Payment Card News

Diamond Card

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Move over Platinum and Titanium cards, Diamond cards have arrived. Citibank recently introduced its no annual fee “Diamond Preferred Rewards MasterCard” offering a single digit interest rate, a points program, and special discounts. Citibank’s move to Diamond joins MBNA, which earlier this year introduced its “AAA Diamond Advantage Platinum Plus VISA.” However a diamond card is not always associated with the best credit risks. Atlanta-based CompuCredit, a specialist in sub-prime credit cards, has offered the “Aspire Diamond VISA” for years. The new Citibank “Diamond MasterCard” carries a prime +4.99% purchase interest rate, and a prime +14.99% rate for cash advances. Citibank uses a 20-day grace period on the new card and offers credit lines starting as low as $1,000. Under the “Diamond Rewards” program cardholders can earn a $20 credit on their account by accumulating 5,000 points. For more information on the new “Diamond Preferred Rewards MasterCard” visit www.citibank.com.

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