The other day I received a mail in offer for this card. Although I pay my balance in full every month on all of my cards, this one got my attention because of its 18 months 0% APR rate. I was intrigued.
I didn’t end up applying for the card because I don’t need a 0% PAR or a 20% APR, I don’t have to pay any interest on my cards. This card can be one of the bets companion in your debt reduction journey if you happen to have credit card debt.
I would advice that when looking for a new credit card for your wallet, always keep a few factors in mind for decision making.
First of all, not every body can handle credit cards properly. You should honestly evaluate whether increasing your use of credit cards, thus increasing your available credit, will lead to increased spending. High credit card interest rate can drag you fast in to debt and misery.
All credit cards come with a variety of interest rates, introductory offers and rewards programs and finding the one that suits your needs can sometimes be difficult. Know your needs well and then compare various cards with similar feature and read user reviews before making final decision to apply.
The Citi® Diamond Preferred® Card is one of Citibank’s most popular credit cards. This card brings a few different features to the table, including a low interest rate and an excellent balance transfer and purchase APR option.
The Citi® Diamond Preferred® Card currently offers an introductory rate for 18 months on both purchases and balance transfers.
The 0% introductory APR on balance transfers requires a 3% balance transfer fee ($5 minimum), which is currently the lowest fee available from a major credit card issuers, making this card best for taking advantage of a balance transfer opportunity.
Once the introductory rate expires, the APR becomes 12.99% to 21.99% depending on your credit worthiness. The better your credit, the lower the APR you’ll receive. When i got the offer, they didn’t mention the APR rate that would be assigned to me.
There is no rewards as such with the Citi® Diamond Preferred® Card, so I wouldn’t use it as an everyday credit card.
Citi does offer special access to purchase presale tickets, preferred seating, VIP packages and other unforgettable live entertainment and sporting experiences through Citi Private Pass.
The card provides “Citi cash” for each purchase, but you can only redeem these rewards for discounts online through Citi. While most credit card rewards programs offer points or cash back, this program does not.
The benefits of this card is in its introductory offer of balance transfer and 0% APR offer, so use it that way to get maximum benefit.
If I were to use this card, I would transfer a balance from a high-APR card or to purchase things I knew I wouldn’t be able to pay off within the next month, like that entertainment system or a new kitchen set, etc.
Example of a scenario when this card is the best one around: If you have a limited amount for a purchase, and certain emergency happens, you can charge your purchase eon this card and pay for the emergency with your saved money. You don’t need to pay an interest for 18 months!
Outside of the excellent purchase and balance transfer offer, the Citi® Diamond Preferred® Card also comes with a few perks that almost all other major credit cards have. Some of them are:
- 0% intro apr (Balance transfers and purchases)
- 18 months to repay
- After 18 months, the rate becomes 11.99% to 21.99% variable APR (as per website, although my offer had 12.99 – 19.99%)
- 24/7 Concierge service offered
- Assistance for any flights, concert tickets, restaurants, and more
- Special access – pre-sale tickets
- Exciting deals/savings with Citi brands (constant specials)
- $0 for any liability (Citi ID theft solutions)
- Lost luggage protection of up to $3,000 (conditions apply)
- Trip cancellation benefits
- Auto Rental insurance
The complete list of benefits can be found here.
You have the options of using their 24/7 concierge service. With a personal concierge service you can enjoy preferential treatment in special events.
The Citi® Diamond Preferred® Card may not be the best overall package, but for consumers who need to stretch important purchases over time and for whatever reason can’t save for the purchase in advance, the zero APR 18 months introductory period makes this one of the best cards for keeping interest expenses low.
If you’re in need of a long balance transfer offer or are thinking of making a big purchase soon and can take advantage of 18 interest-free months, consider the Citi® Diamond Preferred® Card.
Lastly, the best way to handle any credit card is by paying off debt in full every month if you have to pay interest on the remaining balance otherwise.
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