Citi® Diamond Preferred® Card Review – 0% Intro APR

The Citi® Diamond Preferred® Card is a straightforward credit card with no annual fee and a great 0% introductory APR promotion for purchases and balance transfers.

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.

What Sets the Citi Diamond Preferred Card Apart?

It really can’t be said enough that the Citi Diamond Preferred Card is a straightforward financial product. There’s little mystery about it.

But that doesn’t mean it’s totally the same as every other credit card on the market. It’s definitely not. Here’s how it stands out, for better and worse.

• Category-Leading Intro APR Balance Transfer Promotion. This is why Citi Diamond Preferred exists and probably why you’ve read this far. A 21-month 0% APR balance transfer promotion is very attractive for folks carrying high-interest credit card balances, needless to say.
• Solid (But Not Category-Leading) Intro APR Purchase Promotion. Citi Diamond Preferred’s 0% APR introductory purchase promotion is also worth mentioning, though it’s no better than dozens of other competing credit cards’. Certainly a nice bonus if you’re already motivated to apply.
• No Spend-Based Sign-up Bonus. What Citi Diamond Preferred doesn’t have is a spend-based sign-up bonus that rewards you simply for opening your account and reaching a preset spend threshold. This is a downside, to be clear.
• No Rewards Program. Same goes for Citi Diamond Preferred’s rewards program — or lack thereof. The 0% APR introductory promotions are the real stars of the show here, and there’s not much else going on beyond them.

Key Features of the Citi Diamond Preferred Card

These are the most important features of the Citi Diamond Preferred Card. What you see is pretty much what you get.

Introductory APR

This card has an 21-month 0% APR promotion for balance transfers and a 12-month 0% APR promotion for purchases. Qualifying balance transfers must be made within 4 months of your account opening date.

Following the end of the introductory period, variable regular APR applies — currently 17.99% to 28.74%, depending on prevailing rates and your personal creditworthiness.

Important Fees

There is no annual fee. The foreign transaction fee is 3% of the transaction amount. Balance transfers cost the greater of $5 or 5% of the transferred amount.

24/7 Customer Service

Citi Diamond Preferred cardholders enjoy 24/7 customer service, available by phone and live chat. It’s rare to be able to get a knowledgeable support staff person on the phone at any time of day anymore for anything, let alone a credit card.

Free FICO Score

All Diamond Preferred cardholders are entitled to a complimentary FICO score online. That’s great news for those in the process of building or rebuilding credit.

Choose Your Payment Due Date

You can customize your payment due date as you see fit, which is great if you want to work it around payday or other big bills.

ID Theft Protection

This isn’t exactly white-glove service, but it does make the job of recovering after an identity theft incident easier and less time-consuming. It’s backed by Mastercard and offered at no out of pocket cost to you.

Citi Entertainment

Enjoy curated and/or exclusive experiences only available to Citi cardholders thanks to Citi Entertainment, one of the most generous credit card entertainment benefits on the market. Out of pocket costs may apply for tickets and other expenses.

Credit Required

This card requires good to excellent credit. A few minor blemishes may not disqualify your application, but serious derogatory marks will.

Advantages of the Citi Diamond Preferred Card

Here’s why the Citi Diamond Preferred Card is a good bet for your spending needs.

• Great Intro APR Promotion for Balance Transfers. Citi Diamond Preferred’s introductory balance transfer promotion is among the longest in the business. The introductory purchase promotion isn’t half bad either. Few other cards combine such long introductory APRs.
• No Annual Fee. Citi Diamond Preferred doesn’t have an annual fee. That’s great news for budget-conscious cardholders who want to take advantage of the introductory APR promotions and don’t want to cut into the savings they produce.
• 24/7 Customer Support. This card comes with a dedicated customer support team that’s available around the clock. This is a great benefit for folks who travel regularly and can’t wait for business hours stateside.
• Built-in ID Theft Protection. Backed by Mastercard, this is a nice touch and a nice bit of peace of mind for folks who aren’t interested in cleaning up after an identity theft incident without professional help.

Disadvantages of the Citi Diamond Preferred Card

Consider these downsides before applying for Citi Diamond Preferred.

• No Rewards. Citi Diamond Preferred doesn’t offer cash back or travel rewards. For applicants seeking a top-notch 0% introductory APR promotion for balance transfers, this is unlikely to be a major hurdle. However, applicants who value rewards and great interest rates in equal measure are likely to think twice before applying for this card. For these folks, the American Express Blue Cash Everyday Card or Chase Freedom Flex Credit Card are probably better fits.
• No Sign-up Bonus. Citi Diamond Preferred lacks a sign-up bonus. That’s a big downside relative to competing cards with solid intro APR promotions.
• Has a Foreign Transaction Fee. Citi Diamond Preferred’s 3% foreign transaction fee is a big downside for foreign travelers, particularly those who leave the United States frequently. If this is a big issue for you, consider competitors such as Capital One Quicksilver and Discover it.
• Has a Penalty APR. This card charges penalty interest on past-due balances. This is a drawback for cardholders who occasionally miss payments – particularly in light of the fact that Citi Simplicity, its stablemate, doesn’t charge penalty interest.

Final Word

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 long 0% APR balance transfer promotion is among the best in the business, and its purchase promotion isn’t bad either.

If you seek 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.