Citi Diamond Most popular bank card evaluation


Story highlights

The Citi® Diamond Most popular® Credit score Card is designed to assist people who find themselves scuffling with debt

New card holders get an introductory APR on each purchases and stability transfers for the primary 18 months

One massive drawback is that the cardboard does not have a rewards program or any journey advantages

(CNN) —  

CNN Underscored critiques monetary merchandise resembling bank cards and financial institution accounts based mostly on their total worth. We might obtain a fee by way of the LendingTree affiliate community in case you apply and are authorised for a card, however our reporting is all the time impartial and goal.

Our fast take: The Citi® Diamond Most popular® Credit score Card can assist you pay down your debt, with an introductory stability switch provide that lasts for a formidable 18 months. Nevertheless, the cardboard doesn’t earn any rewards, that means you gained’t get any money again or journey factors in your purchases. So as soon as your intro interval expires, this isn’t a card to maintain in your pockets for the long run.

Execs:

  • 0% introductory APR for 18 months on stability transfers made within the first 4 months after you open the cardboard (14.74% to 24.74% variable APR afterward).
  • 0% introductory APR on all purchases for the primary 18 months (14.74% to 24.74% variable APR afterward).
  • No annual price.

Cons:

  • No sign-up bonus.
  • No rewards.
  • Restricted insurance coverage coverages and buy protections.

Present sign-up bonus: None.

Finest for: Individuals seeking to switch current high-interest debt from one other bank card, or finance a big buy with no curiosity for an prolonged time period.

The Citi Diamond Most popular is designed for a selected sort of individual — somebody who’s scuffling with their bank card payments or who must finance some upcoming purchases. And by the way in which, if that describes you, it’s nothing to be embarrassed about. Many individuals are coping with debt after dropping their jobs or earnings in the course of the pandemic, so don’t really feel alone in case you want a hand getting out of a gap.

The cardboard has one of many longest introductory durations for each stability transfers and purchases amongst bank cards in the marketplace at the moment, which is usually a enormous lifeline in case you want a while to get your monetary home so as. You possibly can park your debt or upcoming bills on the Citi Diamond Most popular and use the prolonged time to start out paying off what you owe.

With that mentioned, in case you’re seeking to earn rewards for the stuff you purchase, this isn’t the cardboard for you. There’s no rewards program tied to the cardboard, which implies you gained’t earn money again or journey rewards on any buy you make — even after the introductory APR has expired.

Click on right here for the introductory APR provide on the Citi Diamond Most popular card.

In relation to introductory provides, the Citi Diamond Most popular blows many different playing cards out of the water. First off, new card holders get an introductory 0% APR (Annual Share Charge) for 18 months on stability transfers made within the first 4 months after you open the cardboard, although as soon as these 18 months are over, you’ll pay a variable APR of 14.74% to 24.74% relying in your creditworthiness.

This implies when you have debt on one other bank card and also you’re presently paying a whole lot of curiosity on it, you possibly can switch that debt over to the Citi Diamond Most popular and never pay any curiosity for the primary 18 months. However it’s essential to determine a plan throughout that point, since you don’t wish to get caught paying the a lot greater rate of interest as soon as the introductory interval ends.

Relying on how a lot you owe, this might actually prevent lots of or doubtlessly even 1000’s of {dollars}. For instance, let’s say you’ve a $5,000 stability in your present bank card, which carries a 16% APR. Over the course of the following 18 months, in case you solely make the minimal cost, you’ll be paying over $1,000 in curiosity alone on that debt.

However in case you can switch that $5,000 stability to a card just like the Citi Diamond Most popular, not solely will you not should pay that further curiosity, you possibly can as an alternative use the cash to pay down what you owe, making it simpler to turn out to be debt-free.

Associated: 4 steps to eliminating your bank card debt.

PHOTO: iStock

Should you’re trapped underneath debt, utilizing the stability switch function of the Citi Diamond Most popular may prevent a ton of cash.

