• Skip to primary navigation
  • Skip to content
  • Skip to footer

BrightRates

The best rates on personal loans, student loans, and mortgages

BrowseClose
  • Personal Loans
    • Top Personal Loan Companies
      • Avant
      • LendingPoint
      • EVEN Financial
      • BadCreditLoans.com
    • Learn
      • Best loans for borrowers with bad credit
      • What is a hard credit pull vs a soft credit pull?
  • Student Loans
    • Top Student Loan Companies
      • Sofi student loans
      • Connext Student Loans
      • PNC Bank student loans
      • Guide to Lenders
    • Learn
      • How to calculate your debt-to-income ratio
      • The Top 5 Expenses In Life to Save Money
  • Mortgages
    • Top Mortgage Companies
      • Quicken Loans
      • Wells Fargo Home Mortgage
      • Rocket Mortgage
      • Suntrust Mortgage & Home Loans
    • Learn
      • The Debt Avalance vs the Debt Snowball…which is better?
  • Top Balance Transfer Cards
    • Card Reviews
      • US Bank Cash 365
      • HSBC Gold Mastercard
      • USAA Military Affiliate Card
      • BankAmericard Credit Card
    • Learn
      • Balance Transfer Cards vs Debt Consolidation Personal Loans
      • How to lower your credit card monthly payments with debt consolidation
      • What’s the different between Debt Settlement vs Debt Consolidation?
  • Add a Review

Citi Diamond Preferred credit card

March 5, 2018 by Leave a Comment

Citi Diamon Preferred card review

Citi Diamond Preferred credit card

Great card for consumers with very good credit (+700 FICO) who need to pay off existing debt.  The 21 month 0% introductory offer is among the longest available

Go to SiteAdd Review

4.7
Our Score

  • The Good
  • The Bad
  • The Summary
  • Reviews

Home › Review › Credit Cards › Balance Transfer › Citi Diamond Preferred credit card

The Good

  • 0% introductory APR for 21 months on purchases and on balance transfers (transfers must be completed within the first 4 months to qualify for intro rate)
  • Citi® Price Rewind also lets you get a refund if you find a lower price on the same item within 60 days of making a purchase with your card
  • No annual fee
  • FICO® Score updated monthly for free

 

The Credit Card is best for people who have credit card debt, a good credit score, and need 1.5 – 2 years to bay off existing debt.   If you can afford to make higher payments and pay your debt faster, you probably should.  But if not, these longer 0% intr offers are great.  If you always pay your bill in full each month, you may want a credit card that offers cash back or points so you’re getting something for the money you’re actually spending. The more debt you have though, typically the longer it takes to pay down.  So you’ll definitely appreciate the card’s 21-month offer period.

The Card has a zero percent introductory APR for 12 months on new purchases and 21 months on balance transfers, then a 14.24% to 24.24% variable APR. This introductory period is longer than the 12, 15 and 18-month periods offered by many other cards. What that really means is that the existing debt that you transfer over is “free” with 0% APR for 21 months.  The new purchases you make though must be paid within 12 months.  At BrightRates, we only advocate that you make purchases on ANY credit card that you can pay off monthly.  So while it’s a nice feature, we don’t put much value in 0% APR on new purchases – it’s the existing balance transfer that really wins the day.

The Credit Card’s benefits include travel accident insurance, car rental insurance, trip cancellation and extended warranty coverage, interruption protection, travel and emergency assistance, damage and theft purchase protection, Citi Price Rewind and concierge service.

 

The Bad

  • 3% balance transfer fee (which is standard)
  • No rewards
  • Penalty APR of up to 29.99% (variable)
  • No points or cash back

The Credit Card- 21 Month Balance Transfer Offer doesn’t reward you with cash back or points for your purchases. The Citi® Diamond Preferred® Card doesn’t earn you any miles, points, or spending rewards of any kind. If you are someone who is looking for a rewards credit card, look elsewhere.  That said, we do not recommend focusing on rewards if still trying to pay off existing debt.

You’ll have to pay a fee to transfer a balance, which is standard. You’ll pay 3% of the amount transferred or $5, whichever is greater.  So if you transferred $2,000 in existing debt, you would pay a $60 transfer fee.  Again, this is standard and 3% is what you will find with most cards – though some go as high as 5%.

The Summary

The Credit Card offers a generous 21 months at a 0% intro APR, which is fantastic for anyone who needs a long period of time to pay down credit card debt from other cards. Though the credit card has some less-ideal features such as late fees and a penalty APR and balance transfer, it also offers access to the Citi® Price Rewind and Citi® Concierge services. Overall, the card is a strong contender in the balance transfer credit card category.

 

If you have good or excellent credit and need to pay down existing debt, consider the Citi® Diamond Preferred® Credit Card. As a balance transfer card, the Credit Card is a solid choice. The penalty APR of up to 29.99 percent variable is the catch though, as is the returned payment fee of up to $35.  If you anticipate having late payments, get the Citi Simpliciti card instead.

Ratings Breakdown

Credit Scoremin 700 FICO

APR Range14.24% - 24.24%

AvailabilityAll 50 states
Upfront Fee3% transfer fee

Review Last Updated: March 5, 2018

How We Rate

BrightRates provides unbiased reviews to help consumers make better financial decisions. We are serious about the editorial integrity of our reviews.

If you see a fact that is misprepresented, please contact us.

Go to Site

Review

avatar
Review
zz
This comment form is under antispam protection
avatar
zz
This comment form is under antispam protection
  Subscribe  
Notify of

Footer

BrightRates

We offer technology to help consumers compare rates & reviews on financial products.

Loans

  • Personal Loans
  • Student Loans
  • Auto Loans
  • Mortgages


Company

  • About Us
  • Customer Support
  • Contact Us
© Copyright 2018 BrightRates · All Rights Reserved · Privacy Policy · Terms of Service · E-Consent
/* ----------------------------------------- */ /* Content Template: Review Content Template - start */ /* ----------------------------------------- */ .entry-header {display:none;}/* ----------------------------------------- */ /* Content Template: Review Content Template - end */ /* ----------------------------------------- */
wpDiscuz
THE OPERATOR OF THIS WEBSITE IS NOT A LENDER, does not make credit decisions, and does not charge any application fees. This Website does not constitute an offer or solicitation to lend. This Website provides a service wherein we submit the information you provide to one or more lending platforms and attempt to match you with a lending platform. This service is not available in all states, and the states serviced by this Website may change from time to time and without notice. Providing your information on this Website does not guarantee that you will be matched with a lending platform or approved for a loan. The lending platform may perform a credit check or otherwise verify the information you provide. Not all lending partners offer loans up to the advertised amount and not all lending platforms can provide you with the loan amount you requested. Loan amounts are determined by the lending platform based on individual creditworthiness. All financial terms of the loan will be provided to you by the lending platform. Loan terms, conditions, and policies vary by lending platform, state, and applicant qualifications. For details, questions, or concerns regarding your loan please contact your lending platform directly. In some situations, faxing or emailing of documents may be required. Cash transfer times may vary between lending platforms and may depend on your individual financial institution. Loan repayment periods could vary by lending platform and location. Not all applicants will meet the lending criteria to qualify for a loan. Borrow Responsibly – A short-term loan is ideally used for short-term financial needs only, not as a long-term financial solution. Late or missed loan payments may be subject to increased fees and interest rates. lending platforms may use collection services for nonpayment of loans. We recommend seeking credit counseling if you have financial difficulties.