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Citi® Diamond Preferred® Card Review – 0% APR for 18 Months

By Christina Majaski

Reviewed by:
Rating:
4
On January 21, 2014
Last modified:February 3, 2014

citi diamond cardThe Citi® Diamond Preferred® Card does not offer rewards in the way of cash back or miles, but instead provides the longest 0% introductory APR available. Non-rewards credit cards such as this one provide benefits in the way of savings and elimination of debt rather than cash back or points, and depending on your own financial situation, they may be a better deal.

By transferring existing balances to the Citi Diamond Preferred card with a 0% promotional balance transfer offer, you can gain an additional 18 months to pay off your debt without incurring additional interest charges.

Features

  • Fees. There is no annual fee for the Citi Diamond Preferred card. Balance transfers are $5 or 3%, whichever is greater, and the foreign transaction fee is 3%.
  • APR. There is an introductory APR on purchases of 0% for 18 months from the date the account is opened. After the introductory period, the APR jumps to 11.99%, 16.99%, or 21.99% depending on credit worthiness and variations in the prime rate. Balance transfers are also 0% for 18 months, which begins on the date of the first transfer when transfers are completed within the first four months of the account opening.
  • Citi Easy Deals. The Citi Easy Deals program allows you access to special deals and discounts with online retailers like GAP, CVS, Footlocker, and others. Plus you can earn points on purchases in the Easy Deals program to be used on other Easy Deals purchases.
  • Citi Price Rewind. The Citi Diamond Preferred card includes Citi Price Rewind, which tracks online prices for purchases made with the card for 30 days. When you register your purchase with Citi Price Rewind, the online prices for that purchase are tracked for 30 days and if a price at least $25 lower is found, you receive the difference back. These refunds are limited to $250 per item and $1,000 per calendar year.

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Advantages

  1. 0% APR for 18 Months. The Citi Diamond Preferred offers one of the longest 0% APR introductory periods on both purchases and balance transfers. If you need to make a large purchase, as long as you pay it off within 18 months, you can save significant money in interest. Additionally, you receive 0% for 18 months on balance transfers, which starts from the date of the first transfer and when transfers are completed within four months from account opening. This is a great way to transfer balances from cards with higher APRs, and possibly get out of debt.
  2. No Annual Fee. Not only is the introductory APR at 0% for a year and a half, but you also won’t ever pay an annual fee with the Citi Diamond Preferred card. This not only gives you the opportunity to save money on purchases, but could also help you pay off balances on other cards with high APRs.

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Disadvantages

  1. No Rewards. Except for the minimal points you might earn through purchases with Citi Easy Deals, you won’t earn cash back, miles, or points on regular purchases with the Citi Diamond Preferred card that you would with other rewards cards.
  2. Possible High APR. Your APR is based on creditworthiness, and you may not even know what your fully realized APR is going to be until you’ve already signed up and the introductory period has expired. If you are transferring a balance or taking advantage of the 0% APR for 18 months, make sure that you pay off your balances within the 18-month grace period in order to avoid paying high interest on your purchases or transfers.
  3. Foreign Transaction Fees. Foreign transaction fees for credit cards usually range between 1% and 3%, and Citi cards carry the highest at 3%. If you travel frequently outside of the United States, you should use a credit card that does not have a foreign transaction fee such as Discover or Capital One.

Final Word

The Citi Diamond Preferred credit card provides an opportunity to pay off debt at a 0% interest rate for 18 months. It’s as simple as that. It may be a good option if you already carry debt on other cards with high APRs, or if your current 0% introductory APR on another card is soon expiring and you want to transfer the balance. Furthermore, if you need to make large purchases and would like the ability to pay them off at 0% over an extended period of time, this card provides that option.

What it does not provide are rewards of any kind. If you do not have steep balances you wish to transfer, foresee making any large purchases in the near future, or pay off your balances every month, a rewards card makes more sense.

Verdict

The Citi® Diamond Preferred® Card is great to take advantage of a long 0% introductory APR period on both purchases and balance transfers. However, it’s not suitable for those who want to use a card internationally or rack up miles, point, or rewards.

Score

4.2 out of 5: Perfection might mean a long-term, 0% introductory APR like the Citi Diamond Preferred card offers, but paired with a respectable rewards program. This card comes close with its 18-month, 0% APR, but it falls short with no rewards program.

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Christina Majaski
Christina Majaski has written for online and print publications since 2003 on topics related to personal finance, legal matters, parenting, and careers. She lives in the Minnesota tundra, where in her free time she enjoys reading, writing, interacting via social media, and hanging out with her daughter.

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Comments

  • Abcd

    This card does provide points called “Easy Deals Point” (Previously known as, “extracash”).

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