Citi® Diamond Preferred® Card Review

I doubt the movie Gentlemen Prefer Blondes, which spawned the phrase “Diamonds are a girl’s best friend,” would pass political muster in 2024. But the following question shouldn’t offend anyone: Is the Citi® Diamond Preferred® Card a consumer’s best friend?

Well, probably not, but it’s a pretty good product for consolidating credit card debt. Here, I’ll explore it and three similar cards to help you decide if any belong in your wallet. An informed choice is important because when credit goes wrong, nothing goes right.

Main Points:

• Citi designed the card exclusively for consumers with good to excellent credit who want a long balance transfer offer and little else.
• The card has no annual fee, but no rewards.
• The card’s regular APR for purchases is 18.24% - 28.99% (Variable). It charges fees for foreign transactions, late and returned payments, cash advances, and balance transfers.
• Citi Entertainment is a neat benefit, but one some cardholders may not use very often.

How to Qualify and Apply

You can apply for this balance transfer credit card over the phone or at a Citibank branch, but the easiest method is online. Click on the APPLY NOW link below to reach the online application page on Citi’s website:

To qualify for the Citi® Diamond Preferred® Card, you must reside in the United States, be 18 or older, and have an email address, Social Security number, and sufficient income to afford your monthly minimum payments.

The card requires a good FICO score, typically 670 or higher. Applicants with scores of 740 and above have the best approval odds.

Citi performs a hard credit pull when you apply for the card, which may slightly affect your FICO score. You should receive an instant decision unless the bank requires time to resolve inconsistent or missing data.

Benefits & Drawbacks to Consider

This card is basically a one-trick pony, and that trick is its 0% 21 months on Balance Transfers APR. It offers no rewards and precious few benefits. You can save a lot of money if you’re currently paying interest on credit card balances, and the card doesn’t dilute your savings because it has a $0 annual fee.

Benefits

• • Intro 0% APR promotion: Enjoy a 0% 21 months on Balance Transfers APR, giving you breathing room to pay down your debt without accruing interest.

• • Annual fee: The card has a $0 annual fee to provide your credit limit with some breathing room.

• • Citi Entertainment® access: Get exceptional access to purchase tickets to thousands of events annually, including concerts, dining experiences, and sporting events.

• • Global acceptance: Enjoy the convenience of using this Mastercard® globally, as millions of merchants welcome it worldwide.

• • 24/7 customer service: Around-the-clock customer service stands ready to help whenever you need it.

• • Citi Quick Lock: You can instantly lock your card from the Citi Mobile app or the Citi Online portal, shielding you against unauthorized charges from a lost or stolen card.

Drawbacks

• • No rewards program: The card does not offer a Citi rewards program, meaning you won’t earn points, miles, or cash back on your purchases.

• • Foreign transaction fees: There’s a fee for the transactions you make in a foreign currency or outside of the United States.

• • Balance transfer fee: Although the card offers a 0% 21 months on Balance Transfers APR, there is an above-average fee for each transfer. Additionally, the card imposes a four-month deadline on balance transfers eligible for the APR promotion.

• • No sign-up bonus: Unlike some other credit Citi credit cards, this one does not offer a sign-up bonus, which might make it less attractive to new cardmembers.

• • High requirements for approval: The card typically requires a good to excellent credit score for approval, limiting your access if you have a lower credit score.

• • Penalty APR: A penalty APR applies to late or returned payments, significantly increasing the interest rate on existing balances. In addition, you will forfeit the remainder of any non-expired introductory APR promotions and begin incurring interest on those balances.

• • Benefits primarily focused on financing: The card has few benefits since its primary feature is its introductory balance transfer offer.

• • Short promotion for purchases: The introductory APR on purchases expires earlier than the one for balance transfers.

This card makes sense if you need to consolidate a significant amount of debt from other credit cards. Otherwise, it would be best to look at other cards that offer more value.

Other Cards Worth a Look

Exploring other credit cards is a sensible step, particularly if you seek features other than no-interest balance transfers. Many credit cards offer rewards programs that allow you to earn points, miles, or cash back on your purchases. Additionally, if you frequently travel abroad, finding a card that waives foreign transaction fees can save you a considerable amount of money.

The following trio of cards provide balance transfer promotions but also offer other features you might like.

