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Citi Diamond Preferred Card Review: $200 Cash Back Holiday Promo

(Note: This offer is no longer available.)

If you drool all over yourself when thinking about the deals you'll score this coming Cyber Monday, Citi has yet another deal for you to help kick off the holiday shopping season. $200 cash back, in the form of a statement credit, for spending just $500 online within the first 3 months on the new Citi Diamond Preferred Card. That's a 40% return on your initial $500 spend, which is an awesome deal for a no annual fee credit card. Most other card offers will require at least a $1,000 spend during the first 3 months to qualify for signup bonuses, so this is especially great if you plan to spend less this year on your shopping but still want to enjoy an attractive cash back bonus. While it's not entirely clear how purchases will be categorized as online or not, any shopping you do on sites like Amazon or Etsy should obviously count as online purchases. However, If you do purchase something from a store that has brick-and-mortar locations as well, I would make sure you check your statements closely to verify that all the transactions are properly categorized as "online" purchases.  There are bound to be mistakes.

In addition to the $200 signing bonus, here's a quick breakdown of the most important details you should know before applying for this card:

Citi Diamond Preferred

  • No Annual Fee - Love it!
  • 0 interest for 18 months applied to purchases and balance transfers!
  • No rewards program: Don't plan on racking up additional cash back or miles after you get the $200 bonus.  This is really a 0% interest credit card, so the $200 cash back is an added incentive we don't see often for cards in this category

The Verdict

If you're looking for a new go-to rewards credit card that will help you rack up serious miles over the long run, this obviously isn't the best card offer.  However, the Citi Diamond Preferred is a great option for online holiday shoppers with good credit who are simply looking for a generous signup bonus with no strings attached. 18 months of 0% interest on purchases and balance transfers can certainly come in handy around the holidays as well!

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Joshua Heckathorn's picture

Joshua Heckathorn was President of Creditnet, is a credit expert and has been featured on CNNMoney, FOX Business, Yahoo Finance, The Street, and many other national publications during the past ten years.  He received a Bachelor of Science in Management (Finance) from Brigham Young University's Marriott School of Business and earned his MBA from Seattle University.

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