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Citi Diamond Most popular bank card evaluation

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

(CNN) —  

CNN Underscored opinions monetary merchandise corresponding to bank cards and financial institution accounts based mostly on their general worth. We might obtain a fee by the LendingTree affiliate community in the event you apply and are permitted for a card, however our reporting is at all times impartial and goal.

Our fast take: The Citi® Diamond Most popular® Credit score Card might help 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 to your purchases. So as soon as your intro interval expires, this isn’t a card to maintain in your pockets for the long run.

Professionals:

  • 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: Folks trying to switch current high-interest debt from one other bank card, or finance a big buy with no curiosity for an prolonged time frame.

The Citi Diamond Most popular is designed for a selected sort of particular person — 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 revenue throughout the pandemic, so don’t really feel alone in the event you want a hand getting out of a gap.

The cardboard has one of many longest introductory intervals for each stability transfers and purchases amongst bank cards in the marketplace as we speak, which could be a big lifeline in the event 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 begin paying off what you owe.

With that stated, in the event you’re trying 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 suggests 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.

With regards to introductory gives, 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 Fee) 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 if in case you have debt on one other bank card and also you’re at the moment paying numerous curiosity on it, you may switch that debt over to the Citi Diamond Most popular and never pay any curiosity for the primary 18 months. But it surely’s essential to determine a plan throughout that point, since you don’t wish to get caught paying the a lot larger rate of interest as soon as the introductory interval ends.

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

However in the event you can switch that $5,000 stability to a card just like the Citi Diamond Most popular, not solely will you not must pay that further curiosity, you may as a substitute use the cash to pay down what you owe, making it simpler to develop into debt-free.

Associated: 4 steps to eliminating your bank card debt.

PHOTO: iStock

If you happen to’re trapped beneath debt, utilizing the stability switch function of the Citi Diamond Most popular might prevent a ton of cash.

It’s essential to keep in mind that to be eligible for the 0% introductory APR, you will need to provoke the stability switch out of your outdated 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’ll finally prevent far 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 nicely. This will are available in fairly helpful in the event you’re trying to make a number of giant purchases you can’t afford to pay for all of sudden. As a substitute, you may pay for them over time — as much as 18 months — interest-free.

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

However as with the stability switch choice, you’ll wish to be sure that to repay every thing 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 permits you to 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 the event 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 large 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 pair of% of your purchases. That may put some “free” money again into your pocket.

However with that stated, in the event you usually don’t pay your complete 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 give you insurance coverage protection or safety in the case of journey or buying purchases. Whereas we wouldn’t anticipate any fancy perks on a no-annual-fee card, even the very fundamental protections are largely lacking right here.

And though it’s frequent 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 commonplace — 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 assume you may 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 the most effective bank card in the marketplace; relatively, we use it as a fundamental commonplace 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 towards 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 immediately 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% while you purchase, 1% while you pay it off) None
Redemption worth 1 cent (money again) N/A
Ease of fundamental redemptions Straightforward N/A
Superior redemption choices Can convert money again to ThankYou factors that switch to 16 airline companions in the event you even have the Citi Premier or Citi Status None
High quality of superior redemptions Good N/A
FEES
Annual price $0 $0
International 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 intervals 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 keep in mind in the case of perks, protections and redemption worth.

Apply now for the Citi Diamond Most popular card.

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

The Wells Fargo Platinum® Card additionally gives 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, but it surely does have some advantages, together with auto rental collision protection, journey accident insurance coverage and roadside dispatch. Plus, in the event you pay your cellular phone invoice with the Wells Fargo Platinum, your telephone 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: Defend your cellular phone from theft or injury with these bank cards.

And in the event you’re on the lookout for a good longer introductory interval than the Citi Diamond Most popular, you may 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 cellular phone insurance coverage, so in the event you pay your cellular phone invoice with the cardboard, you’ll be coated for injury or theft to your telephone 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 foremost aim is to consolidate your current debt, the Citi Diamond Most popular is a wonderful selection.

This query actually depends upon what you’re on the lookout for in a bank card. In order for you a card that earns rewards in your on a regular basis purchases or gives perks while you’re touring or safety in your purchases, then this isn’t the cardboard for you.

But when your foremost aim 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 wonderful selection, and an effective way to begin repairing the injury the pandemic might have wreaked in your funds.

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

Study extra concerning 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 most recent private finance offers, information and recommendation at CNN Underscored Cash.

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