Citi Diamond Secured – How to Apply
Seeking a card to build credit with rewards? The Citi Diamond Secured® Credit Card is a solid choice.
This secured credit card offers an excellent path for those with limited or poor credit history to establish credit responsibly, while also earning cash back rewards on everyday purchases.
With a straightforward application process and no annual fee, it balances credit-building features with practical benefits.
Let’s explore how the Citi Diamond Secured card works, its key advantages, and what to consider before applying.
Citi Diamond Secured
No annual fee 3% foreign transaction feeHow does the Citi Diamond Secured card work?
The Citi Diamond Secured card is a secured credit card, meaning you provide a refundable security deposit that acts as your credit limit.
This deposit reduces the lender’s risk and enables individuals with limited or damaged credit to qualify for a credit card.
Once approved, you can start using the card like any other, making purchases and payments.
Your responsible use is reported monthly to all three major credit bureaus—Equifax, Experian, and TransUnion—which helps you build or rebuild your credit history.
The card also offers 2% cash back on eligible purchases at gas stations and restaurants, plus 1% cash back on all other purchases. This rewards program is rare among secured cards, adding value beyond credit building.
Main benefits of Citi Diamond Secured
The Citi Diamond Secured card stands out for several reasons, making it attractive for credit newcomers or those working on credit recovery:
- Credit building with cash back – Earn cash back rewards while improving your credit score through responsible use.
- Security deposit equals credit limit – You control your spending limit and minimize risk.
- No annual fee – Save money while rebuilding credit.
- Reports to all three major credit bureaus – Build credit history more effectively.
- Fair APR – While interest rates apply, the variable APR is competitive for secured cards.
- Access to Citi account management tools – Easily monitor your spending and payments online or through the mobile app.
- No credit score minimum required – The card is accessible even if your credit is low or nonexistent.
These features make it easier to establish good credit habits while enjoying some rewards on everyday expenses.
You will be redirected
Cons of Citi Diamond Secured
While the Citi Diamond Secured card offers valuable benefits, some drawbacks to consider include:
- Security deposit required – You must provide a deposit (typically starting at $200), which ties up funds as your credit limit.
- Limited rewards categories – 2% cash back only on gas and dining; all other purchases earn 1%.
- High variable APR – Interest rates range from about 24.24% to 24.99%, so carrying a balance can be costly.
- No introductory APR – Interest accrues immediately on purchases if the balance is not paid in full.
- No sign-up bonus – Unlike some unsecured cards, this one doesn’t offer an initial bonus.
The card is ideal for those committed to paying balances in full to avoid interest charges and who need a secured card to build credit.
APR and Fees
Here are the important terms regarding fees and interest:
- Annual Fee: $0
- Purchase APR: Variable, approximately 24.24% to 24.99%
- Cash Advance APR: Similar to purchase APR, plus fees
- Late Payment Fee: Up to $40
- Returned Payment Fee: Up to $40
- Security Deposit: Minimum $200, refundable after responsible card use and account closure
Because this card is primarily for credit building, it’s important to pay your balance on time and in full to avoid costly interest.
How to apply for the Citi Diamond Secured
Applying for this card is straightforward and accessible, making it a convenient option for many applicants.
You can easily complete the application online through the official Citi website by providing some basic personal and financial information.
The process is designed to be user-friendly, guiding you step-by-step to ensure all necessary details are submitted correctly.
Additionally, having a genuine intention to build or rebuild your credit responsibly is crucial, as this card is designed to support those credit goals.
During the application process, Citi often performs a soft credit pull initially to determine your eligibility and prequalification status.
This soft inquiry does not affect your credit score, which means you can check your chances without risk.
If you’re approved, the next step will be submitting your refundable security deposit, which activates your account and sets your credit limit.
Once everything is completed, you can expect your card to arrive within about 7 to 10 business days after your approval and deposit payment.
This timeline allows you to start using the card promptly to begin building or rebuilding your credit history.
