Is the Citi Diamond Preferred Card Worth It?

Citi Diamond Preferred Card provides one of the longest 0% APR periods available for balance transfers, making it an excellent way to reduce debt. Plus, it comes equipped with great perks such as FICO score monitoring and cell phone protection when used to pay bills!

1. Long introductory APR on balance transfers

Balance transfers offered through this card offer 0% intro APR for 21 months, making this an ideal way to tackle debt by eliminating interest payments while paying down principal payments more efficiently.

But keep in mind that 0% APR won’t last forever, and create a plan to pay off transfer balances before its introductory APR ends – otherwise you could end up owing interest again, costing more money in the long run.

If you plan on making new purchases with your card, take advantage of its 0% intro APR offer for 12 months as well. This can help finance large purchases like home improvement projects or medical bills; just remember to set an affordable payment plan before the special promotion ends so you don’t oversspend! Having said that, remember any purchase on credit carries risk, so always plan how you’ll repay any balance before the special APR offer runs out!

Citi Diamond Preferred Card has an attractive starting credit limit, with some cardholders reporting starting limits of $500 or higher. You’ll need good-to-excellent credit to qualify, however. Besides offering an attractive balance transfer APR and no annual fee, its benefits also include access to Citi Entertainment for presale tickets and entertainment experiences. So, if you want to save on credit card interest fees while enjoying entertainment perks, consider looking into this card; just compare its benefits against those from cards with longer intro APR periods, cash back rewards or lower balance transfer fees which could offer greater upfront savings potential.

2. No annual fee

An annual-fee-free credit card can be an ideal solution for those trying to reduce interest charges when paying off debt, especially balance transfers and purchases. Citi Diamond Preferred Card features a long 0% APR period for balance transfers and purchases that could save you money over time; however, 3% fees apply on foreign transactions which could add up over time if you’re frequent traveller.

Citi Diamond Preferred Card provides more than just zero percent APR; in addition to cellphone protection and free credit scoring services. Furthermore, you can set your own due date, which can help if you have to schedule payments around other bills or paydays.

Another advantage of the card is its 21-month 0% APR period on balance transfers, providing invaluable relief for those trying to pay off large debt amounts. This lengthier timeframe offers great assistance for anyone trying to reduce debt.

While 0% APR periods may seem lengthy, it’s essential to keep in mind that once they expire, your card will charge a high APR and you must have a plan in place to pay off debt before this grace period ends.

Citi Diamond Preferred Card stands out with its long 0% APR period and additional benefits like cellphone protection. Unfortunately, however, it doesn’t earn rewards or have any sign-up bonuses; therefore it may not be suitable for someone looking for reward-focused credit cards. Among its many perks however are a 3% fee on foreign transactions as well as being able to transfer balances between this card and your Citibank checking account.

3. 3% fee on foreign transactions

The Citi Diamond Preferred Card stands out with an outstanding balance transfer offer and no annual fee, making it an attractive option for people hoping to avoid high interest payments or build their credit by paying down debt. But you should keep certain drawbacks of this card in mind before applying.

This card charges a 3% fee on foreign transactions, which is on the higher end for credit cards and could add up quickly over time if you make multiple purchases abroad. Assuming you don’t plan on traveling frequently, it is wiser to look for another card with no foreign transaction fees.

Citi Diamond Preferred Card does not feature a rewards program, meaning there will be no cash back or points earned when spending. This may be helpful if you’re trying to eliminate debt as it forces you to focus solely on eliminating it rather than being tempted into rewarding yourself with spending.

This card’s 21-month 0% APR on balance transfers is one of the longest available, though its high balance transfer fee of 5% (minimum $5) could offset any interest savings achieved from its long 0% APR period. Other credit cards may offer longer 0% periods and lower balance transfer fees so it may be beneficial to compare all available options before selecting this one.

4. High balance transfer fee

If you have significant credit card debt with high interest rates, transferring it to a card with an extended 0% APR period could save you significant amounts over time. Before doing so though, it’s important to carefully consider if you will pay off the balance by the end of its 0% APR period; Bankrate’s balance transfer calculator and minimum payment calculator can assist in this regard by helping estimate how much of a monthly contribution would be necessary in order to do this on schedule.

Citi Diamond Preferred Card provides an enticing 21-month 0% APR period on balance transfers, making this card one of the more generous balance transfer cards on the market. However, they charge a hefty 5% balance transfer fee (or $5 of transferred amount whichever is greater), which could make paying off debt faster more challenging during that period of 0% APR interest rates.

Your application for this card requires good to excellent credit, with its credit limit depending on both your overall creditworthiness and any existing debt you may owe. Many cardholders report starting credit limits of at least $500 but this will ultimately depend on what your specific application approval criteria are.

People looking to reduce interest and pay down debt may be willing to forego other credit card benefits like rewards, travel perks and purchase protection. But for most consumers it’s essential that they fully comprehend what they’re getting into before signing up for any card; otherwise, signing up could end up creating more debt than when starting. Therefore it’s crucial that all fees associated with your chosen card are understood before applying.

5. No rewards

The Citi Diamond Preferred Card does not offer rewards, so it may not be suitable for consumers looking for cash back or credit card points on purchases. However, it does provide certain advantages such as choosing your monthly payment due date and discounts with Citi Easy Deals program purchases.

This card boasts one of the longest 0% APR periods for balance transfers – 21 months! That makes this an attractive offer, enabling you to reduce debt through balance transfer but ensuring you pay it off before the 0% APR period ends is key – use our balance transfer calculator to see just how much interest savings will add up over time.

Consider cards that provide shorter 0% APR periods with lower balance transfer fees; some cards offer this offer only 15 months, yet charge under 5% as initial transfer fees.

Once the 0% APR period is over, you should work towards paying off your remaining debt to improve your credit score and avoid incurring interest charges in future. If additional motivation is necessary, try picking up a side gig or changing tax withholdings at work to increase income and speed up debt pay-down plans.

If you possess excellent credit and do not mind paying an annual fee, Citi Diamond Preferred Card might offer the possibility to convert into a rewards card once its 0% APR on balance transfers has expired. If uncertain, contact Citi and inquire as to their possibility for doing so.