Citi® Diamond Preferred® Rewards Card Review

The Citi® Diamond Preferred® Rewards Card, issued by Citibank, is designed for those with good credit who plan to take advantage of the reward program offered.

Through the reward program, cardholders earn five points for every dollar spent on purchases made at supermarkets, drugstores, and gas stations for the first twelve months of cardmembership, one point thereafter, and one point for every dollar spent on all other purchases. These points can also be redeemed for various items or services, and cardholders are given the option to reduce the card's APR for purchases and cash advances for varying amounts of time (which is a rare benefit). There is a 75,000 yearly limit to the number of points that can be earned, and points will expire in five years.

This card has no annual fee, and it has a reasonably low interest rate for purchases and balance transfers in comparison to other reward cards. In addition, the card has a 0% introductory rate that can be applied toward balance transfers for up to twelve months. Nevertheless, it is important to note that there is a minimum cap for cash advances; so no matter how low the Prime Rate falls (the APR is tied to the Prime Rate), the interest rate will not go below the minimum cap.

The card does provide platinum cardholder benefits that include up to $1,000,000 in travel accident insurance, auto rental insurance, car rental discounts, and various travel and emergency assistance services.

Therefore, those who plan to take advantage of the 0% introductory rate for balance transfers and are interested in participating in the reward program will benefit most from what the Citi® Diamond Preferred® Rewards Card has to offer.