Citi Diamond Secured Credit Card – How to Apply

By Raquel Oliveira • 03/06/2025

Citi Diamond Secured Credit Card: Flexible refundable security deposit and no annual fee.

By providing a secured line of credit, this card allows you to demonstrate responsible credit usage, which can improve your credit score over time. 

With no annual fee and a refundable security deposit, the Citi Diamond Secured Credit Card is an affordable and straightforward option for those who need to establish or repair their credit.

In addition to its credit-building benefits, the Citi Diamond Secured Credit Card offers valuable features such as fraud protection, purchase security, and access to Citi’s online management tools.

This article will explain how the card works, its benefits, drawbacks, fees, and the application process. These insights will help determine whether this secured credit card aligns with your financial habits and long-term goals.

How does Citi Diamond Secured work?

The Citi Diamond Secured Credit Card works by requiring a refundable security deposit that serves as your credit limit. The amount you deposit determines the size of your credit line, and as you use the card responsibly, your credit score will improve over time.

The Citi Diamond Secured card reports your payment history to all three major credit bureaus, which helps you build a positive credit history. The card also offers valuable features such as fraud protection and purchase security, making it a safe option for everyday use. 

You can track your spending and make payments through Citi’s online tools, giving you full control over your account. Additionally, after demonstrating responsible use, you may be eligible for a credit line increase or even an upgrade to an unsecured card.

The Citi Diamond Secured card offers a simple and effective way to establish or rebuild your credit while enjoying the benefits of a traditional credit card.

Main benefits for the Citi Diamond Secured

The main benefit of the Citi Diamond Secured Credit Card is its ability to help individuals build or rebuild their credit.

• No annual fee, ensuring that users can focus on credit building without incurring unnecessary financial burdens while improving their credit score.
• Reports to all three major credit bureaus, allowing on-time payments to positively impact credit history, making it easier to qualify for unsecured credit cards later.
• Flexible refundable security deposit, ranging from two hundred to two thousand five hundred dollars, allowing users to choose their own credit limit based on financial capacity.
• Access to Citi’s fraud protection tools, including real-time alerts, purchase monitoring, and automatic payments, helping cardholders manage their accounts securely.

Cons for the Citi Diamond Secured

Additional fees for foreign transactions, balance transfers, and cash advances, which can increase costs for users who travel frequently or need extra financial flexibility.

The main drawback is the requirement for a security deposit, which could be a barrier for individuals who don’t have the funds available upfront. The deposit is refundable, but it’s still an upfront cost that needs to be paid before you can access your credit limit.

Additionally, the card has a relatively high APR, so it’s important to pay off your balance in full each month to avoid interest charges. The card also doesn’t offer rewards or cash back, which makes it less appealing for individuals looking for a more lucrative credit card.

APR and Fees

Understanding the fees and interest rates associated with this Mastercard is essential for managing finances effectively and maximizing the benefits of this credit-building tool.

• Three percent foreign transaction fee, making international purchases more expensive for cardholders who frequently travel or shop in foreign currencies.
• No annual fee, ensuring that users can build credit without additional yearly charges or unnecessary financial commitments.
• High APR compared to other secured credit cards, meaning interest charges can be significant if balances are not paid in full each month.
• Balance transfer fees apply, with a minimum charge of five percent or five dollars, whichever is greater, making it costly for users who transfer balances.

How to Apply for the Citi Diamond Secured Credit Card

Applying for the Citi Diamond Secured Mastercard is a straightforward process that can be completed online through Citi’s official website, offering a quick approval process for eligible applicants.

• If approved, the physical credit card will be mailed within seven to ten business days, after which it can be activated and used for purchases and credit-building purposes.
• Visit the Citi website and navigate to the credit card application section to find the Citi Diamond Secured Mastercard and begin the process.
• Fill out the application form with personal and financial details, including name, address, income, and the desired security deposit amount.
• Submit the application and security deposit payment, allowing Citi to review your creditworthiness and provide an approval decision within minutes or days.

Final Considerations

The Citi Diamond Secured Mastercard provides a structured and practical way to build or rebuild credit, ensuring users develop responsible financial habits while gaining access to mainstream credit opportunities over time.

While it does not offer cashback or travel perks, its zero annual fee, security features, and credit-building potential make it a great choice for individuals looking to establish financial stability.

Before applying, consider whether this card’s features align with your current financial situation, ensuring that it meets your needs for improving your credit score effectively.