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[D258]Diamond Preferred Rewards Card

by Eric Wasselman, Eri

Through the Citi Diamond Preferred Rewards Card, cardholders are entitled for five reward points for every dollar spent at selected supermarkets, drug stores and gas stations. However, this five-points-to-the-dollar offer is only valid for the first twelve months of membership. Once that's over, the regular reward system only awards one point per dollar spent, just like all the other purchases made to the card.

These earned points can be redeemed for all sorts of products and services from merchants such as Toys "R" Us, Home Depot and Starbucks. Additionally, cardholders are provided with the option to reduce the APR on the card for purchases and cash advances, something of a rarity amongst competing credit cards. However, there is a cap of 75,000 points earned in a year with points expiring within five years.

Interest rates for the Citi Diamond Preferred Rewards Card are also comparatively low in addition to no annual charges. On top of that, the 0% introductory rate is a splendid twelve months that can be applied towards balance transfers. Unfortunately, the interest rates for cash advances are based on a minimum of 19.99%. This means that even if the Prime Rate drops, you still have to pay through your nose should you come into some sort of emergency requiring a cash advance.

Nevertheless, the Citi Diamond Preferred Rewards Card is a reasonably packaged credit card. Cardholders planning to take advantage of the five point bonus and the 0% intro APR within the first twelve months will reap the most benefits. Nevertheless, those who don't will still get to enjoy the standard platinum cardholder benefits provided by Citibank.

When looking for a new credit card, it can be confusing to sort through all of the fine print. Most cards highlight the benefits that are included, but the downsides are not always as obvious. Like many others, the Citi Diamond Preferred Card comes with both advantages and disadvantages. Here's a breakdown of its features to help you decide whether or not to apply for one.

Citi Diamond Preferred Card: The Pros

Perhaps one of the biggest advantages of this card is that it has a reasonable APR for those that qualify. Depending on your credit background, you could receive an interest rate as low as 8.49%.

In addition to the low regular interest rate, the Citi Diamond Preferred Card offers an introductory period of 0% APR. This can last for up to 12 months. During this time, you can bring over an existing balance from another card and pay it off. You can also make purchases and won't be charged with interest expenses while the initial offers lasts.

Those who apply for this card will also find many additional services included. Through the Identity Theft Solutions program, Citi specialists will help you if you feel you've been a victim of fraud. You can also set up your account so that you have a virtual account number. This allows you to make purchases online without using your real card number.

If your card is lost or stolen, a new one will be issued to you, free of charge. And you can choose to have your photo on the card for extra security. Auto rental insurance and other travel services are included when you sign up. You could even get up to $1,000,000 in travel accident insurance. One last benefit is that the card does not charge any annual fees.

Citi Diamond Preferred Card: The Cons

To apply and get approved for this card, you will need to have good or excellent credit. This is not necessarily a disadvantage, but it is important to know before you sign up. If you have credit that needs improvement, consider looking for a different option. Many are available that can help you rebuild your finances.

Another potential disadvantage is that the Citi Diamond Preferred Card has a high interest rate for cash advances. If you need to take out cash for an emergency, you can expect to pay at least 19.99% APR on it. It would probably be safer to avoid taking out cash advances, if at all possible, with this card.

You'll also find that a high interest rate kicks in if you default on any of the card agreement terms. If this happens, a variable default rate of 28.99% will set in. While this will not be a problem if you follow the card agreement, it is important to be aware of the potential consequences involved.

To get more information, search online for additional card reviews. You can also check out credit card websites for further details. Before you apply online, read through all of the terms and conditions carefully. If you find that the pros outweigh the cons, then send in an application. When the card arrives in the mail, you'll be well prepared and ready to use it.

Article Source : Citibank Credit Card

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Both Eric Wasselman & Stephanie Andrews are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.

Eric Wasselman has sinced written about articles on various topics from Airline Credit Cards, Visa Credit Cards and Credit Cards. For more information or to apply for the Citi Diamond Preferred Rewards Card, Eric Wasselman recommends Find Credit Cards. See. Eric Wasselman's top article generates over 246000 views. to your Favourites.

Stephanie Andrews has sinced written about articles on various topics from Credit Cards, Mastercard Credit Card and Credit Cards. Click Here To Find the Stephanie Andrews is a contributing editor of the website. Stephanie Andrews's top article generates over 40500 views. to your Favourites.