Credit Card Review: Citi® Diamond Preferred® Rewards Card

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Estimate Reward Earnings

The Citi® Diamond Preferred® Rewards Card, issued by Citibank, is designed for those with good credit who plan to take advantage of the reward program offered.

Through the reward program, cardholders earn five points for every dollar spent on purchases made at supermarkets, drugstores, and gas stations for the first twelve months of cardmembership, one point thereafter, and one point for every dollar spent on all other purchases. Cardholders receive 6,000 bonus points after their first purchase, which can be redeemed for a $50 gift card. These points can also be redeemed for various items or services, and cardholders are given the option to reduce the card's APR for purchases and cash advances for varying amounts of time (which is a rare benefit). There is a 75,000 yearly limit to the number of points that can be earned, and points will expire in five years.

This card has no annual fee, and it has a reasonably low interest rate for purchases and balance transfers in comparison to other reward cards. In addition, the card has a 0% introductory rate that can be applied toward balance transfers for up to twelve months. Nevertheless, it is important to note that there is a minimum cap of 19.99% for cash advances; so no matter how low the Prime Rate falls (the APR is tied to the Prime Rate), the interest rate will not go below the minimum cap.

The card does provide platinum cardholder benefits that include up to $1,000,000 in travel accident insurance, auto rental insurance, car rental discounts, and various travel and emergency assistance services.

Therefore, those who plan to take advantage of the 0% introductory rate for balance transfers and are interested in participating in the reward program will benefit most from what the Citi® Diamond Preferred® Rewards Card has to offer.

(Review Updated: May 05, 2008)

Estimate Reward Earnings

0% Intro APR on Balance Transfers for up to 12 months
as low as 10.49% Regular Variable APR for Purchases
19.99% Regular Variable APR for Cash Advances

20 days Grace Period

(* 0% APR on balance transfers for up to 12 months)

Finance Configuration: Average daily balance. This includes new purchases.

Additional Cardholders: $0

Late Payment Fee: $15 on balances up to $100, $29 on balances of $100 up to $250, $39 on balances of $250 and over

Over-The-Limit Fee: $0

Cash Advance Fee: 3% of each cash advance; $5 minimum.

Balance Transfer Fee: 3% of each balance transfer; $5 minimum

Minimum Credit Limit: n/a

Maximum Credit Limit: n/a

Type of Reward: Point

Points per Dollar: 1.00

Additional Points: Earn 5 Reward Points for every $1 you spend on purchases at supermarkets, drugstores, and gas stations for the first 12 months of cardmembership and earn 1 point per dollar spent on all other purchases

Bonus Points First Purchase: 6,000 points - $50 gift card

Bonus Points Other: n/a

Point Details: **Receive 6,000 bonus points, which is redeemable for a $50 gift card, after the first purchase within 3 months of opening the account.

Expiration: 5 Years

Yearly Limit: 75,000 Points

Additional Features for Citi® Diamond Preferred® Rewards Card:

$0 liability on unauthorized purchases.
Various Internet account related services.
Identity theft solutions.
Price protection program.
Optional personal photo on card.
Fraud and security protection services.
Lost and stolen card reporting.
Emergency cash replacement.
Emergency card replacement.
Automatic bill payments.
Year-end financial statement (upon request).
Up to $1,000,000 in travel accident insurance.
Auto rental insurance.
Various travel and emergency assistance services.
Medical referral services.
Legal referral services.
Lost luggage assistance.
Discounts on auto rentals.
See website for additional benefits.

Important Notes for Citi® Diamond Preferred® Rewards Card:

The APR for purchases and balance transfers varies according to the applicant's credit history and will be 4.49%, 7.49% or 9.49% + Prime Rate.
See website for complete terms and conditions of card usage and application disclosure.

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Notes: The review on Citi® Diamond Preferred® Rewards Card was updated on May 05, 2008. The review is believed to be accurate during the update, however, information posted may have changed since the update.