[2022.4 update] This card has unusually added a $150 sign-up bonus (there had never been a bonus before). Balance Transfer and purchase 0% APR are the card’s main features. In addition, the card’s exclusive preferred rewards portal lets you buy a number of discounted gift cards, such as Walmart and Best Buy, which is pretty nice.

Citi Diamond Preferred Credit Card Overview

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Full review

Citi Diamond Preferred Credit Card

Up to 21 months of 0% APR on balance transfers!

  • Welcome bonus: $150 (spend $500 within 3 months of card opening)
  • Rewards: None
  • Redemption: None
  • Annual fee: $0
  • Apply now>>

Benefits

  • Free FICO score every month
  • A great balance transfer card: Within 4 months of opening the card, you can freely transfer balances from other credit cards to this card and enjoy the first 21 months of interest-free financing. In other words, for 21 months you only need to make the minimum payment on your debt. The higher your credit limit on this card, the more balance you can transfer and the more you can borrow. Note that balance transfers are subject to a 5% fee. It is basically a short-term loan of almost two years.
  • 0% APR on purchases: For the first 12 months after opening the card, balances created by purchases do not accrue interest. That means you can keep spending each month and only make the minimum payment, with no additional interest.
  • Citi Easy Deal: This card can also participate in Citi Easy Deal, which lets you buy gift cards at a discount. For example, there have been 10% off Walmart, Staples, and more.
  • No Late Fees, No Penalty Rate: You will not be charged a late fee if you miss a payment, and your APR will not increase because of it.

Drawbacks

  • After 21 months, the main benefit, Balance Transfer, goes away and it becomes a sock drawer card.

My Experience with This Card

I have not applied for this card because I am not under that much financial pressure at the moment. However, if you are short on cash for now, you can use this card’s 12 months of 0% APR on purchases to create some cash flow. If you cannot access cash through purchases, and you can accept a 5% fee, you may also consider applying for this credit card to use Balance Transfer to bridge your financing needs. After all, 21 months of 0% APR is quite attractive. For a detailed analysis of 0% APR and Balance Transfer, please see:

The amount you can transfer with this card is related to your credit limit. If your limit is $10,000, you can transfer at most 10,000 over. If the limit you are approved for is too low, here is a little trick: Chase allows you to move credit limits from one Chase card to another. You can choose a Chase card with a high limit and first move the limit from one Chase card to another. Then you can transfer the balance over.

Apply

  • Citi application status link or call: 877-343-4118
  • 8/65/95 rule: You can apply for only one personal card every 8 days, only two personal cards every 65 days, and only one business card every 95 days. This refers to application submission limits, regardless of whether you were approved or not.
  • 24/48-month welcome bonus rule: If you have received a welcome bonus on a ThankYou Points card within the past 24 months, you will not be eligible to receive the bonus again. For AA products, the restriction is 48 months, but both rules apply only to the same card; there is no restriction across different card families.
  • You can call the reconsideration line (800-763-9795) to speed up the credit card approval process or ask a representative to review a denied credit card application again.
  • Having a Citi Checking/Gold relationship may help with your application.
  • More about applying for Citi credit cards

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