The Citi Diamond Credit Card is a no-annual-fee card designed for people building or rebuilding credit
The Citi Diamond Credit Card (sometimes called the Citi Secured Credit Card) is a secured credit card, which means you put down a cash deposit that becomes your credit limit. You get a card to use, and the deposit stays in a separate account at Citi. The card reports to all three credit bureaus — Equifax, Experian, and TransUnion — so responsible use builds your credit history.
There is no annual fee, which matters because many secured cards charge $25 to $95 per year just to hold them. The card does not come with rewards like cash back or points. The real value is that it gives you a way to demonstrate you can borrow and pay back on time, which is what lenders look at when you later ask for an unsecured card, a car loan, or a mortgage.
This card is not the right choice if you already have good credit or if you have an unsecured card from another bank. It is built for someone whose credit score is below 600, or who has no credit history at all, or who is recovering from a missed payment or collections account.
Key Takeaways
- You deposit cash with Citi, and that deposit becomes your credit limit — typically between $200 and $2,500.
- There is no annual fee, and the card reports to all three credit bureaus, so on-time payments build your credit score.
- After 6 to 18 months of on-time payments, you may be able to convert to an unsecured card or have your deposit returned.
- Interest rates are higher than unsecured cards because Citi is taking more risk, so carrying a balance costs more.
- Your credit limit does not increase automatically — you request a higher limit after demonstrating responsible use, and Citi may require an additional deposit.
How the deposit and credit limit work
When you open the account, you choose how much to deposit. Citi's minimum is $200 and the maximum is $2,500. That deposit sits in a savings account earning a small amount of interest — currently a fraction of a percent, though this varies. Your credit limit equals your deposit amount, so a $500 deposit gives you a $500 limit.
The deposit is yours. Citi does not keep it as a fee. If you close the account or convert to an unsecured card, you get the money back. While the account is open, you cannot touch the deposit — it is held as collateral. This is what makes the card "secured" and why Citi will approve you even if your credit is poor or nonexistent.
Start with a deposit you can afford to leave untouched for at least six months. Many people deposit $300 to $500 because it is enough to build a credit history on but not so much that losing access to it creates hardship.
Interest rates and fees to watch for
The Citi Diamond card has no annual fee, but it does charge interest if you carry a balance. The interest rate (called the APR, or annual percentage rate) is typically between 19% and 24%, depending on your credit at the time you explore. That is higher than unsecured cards because Citi sees you as higher risk. If you charge $300 and pay only the minimum, you will pay interest on the unpaid balance every month.
There are other fees to know about. A late payment fee applies if you miss a due date — this is usually $25 to $35 for the first late payment and up to $39 for later ones. A returned payment fee (usually $25 to $35) applies if a check or automatic payment bounces. There is no foreign transaction fee if you use the card abroad, which is useful if you travel.
The best strategy is to use the card for small purchases you already planned to make, then pay the full balance before the due date. This way you build credit history without paying interest.
How to move from secured to unsecured
After you have made on-time payments for a period of time — usually 6 to 18 months, though Citi does not publish an exact timeline — you become may be able to access to convert to an unsecured card. Citi may contact you, or you can call and ask. When you convert, your deposit is returned to you, and your credit limit may stay the same or increase.
Conversion is not automatic. Citi looks at your payment history on this card and may also check your credit report. If you have missed payments or carried a high balance, conversion may be delayed. If you have made every payment on time and kept your balance low, you are more likely to convert sooner.
Some people convert to a different Citi card with better terms or rewards. Others keep the Diamond card because there is no annual fee and they are comfortable with it. Either way, once you have an unsecured card, you can close the Diamond card and get your deposit back.
Building credit with this card
Credit bureaus track several things: whether you pay on time, how much of your limit you use, how long you have had credit, and whether you have missed payments or collections. The Citi Diamond card helps with the first two. Every on-time payment gets reported and improves your payment history. Keeping your balance low (ideally below 30% of your limit) shows you are not desperate for credit.
If you have no credit history at all, this card can be your first step. After 6 to 12 months, you will have enough history to show lenders. If you are recovering from a missed payment or a collections account, this card shows that you have changed your behavior. The missed payment stays on your report for seven years, but newer positive history makes it matter less.
Do not open multiple secured cards at once. Each process triggers a hard inquiry on your credit report, which temporarily lowers your score. One card is enough to build history. Focus on using it responsibly and converting it within a year.
Who should and should not get this card
Get this card if your credit score is below 600, you have no credit history, or you are rebuilding after a financial setback. You have a steady income and can afford to deposit $200 to $500 without hardship. You are willing to wait 6 to 18 months to convert to an unsecured card. You understand that the goal is to build credit, not to earn rewards or get a high limit quickly.
Do not get this card if you already have an unsecured credit card with a major bank, your credit score is above 650, or you cannot afford to set aside the deposit. Do not get it if you plan to carry a balance and pay interest — the high APR makes this expensive. Do not get it if you are looking for cash back or travel rewards; this card offers neither.
If your credit is very poor (below 500) or you have recent collections or charge-offs, a secured card is still a reasonable choice, but you may also want to look at credit counseling or a credit-builder loan from a credit union. These are different tools for the same goal.
How to open an account and what to have ready
You can open a Citi Diamond account online at Citi's website or by phone. You will need your Social Security number, a government-issued ID, your current address, and information about your income and employment. Citi will do a hard credit inquiry, which temporarily lowers your score by a few points.
Once approved, you choose your deposit amount and fund it. Citi will give you a routing number and account number so you can transfer money from your bank. The deposit usually clears within a few business days, and your card arrives in the mail within 7 to 10 business days after that.
Set up automatic payments from your bank account to pay at least the minimum by the due date. Better yet, pay the full balance every month. Many people set a calendar reminder on the due date so they do not forget.
Frequently Asked Questions
Can I get my deposit back before converting to an unsecured card?
No. The deposit must stay in the account as long as the card is open. If you close the card, you get the deposit back, but you lose the credit history you have built. It is better to wait for conversion, which usually happens within 18 months.
What happens if I miss a payment?
A late payment is reported to the credit bureaus and stays on your report for seven years. You will also be charged a late fee (usually $25 to $35). If you miss a payment by more than 30 days, Citi may freeze your account or close it. If this happens, your deposit is still yours, but you lose the credit-building benefit.
Can I increase my credit limit without adding more money?
Not usually. To increase your limit, you typically need to deposit more money. After 6 to 12 months of on-time payments, you can call Citi and ask about a limit increase. They may approve an increase without requiring more deposit, but this is not may provide and depends on your payment history.
Is the Citi Diamond card better than other secured cards?
The main advantage is no annual fee. Many other secured cards charge $25 to $95 per year. The interest rate and other fees are similar across secured cards. The choice often comes down to which bank you trust and whether you want to bank with Citi for other products later.
What if I cannot afford a $200 deposit?
Some credit unions offer credit-builder loans or secured cards with lower minimums. You can also save for a few months and open the card when you have $200 set aside. There is no rush — building credit takes time regardless.