The Discover it® Balance Transfer card offers a somewhat shorter APR promotion on balance transfers and purchases. Still, you earn cash back rewards on every purchase. The top reward rate (up to the quarterly limit) applies to quarterly rotating merchant categories that require your activation. All other eligible purchases earn unlimited 1% cash back,

New cardmembers get a one-time Cashback Match on the first year’s posted rewards, which you can collect at the end of the year. The card offers several security features that exceed those of the Citi® Diamond Preferred® Card. While both provide immediate account locking, the Discover® card also guards your personal information from people-search sites.

Another Citibank product, the Citi Double Cash® Card, also exchanges a slightly shorter balance transfer promotion in favor of cash back rewards. You earn 1% at purchase and another 1% when you pay the bill. The card also offers a bonus rate on selected bookings from Citi Travel.

This card provides a signup bonus and omits the introductory promotion on purchases. It has a higher APR, a lower minimum credit score for approval, and a matching balance transfer fee after an initial discount for the first four months — the deadline period for participating in balance transfer transactions.

The Citi Simplicity® Card is similar to the Citi® Diamond Preferred® Card in that both offer extended balance transfer promotions. This card waives late fees, and its balance transfer fee is lower. However, it charges a higher APR after the introductory promotion expires.

The Citi Simplicity® Card does not have a penalty APR, so delinquent payments won’t raise your APR. Both cards provide Citi Quick Lock protection, offer access to Citi Entertainment, and impose a four-month deadline on balance transfers eligible for the introductory APR.

Cardholder Reviews Around the Web/Reddit

Reddit user onions-make-me-cry kept the card for a long time before upgrading:

“I had the Citi® Diamond Preferred® Card for almost two decades, and all I used it for was balance transfers. They repeatedly asked me to convert to Double Cash, which I finally did. I don’t carry balances anymore, so I don’t need the balance transfer feature… I don’t see the Citi® Diamond Preferred® Card as a useful card.”

redditbullit612 echoes a common complaint about stingy credit limits:

“I regret that I applied for this card. I got only a $1,000 credit limit. The main point of this card is to transfer balances, but with that limit, I prefer just not using it at all.”

Many Reddit contributors made similar remarks regarding the card’s low initial credit line, which limits its usefulness for balance transfers.

FAQs: What Is the Average Credit Limit For the Card?

The starting credit limit for the card is $500, but some cardowners may receive limits of $10,000 or more. Citi does not publicly disclose specific maximum credit limits for the card, and they can change over time.

According to Intuit CreditKarma, the average credit limit for this and similar cards is $7,355.

Credit card issuers frequently start cardholders with a modest limit and then adjust it over time based on your payment history, credit utilization ratio, and changes in your financial situation.

If you want to use the card for debt consolidation, you need a credit limit high enough to accommodate the balances you want to transfer. Sometimes, you can negotiate a higher limit with a Citi customer representative if you explain your intent to transfer balances.

Is It Hard to Get Approved?

Approval for the Citi® Diamond Preferred® Card is reasonably easy to obtain if you meet the card’s requirements (described above). You may face tough sledding if your income is low or your credit score is below 670.

It may help you to qualify for the card if you have an existing relationship with Citibank. If you are new to the world of credit cards and banking, it’s generally useful to have a checking or savings account at the issuing bank before applying for one of its cards, provided you maintain a clean banking record.

How Do You Transfer Balances to the Card?

You can request a balance transfer during or after the application process. Here are the key factors for applying online:

• • Provide the required information, including the account numbers you intend to transfer from and the amounts.

• • It will take the bank 14 days or longer after account opening to process any balance transfer payments. During this time, you may modify or cancel your balance transfer request by calling the number on the card.

• • After receiving your card, you can call Citi’s customer service number to transfer balances. The bank decides whether to approve transfers on a case-by-case basis.

• • Your transfer amount, including fees, can’t exceed your available credit. Avoid transferring disputed purchases or other charges because you may lose your dispute rights. You cannot transfer balances from other Citibank or affiliate accounts.

• • Once Citi approves a transfer, it will send funds directly to the other card’s issuer. To avoid late fees, continue to make payments on your other card accounts until Citi confirms a transfer is complete. The bank will reduce your available credit by the transferred amount.

