Is Citi Diamond Preferred a Cash Back Card Worth Considering

The Citi Diamond Preferred card may not be the first choice for cash back rewards, but it's worth considering if you're looking for a balance transfer option. This card offers 0% introductory APR for 21 months on balance transfers.

One of the main draws of this card is its balance transfer feature, which can save you money on interest charges. If you have existing credit card debt, this card can be a good option to transfer that debt to a lower interest rate.

The balance transfer fee is 3% of the amount transferred, which is standard for most credit cards. This fee is a consideration when deciding whether to use this card for balance transfers.

The Citi Diamond Preferred card's card details are pretty straightforward.

This card has a variable APR, which can range from 13.74% to 23.74% (based on the Prime Rate), and a balance transfer APR of 13.74% to 23.74%.

You'll also get a $0 annual fee for the first year, and then it's $95 after that.

Cash back is the most versatile type of credit card rewards, and it can be redeemed for anything.

The value of cash back is always clear, so you never have to worry about how much it's worth.

Points, on the other hand, have a value set by the credit card company, which can change over time.

Credit card companies often don't clearly disclose points values, which can make it harder to know what you're getting.

The Citi Diamond Preferred Card is a great option for those who want to make a single payment each month. With a 21-month interest-free period, you can pay off your balance without incurring interest charges.

You can enjoy 0% APR on balance transfers for 21 months, which is a fantastic opportunity to save money on interest. This can be especially helpful if you have high-interest debt elsewhere.

The card has a variable APR of 15.49% - 25.49% (Variable) after the introductory period ends, so it's essential to pay off your balance before then. This is a standard range for credit cards, but it's still something to keep in mind.

You can also earn a $0 annual fee, which is a great perk if you're looking to save money on card fees. This can add up over time, especially if you have multiple credit cards.

The Citi Diamond Preferred card comes with a balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater. This can add up quickly, so it's essential to factor it into your decision.

You'll also pay a cash advance rate of 29.99% variable, which is relatively high. Be aware that this rate applies to cash advances, which are not always the most cost-effective option.

The cash advance fee is $10 or 5% of the cash advance amount, whichever is greater. This fee can be a significant additional expense.

Here's a breakdown of the fees and charges you can expect with the Citi Diamond Preferred card:

Keep in mind that these fees can add up quickly, so it's essential to understand the terms and conditions of the card before applying.

The Citi Diamond Preferred card has a rating of 4.5 out of 5 stars on the Citi website, based on over 2,000 reviews.

Many reviewers praise the card's 0% introductory APR on balance transfers and purchases for 21 months. They also appreciate the card's $0 annual fee for the first 12 months.

However, some reviewers mention that the card's regular APR of 15.74% - 25.74% (Variable) is higher than other cash back cards. This can make it less appealing for long-term use.

Some reviewers have successfully used the card's balance transfer feature to consolidate debt and save money on interest. They also appreciate the card's flexible payment options, including online banking and mobile banking.