I’m a big fan of credit card perks. In fact, I use credit cards for almost all of my day to day spending so I can take advantage of their rewards, buyer protection programs, extended warranties, and similar features. While I personally gravitate toward cash back credit cards, I recognize there is credit card for just about everyone out there – people who like to travel, business owners, and even people who are currently in debt.
I know it sounds like the opposite of what someone in debt should do, but if used properly, transferring a credit card balance to a 0% balance transfer offer can help someone get out of debt, provided they make permanent changes to their spending habits. Currently, one of the best balance transfer cards on the market is the Citi® Diamond Preferred® Card, which offers a 0% introductory APR on balance transfers for 18 months. But that’s not the only feature that makes this a great card. Let’s take a look at the pros and cons of the Citi® Diamond Preferred® Card and see who might benefit from it.
Citi® Diamond Preferred® Card Overview
0% introductory APR on balance transfers for 18 months. As we mentioned, this card features a 0% intro APR on balance transfers, allowing you to transfer your current high interest credit card debt to a 0% interest rate for 18 months. There is a 3% fee to transfer your balance (minimum $5). But that is likely much better than the current interest rate on most cards as it’s not uncommon to find credit card rates in the high teens, and low 20% range. This alone can save you hundreds, or even thousands of dollars in interest payments.
0% introductory APR on purchases for 18 months. If you don’t currently have a balance on your card, then the 0% intro APR on purchases may be enticing, allowing you to make purchases without interest payments for the first 18 months. As long as this is used cautiously, this is a great benefit for people who are between jobs, starting a business, or who need to take out a small loan.
After 18 months, your regular variable APR will be 11.99%-21.99%, depending on your credit profile.
Benefits Your Won’t Find Anywhere Else
There are a few features which stand out from other credit cards. These include the Concierge Service and Private Pass Access, both of which are exclusive to Citi cardholders.
Citi Diamond Preferred Concierge Service – available 24/7. This service is available around the clock to help you book airline tickets, hotel reservations, or get tickets to concerts, sporting events, and other attractions.
Private Pass Access. This special access seating is only available to Citi cardholders, and allows you to purchase tickets before access is given to the general public. Citi also has access to preferred and VIP seating packages, giving you the opportunity to live it up in style.
Rewards and Savings
While this card doesn’t carry a traditional cash or points rewards program, there are still some rewards to be earned with this card. For example, card holders have automatic access to the Extra Cash from Citi program. When you shop with your Citi® Diamond Preferred® Card, you will earn rewards based on 10% of your purchase total. You can use this for saving money when you shop on the Extra Cash from Citi website. You can save on items such as shopping, travel, entertainment, gift cards and more.
Other Citi Diamond Preferred Perks
Free car rental insurance and other travel benefits. This card gives you free auto rental insurance when you use your card, discounts on car rentals, assistance with lost luggage, emergency and travel assistance services, and more – all of which come in handy when traveling.
Top notch security. This card features your photo on the front, reducing the ability for thieves to use the card in-person. Card members also have no liability for unauthorized purchases. To top it off, this card also features Citi® Identity Theft Solutions, Fraud Early Warning System, and Lost Wallet Service, all of which help you replace lost or stolen cards quickly, and help you get your finances back in order.
Citi® Price Rewind. Citi Price Rewind is a price protection guarantee program. This price guarantee will give you a refund of up to set amount if you see the price for an item you purchased advertised for less within 60 days of your purchase. There are some limitations, which you can learn about in our Price Rewind review.
No annual fee. You get all of these benefits without having to pay an annual membership fee.
Who This Card is For
Overall, the Citi® Diamond Preferred® Card is a solid credit card for a lot of people. The only downside I can see with this card is the lack of a traditional cash or points rewards program. But the other benefits, such as the 0% intro APR on purchases and balance transfers, the Concierge service and Private Pass Access, travel benefits and security features make this a good credit card for those who are transferring credit card balances, planing any major purchases, or who like to travel or attend events.
To learn more or to sign up, you can visit the Citi® Diamond Preferred® Card page.