The Citi® Diamond Preferred® credit card is a financial tool designed for those who seek low interest rates, convenience, and security. With its many features, this card aims to provide cardholders with a versatile experience, combining savings, flexibility, and round-the-clock protection.
Whether you’re looking to transfer a high-interest balance or enjoy a low APR on purchases for an extended period, the Citi® Diamond Preferred® is here to support your financial needs without costing you an annual fee.
Key information about the credit card
How does the annual fee work?
One of the greatest advantages of the Citi® Diamond Preferred® card is that it comes with no annual fee. This aspect is incredibly important for those who want to benefit from a credit card without worrying about recurring charges each year. Without the burden of an annual fee, cardholders can enjoy the card’s perks, like the low introductory APR on purchases and balance transfers, without any additional costs.
How is the credit limit determined?
The credit limit for the Citi® Diamond Preferred® card is determined based on the applicant’s creditworthiness. Typically, Citi will assess various factors, such as your credit score, income, credit history, and debt-to-income ratio. A higher credit score and reliable income may lead to a higher credit limit, offering more purchasing power. Conversely, a lower score or limited credit history might result in a more modest limit.
Advantages of the credit card
- 0% intro APR for 12 months on purchases: Enjoy interest-free purchases for the first year after opening your account. After that period, a variable APR between 17.74% – 28.49% will apply based on your creditworthiness.
- 0% intro APR on balance transfers for 21 months: Transfer your existing credit card balances and benefit from 0% APR for nearly two years, making it easier to pay down debt. After the intro period, the APR varies from 17.74% to 28.49%.
- $0 liability on unauthorized charges: Feel secure knowing that you won’t be held responsible for fraudulent transactions made with your card.
- Free access to FICO® Score: Citi provides you with your FICO® Score at no additional charge, so you can keep track of your credit health.
- 24/7 customer service: Help is always just a phone call away, with representatives available 24 hours a day, 7 days a week to address any issues or concerns.
- Automatic account alerts: Stay on top of your spending and due dates with email or mobile alerts tailored to your preferences.
- Digital wallet compatibility: Use your Citi® Diamond Preferred® card with ease, whether you shop online, within apps, or in stores, thanks to digital wallet capabilities like Apple Pay, Google Pay, and Samsung Pay.
- Contactless payments: Tap and go in seconds using your contactless-enabled Citi® Diamond Preferred® card for a fast and secure checkout experience.
Standout advantage
A key feature that sets the Citi® Diamond Preferred® card apart is its exceptionally long 0% APR period on balance transfers. With 21 months of interest-free time to pay off transferred balances, cardholders can save significantly on interest, making it an excellent option for those looking to consolidate debt or transfer higher-interest balances from other cards. This extended period allows for a strategic payoff plan without accumulating additional interest.
Disadvantages
- Balance transfer fee: Each balance transfer incurs a fee of either $5 or 5% of the amount of each transfer, whichever is greater.
- Foreign transaction fee: A fee of 3% of the U.S. dollar amount is applied to any purchase made outside of the United States.
- No rewards program: Unlike many other credit cards, the Citi® Diamond Preferred® card does not offer a rewards program, meaning you won’t earn points, cash back, or miles for your spending.
A standout disadvantage
The primary disadvantage of the Citi® Diamond Preferred® card is its lack of a rewards program. While the card is highly beneficial for those seeking to save on interest, the absence of points or cash back for purchases can be a drawback for users looking to earn rewards. This makes it less appealing for those who prefer to maximize their spending through rewards or loyalty programs.
Who can apply for this card?
The Citi® Diamond Preferred® card is tailored to applicants with good to excellent credit, typically a FICO® Score of 670 or higher. Since the card comes with a low intro APR and no annual fee, it is ideal for individuals who want to manage balances effectively without incurring interest or extra charges.
To be eligible for this card, you must be at least 18 years old (21 in some states), have a valid U.S. Social Security number, and be a U.S. citizen or resident. The application process is generally straightforward, but meeting these basic criteria does not guarantee approval, as Citi will also consider your creditworthiness and financial background.
How to apply for the Citi® Diamond Preferred® Credit Card
For the website
To apply online, simply visit Citi’s official website and navigate to the credit card section. There, you will find the Citi® Diamond Preferred® card along with its features and an option to “Apply Now.” The application form will require your personal information, including your name, address, Social Security number, employment details, and income.
Once submitted, Citi will review your application and, in many cases, provide a response within minutes. This online process is secure and efficient, ensuring that your sensitive information is protected throughout the process.
Through the app
The Citi mobile app provides another convenient way to apply for the Citi® Diamond Preferred® card. After downloading the app from your smartphone’s app store, log in (or create an account if you are new to Citi). Within the app, navigate to the “Credit Cards” section and select the Citi® Diamond Preferred® card to apply.
Similar to the online application, you will need to fill in your personal and financial information. The app makes it easy to track your application status, and once approved, you can start using the virtual card details before receiving the physical card.
At the branch
If you prefer to apply in person, you can do so by visiting a Citi branch near you. A representative will assist you with the application process, answer any questions, and help you submit your information. Be sure to bring all necessary documents, such as identification, proof of address, and income verification.
Applying at a branch allows you to have face-to-face guidance and personalized service, making it an excellent option for those who feel more comfortable with in-person support.
