Credit Cards » Credit Card Reviews » Citi Diamond Preferred Card: 2023 Review
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Citi Diamond Preferred Card: 2023 Review

If you have credit debt or are looking to make an expensive purchase you might take a while to pay off, consider getting the Citi Diamond
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: September 20, 2023
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: November 1, 2023

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

Citi® Diamond Preferred® Card

citi diamond preferred

Rewards Plan

None

Sign up Bonus

None

Credit Rating

Good – Excellent

0% Intro

21 months on balance transfers and 12 months on purchases

Annual Fee

$0

APR

18.24% – 28.99% (Variable)

Citi® Diamond Preferred® Card

citi diamond preferred

Rewards Plan

None

Sign up Bonus

None

0% Intro

21 months on balance transfers and 12 months on purchases

PROS

CONS

APR

18.24% - 28.99% (Variable)

Annual Fee

$0

Balance Transfer Fee

$5 or 5% (the greater)

Credit Requirements

Good - Excellent

If you have credit card debt or are looking to make an expensive purchase you might take a while to pay off, you should consider getting the Citi® Diamond Preferred® Card.

With an ultra-long 0% intro rate period and no annual fee, it is the perfect card to buy you enough room to comfortably settle your debt. It allows you to transfer balances from high-interest credit cards and settle them at your own pace. Without this feature, it functions largely like an average credit card with no annual fees.

The Citi Diamond Preferred Card is a very cost-effective debt management tool which anyone, as long as they have excellent credit, should keep in mind if they are considering financing expensive purchases. While there are no rewards to speak of on this card, the Citi Entertainment feature gives you special access to tickets to thousands of events, concerts, and other exclusive experiences. It also offers you a flexible payment plan (you set the due date) and regular credit card benefits such as purchase protection. 

  • Long 0% Introductory Rate Period
  • No Annual Fee
  • $0 Liability Protection on Unauthorized Charges
  • Free FICO Score online
  • Payment Flexibility
  • Citi Entertainment
  • Balance Transfer Fee
  • Foreign Transaction Fee

Should you move to the Citi Diamond Preferred card?

Suppose you want to take advantage of a long intro with 0% APR. Unfortunately, no cashback rewards are on offer that allows you to earn rewards when you make purchases.

Does Citi Diamond Preferred Card have a cash-back/point rewards limit?

You are not able to earn any cashback rewards with the Citi Diamond Preferred Card. Therefore, you are not dealing with any types of purchases you can earn cashback or any limits on rewards

How do I redeem cash back on my Citi Diamond Preferred Card?

You are not able to earn any cashback rewards with the Citi Diamond Preferred Card. Therefore, you are not dealing with any type of purchase. You can earn cashback or any limits on rewards.

How hard is it to get Citi Diamond Preferred Card?

It is not very hard to get one of these credit cards. This is because there are not too many requirements that you have to meet first.

Top reasons NOT to get the Citi Diamond Preferred Card?

You will not be able to earn any cashback rewards when you use this type of card. Many people prefer having a credit card that gives them some return.

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Benefits

Let’s take a look at the benefits of this credit card and see if it’s the right one for your wallet or not.

The Citi Diamond Preferred Card gives you an ample amount of time to pay off debt on your credit card. The 0% intro APR which lasts 21 months on balance transfers and 12 months on purchases . Then, 18.24% – 28.99% (Variable).

Balance transfers have to be completed within four months from the date you open an account. 

This card does not charge annual fees. While it is not the only card that doesn’t, this feature is certainly good value for the benefit the card offers.

The best of us lose our cards or have them stolen. If this happens, there’s always the risk of someone else using your card to make unauthorized purchases. Citi Diamond Preferred Card does not hold you responsible for any purchase made this way. The purchase protection offered on the card covers both online and offline purchases.

Citi Diamond Preferred Card partners with FICO and Equifax to give you free monthly access to your FICO score online. You can use this feature to see how you’re doing and make better financial decisions which might improve your credit standing with time.

This credit card allows you to have some control over how you make your monthly payments. You may choose to pay your balance in full or just the minimum required monthly. Select any date available at the start, middle, or end of the month that works for you.

This feature gives you special access to numerous events, concerts, dining, and exclusive VIP packages. You are required to pay for the tickets and experiences, but having access to early, sometimes presale tickets is a perk by itself. 

Drawbacks

Let’s take a look at the drawbacks of this credit card and see if it’s the right one for your wallet or not.

Some cards waive this fee as part of the introductory offer. Since this card does not, you should consider the cost of moving your balance from other cards to this in relation to the benefits other intro cards might offer.

