Verdict: The Citi Diamond Preferred Rewards Card is most definitely recommended for consumers that wish to use a credit card that offers excellent rewards, as well as no annual fee and 0% APR for balance transfers.

Overview

The Citi Diamond Preferred Rewards Card is an impressive credit card which can be used to accumulate a vast amount of rewards by using the card for everyday purchases. Citi participates in the Thank You Network program and makes it available for cardholders to earn extensive bonus rewards through the program.

How This Card Works

When the Citi Diamond Preferred Rewards Card is used, every dollar that is spent on everyday things like gas for your car and groceries for your family there will be valuable points awarded. Actually, 5 reward points will be earned when you use your card at the grocery, drug store and gas station for every single dollar spent. The 5 points per dollar spent reward system is kept in tact for 12 complete months and after that time one reward point will be awarded. For purchases made at places other than gas stations, drug stores and grocery stores there will be 1 reward point earned for each dollar that is spent.

A cardholder can earn up to 75,000 Thank You points per calendar year when making purchases from the billing cycle that goes from January through December. For any reason, the Thank You Network could be terminated and if that happens, you will have only 90 days from that time in which to redeem the points.

This card does have balance transfer fees, but 0% APR for 12 consecutive billing periods for you to pay less interest.

Travel and Shopping Benefits

This Citi Diamond Preferred Rewards credit card utilizes the Thank You Network for rewards that can be redeemed with as little as 1000 points. Rewards are available from travel packages and hotels to gift cards and DVDís; the point requirement will vary based on your selection.

By using the Thank You Networkís travel online booking tool by Expedia, the redemption of points can be done easily. Redeem your points for flights or hotels with any airline at any time you wish. There is also an option for booking fixed flights and they start at just 25,000 points to anywhere in Alaska and the continental United States. You can also earn additional Thank You points when you book a flight or travel package through Expedia.

You will need to redeem your Thank You Points within five years of the date of your first billing statement or they will expire. Also, if for some reason that the Thank You Network terminates, the points must be redeemed within 90 days or you will lose them. The Thank You Network has a website that you can look at to get an idea of the ways to earn points and ways to spend them.

Fees

The balance transfer APR will be 0% if the transfers are done within a year from the account opening date and will continue for a continuous 12 months. The APR for cash advances will be 19.99% and the default APR is 28.99%. There will be a balance transfer fee applied of 3% of the transfer amount, but no interest will be charged for the year.

After the 20 day grace period of non payment, the credit card account will incur late charges ranging from $15 to $39. The grace period is only in effect when the payments are paid on time; otherwise, there will be no grace period at all. An over-the-limit fee will be applied also in the amount of $39, if you happen to exceed your credit limit.

The APR for purchases and cash advances will vary depending on your application and credit review, but the 0% APR does not apply for these transactions. Very low APR’s are awarded for the Citi Diamond Preferred Rewards Card according to credit history and can be as low as 8.74%. That is one of the lowest APR’s for credit cards today.

Pros

• No annual fee
• 0% APR for balance transfers for 12 months, standard APR after that time.
• Access to Events with Diamond perks that are available to Diamond preferred customers.
• Earn Thank You Points up to 75,000 per calendar year

Cons

• If the Thank You Network happens to be terminated at any time, you are required to redeem the earned points within 90 days.
• Thank You points expire in five years.
• 0% APR doesnít apply to purchases or cash advances and is determined by credit history and review of your application.

Apply for the Citi Diamond Preferred Rewards Card.

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