Citi Diamond Preferred Review 2024

The card_name, from our partner, is one of the best credit cards on the market, despite the fact that it doesn’t offer a lot of benefits. It has no welcome bonus. There are no rewards for spending. So what is there to recommend it?

The card has a single ace up its sleeve that atones for its sins of omission: a generous annual percentage rate (APR) of intro_apr_rate,intro_apr_duration. It can save you hundreds—even thousands—on interest payments.

If you’ve got high credit card balances that you’re having trouble retiring, opening the card_name could be one of the best financial decisions you can make. Here’s why.

TIME’s Take

With pedestrian benefits and a zero return on purchases, the card_name isn’t very good at most things. Nevertheless, you’ll have a difficult time finding a card that’s better at balance transfers. This makes it a potential lifesaver to help you get out of debt if you’re drowning in high interest.

RELATED: Best Balance Transfer Credit Cards

Pros and cons

Who is the card for?

The card_name is a good fit for anyone in a hole of high-interest debt. This is because its intro APR of intro_apr_rate,intro_apr_duration and balance transfers lasts for 21 months (it then goes to an reg_apr,reg_apr_type interest rate). If you’re carrying a considerable balance on credit cards with a steep APR and can only afford to make minimum payments, you could very well be paying thousands of dollars in fees each year. In other words, money that could go toward reducing the principal is effectively being fed through a paper shredder.

By transferring your balance(s) to the card_name, you could have 21 interest-free months to throw everything you’ve got toward your debt. This could shorten your projected payoff date by years.

The card is also best for those who have a “good” credit score (defined by FICO as 670 or higher). However, you can only transfer as much debt from other accounts as your credit limit will allow. If your credit is in the dumps because of a high credit utilization ratio (the amount of credit that you’re currently using), you may not be approved for a credit line sizable enough to house much of your current debt. This could neutralize the benefit of opening the card.

Features

The card_name card isn’t lauded for its myriad ongoing benefits. What exactly do you get after the intro APR offer has expired?

• Free FICO score. You’ll receive access to your free FICO score with continual updates. This will help you keep tabs on your credit health and understand if any of your credit habits are impeding growth.
• Citi Entertainment. This program offers presale access to popular events such as concerts, sports, and even culinary experiences. If you’ve got a Citi credit card, you probably qualify for this benefit. Most of them offer it.
• $0 liability for unauthorized charges. If your card is lost or stolen, you are protected against unauthorized charges as long as you report it missing within a reasonable time frame.

These three features are unquestionably helpful, but they are found on just about every credit card nowadays, so they’re not particularly noteworthy.

The fine print

Annual fee

The card_name doesn’t charge an annual fee. You can keep it year after year without paying any sort of membership fee.

No-annual-fee credit cards can be useful in building your credit, as they allow you to rack up a lengthy credit history at no cost. Even after you’ve graduated to cards bigger and better than the card_name, it can still serve a purpose while collecting dust inside your sock drawer. Just remember to use it once or twice per year to keep it from being canceled due to inactivity.

APR

The card_name card incurs a regular APR of reg_apr,reg_apr_type on unpaid balances. The exact interest rate you’re given will depend on your creditworthiness. However, if you don’t carry a month-to-month balance, this number is irrelevant to you.

The card also charges a cash_advance_apr cash advance APR. This begins accruing as soon as you initiate a cash advance, so you’re guaranteed to pay interest on these transactions. Consequently, they should be your last resort when you need cash.

Balance transfer fees

For balance transfers initiated within four months of account opening, you’ll be charged a fee of either $5 or 3% of the amount of your transferred balance, whichever is greater. For balance transfers after this period, you’ll be charged either $5 or 5% of the amount you transfer, whichever is greater.

Other fees

The card_name charges various other fees that you’ll find on most other credit cards, including:

• A foreign transaction fee of foreign_transaction_fee.
• cash_advance_fee.
• late_payment_fee in late/returned payment fees.

What could be improved

The card_name serves its intro_apr_rate,intro_apr_duration intro APR niche well. Otherwise, it’s pretty grim.

The card doesn’t have a rewards program, so you won’t get a welcome bonus or return on your everyday spending. There’s a large selection of cash back credit cards with 0% intro APR offers that may be a better fit in the long run, though their interest-free periods tend to be slightly less generous.

Additionally, thecard_name intro APR on purchases could stand to improve. While you get an industry-leading balance_transfer_intro_apr,balance_transfer_intro_duration, you only get 12 months for purchases.

Card alternatives

Bottom line

Constructed with only one purpose in mind, the card_name is the best in the business for escaping high interest via a balance transfer. If you’re harboring debt on credit cards with high APRs, relocating your balance onto this card could conceivably result in thousands of dollars in savings.

Frequently asked questions (FAQs)

Does card_name have airport lounge access?

No, it doesn’t. It is not a travel credit card, so it doesn’t come with perks that will benefit travelers.

Is the card_name credit card better than Platinum?

There are several credit cards with the label of “platinum.” In nearly all cases the card_name is not the better of the two.

Is the card_name hard to get?

You need a FICO credit score labeled “good” or above to get the card. This means a score of at least 670.