Citi Diamond Preferred Card benefits guide

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The Citi® Diamond Preferred® Card* is a no-annual-fee credit card that includes an exceptionally long intro APR offer on balance transfers, making it one of the top balance transfer credit cards on the market. That said, the Citi Diamond Preferred is a top card for a specific purpose, but it isn’t rewards — the card offers no cash back or points.

So, what does that mean if you’re considering adding the Citi Diamond Preferred to your wallet? Here’s everything you need to know about the Citi Diamond Preferred’s benefits, including how to maximize them.

Citi Diamond Preferred intro APR benefits

Intro APR offer on balance transfers

If you want to do a balance transfer with Citi, the Citi Diamond Preferred is going to be one of your best options. The biggest benefit of the Citi Diamond Preferred is its 0 percent intro APR on balance transfers for 21 months (on transfers completed within four months of account opening), followed by a variable APR between 18.24 percent to 28.99 percent when the intro APR ends. As noted above, this is one of the longest 0 percent intro APR offers available among balance transfer credit cards.

Of course, if you fail to transfer your balance within the first four months, you’ll lose access to the intro APR offer. Also, note that the card charges a relatively high balance transfer fee of 5 percent (or $5, whichever is greater).

Intro APR offer on purchases

The Citi Diamond Preferred also offers a much shorter 12 months of 0 percent intro APR on new purchases, followed by the same 18.24 percent to 28.99 percent variable APR.

If you’re more focused on funding a large upcoming purchase than transferring a balance, know that there are better 0 percent intro offers available.

Additional Citi Diamond Preferred benefits

Free FICO Score access

Often, people seek balance transfer cards to help tackle their debt and improve their credit. With the Diamond Preferred, you’ll enjoy free access to your FICO credit score. Your score will refresh each month, helping you to stay on top of any changes — an important practice to improve your credit score.

Citi Entertainment

Do you enjoy going out to concerts or spending the day at sporting events? With Citi Entertainment, Citi Diamond Preferred cardholders get early or VIP access to tickets for a variety of entertainment options, including music, sports, dining experiences and more. So if you like having early access to concert tickets or making reservations for the hottest new restaurant, consider Citi Entertainment another key benefit of the Citi Diamond Preferred.

Citi My Deals

Citi’s My Deals are discounts you can earn on everyday purchases from participating retailers and restaurants (including local businesses). Enrollment is required, but if you spend a certain amount per year, you can gain access to even more discounts.

Citi Flex Loan

The Citi Flex Loan program allows you to borrow money against your Citi credit card’s credit line at a fixed interest rate. You can pay the loan back over a set period of time with no additional fees, applications or credit inquiries required. However, Citi Flex Loans aren’t available to all Citi cardholders; you can check your account to see if you’re eligible.

Bankrate tip: Note that Citi Flex Loan is different from a cash advance. Cash advances come with additional fees and high interest rates. If you are looking for cash from your credit card, the Citi Flex Loan opportunity is certainly a better option.

Identity theft protection offered through Mastercard®

Having your identity stolen can wreak chaos on your finances and your credit score. So you may find it useful to sign up for the free identity theft protection that the Citi Diamond Preferred card offers through Mastercard. The sign up process is simple and takes about five minutes to create your account and decide which information you want to get alerts for.

Custom Pay Date

This is possibly the most useful benefit offered by the Diamond Preferred card. Choosing your own due date grants you the flexibility to shift your payment date to any available due date within the month. Instead of meeting a predetermined due date that might not work for your pay cycles or budget, choose a date that’s more convenient for you.

Maximizing the Citi Diamond Preferred Card

To maximize your Citi Diamond Preferred’s benefits, be sure to make your balance transfer within the first four months of card membership. Otherwise, you won’t be able to take advantage of the intro 0 percent APR offer, the card’s biggest benefit. After your transfer is complete, use our credit card balance transfer calculator to determine how much you’ll need to set aside each month in order to pay off your debt before the intro APR period ends.

Additionally, don’t forget that the Citi Diamond Preferred’s intro APR offer also applies to new purchases, though for a shorter period of time. If you want to use your card to fund a vacation, cover a home improvement project or pay off an unexpected bill, this card could be a good fit — but be sure you have a plan for paying off your large purchase before the regular interest rate kicks in.

Keep an eye out for Citi Entertainment offers as well. You never know when your favorite artist or team may be in town and the program is great for getting early access tickets.

The bottom line

The Citi Diamond Preferred is a solid balance transfer credit card option for those who want to avoid paying an annual fee. You won’t earn any cash back or points, but the card is worth it if you can use it to get out of credit card debt, fund a purchase or build your credit score as you pay off your credit card balances. As long as you have a credit score in the good to excellent range you could qualify for this card and get started paying off debt or financing a purchase.