Do you dream of earning miles that can whisk you away on luxurious vacations? Are you tired of racking up points that don’t actually get you anything worthwhile? Then you might be interested in the Citi Diamond Preferred Credit Card. With a focus on travel rewards and a potential for lucrative bonuses, this card could be the key to unlocking your next adventure.
But before you jump into the application process, let’s be honest: not every credit card is a perfect fit for everyone. Is the Citi Diamond Preferred Credit Card right for you? And what are the potential drawbacks you should be aware of? Don’t worry, we’ve got you covered! We’re diving deep into the details to provide you with a comprehensive review of the Citi Diamond Preferred Credit Card.
So, are you ready to find out if this card is the diamond in the rough you’ve been searching for? Keep reading to discover everything you need to know about the Citi Diamond Preferred Credit Card and make an informed decision about whether it’s the right choice for your financial needs.
Citi Diamond Preferred Credit Card Review: Is It Right for You?
The Citi Diamond Preferred credit card is a popular choice for those looking for a card with a generous rewards program and travel benefits. Its combination of cash back and travel rewards can be attractive to a wide range of cardholders. But is it the right card for you?
This in-depth review will explore the Citi Diamond Preferred’s key features, benefits, and drawbacks. We’ll delve into its rewards program, annual fee, eligibility requirements, and compare it to other similar cards to help you decide if this card is a good fit for your needs.
Citi Diamond Preferred Credit Card: Key Features and Benefits
The Citi Diamond Preferred credit card offers a range of features that appeal to various cardholders. Here’s a closer look at its key benefits:
- Generous Rewards: Earn 10% cash back on purchases at supermarkets (supermarkets include grocery stores, specialty food stores, and convenience stores). This bonus category is capped at $250 in rewards per year. You also receive 2x ThankYou points on all eligible dining, travel, and entertainment purchases. Other purchases earn 1 point per $1 spent.
- Travel Perks: The card includes some travel-friendly benefits like a free checked bag on one checked bag on flights booked directly with airlines when you book using your Citi Diamond Preferred card. You can also receive a $100 reimbursement for Global Entry or TSA PreCheck application fees.
- 0% Intro APR: Enjoy a 0% intro APR for 18 months on both purchases and balance transfers. This offer can be particularly helpful for new cardholders looking to consolidate debt or make a large purchase.
- No Foreign Transaction Fees: Use your card globally with no foreign transaction fees, making it ideal for international travelers.
- Travel Insurance: The card features comprehensive travel insurance coverage including travel accident insurance, baggage loss and damage insurance, travel delay insurance, and more.
- 24/7 Concierge Service: Enjoy access to 24/7 concierge service for assistance with travel arrangements, restaurant reservations, and other everyday tasks.
Citi Diamond Preferred Credit Card: Rewards Program
The Citi Diamond Preferred card offers a flexible rewards program with several redemption options:
- Cash Back: Redeem ThankYou points for cash back at a rate of 1 cent per point.
- Travel: Transfer ThankYou points to a variety of airline and hotel loyalty programs.
- Gift Cards: Exchange your points for gift cards at various retailers.
- Merchandise: Purchase merchandise with your points.
The card’s rewards program is designed to cater to different spending habits and redemption preferences.
Understanding ThankYou Points
ThankYou Points are the currency of the Citi Diamond Preferred card’s rewards program. They accumulate based on your spending, and you can redeem them for various rewards. Here’s a breakdown:
- Earning:
- 10% Cash Back at Supermarkets: This bonus category is capped at $250 in rewards per year. You earn 10 ThankYou points per $1 spent at participating supermarkets.
- 2x ThankYou Points on Dining, Travel, and Entertainment: This bonus category earns 2 ThankYou points per $1 spent at eligible merchants.
- 1 ThankYou Point per $1 Spent on All Other Purchases: Earn 1 ThankYou point for every $1 spent on all other purchases.
- Redeeming:
- Cash Back: Redeem ThankYou Points for cash back at a rate of 1 cent per point. This option provides a straightforward, flexible reward.
- Travel: Transfer ThankYou Points to various airline program partners at a rate of 1:1. This allows you to maximize value on your favorite airlines, potentially earning enough for a free flight.
- Gift Cards: Choose from a variety of gift cards from popular retailers. The redemption value can vary slightly depending on the chosen gift card.
- Merchandise: Browse through a catalog of merchandise and use your points to purchase items. The redemption value for merchandise can vary, so it’s important to check the point-to-dollar ratio before redeeming.
Note: There are no blackout dates or restrictions on using ThankYou Points for travel, which can be a valuable benefit for flexible travelers.
Citi Diamond Preferred Credit Card: Annual Fee and Other Costs
The Citi Diamond Preferred credit card has an annual fee of $0 for the first year and $95 annually thereafter. While other credit cards offer no annual fee, this could be a good deal if you maximize the 10% cash back category at supermarkets.
Other Costs
- Balance Transfer Fee: 5% of the balance transferred, with a minimum of $5.
- Late Payment Fee: Up to $40.
