Those With Excellent Credit

Posted: December 19, 2017

Do you have excellent credit? If so, banks are actively looking to win you as a new credit card customer by offering unprecedented deals. Although banks have been more careful about acquiring customers with questionable credit since the… Continue reading

You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!