Get a Break From Interest for 21 Months: The Citi Diamond Preferred Card
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The credit card market is often divided into two segments. First, there are the no-frills cards that are used by those who have credit card debt and need the lowest interest rates. Then there are the high-end reward credit cards that shower their holders with all sorts of perks and benefits.
But what if you could combine a low interest rate credit card with many of the advantages of a rewards card? The Citi® Diamond Preferred® Card from our partner Citi offers a leading promotional finance offer and a host of included services normally seen on reward credit cards.
How This Card Works
New cardholders receive 21 months of interest free financing on both new purchases and balance transfers. After that, the regular interest rate will be a variable rate of 11.99% - 21.99% depending on your credit worthiness.
But it is the extra perks and benefits that set this card apart from all of the other cards out there with promotional financing offers. These benefits include:
- A personal concierge service. Representatives are available 24/7 to assist you with travel planning, directions, restaurant reservations, and nearly anything else you can think of.
- Access to special events and discounts. Citi’s Private Pass offers cardholders presale access and discounted tickets to music, sporting events, and more.
- Retail purchase protection. Purchases made with your card are insured for up damage or theft up to $1,000 for 90 days from the date of purchase.
- Extended warranty policy. This program extends for an additional year the terms of any factory warranty that is one year or less.
- Travel and emergency assistance and insurance. These policies include medical and legal referrals, lost luggage assistance, emergency transportation, and even translation services. Trip cancellation and interruption insurance is also included that reimburses you for up to $1,500 when things go south for a covered reason. Finally, this card includes $3,000 of lost luggage coverage.
- Auto rental insurance. Sure, most credit cards include this coverage, but some of the leading products with promotional financing offers do not.
On top of all those features, Citi also include a few new benefits. One is the Citi Price Rewind program, which automatically offers a partial refund if a product is offered for $25 less at a competing retailer. All you have to do is register your big ticket purchases, and Citi does the rest.
Finally, this Citi card is compatible with the Google Wallet service that allows you to make purchases from participating merchants just by waving your phone over a terminal equipped for this program.
There is no annual fee for this card, but there are two important fees you should be aware of. First, there is a balance transfer fee added to the amount transferred. The fee is 3% of each balance transfer, with a $5 minimum. Also, there is a 3% foreign transaction fee on all transactions processed outside of the United States.
Here is a card that offers a wide variety of perks and benefits that anyone who shops or travels can certainly use. In addition, the 21 months of 0% APR financing on new purchases and balance transfers is the most of any card currently offered. I also like that there is no annual fee for this card.
One of the hazards of such a long promotional financing period is that cardholders may be tempted to just put off paying down their debt. That would be a huge mistake. These financing offers are incredibly valuable, but only if utilized as part of a smart, comprehensive plan to eliminate your debt. If a long term financing deal is only going to encourage you to spend more, it could be very harmful.
Finally, I don’t like the foreign transaction fees, especially on a card targeted towards travelers.
Who This Card Is Best For
This is an ideal card for someone who is trying to get a handle on their debt and knows how much money can be saved with the financing offer. At the same time, this card makes sense for those who can utilize all of its travel and shopping features as well as some of the other perks and benefits. This is also a great card for those who want many of the features of a luxury card — except the annual fee.
By combining extravagant features with a valuable financing offer, the Citi® Diamond Preferred® Card presents a compelling choice for those who find interest free financing to be the best possible credit card reward.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any bank, card issuer, airline or hotel chain.