Citi Diamond Secured – How to apply

By Marcos • 12/01/2024

The Citi Diamond credit card Secured is a credit card designed for anyone who wants to build or rebuild their financial history in a safe and efficient way. 

It offers a valuable opportunity for individuals with limited or impaired credit by allowing access to a traditional credit card with a security deposit requirement. 

The card comes with additional features such as access to the Citi app for account management, fraud protection, and dedicated customer support to meet all your financial needs.

How Does the Citi Diamond Secured Work?

The Citi Diamond It works like a traditional credit card, but with one essential difference: it requires a security deposit as a guarantee. 

The deposit amount determines the user’s credit limit, generally ranging from US$200 to US$2,500. 

This deposit protects the card issuer against default and is refundable when the customer closes the account or transitions to an unsecured card.

Once the card is approved, it can be used at any establishment that accepts Mastercard cards. 

On-time payments and responsible usage are reported to credit bureaus, helping the customer build a positive track record.

Another important point is that, after a period of good financial behavior, users can be considered for conversion to a no-deposit card.

Main Benefits of Citi Diamond Credit Card Secured

One of the highlights of the Citi card is automatic account alerts, which allow you to set up notifications to remind you about balances, due dates and even alert you if you exceed your credit limit. 

Another significant benefit is the flexibility of payment. With Citi Diamond, you can choose the due date that best suits your financial planning, whether at the beginning, middle or end of the month. 

This functionality allows greater control and adaptation to your needs. Plus, you can decide whether to pay the full invoice amount or just the minimum required, offering convenience without compromising your financial responsibility.

Integration with digital wallets is also a notable advantage. This feature allows safe and fast purchases at millions of online and physical establishments. 

And protection against fraud when using digital wallets is a differentiator, ensuring that your information remains safe while you enjoy the practicality and exclusive benefits of the card.

Cons of Citi Secured

The first considerable disadvantage is the requirement A security deposit, although refundable, can be a challenge for people on a tight budget. 

The amount required for the deposit varies and can be significant for those who are experiencing financial difficulties, becoming a barrier to immediate access to the card.

Additionally, fees associated with the card may represent an additional cost. It may include an annual fee, and the interest charged is relatively high if the balance is not paid in full each month. 

Another point to be considered is the limitation of the benefits offered. Compared to other traditional credit cards, Citi Secured doesn’t offer cash rewards, points, or miles. 

And for some users, the absence of these incentives can be a deciding factor, especially for those looking to get more benefits in their daily transactions.

APR and Fees

The regular interest rate (APR) for purchases is 27.24% (variable), which is relatively high compared to other credit cards.

There is no introductory APR for purchases or balance transfers, which means the standard cost is applied from the start for these transactions.

One of the card’s advantages is the absence of an annual fee, making it an affordable option for those who want to start using credit without additional recurring costs. 

However, there is a balance transfer fee of 5% of the value of each transfer, with a minimum of $5. This can increase costs for those planning to consolidate debt or transfer balances from other cards. 

And the foreign transaction fee is 3% of the value of each purchase made outside the country. 

How to Apply for Citi Diamond Credit Card Secured

Request the Citi Diamond credit card Secured It is a relatively simple process and can be done online. First, go to the official Citi website and look for the Citi Diamond Secured page. 

There, you will find all the necessary information, including approval requirements.

Before submitting your application, make sure you have the necessary documents such as personal identification, proof of residence and financial information. 

It is also important to check that you have the security deposit amount available, as it will be required at the time of approval.

After you complete the form and submit your application, Citi will review your data and provide a response within a few business days.