The Citi® Diamond Preferred® Card is a no annual fee credit card that offers 18 months of a 0 percent introductory APR on purchases and balance transfers (14.74 percent to 24.74 percent variable APR after). That said, the Citi Diamond Preferred is one of the rare top credit cards that does not offer any form of rewards—no cash back, no points and no sign-up bonus.
What does that mean if you’re considering adding the Citi Diamond Preferred to your wallet? What are the benefits of the Citi Diamond Preferred, and how can you use those benefits to your advantage?
Here’s everything you need to know about the Citi Diamond Preferred’s benefits—including how to get the most out of the card’s balance transfer offer and maximize its perks along the way.
As a reminder: Details of the Citi Diamond Preferred Card
The Citi Diamond Preferred is a top balance transfer credit card thanks to its 18-month 0 percent intro APR rate on purchases and any balance transfers completed within the first four months of card ownership (14.74 percent to 24.74 percent variable APR after that).
The Citi Diamond Preferred doesn’t charge an annual fee, which makes it a good choice for people who want to pay off debt with a balance transfer without a yearly charge for card ownership.
However, the Citi Diamond Preferred is not a rewards credit card, which means you aren’t going to earn any cash back on your purchases, get any Citi Diamond Preferred travel benefits or take advantage of a welcome bonus to rack up points or miles.
What does that mean for people who might be considering the Citi Diamond Preferred? If you want a simple, no-fee card with a lengthy low interest offer that can help you pay off old debt or fund a large purchase, the Citi Diamond Preferred might be the perfect tool for the job. If you’re looking for a cash back credit card or a travel credit card, you might want to consider other options.
Let’s take a closer look at some of the Citi Diamond Preferred’s benefits:
0% APR balance transfer
The biggest benefit of the Citi Diamond Preferred is its 18-month 0 percent intro APR offer on purchases and balance transfers (14.74 percent to 24.74 percent variable APR thereafter). This is one of the longest 0 percent intro APR offers on the market, making the Citi Diamond Preferred one of the best zero-interest cards currently available.
What does that mean for you? With the Citi Diamond Preferred, new cardholders get 18 months free of interest on all purchases and on any balance transfers made within the first four months of card ownership. If you want to do a balance transfer with Citi, the Citi Diamond Preferred is going to be one of your best options.
Identity theft protection and zero fraud liability
Want another Citi Diamond Preferred benefit? Not only will Citi’s Fraud Early Warning system contact you about potentially fraudulent charges, but Citi also offers zero fraud liability for any unauthorized charges made on your account.
Plus, cardholders get identity theft protection through Citi Identity Theft Solutions—a free service that will help you put a fraud alert on your TransUnion credit report, advise you on how to complete a police report, help you identify any other accounts that might have been compromised and work with you to report the identity theft to the appropriate creditors. You can even use Citi Identity Theft Solutions to help you deal with fraudulent charges on a non-Citi credit account—making Citi Identity Theft Solutions an often-overlooked Citi Diamond Preferred benefit.
Additional card benefits
Do you enjoy going out to concerts or spending the day at sporting events? With Citi Entertainment, Citi Diamond Preferred cardholders get special access to tickets for a variety of entertainment options, including music, sports, dining experiences and more. This access includes presale tickets, exclusive opportunities and VIP treatment—so if you like having early access to concert tickets or making reservations for the hottest new restaurant, consider Citi Entertainment another key benefit of the Citi Diamond Preferred.
How to maximize the perks and benefits offered by the Citi Diamond Preferred Card
Want to maximize your Citi Diamond Preferred’s benefits? Be sure to make your balance transfer within the first four months of card ownership—otherwise, you won’t be able to take advantage of the Citi Diamond Preferred’s 18-month 0 percent introductory APR on balance transfers (14.74 percent to 24.74 percent variable APR thereafter).
Consider using Bankrate’s credit card balance transfer guide to help get your balance transfers done on time. Then, use our balance transfer calculator to determine how much you’ll need to set aside each month to pay off your debt before the 0 percent intro APR period ends.
Additionally, don’t forget that the Citi Diamond Preferred’s low interest offer also applies to new purchases. If you want to use your Citi Diamond Preferred to fund a vacation, cover a home improvement project or pay off a medical bill, make sure to take advantage of this zero-interest opportunity—and be sure you have a plan for paying off your large purchase before the regular interest rate kicks in.
Remember that the Citi Diamond Preferred is not a rewards credit card, so if you were thinking about applying in order to maximize your Citi ThankYou Points, you’ll need to choose a different Citi credit card instead. That said, many people will find the Citi Diamond Preferred’s benefits more than enough for their long-term financial goals—which means that a credit card that doesn’t earn points, cash back or miles might not be that big of a deal.
The bottom line
The Citi Diamond Preferred is a solid balance transfer credit card option for those hoping to skip on paying an annual fee. You won’t earn any cash back or points with the Citi Diamond Preferred, but you can use the card to get out of credit card debt, fund a major purchase or build your credit score as you pay off your outstanding credit card balances.