Citi® Diamond Preferred® Card Review – 0% APR for 21 Months

Citi® Diamond Preferred® Card Review – 0% APR for 21 Months

The Citi® Diamond Preferred® Card is a straightforward credit card with no annual fee and an industry-leading 0% introductory purchase and balance transfer APR promotion. Although it doesn’t offer a sign-up bonus, cash rewards program, or very low APR once the introductory period ends, Citi Diamond Preferred is one of the best options out there for new cardholders who wish to transfer existing high-interest balances from other cards or make large upfront purchases which they can pay off over time without racking up excessive interest charges. Plus, Diamond Preferred has some cardholder-friendly perks and personalized touches that aren’t available on other no-frills cards.

Citi Diamond Preferred is comparable to a number of other no-annual-fee cards with long introductory purchase and balance transfer promotions, including U.S. Bank Visa Platinum, Citi Simplicity, BankAmericard Credit Card, and Chase Slate. It’s also comparable to entry-level, no-annual-fee cash back rewards cards with long intro APR periods, such as Discover it and Discover it Chrome, Capital One Quicksilver Cash Rewards Credit Card, Blue Cash Everyday Credit Card from American Express, BankAmericard Cash Rewards Credit Card, and Chase Freedom.

There is no sign-up bonus for this card.

This card has a 21-month 0% APR promotion for purchases and balance transfers. Qualifying balance transfers must be made within 4 months of your account opening date.

There is no annual fee. The foreign transaction fee is 3% of the transaction amount. Balance transfers cost the greater of $5 or 3% of the transferred amount, while cash advances cost the greater of $10 or 5%. Late and returned payments both cost $35.

Citi Diamond Preferred has a special level of concierge service that’s available only to Diamond Preferred cardholders. Basically, this is a personalized portal with shorter lines (and more knowledgeable, less overworked personnel) than Citi’s regular service department. There’s a dedicated 800 number and website.

In addition to personalized concierge service, Diamond Preferred comes with a nice lineup of benefits. The most noteworthy is Citi Private Pass, a Citi-exclusive program that entitles participants to pre-sales, VIP packages, and occasional exclusive access to special events such as concerts, sporting contests, and celebrity-headlined events.

Other valuable benefits include:

This card requires excellent credit. Even minor credit blemishes can adversely affect your application.

For a no-annual-fee card, the Citi® Diamond Preferred® Card is pretty exclusive. Unlike some competing cards, it holds applicants to high credit standards.

There’s a method to Citi’s madness though. This is one of the few no-annual-fee cards with on-demand concierge service – a huge benefit when you need immediate help. And that’s not even the best thing about Citi Diamond Preferred. This card’s 21-month 0% APR purchase and balance transfer promotion is among the best in the business. If you want awesome service and the ability to finance big purchase or transfer high-interest balances without breaking the bank, you’d be hard-pressed to do better.

The Citi® Diamond Preferred® Card is an excellent option if you need to finance large purchases or transfer high-interest balances from existing cards during the first few months of card ownership – that is, as long as you can pay down your purchases or transfers before the 21-month intro APR period expires. This is also a great option for cardholders who appreciate luxury perks and value-added benefits, but don’t want to pay an annual fee for the privilege. However, Diamond Preferred is not a good option for people who have less than excellent credit, nor those who appreciate cash back or travel rewards.

This card’s amazing 0% APR purchase and balance transfer promotion, super-personalized concierge service, additional benefits, low balance transfer fee, and lack of an annual fee are all great. Its restrictive credit requirements, foreign transaction fee, penalty APR, and lack of a sign-up bonus or rewards count against it. Overall, it is an excellent card for financing large purchases, transferring high-interest balances, and getting great service.

Editorial Note: The editorial content on this page is not provided by any bank, credit card issuer, airline, or hotel chain, and has not been reviewed, approved, or otherwise endorsed by any of these entities. Opinions expressed here are the author’s alone, not those of the bank, credit card issuer, airline, or hotel chain, and have not been reviewed, approved, or otherwise endorsed by any of these entities.

Categories: Citi, Credit and Debt, Credit Cards, Reviews

Brian Martucci writes about frugal living, entrepreneurship, and innovative ideas. When he’s not interviewing small business owners or investigating time- and money-saving strategies for Money Crashers readers, he’s probably out exploring a new trail or sampling a novel cuisine. Find him on Twitter @Brian_Martucci.

Comments Disclosure: The below responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.

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Citi® Diamond Preferred® Card Review – 0% APR for 21 Months

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