It’s essential to keep in mind that to be eligible for the 0% introductory APR, you need to provoke the stability switch out of your previous bank card to the Citi Diamond Most popular throughout the first 4 months of being a card holder. There’s additionally a 3% price (with a $5 minimal) to switch your stability. Whereas it will price you some cash initially — $150 on our $5,000 instance — it should in the end prevent rather more in the long term.

Amazingly, this introductory APR provide isn’t restricted to stability transfers — it additionally extends to purchases made with the Citi Diamond Most popular within the first 18 months as properly. This could are available fairly useful in case you’re seeking to make a number of massive purchases you can’t afford to pay for . As a substitute, you possibly can pay for them over time — as much as 18 months — interest-free.

You must by no means make pointless purchases in your bank card you can’t afford. Nevertheless, in troublesome financial occasions, a suggestion like this may be helpful as a final resort when you have bills that you just can’t keep away from, resembling a big restore invoice. It can be helpful in case you want it to make a big once-in-a-lifetime buy work, resembling shopping for an engagement ring.

However as with the stability switch possibility, you’ll wish to make certain to repay every part you owe throughout the first 18 months after opening the account, as as soon as the introductory interval ends, the APR ranges between 14.74% to 24.74% relying in your creditworthiness.

Associated: Tight on money? These bank cards cost 0% curiosity on purchases.

The Citi Diamond Most popular card additionally comes with a free FICO credit score rating on-line and means that you can select your cost due date, which is extraordinarily useful for many who pay their bank card payments round their paycheck schedule and want most flexibility.

See in case you qualify for the Citi Diamond Most popular card.

We’re not going to sugarcoat it: The Citi Diamond Most popular doesn’t have a rewards program or lots of the advantages that different bank cards include, which is a big drawback. With many different no-annual-fee playing cards, you’ll earn money again or loyalty factors on each buy you make, which usually ranges between 1% and a couple of% of your purchases. That may put some “free” money again into your pocket.

However with that mentioned, in case you usually don’t pay your total bank card invoice in full each month, you’re already paying extra in curiosity than you’ll earn in rewards with any bank card. So incomes a couple of further journey miles or money again isn’t price it if it can save you much more cash by eliminating the curiosity you’re paying for these purchases.

The Citi Diamond Most popular additionally gained’t offer you insurance coverage protection or safety in relation to journey or purchasing purchases. Whereas we wouldn’t anticipate any fancy perks on a no-annual-fee card, even the very primary protections are largely lacking right here.

And though it’s widespread to be charged a price for transferring an current stability from one card to a different — and the three% price on the Citi Diamond Most popular is fairly normal — it’s nonetheless one thing to bear in mind when contemplating whether or not a stability switch is price it, particularly if you have already got a low APR in your present card or suppose you possibly can repay your stability in one other month or two.

CNN Underscored has chosen the Citi® Double Money Card as our present “benchmark” bank card. That doesn’t imply it’s one of the best bank card in the marketplace; slightly, we use it as a primary normal to check different bank cards and see the place they rating higher, and the place they’re worse.

Right here’s how the Citi Diamond Most popular scores in opposition to our benchmark. The options of every card within the beneath chart are coloured in inexperienced, purple or white. Inexperienced signifies a card function that’s higher than our benchmark, purple signifies the function is worse than our benchmark and white signifies the function is both equal or can’t be straight in comparison with our benchmark.

