Citi Diamond Preferred Review

This simple card is made for those who need extra time to pay off credit card balances but don’t want to pay for that extra time. There’s no rewards program, but that's a good thing. You don’t need bells and whistles when you’re focused on paying off debt.

If you open this card, make sure you are disciplined about paying off your balance. Once the 0% APR periods end, the standard purchase and balance transfer rates could quickly reverse any of the no-interest cost savings.   

Pros Explained

• One of the best 0% balance transfer APR deals: Long 0% balance transfer offers are always standouts in the card industry, but the 21-month-long period offered by the Citi Diamond Preferred is among the longest. That will allow you to create and stick to an extended, feasible repayment plan that won’t take over your finances. 
• Good 0% purchase APR offer: This card also boasts a 12-month-long 0% purchase APR deal for new cardholders, which is a nice addition to the balance transfer offer. We don’t recommend making purchases while simultaneously paying off debt after making a balance transfer, but if you want (or need) to finance a larger purchase, using this card is an option. 
• No annual fee: It’s typical for this type of card to not carry an annual fee, but it’s still a good thing. It means there’s no upfront or recurring cost for using the card, and you can keep it open even after you’re done enjoying the 0% APR offers to boost your credit history.

Cons Explained

• Balance transfer fee: Not all cards touting balance transfer perks charge fees for such transactions, but the Citi Diamond Preferred card does, even for transfers made under the introductory balance transfer APR. There’s no promotional fee cut either, which some competing cards are offering. While a transfer to a no-interest card can save you money, the addition of a 3% fee reduces the savings.

Citi Diamond Preferred’s Other Features 

• Citi Entertainment: Get special access to purchase tickets to thousands of events each year, including presale tickets and VIP packages to concerts, sporting events, and dining experiences, plus complimentary movie screenings and more.
• Citi Identify Theft Solutions: Assistance with resolving identity theft.
• Choose Your Payment Due Date: As a new cardholder, you can choose when to pay your bill on any available due date at the beginning, middle, or end of the month.

Customer Experience

Citibank ranked sixth out of 11 national card issuers in the J.D. Power 2020 U.S. Credit Card Satisfaction Study. Citi scored 801 and the average was 810.

Citi may not be a standout in this area, but customers get some nice benefits, like free access to their FICO score 8 online and on the Citi mobile app, a 24-hour customer service phone line available every day, and a secure, online portal where you can chat with a customer service representative.

Security Features 

Citi’s Fraud Early Warning system will notify you of suspicious account activity by text, email, phone or mail to keep you in the loop right away. And if you want another layer of protection, you can generate a virtual, temporary Citi credit card number to take the place of your real one while shopping online. 

If your card is lost or stolen, use Citi Quick Lock online or via the mobile app to instantly lock the card and block new charges and deter fraud. That feature also conveniently allows recurring transactions to proceed uninterrupted until the matter is resolved. 

If fraud does occur, you can call Citi Identity Theft Solutions to help resolve identity theft situations by identifying compromised accounts, filing police reports, and sharing resources to help you and your credit bounce back. 

Fees

Most of the Citi Diamond Preferred’s fees fall in line with industry standards. Take note: If you do carry a balance after the promotional period ends, there’s a minimum interest charge of 50 cents and foreign transactions carry a 3% fee. Also, remember balance transfers have a $5 or 5% fee (whichever is greater), even during the promotional period. These are also common fees, but you can find balance transfer cards without them.