The Citi Diamond Preferred Credit Card is a great line of credit for people who like to earn rewards for their spending, and like to be able to redeem those rewards quickly and easily.
Everyone has expenses that they can’t avoid, like buying groceries, purchasing gas to fuel their vehicle, hotel and airline reservations, and dining out at restaurants. Although you might not be able to cut these expenses out of your life completely, there’s no reason why you can’t get something back for all the money you’re spending at grocery stores, gas stations, hotels, restaurants and airports every year.
Read through this Citi Diamond credit card review and then be sure to use the free credit card finder to compare all types of credit cards.
Earning Rewards with the Citi Diamond Preferred Credit Card
These days, there are hundreds of different credit cards that will allow you to earn rewards points for dollars that you place on the card, and then pay off. Some cards specialize in “miles” which can be redeemed for any number of travel or hospitality-related rewards, while some specialize in cash back or discounted merchandise rewards. The Citi Diamond Preferred Credit Card is unique because it allows you to earn rewards on money spent for every day purchases. For the first 12 months you have the Citi Diamond Preferred card, you’ll earn 5 points for every dollar spent at:
- Standalone Supermarkets
- Gas Stations
- Drugstores
All other purchases made with the card earn 1 point for every dollar spent. Card holders can earn a maximum of 75,000 points per year and those points will expire in 5 years, if not redeemed.
Understanding the Citi Diamond Fees and Interest Rates
Credit cards are intended to be a way to temporarily postpone the need to pay for an item. If you plan on making a large purchase that you won’t be able to pay off at the end of the month, you’re going to have to pay interest on the balance that rolls over. The Citi Diamond Preferred card has the following rates and fees:
- APR starting at P+6.24% (but ultimately based on credit score)
- 0% APR balance transfers for new customers (for up to 12 months)
- $0 annual fee
Citi Diamond Preferred Card Reward Redemption Program
Many credit cards claim to offer outstanding rewards programs, but eventually cardholders will understand that they must spend thousands of dollars to amass enough points for even a tiny reward. The Citi Diamond Preferred Card is a great line of credit for people who want to earn better rewards even faster.
The card is connected to the ThankYou Redemptions Network Program, which offers flexible options for redeeming rewards and allowing cardholders to have a better sense of how close they are to achieving the points level that they want.
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This is a horrible card. I was charged interest for two months on charges because I used my card for a cash advance. I even paid the balance in full each month. Please explain this to me!
You were probably charged a transaction fee instead of interest. They charge you 3% of the transaction for cash advances and balance transfers even if you’re still under the intro 0% interest rate.
With any credit card, a cash advance is not like a purchase. As soon as you get that money on a cash advance, you pay interest from that point until the balance of the cash advance is paid in full. Also, as Brad mentioned you are usually charged a 3% or $10 which ever is greater fee.