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Founded in 1812, Citibank is a multinational financial services institution offering financial products and services to clients in the U.S. and abroad. They have insurance, investment products, standard banking options and credit cards, making them a well rounded financial company that can offer you just about anything you need from a financial standpoint. One card that Citibank has to offer is their Citi Diamond Preferred Card. Let’s take a look and see if it may be the right card to fit your needs.
Benefits and Rewards
First, let’s see what type of benefits and rewards come along with this card. It seems that unlike some of the other cards that try to reel you in with cash back and other incentives, the Citi Diamond Preferred card takes a different approach with their customers by offering a longer introductory rate. They do, however, offer some great benefits to their cardholders. After all, everyone wants to know – what’s in it for me?
Start by taking advantage of their Citi Concierge services that will provide help for you 24/7 when it comes to booking flights, hotel and other travels. They also give you access to Citi Private Pass, allowing you to buy tickets during the presale event and even get preferred seating selection options! If travel and entertainment are things that interest you, this card has a lot to offer.
For your protection, Citibank also offers added security with your card. The Citi Identity Theft Solutions and zero liability for unauthorized charges will protect you from fraud. Since fraud seems to be so prevalent these days, this couldn’t be more important. With credit cards comes the great responsibility of protecting your credit score. With this card, you can access your FICO credit score as often as you need to and keep a close watch over your finances. All cards also come equipped with chip technology, allowing you to safely use your card virtually anywhere.
Rates and Fees
- Min APR: 12.24%
- Max APR: 22.24%
- Balance Transfer: N/A
- Cash Advance: N/A
- Annual: $0
- Late Payment: N/A
- Balance Transfer: $5 or 3%
- Foreign Transaction: 3%
Now that you know all of the perks of the Citi Diamond Preferred card, it is time to take a closer look into the rates and fees. Another big perk of this card is that there is no annual fee associated with it. If you look at a lot of cards out there, especially cards with hefty rewards programs, there are annual fees associated with most of them. You will never pay an annual fee for your Citi Diamond Preferred card.
So, with no annual fee, it is looking pretty attractive, isn’t it? Well, before you make your final decision, we need to take a look at the other types of fees and interest rates. The interest rate for your card is really important, and while it does have a zero interest rate for the first 21 months, after that you will go to the standard variable annual percentage rate. The APR standard will be either 12.24%, 15.24%, 18.24%, 20.24% or 22.24%. The rate that is applied to your account will depend on your account and creditworthiness. Watch out for late payments, or a penalty APR of up to 29.99% may apply to your account.
The interest rates seem pretty comparable with other cards on the market, so let’s see how it measures up when it comes to the fees. If you do any of your shopping in foreign countries, you need to be aware of the foreign transaction fees. There is a 3% fee based on the total amount of the purchase in U.S. dollars.
There are just a few other fees that you will want to be aware of. First, you have the cash advance fee, which will either be 5% of the total amount or $10 (whichever is more). For balance transfers, the fee is either 3% of the total amount or $5 (whichever is more). The good news is that this pretty much covers all of the fees that are applicable to the card.
While the Citi Diamond Preferred Card does not offer any type of bonus incentives like sky miles, hotel stays or cash back, it is a great card for those that want a low introductory interest rate for longer than 12 months. With a 21 month introductory period, which is actually pretty unheard of with cards these days, you will be able to minimize what you pay on interest for your purchases for even longer than ever before. Their no annual membership fee also makes this card an attractive choice for many consumers.
Not satisfied? Check out some of the best Citibank credit cards that we have reviewed.
Author: Jeff Gitlen, CEPF®
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