Another Citi Card With A Great 0% Offer? - One of the things that I do not understand is why does Citi have a few "vanilla" cards that simply offer a great 0% rate to get customer sign ups. Why don't they offer great 0% deals for their rewards or cash back cards like Discover? Well, the Citi® Diamond Preferred® Card is one of these cards, but it does offer the best 0% introductory deal (18 months at the moment). It also comes with a cool black design.
Let's Examine The Fees - Since this card is a vanilla, the most important thing to check is really it's fees and rates. Like most cards today, it has no annual fee. But wew cardholders get a 0% Intro APR for balance transfers for 18 months. This is the longest introductory period in the market today (along with Citi's Platinum Select and Simplicity Card).
Other Benefits - Cardholders also get benefits like Citi Identity Theft Solutions, $0 Liability on unauthorized purchases and Secure, free online account management. You also get a concierge service which I think is a great value considering you do not have to pay any annual fee at all.
Citi Diamond Preferred Card Versus Other Similar Vanilla Cards
Being a vanilla card, we shall now compare this card with other similar low rate cards. The differences will mainly be in the area of balance transfer period and interest rates.
Citi Diamond Preferred versus Simmons First Visa Platinum - The Simmons First Platinum Visa is a card offer by Simmons First Bank. It's main attraction is it's low rate. In fact, it offers one rate at 7.25% (at present), which means only those with truly excellent credit can get approved. Those who want to transfer a balance to the Simmons First Platinum Card has to transfer it at a rate of 7.25%. Hence, the Citi Diamond Preferred beats it in balance transfer and initial 0% purchase deal, but the Simmons First offers a lower rate.
Versus Iberia Bank Visa - Iberia Bank is another bank which has bank that offer consumer a low interest rate. Iberia Bank actually has 4 credit cards each offering differing rates. But their lowest rates are 7.25% or 9.25% depending on the card. Most of them have 1.9% Intro APR on balance transfer for 6 months. Hence, the Citi Diamond Preferred comes out ahead in the balance transfer deal area once again.
Against Bank Americard Visa - Bank of America has renamed their cards Bank Americard! They offer a vanilla Visa with no annual fee as well. Presently, they are offering a 0% balance transfer deal for either 7 months or 10 months depending on one's credit history.
Up against Chase Slate - The Chase Slate Card is Chases' vanilla card but with a slight twist to it. They have a feature called blueprint, which allows the card holder to choose an item or expense type that he or she wants to pay in full every month. They will not be charged any interest on those expenses even though they carry a balance. Presently, they are offering a 0% Intro APR on balance transfers for up to 15 months with no balance transfer fee.
Against their own Citi Platinum Select Card - The strange thing is that Citi has a nearly identical card, the Citi Platinum Select Card that offers the same interest rate and balance transfer deal (with a different card design). The Diamond Preferred Card comes with a free concierge service whereas the the Platinum Select has a small reward program called Citi Extra Cash.
Citi Diamond Preferred Card - Recommended for Balance Transfers
Verdict - As you can see from the comparison above, the Citi® Diamond Preferred® Card is a card you may want to consider if you are looking for a balance transfer credit card or a low rate card. It beats most of its' peers on the balance transfer front and is only matched by Citi's other card, the Platinum Select!