Review of Citi Diamond Preferred Rewards Card





The Citi Diamond Preferred Rewards Card was last reviewed on 13th May 2005



citi diamond preferred rewards card
Summary - We recommend the Citi® Diamond Preferred® Rewards Card to those looking for a reward card. The best feature of this card is that you can earn 5 points for every dollar you spend at standalone supermarkets, gas stations and drugstores (known as "everyday purchase items"). This is important because just spending $5,000 in this category earns you 25,000 points, which is enough to get you a free airline ticket. No other reward credit card allows you to get a free airline ticket with just $5,000 in spending. The other main highlights of this card are :

  • Uou earn 5 points for every dollar you spend on "everyday purchases"
  • It is backed by a comprehensive reward program (Citi ThankYou Redemption Network)
  • There is no annual fee
  • The apr is low
  • You get an excellent balance transfer deal


Let's take a closer look at this card

Reward Formula - The Citi Diamond Preferred Rewards Card lets you earn a high 5 points for every dollar you spend on standalone supermarkets, drugstores and gasoline stations. You earn 1 point for every dollar you spend on other purchases. You can earn up to 75,000 points in a year and points expire in 5 years. The ability to earn 5 points for every dollar you spend is very important because you can get a free airline ticket by spending just $5,000 on groceries and gasoline. (most families spending at least this amount in a year).

Annual Fee and APR - There is no annual fee for this credit card. The APR is low at Prime Rate plus 4.99%. This credit card uses the average daily balance method (including new purchases) of calculating monthly balance.

Very good balance transfer deal - The Citi Diamond Preferred Rewards card offers a very good balance transfer deal. You get a 0% introductory APR on balance transfers for 12 months from the date of transfer (as long as it is made within 12 months). There is no balance transfer fee during the introductory period.

Verdict - We highly recommend the Citi® Diamond Preferred® Rewards Card . This is the only card that allows cardholders to earn 5 points on "everyday purchase" items. It allows you to earn reward points very fast and is probably the best value reward credit card out there. Furthermore, there is no annual fee, you get a low apr and also a great 0% apr balance transfer deal.

Positives
  • No Annual Fee
  • Low apr
  • Earn 5 points for every dollar spent on standalone supermarkets, drugstores and gas stations
  • ThankYou Redemptions network is a solid reward program
  • Execellent balance transfer deal



Citi Diamond Preferred Rewards Card
Reward Benefits
Signing Bonus 5,000 points after first purchase
Miles Accumulation 5 points for every $1 spent at supermarkets, drug stores and gas stations
1 point per $1 spent on other purchases
Credit Limits From $500
Caps on Rewards 75,000 points per calender year
Expiration 5 years from end of calender year which they were earned
Minimum Income Required is $12,000
Travel and Insurance Benefits
Up to $1,000,000 Automatic Travel Accident Insurance for family
Auto rental insurance
Travel and emergency assistance
Discounts on Hertz
Other Benefits
Online Account Access
Online account statements
automatic bill payment
Cost/Fees/Interest rates
Introductory rate 0% APR for 12 months (balance transfer).
Balance transfer can be done within 12 months and 0% will apply from date of transfer
Annual Fees none
Purchase APR Prime Rate plus 4.99%
Balance Transfer APR Prime Rate plus 4.99%
Cash Advance APR Prime Rate plus 14.99%, min is 19.99%
Penalty/Default Rate APR Prime Rate plus 23.99%
Min Finance Charge $0.50
Grace Period 20 days
Balance Calculation Method Average Daily Balance (including new purchases)
Balance Transfer Fee 3%, min $5.00 max $50.00
no fee during introductory period
Cash Advance fee 3% min $5.00
Over-the-credit-limit fee $35.00
Late Payment fee $15.00 - up to $100
$29.00 - $100 to $100
$35.00 - more than $1000



Apply for the Citi® Diamond Preferred® Rewards Card

If you already have the Citi Diamond Preferred Rewards Card, we appreciate if you can spare a few moments to comment on your experiences with this card. This will be very helpful to our readers. You can post your review here.





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