Review of Citi Diamond Preferred Rewards Card
The Citi Diamond Preferred Rewards Card was last reviewed on 13th May 2005
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)
- 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.
- 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
||5,000 points after first purchase
||5 points for every $1 spent at supermarkets, drug stores and gas stations
1 point per $1 spent on other purchases
|Caps on Rewards
||75,000 points per calender year
||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
|Online Account Access
Online account statements
automatic bill payment
||0% APR for 12 months (balance transfer).
Balance transfer can be done within 12 months and 0% will apply from date of transfer
||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
|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
|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.
To receive our latest credit card offers, reviews and articles, subscribe to our
Credit Card Tips and Strategies Newsletter
RSS Feed For This News
If you enjoyed this article, you can Save This Page