The Diamond Preferred credit card from Citibank is best known for its ultra-long zero introductory period on balance transfers
Citi Diamond Preferred card at a glance
This credit card is a nice option for those wanting to get rid of their debts. During your first one and a half year as a Citi cardholder, you will be able to enjoy Citi’s intro offers on both purchases and balance transfers, but the latter need to be completed within four months of account opening.
In addition, no annual fee will be charged, ever. This is why it can be a lifesaver when it comes to having a relatively low ongoing APR, which could make the card worth it for you. Bottom line, it is one of Citi’s credit products with the longest-lasting low introductory APRs, on purchases and balance transfers, and with no annual fee.
However, this card option has no cashback rewards programs available so far. Keep reading to discover more about the Diamond Preferred credit card!
Credit card details
Rates, fees, and benefits
Welcome bonus – N/A
Intro APR – 0% during the first eighteen months, on purchases and balance transfers
Ongoing APR – 13.74% – 23.74% variable APR, according to your creditworthiness
Cash advance APR – 25.24%, according to the Prime Rate
Penalty APR
Late payments: Up to 29.99%, according to your creditworthiness
Returned payments: Up to 29.99%, according to your creditworthiness
Annual fee – None
Rewards – N/A
Foreign transaction fee – 3% (in USD)
Cash advance fee – $10 or 5%, whichever is greater
Intro balance transfer fee – N/A
Balance transfer fee — $5 or 3%, whichever is greater
Penalty fees
Late payments: Up to $40
Returned payments: Up to $40
Credit score – From good to excellent, or 670 to 850
Pros
- Contactless payment option,
- Digital wallet feature,
- Payment due date flexibility,
- Automatic account alerts,
- 24/7 customer service,
- Citi® Identity Theft Solutions,
- Zero liability on unauthorized charges, and
- Citi Entertainment® program
Cons
- A good or an excellent credit score is required,
- There are no rewards programs available,
- There are no welcome bonus offers at the moment, and
- The fees and rates are high after the introductory periods
How to apply for the Citi Diamond Preferred credit card?
You can apply for this card by phone, calling 1-800-505-1675, or use 711 or other relay service. Or just use the application webpage. All you need to do is tell them about yourself. In case you are already a Citi cardmember, just sign in and use a shortened application.
Citi will get hold of reports and other credit information about you to determine whether to issue you a card account. This part is pretty transparent. If you ask, they will confirm whether or not a credit bureau, as well as which one, has provided reports about you.
To receive your card account, you must meet their criteria based on your creditworthiness and other eligibility criteria, to determine your credit limit. It will be determined according to the following: your annual salary and wages. They can also review your debt, including debts listed on your credit report. Finally, they will inform you of your credit limit when you receive your credit card.
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