KEY DETAILS
Citi Double Money Card Citi Diamond Most popular
Card sort Mastercard Mastercard
Signal-up bonus None None
REWARDS
Incomes price 2% on all purchases(1% once you purchase, 1% once you pay it off) None
Redemption worth 1 cent (money again) N/A
Ease of primary redemptions Simple N/A
Superior redemption choices Can convert money again to ThankYou factors that switch to 16 airline companions in case you even have the Citi Premier or Citi Status None
High quality of superior redemptions Good N/A
FEES
Annual price $0 $0
Overseas transaction price 3% 3%
BENEFITS AND PROTECTIONS
Journey perks None None
Buy protections None None
Journey protections None None
Different perks None None
INTEREST RATES ON PURCHASES AND BALANCE TRANSFERS
Introductory APR on purchases None 0%
Size of Introductory APR on purchases N/A 18 months
Introductory APR on stability transfers 0% 0%
Size of Introductory APR on stability transfers 18 months 18 months
Introductory stability switch price 3% or $5, whichever is larger 3% or $5, whichever is larger
APR after intro durations finish 13.99%-23.99% variable 14.74% to 24.74% variable

When reviewing different bank cards, we use this format and these standards to check them with our benchmark. You possibly can learn our bank card methodology for extra particulars on what we bear in mind in relation to perks, protections and redemption worth.

Apply now for the Citi Diamond Most popular card.

Though the Citi Diamond Most popular provides one of many longest introductory APR provides on each purchases and stability transfers, there are a couple of different playing cards with related advantages.

The Wells Fargo Platinum® Card additionally provides the same 18-month introductory APR on purchases and stability transfers, and also you’ll have the same 120 days to switch your balances and get a 0% APR on them (which climbs to a variable APR of 16.49% to 24.49% afterward). You’ll even be charged the identical 3% price ($5 minimal).

Just like the Citi Diamond Most popular, the Wells Fargo Platinum doesn’t provide any rewards on the purchases you make, however it does have some advantages, together with auto rental collision protection, journey accident insurance coverage and roadside dispatch. Plus, in case you pay your mobile phone invoice with the Wells Fargo Platinum, your cellphone shall be protected if it’s broken or stolen, as much as $600 with a $25 deductible, for as much as two claims per 12-month interval.

Associated: Shield your mobile phone from theft or injury with these bank cards.

And in case you’re searching for a fair longer introductory interval than the Citi Diamond Most popular, you possibly can look to the U.S. Financial institution Visa® Platinum Card, which comes with a 0% introductory APR provide on each purchases and stability transfers for a full 20 billing cycles after you open the account (a “billing cycle” is roughly a month). As soon as the intro interval ends, the APR jumps to a variable 13.99% to 23.99%.

Once more, you’re not going to earn any rewards with the U.S. Financial institution Visa Platinum, and also you’ve solely acquired 60 days after you open the cardboard to make any stability transfers and have them qualify for the introductory provide. However the card does include mobile phone insurance coverage, so in case you pay your mobile phone invoice with the cardboard, you’ll be coated for injury or theft to your cellphone for as much as $600 with a $25 deductible, for as much as two claims per 12-month interval.

If your main goal is to consolidate your existing debt, the Citi Diamond Preferred is an excellent choice.

PHOTO: iStock

In case your most important objective is to consolidate your current debt, the Citi Diamond Most popular is a superb alternative.

This query actually relies on what you’re searching for in a bank card. In order for you a card that earns rewards in your on a regular basis purchases or provides perks once you’re touring or safety in your purchases, then this isn’t the cardboard for you.

But when your most important objective is to consolidate your current debt or finance your new purchases with out paying curiosity on any of it for as much as 18 months, then the Citi Diamond Most popular is a superb alternative, and an effective way to start out repairing the injury the pandemic might have wreaked in your funds.

If that describes you, our suggestion is to use for this card, use it throughout its introductory provide interval, then retailer it away in your sock drawer when you’re completed with it. At that time, you’ll hopefully be in a greater place financially to get a bank card that provides the possibility to earn further rewards, or one that gives enjoyable journey perks.

Be taught extra in regards to the Citi Diamond Most popular Card.

Discover out which playing cards CNN Underscored selected as its greatest stability switch bank cards of 2021.

Get all the newest private finance offers, information and recommendation at CNN Underscored Cash.

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