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The Citi® Diamond Preferred® Card is a straightforward credit card with no annual fee and a great 0% introductory purchase and balance transfer APR promotion.
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.
There is no sign-up bonus for this card.
This card has an 18-month 0% APR promotion for purchases and balance transfers. Qualifying balance transfers must be made within 4 months of your account opening date.
There is no annual fee. The foreign transaction fee is 3% of the transaction amount. Balance transfers cost the greater of $5 or 3% of the transferred amount, while cash advances cost the greater of $10 or 5%. Late and returned payments both cost $35.
Personal Concierge Service
Citi Diamond Preferred has a special level of concierge service that’s available only to Diamond Preferred cardholders. Basically, this is a personalized portal with shorter lines (and more knowledgeable, less overworked personnel) than Citi’s regular service department. There’s a dedicated 800 number and website just for Diamond Preferred members.
This card requires excellent credit. Even minor credit blemishes can adversely affect your application.
- Great Intro APR Promotion. Citi Diamond Preferred’s introductory purchase and balance transfer promotion is among the longest in the business, and few other cards combine such a long introductory APR with such generous cardholder perks.
- 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.
- Personalized Concierge Service. This card comes with a dedicated concierge portal that’s available only to Diamond Preferred cardholders. That’s a rare benefit for no-annual-fee cards – you typically have to shell out annual fees approaching $100 (and sometimes much higher) to get high-touch, personalized service of this nature.
- Low Balance Transfer Fee. Citi Diamond Preferred has a fairly low balance transfer fee: the greater of $5 or 5% of the transferred amount. That’s low relative to some competitors, which can charge up to 5% of the transferred amount. For new cardholders transferring thousands of dollars in existing debt to this card, that difference can really add up – and it further reinforces this card’s attractiveness as a balance transfer vehicle.
- Requires Excellent Credit. Citi Diamond Preferred demands excellent credit. If you’re applying for this card because you’ve racked up high-interest balances on a current credit card account, this card may be out of reach for you. By contrast, BankAmericard merely demands good credit – a few dings probably won’t disqualify your application.
- No Rewards. Citi Diamond Preferred doesn’t offer cash back or travel rewards. For applicants seeking a top-notch 0% introductory APR promotion, 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, American Express Blue Cash Everyday or Chase Freedom 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 Simplicity, its Citi stablemate, doesn’t charge penalty interest.
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 18-month 0% APR purchase and balance transfer promotion is among the best in the business. If you want 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.