The balance transfer must be completed within the first 4 months of account opening. After that, the fee is $5 or 5% (the greater).

The Citi Diamond Preferred Card is not the best card to use on international purchases. The 3% transaction fees may not seem expensive, but if you make enough foreign transactions, the numbers add up.

How To Apply For Citi Diamond Preferred Credit Card?

Start your application by visiting the homepage of Citi’s website. Click on “Credit Cards” from the top of the page and navigate to Citi Diamond Preferred Card. Click on “Apply Now” to begin.

All the information you need to provide can be filled in the form on the page below.

Provide your personal information: your full name, house address, date of birth, social security number, country of citizenship, email address, and one phone number. Provide a security word to add more protection to your account with them.

Citi Diamond Preferred

The next step is to enter your financial information. This covers your total annual income, monthly mortgage payment, and your bank account type. Please ensure to state if part of your income is exempt from US federal taxes. You may choose to add an authorized user if you wish.

Citi Diamond Preferred

The final step requires you to read and agree to the terms and conditions associated with owning a Citi Diamond Preferred Card. You are at liberty to print this out. Once you have agreed to Citi’s terms, tick the box below the terms the click on “Agree & Submit” to finish. Now, all you have to do is wait for their verdict.

Citi Diamond Preferred

Then click on “continue” to complete the process.

Citi Diamond Preferred

Compare The Alternatives

There are several other great options out there – let’s review a few of our top choices as alternative options to the Citi Diamond:

Capital-One-Savor-One

chase freedom unlimited card

citi simplicity

Capital One Savor card
Chase Freedom Unlimited® card
Citi Simplicity® Card
Annual Fee
$0
$0
$0
Rewards
1% – 3% earn unlimited 3% cash back on dining, entertainment, popular streaming services and grocery store purchases (excluding superstores like Walmart® and Target®), 1 percent on all other purchases.
1.5% – 5% 5% on travel purchased through Chase Ultimate Rewards, 3% on dining at restaurants, including takeout and eligible delivery services, 3% on drugstore purchases and 1.5% cash back on all purchases
N/A None
Welcome bonus
$200 $200 cash bonus once you spend $500 on purchases within the first 3 months from account opening
Up to $300 additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year)- worth up to $300 cash back
N/A None
Foreign Transaction Fee
$0
3%
3%
Purchase APR
19.99% – 29.99% variable
20.24%–28.99% variable
19.24% – 29.99% (Variable)

FAQ

There are certain types of credit cards that will allow you to get free car rental insurance with them. However, this is not the case with this type of card.

You are able to get pre-approval for this type of card. This means that there will be no hard credit check needed if you are just looking to see if you are going to be eligible for this credit card.

The credit limit for the Citi Diamond Preferred Card  is usually at least $500. The exact limit will depend on your personal financial situation that you have outlined in your application.

You are not able to earn any sort of cashback rewards with the Citi Diamond Preferred Card. Therefore, you are not dealing with any types of purchases you can earn cashback or any sort of limits on rewards.

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Lorraine Smithills

Lorraine Smithills

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
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Top Offers From Our Partners
citi-custom-cash_
Rewards Plan:
1-5% 5% cash back on your highest eligible spend category each billing cycle up to the first $500 spent and 1% cash back thereafter
Welcome Bonus: $200 $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening (20,000 ThankYou® Points, which can be redeemed for $200 cash back)

citi double cash

Rewards Plan:
2%* 2% cash back rewards rate – 1% every time you swipe and another 1% upon payment.
0% Intro: 18 months on balance transfers, then 19.24% – 29.24% (Variable) APR

citi simplicity

0% Intro: 12 months on purchases and 21 months on balance transfers, then 19.24% – 29.99% (Variable) APR
Welcome Bonus / Rewards: None

Advertiser Disclosure

The product offers that appear on this site are from companies from which this website receives compensation. 

Table of Contents

Editorial Note: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.

Credit Card Reviews Methodology

In order to determine the best possible credit cards, we look at things like fees, interest rates and rewards. We do this with companies that are associated with us as partners as well as other offerings. From there, we make a decision about what the best card is related to different categories and needs. We focus on interest rate cost & fees, especially the cost of carrying a balance, rewards – cards accumulate rewards in different currencies—points, miles, cash back—and their values vary widely usability – cards that accept a wide range of credit profiles and offer simple solutions for things like checking your credit score or contacting. We also consider customer reviews.

We look at cards related to good or excellent credit ratings that will then provide a range of different benefits and improvements for someone who has these scores. We also look at low fees when it comes to those who have lower credit scores.