Get a Break From Interest for 21 Months: The Citi Diamond Preferred Card

By Jason Steele. Last updated 26 April 2016. 1 comment

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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 reserved for rewards 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 12.24% - 22.24% depending on your credit worthiness. There is no annual fee.

Other Benefits

The extra perks and benefits set this card apart from all of the other cards out there with promotional financing offers. These benefits include:

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. (See also: What Do the Concierge Services From Credit Cards Really Provide?)

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 against damage or theft up to $1,000 for 120 days from the date of purchase.

Extended warranty policy. This program extends the terms of any factory warranty that is five years or less for an additional year.

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 reimburses up to $1,500 when things go south for a covered reason. (See also: What Does Travel Accident Insurance Cover on Credit Cards?)

Auto rental insurance. Sure, most credit cards include this coverage, but some of the leading products with promotional financing offers do not. (See also: What Does Car Rental Insurance Cover on Your Credit Card?)

Citi Price Rewind. The Citi Price Rewind program refunds the price difference if a product is offered for less at a competing retailer. All you have to do is register your big ticket purchases, and Citi does the rest.

Apple Pay compatibility. Finally, this Citi card is compatible with the Apple Pay service that allows you to make purchases from participating merchants just by waving your phone over a terminal equipped for this program.

Costs

  • $0 Annual Fee
  • 12.24% - 22.24% APR (0% introductory APR for 21 months on purchases and on balance transfers made from the date of first transfer when transfers are completed within four months of account opening)
  • 3% Balance Transfer Fee ($5 minimum)
  • 3% Foreign Transaction Fee

Pros

Many card benefits. Here is a card that offers a wide variety of perks and benefits that anyone who shops or travels can certainly use.

Introductory APR. The 21 months of 0% APR financing on new purchases and balance transfers is the most of any card currently offered. (See also: Credit Cards with 0% Introductory APRs)

No annual fee. Typically cards offering these benefits plus a 0% introductory APR for 21 months, carry annual fees.

Cons

Low APR temptation. 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. (See also: 5 Best Credit Cards with 0% Intro APR for Balance Transfers)

Foreign transaction fees. I don't like the foreign transaction fees, especially on a card that's supposed to be targeted towards travelers. The BankAmericard Travel Rewards® offers 0% intro APR on purchases for 12 billing cycles with no annual fee or foreign transaction fees. (See also: Best Credit Cards with No Foreign Transaction Fees)

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, whether transferring balances or making large purchases. 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 — without the annual fee.

By combining extravagant features with a valuable financing offer, the Diamond Preferred presents a compelling choice for those who find interest free financing to be the best possible credit card reward.

Click here to learn more and apply for the Citi® Diamond Preferred® Card today!

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.

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I like the credit card that gives a lot perks and rewards. Just recently I bought a pair gold earrings for my wife. I used the rewards from my credit cards. I prefer gold, because I believe that this is one of the best investment tools to make money.