The Citi Diamond Preferred Card allows cardholders to choose from a range of different cards. Some cards offer special benefits such as travel insurance or rental car coverage. Others limit cardholders to purchases from a pre-approved network of merchants. Still others may let cardholders select their own cards or services. Most preferred credit cards report information such as account balance and payments to the three major credit bureaus: Experian, Equifax, and TransUnion. If you are looking for a credit card that offers the best value, here are several pros and cons to consider.
The Citi Diamond Preferred Card offers the benefits of cash back and air miles with a long 0% interest rate on purchases for up to 12 months. The Citi Diamond Preferred Card can be used for most purchases except items bought at an Internet website. It can also be used for balance transfer cards, which lowers a cardholder's balance. Other features are severely limited, however, review your individual financial plans to determine if this card can help you meet your needs.
The Citi Diamond Preferred Card has a long introductory offer of 18 months or less. During this time, cardholders can make unlimited purchases from the participating merchants. Cardholders can also make unlimited purchases of cash back products, low-interest merchant accounts, and approved airline tickets. All transactions are processed within the United States and on U.S. soil. This card can save cardholders hundreds of dollars during the introductory period.
One of the best benefits of the Citi Diamond Preferred Card, along with a long 0% interest rate and low ongoing fees and charges, is the no-fee-abolition balance transfers that take place once a cardholder makes new purchases. For example, if cardholders make purchases during the introductory APR of the Citi Diamond Preferred Card, they will be charged a low fee until the end of the introductory period, at which point they will have to pay the normal interest rate. Balance transfers are also possible, but this depends on the type of balance transfer.
With the long introductory offer, cardholders do not need to get rid of existing credit card balances in order to take advantage of the special deals offered by CITI. This means that cardholders can make multiple new purchases with the CITI Diamond Preferred Card and avoid accumulating debt. As long as they make their monthly payments on time, cardholders will never be charged any interest or fees.
One of the benefits offered by the citi diamond preferred card is an excellent credit rating. If you have an excellent credit score you may qualify for additional benefits offered by CITI. These benefits could include cash back, points for spending, airline miles and a host of other incentives. The entire duration of the introductory period will enable you to save hundreds of dollars per year, as well as lower your interest rates. Once the introductory period has expired, you will once more have to pay standard interest rates.
Another way that the CITI Diamond Preferred Card can benefit cardholders is the inclusion of an emergency savings account. If you use your emergency savings account to make purchases and repay your balance before the end of the special offer, you will be eligible to earn one or two reward points per dollar that you charge to your account. This reward may range from five to twenty thousand reward points, so cardholders will find themselves getting a decent return on the cost of the annual fee and the interest that they will no longer be required to pay.
A final way that the CITI Diamond Preferred Card can benefit you is through the inclusion of a special double cash offer. If you are able to repay your balance within the special offer term, you will receive a discount on all purchases that you make during the year. If you are unable to do this, you will receive a full percent rate cut off the interest charged to your account. As is the case with all CITI cards, the savings that you will receive will depend upon the amount of the annual fee, the amount of the balance transfers and the number of reward points that you have earned.
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