The bank imposes a fee for each balance transfer transaction. This fee is higher than on some competing cards.

Are Personal Loans Better For Credit Card Consolidation?

Another way to pay down your credit card debt is through a personal loan. You use the loan proceeds to eliminate your outstanding credit card balances and then repay the loan in a set number of fixed installments.

The following chart compares the significant differences between a personal loan and balance transfers.

FEATURE	PERSONAL CONSOLIDATION LOAN	BALANCE TRANSFER TO A CITI CARD
Credit Impact	Requires a loan application; can positively impact credit if it leads to lower credit utilization	Requires a credit card application and impacts your credit utilization
Credit Requirements	Varies by a lender; some may accept lower credit scores with higher interest rates.	Generally requires good to excellent credit for approval.
Ease of Use	Involves a separate loan application process	Relatively easy to arrange if you already have the card
Fees	An origination fee may apply; it varies by lender	A balance transfer fee applies for each transaction
Flexibility	You can use it to consolidate diverse types of debt	Loan available mainly for balance transfers
Interest Rates	Fixed or variable APR, typically lower than standard credit card rates	Offers an 0% APR on transfers for a specified introductory period
Loan/Transfer Amount	Based on your creditworthiness and the lender’s policies, potentially higher than a credit limit	Limited by your credit limit on the card
Repayment Term	Fixed repayment term, often ranging from two to five years or more	The introductory period lasts well over a year, and then a higher standard APR applies
Speed of Debt Reduction	Structured repayment plan can potentially lead to faster debt reduction	It can be slower due to the potential for lower payments during the introductory period

Personal loans are more versatile than balance transfers and easier to obtain if you have subprime credit. But if you only need to consolidate credit card debt, 0% APR balance transfers are much less expensive, provided you request transfers before the deadline and eliminate balances before the promotion ends.

How Does the Card Compare to the Citi Simplicity® Card?

Comparing this credit card with the Citi Simplicity® Card could be crucial for consumers aiming to match their financial tools to their spending habits. A side-by-side comparison shows the differences in terms of APR, fees, and promotional offers, helping you make an informed choice that could enhance your lifestyle.

Understanding these key features can provide significant savings on interest and fees, especially if you plan to transfer balances or finance big-ticket purchases.

The following chart compares the cards’ major features:

FEATURE	Citi® Diamond Preferred® Card	Citi Simplicity® Card
Annual Fee	$0	$0
Regular APR	18.24% - 28.99% (Variable)	19.24% - 29.99% (Variable)
APR for Balance Transfers	0% 21 months on Balance Transfers	0% Intro APR Period 21 months on Balance Transfers
Balance Transfer Promotion Period	18 months, subject to change, with a four-month deadline to request transfers	21 months, subject to change, with a four-month deadline to request transfers
Balance Transfer Fee	Yes	Yes
APR for Purchases	0% 12 months on Purchases	0% Intro APR Period 12 months on Purchases
Late Payment Fee	Up to a certain amount	None (the Citi Simplicity® Card is known for no late fees)
Citi Rewards	Not a Citi rewards card	Not a Citi rewards card
Special Features	Free access to FICO score, Citi Entertainment	No late fees, no penalty rate, and free access to your FICO score.

The Citi® Diamond Preferred® Card has a shorter balance transfer promotion but also a slightly lower APR range. The cards share the same promotion period for purchases, but the Citi Simplicity® Card has no late fees or penalty APR. You may prefer the Citi Simplicity® Card if you need the extra three months to pay off your transferred balances.

How Many Citi Cards Can I Own?

Citi restricts the number of its cards you can apply for within a given period. However, the issuer doesn’t limit the number of different Citi cards you can own.

You must wait at least eight days between Citi card applications and apply no more than twice within a 65-day period.

This Card May Be For You If…

• You’re looking for a long introductory APR period on balance transfers to manage existing debt more effectively.
• You prefer a credit card with a $0 annual fee, which helps to keep your costs down.
• You value having access to your FICO score for free, allowing you to monitor your credit health without additional expense.

Consider the three alternative cards reviewed above before applying for this card. For example, the Discover it® Balance Transfer card is similar to the Citi® Diamond Preferred® Card but also provides cash back rewards. But if you just care about the long introductory balance transfer promotion, this one may be your best choice.