First Credit

Citi Diamond Preferred Card Review

If there is one thing we all hate, it is interest payments, whether we manage our credit cards prudently or struggle to juggle multiple cards. The Citi Diamond Preferred Card is a fitting choice for those looking to take advantage of its generous 0% APR introductory offer by transferring existing credit card balances to it. It is also one of the better credit cards on the market, and is suitable for those who simply want a low interest card, at least for the interim introductory period.

There are numerous features that will immediately entice when deciding upon the Citi Diamond Preferred Card. It is worth mentioning before taking an in depth look at this card that it requires a credit score between good to excellent. There is a chance of acceptance with a fair rating, but Citi are quite stringent in their scoring policy.

What Is Good

The Diamond Preferred card comes with no annual fee, meaning this privilege and feature rich card is a good choice.

Perhaps the biggest asset the Citi Diamond Preferred Card has over other reward credit cards is that it comes with an extremely generous 0% APR introductory period. For 21 months cardholders can enjoy 0% APR on both balance transfers and purchases, after this the variable APR is set between 11.99% and 21.99%, and this is calculated depending upon your credit worthiness. This is a more than reasonable introduction and will give card holders the opportunity to settle any outstanding balances before the 21 months ends. The generosity falls over to balance transfers, where there is a modest fee of just 3% of the total transferable amount.

One of the features that really takes the eye is price protection which is offered as a holder of the Diamond Preferred card. If you make a purchase and later discover (Within 60 days) that you could have purchased the product or service cheaper elsewhere, Citi will refund the difference up to the amount of $250.

There is protection against unauthorized use of your card, the option to have a photo on your card, all adding to the sterling security measures offered as a Citi Diamond Preferred card holder. While other perks include both travel, and car rental insurance.

What is Bad

The biggest flaw the Diamond Preferred has over other credit cards is that it simply does not quite work like a true rewards card. At first it seems perfect, coming with 6,000 points if you make $300 worth of purchases in three months.

However, the points system then becomes a little hard to understand, as there is possibly too vast an array of reward choices, ranging throughout the commercial sector. The minimum rewards total for a calendar year is 75,000, but it is often the case that many of the point values equate to only around 1% of purchases. So the Citi Diamond Preferred Card neither quite works as a rewards card, but it is a great option if you want a feature rich balance transfer card that has a low introductory APR and a decent if unspectacular awards scheme. See also, Citi Platinum Select, Citi Dividend Platinum Select Card, Citi Diamond Preferred Rewards Card, and Citi Platinum AAdvantace Card.