Citi Diamond Preferred Card Review

UPDATE: The Citi Diamond Prefered credit card is back for 2014 after having gone on hiatus last year.

Citi® Diamond Preferred® CardFor most people, the best credit card rewards are those which feature categories we spend money on everyday… like grocery stores, gas stations, and drug stores. Well, that is exactly what the Diamond Preferred rewards will give you!

Here’s what you need to know about this card…

Citi Diamond Preferred Card Review
This Citi credit card is perfect for those that want a simple, uncomplicated and rich rewards program and great customer service. Since this card is geared towards those with excellent credit, you get both of those benefits.

How do the rewards work?
The Citi Diamond Preferred Rewards card features the popular Citi ThankYou Points program, which is perhaps the most diverse credit card rewards program in existence.

For the first 12 months you will earn a generous:

  • 5 points per dollar at grocery stores
  • 5 points per dollar at drug stores
  • 5 points per dollar at gas stations
  • 1 point per dollar on all other purchases

Then after that you will still be earning 1 point per dollar on all of the above.

What can I redeem my points for?
Practically anything you can think of is available… merchandise, gift cards, charity donations, cash rebates, mortgage payments, student loan payments, statement credits, flights, hotels, music downloads, and the list goes on. If you can think of it, odds are it’s probably in there!

To get the optimal value for your rewards points, it’s best to redeem Citi Diamond Preferred card points for gift cards. Why? Because many of them have an excellent conversion value of a full penny per 1 point – i.e. $100 Bloomingdales gift card for 10,000 points. When you go that route, it’s like getting a whopping 5% rebate on the aforementioned categories for one full year!

Is there an annual fee?
This a credit card with absolutely no annual fee, ever. So, all of those rewards are completely free!

Verdict?
No other credit card comes even close to giving you 5x points on grocery/gas/drugstores for one full year. The Citi Diamond Preferred card can save you a tremendous amount of money without any added effort on your part. It could be time to shop for another card after the party is over, though.