Citi Diamond Secured Credit Card

Do you suffer from low or poor credit scores? We have news for you: a lot of Americans are in the same boat and look for a way to start getting better over time. Citi Diamond Secured Credit Card is a great choice for anyone who is suffering with their credit scores and would like a better chance to build it back up. 

As is the case with any secured credit card, this one has high interest rates, but some other benefits that help you through your credit score journey. Another important information for you: this is one of the few credit cards for low scores that allows you to get a higher limit. 

Citi Diamond Secured can go up to $2.500 for your limit, which gives you great opportunity for higher purchases. Everything while the card reports your spending and payments to all three major American bureaus. 

Did you find this option of secured card interesting? You’ll find everything you need to know about APRs and fees, how to apply and other conditions. Keep reading to understand more!

How does Citi Diamond Secured Credit Card work? 

The Citi Diamond Secured Credit Card is a conventional secured card. You don’t need a stellar credit score because it won’t use this number as a way to determine if you can get a credit card or not. Just so you can understand better, banks and financial institutions use credit scores to understand if you’re a potential good payer. 

Anyone who has a low score is considered a risk. Which means that giving you a credit card or even loan could be potentially harmful for the financial institution, there might not be a payment in the future. So interest rates for this public are naturally high to make up for it. 

However, Citi Diamond has a difference: it doesn’t charge an annual fee. For a secured credit card, this means that you can enjoy your full credit limit without worries. As long as you pay your balance in full every month, you shouldn’t have much trouble with this choice of credit card. 

This credit card also has protection against identity theft and fraud. You won’t be held responsible for any purchases made if this happens. As you can see, it’s indeed the ideal choice for building a better score, even if you happen to fall for this type of crime. 

Main benefits for Citi Diamond Secured Credit Card

We already know that Citi Diamond Secured Credit Card is recommended for people who want to build a better credit score. But there are some more benefits to look forward to with this choice: 

• Reports to the three main credit bureaus in the USA;
• $0 annual fee;
• Fraud protection and zero liability clause;
• Free unlimited access to your FICO score; 
• International credit card, you can use it anywhere in the world where Mastercard is accepted; 
• Auto Pay and account alerts available; 
• Flexible Due Date, you can choose the better day of the month for you. 

As you can see, the no annual fee clause is one of the main draws for the credit card. Most secured cards in the market have a fee as well as the security deposit. Which means that the card ends up costing more than the user expected. 

Meanwhile, with a Citi Diamond Secured Credit Card all you have to do is make a minimum security deposit of $200, or up to $2.500. 

Cons for this credit card

There are some problems with the Citi Diamond card, as happens with any other credit card choice. While this credit card is aimed at people with poor credit scores, an extremely bad history will be a drawback for you. There are some requirements, such as not having filed for bankruptcy in the past two years. 

If this is the case for you, maybe it’s time to look for other secured credit cards. There are some Citi Cards options that don’t have this type of obstacle for credit card holders. 

Another downside is how quickly you’ll have to make a security deposit after getting your approval. The deposit must happen after only 14 days, or you won’t be able to use the card. Other options might give you a longer time before the first deposit. 

At last we get to one of the most important matters with this credit card: you will take some time to upgrade to an unsecured card. There are some cards that allow you to upgrade within the first six months. In Citi Diamond Secured’s case it takes at least 18 months before you become eligible for a review. 

Who should use a secured credit card like Citi Diamond?

If you don’t have a great credit score and no major financial problems with your history, such as bankruptcy, you should be fine with this credit card. However, you’ll also need a bit of your savings for the security deposit if you’d like to have a higher limit. 

The minimum deposit for this credit card is pretty standard among other secured cards, being at least $200. Anyone who has a bit more saved up, you’ll be able to get up to $2.500 for your credit card. Much more generous than your usual unsecured card for bad scores, that tends to be about $300 to $500. 

Our next tip is to get this credit card if you’re trying to develop a new relationship with money and avoid overspending. You won’t be eligible for a credit limit raise for at least six months, even with proper payments every month. This means that there is no way you’ll be able to spend more than your initial limit, that is set according to your security deposit. 

Rates and fees for Citi Diamond Secured Credit Card

There’s just one more thing you should know before applying for the Citi Diamond Secured Credit Card, its fees and interest rate: 

• No annual fee;
• 22,49% variable APR; 
• 5% balance transfer fee, with $5 minimum;
• 5% cash advance fee, $10 minimum; 
• 3% foreign transaction fee. 

Do you want to apply for this credit card? Check out Citi Diamond Secured Credit Card official website. 

How to Request

To apply for the Citi Diamond Secured Credit Card, follow these steps:

1. Check Eligibility:

• Credit Score: Ensure your credit score is in a range that qualifies for a secured credit card.
• Financial History: Verify that you meet other requirements, such as not having filed for bankruptcy in the past two years.

2. Gather Documentation:

• Identification: Prepare a government-issued ID, such as a driver’s license or passport.
• Proof of Income: Provide documents showing your income, like recent pay stubs or bank statements.
• Social Security Number (SSN): You’ll need this for the application.

3. Visit the Citi Website:

• Go to the official Citi website and navigate to the Citi Diamond Secured Credit Card page.

4. Fill Out the Application Form:

• Personal Information: Enter your name, address, phone number, and email address.
• Financial Information: Provide details about your income, employment status, and any existing debts.
• Security Deposit: Specify the amount you’re willing to deposit, from $200 to $2,500.

5. Review and Submit:

• Check Your Information: Review all the details to ensure accuracy.
• Submit the Application: Complete the application process as instructed on the website.

6. Wait for Approval:

• Citi will review your application and perform a credit check.
• You’ll receive a decision on your application, typically within a few days.

7. Make the Security Deposit:

• If approved, you’ll need to make the security deposit within 14 days to activate the card.

8. Receive and Activate Your Card:

• Once the deposit is processed, you’ll receive your card in the mail.
• Follow the instructions included to activate it.

If you prefer, you can also apply by calling Citi’s customer service or visiting a local branch, if available.

Conclusion

The Citi Diamond Secured Credit Card is a strong choice for individuals looking to build or rebuild their credit. It offers several advantages, including no annual fee, access to a free FICO score, and robust fraud protection. The card also reports to all three major credit bureaus, which is crucial for improving your credit score.

However, be aware of the high APR, fees for balance transfers and cash advances, and the requirement for a security deposit, which needs to be made within 14 days of approval. Additionally, you’ll need to wait at least 18 months for a chance to upgrade to an unsecured card.

Overall, if you’re committed to improving your credit and are prepared for the associated costs and requirements, the Citi Diamond Secured Credit Card can be a valuable tool in your financial journey.