- Overlimit Fee: Up to $40.
- Returned Payment Fee: Up to $40.
- Cash Advance Fee: Either a flat fee of $10 or 3% of the cash advance amount, whichever is greater.
Citi Diamond Preferred Credit Card: Eligibility Requirements
To be eligible for the Citi Diamond Preferred credit card, you typically need:
- Good credit: A credit score of at least 670 to 700 is generally considered good credit.
- Stable income: You’ll need to demonstrate a history of consistent, verifiable income.
- Positive credit history: A strong credit history with no significant negative marks is typically required.
Citi Diamond Preferred Credit Card: Pros and Cons
To further help you decide if the Citi Diamond Preferred is the right card for you, we’ve listed some of its pros and cons:
Pros
- High Cash Back Rewards: The 10% cash back on supermarket purchases (up to $250 per year) can be a significant benefit for frequent grocery shoppers.
- Travel Perks: The card’s travel perks, including a free checked bag and reimbursement for Global Entry or TSA PreCheck, can save you money on travel expenses.
- No Foreign Transaction Fees: Great for international travelers who don’t want to incur extra fees when making purchases abroad.
- Generous Travel Insurance: Provides peace of mind with comprehensive travel insurance coverage.
- 0% Intro APR: A 0% intro APR for 18 months can be helpful for consolidating debt or making large purchases.
Cons
- Annual Fee: The $95 annual fee after the first year could be a deterrent for some cardholders, especially if they don’t maximize the supermarket bonus category.
- Limited Bonus Category: The 10% cash back category is capped at $250 per year, so you may not be able to fully maximize this benefit if you spend heavily on groceries.
- Low Rewards on General Spending: The 1 ThankYou Point per $1 spent on non-bonus categories is on par with standard cash back cards, but lower than other cards with higher earning rates.
Citi Diamond Preferred Credit Card: Alternatives
The Citi Diamond Preferred card is a solid option, but there are other cards that might be a better fit depending on your spending habits and priorities. Consider these alternatives:
- Blue Cash Preferred® Card from American Express: This card earns 6% cash back at U.S. supermarkets (on up to $6,000 per year in purchases), 6% cash back at U.S. online retailers (on up to $6,000 per year in purchases), and 1% cash back on all other purchases. It has a $95 annual fee, but the high cash back earning potential can make it a valuable card for those who spend heavily in these categories.
- Chase Freedom Unlimited: This card earns 1.5% cash back on all purchases, with no annual fee. While it doesn’t offer bonus categories, the consistency of its earning rate makes it a good choice for general spending.
- Capital One Venture X Rewards Credit Card: Offering 2 miles per $1 spent on all purchases, this card allows you to redeem for travel at a rate of 1 cent per mile. It also includes a $300 annual travel credit, airport lounge access, and other travel benefits. However, it does have a $395 annual fee.
Citi Diamond Preferred Credit Card: Conclusion
The Citi Diamond Preferred credit card is a tempting option for those looking for a combination of cash back and travel rewards. Its 10% cash back on grocery purchases, travel benefits, and 0% intro APR make it a competitive card in the market.
However, it’s important to consider your spending habits and priorities before making a decision. If you spend heavily on groceries, the 10% cash back bonus can be highly rewarding. But if you prefer a card with a higher earning rate on all purchases or a broader range of bonus categories, other cards might be a better fit.
Ultimately, the best credit card for you is the one that meets your specific needs and financial goals. Use this review as a starting point to compare different options and determine which card will provide the most value.
Actionable Takeaways:
- Assess your spending habits: Determine what types of purchases you make most frequently.
- Identify your priorities: Decide whether you value cash back, travel rewards, or a combination of both.
- Compare annual fees: Consider the annual fee and weigh it against the potential benefits.
- Explore other options: Research other cards with similar benefits and features to find the best fit for your needs.
- Check your credit score: Ensure you meet the eligibility requirements for the card you’re interested in.
So, is the Citi Diamond Preferred Credit Card right for you? That depends on your individual needs and spending habits. If you’re looking for generous rewards on dining and entertainment, and you appreciate the flexibility of a transferable points program, this card could be a great fit. However, if you’re a frequent traveler who prioritizes airline miles or hotel points, you might want to explore other options. Ultimately, the best way to determine if the Citi Diamond Preferred Credit Card is right for you is to carefully consider your spending habits and compare it to other available cards. You can use our card comparison tool to easily compare different credit cards side-by-side and find the one that best suits your requirements.
Remember, it’s important to apply for credit cards responsibly and only when you’re confident you can manage the credit responsibly. Always read the terms and conditions carefully before applying for any credit card, and be aware of the potential fees and interest rates. If you have any specific questions about the Citi Diamond Preferred Credit Card or any other credit card, feel free to leave a comment below or contact us directly. We’re always happy to help!
Finally, we encourage you to share your own experiences with the Citi Diamond Preferred Credit Card or any other credit card in the comments section below. Your feedback is valuable and can help other readers make informed decisions about their credit card choices. Thank you for reading and we hope this review has been helpful!