If you're looking to consolidate debt and save on interest with a balance transfer, the Citi Simplicity® Card and the Citi® Diamond Preferred® Card (see rates and fees) are great options. Both cards charge no annual fee and give you well over a year to pay off your balance interest-free.
Though these two cards look similar on the surface, they have a few key differences. CNBC Select compares the Citi Simplicity vs. the Citi Diamond Preferred so you can choose the right card for your wallet.
The Citi Simplicity® Card has amazing intro-APR offers and is particularly valuable for balance transfers due to its lower introductory fee.
- Long intro APR offers for balance transfers
- Low intro-fee for balance transfers
- No annual fee
- No rewards
- No welcome bonus
The Citi® Diamond Preferred® Card has an exceptionally long intro-APR for balance transfers and is also notable for its reasonable 3% intro fee for balance transfers.
- One of the longest intro-APR offers for balance transfers
- Lower intro balance transfer fee
- No annual fee
- No rewards
- No welcome bonus
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- 0% Intro APR on balance transfers for 21 months and on purchases for 12 months from date of account opening. After that the variable APR will be 16.49% - 27.24%, based on your creditworthiness. Balance transfers must be completed within 4 months of account opening.
- There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
- No Annual Fee - our low intro rates and all the benefits don't come with a yearly charge.
- Buy now and pay later. Split your payment for eligible purchases of $75 or more into a fixed payment with Citi® Flex Pay.
- Get free access to your FICO® Score online.
Balance transfer fee
There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
Foreign transaction fee
3%
Citi Simplicity vs. Citi Diamond Preferred
Annual fee
The Citi Simplicity and the Citi Diamond Preferred both have no annual fee.
Winner: Tie
Welcome bonus and rewards
Neither the Citi Simplicity nor the Citi Diamond Preferred offer a welcome bonus, rewards or significant benefits apart from each card's intro APR offer. This is typical for balance transfer cards, as the main purpose of these cards is to help you pay off debt rather than reward you for spending.
Winner: Tie
Intro APR on balance transfers
The Citi Simplicity offers a 0% introductory APR on balance transfers for 18 months from account opening, then a variable APR of 17.49% to 28.24% applies. Its balance transfer fee is 3% of the transferred balance ($5 minimum) for balances transferred within the first four months of account opening and 5% of the transferred balance ($5 minimum) after that.
The Citi Diamond Preferred, on the other hand, offers a 21-month 0% intro APR on balance transfers, followed by a variable APR of 16.49% to 27.24%. The card charges an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first four months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
For both cards, balance transfers must be completed within four months from account opening to qualify for the introductory APR.
Winner: Citi Diamond Preferred
Intro APR on purchases
In addition to the intro APR offer on balance transfers, both cards also offer 0% intro APRs on purchases.
With the Citi Simplicity, you receive a matching 0% intro APR on purchases for 18 months, followed by a 17.49% to 28.24% variable APR. The Citi Diamond Preferred features a much shorter 12-month 0% intro APR on purchases, followed by a 16.49% to 27.24% variable APR.
If your primary concern is paying off a large, upcoming purchase, the Citi Simplicity is a better choice.
Winner: Citi Simplicity
Ongoing APR and other fees
While your goal should be to pay off any transferred balances or new purchases before the introductory period ends, and not carry a balance on your card going forward, it's still worth considering each card's ongoing APR and other fees:
Citi Simplicity
- Variable APR: 17.49% to 28.24%
- Annual fee: $0
- Late fee: $0
- Penalty APR: None
Citi Diamond Preferred
- Variable APR: 16.49% to 27.24% (the exact APR will be based on your creditworthiness)
- Annual fee: $0
- Late fee: Up to $41
- Penalty APR: Up to 29.99%
Given the Citi Simplicity's lack of late fees and a penalty APR, it wins this category. However, you can avoid penalty fees altogether by always paying your bill on time.
Winner: Citi Simplicity
Which card should you get?
The Citi Simplicity and Citi Diamond Preferred are both excellent balance transfer cards, but they have key differences.
The Citi Simplicity doesn't charge late fees or a penalty APR and offers a longer, matching intro APR on purchases. However, the Citi Diamond Preferred offers a longer intro APR on balance transfers and features a slightly lower variable APR range after the intro period.
If you have a bit of debt (or need to pay off an upcoming purchase) and don't want to sacrifice earning rewards on your purchases, there are other cards to consider. For example, the Chase Freedom Unlimited® (see rates and fees) earns at least 1.5% cash back on every purchase (and higher rewards on everyday categories like dining at restaurants and drugstore purchases). You also get access to an intro APR on purchases and balance transfers that's only a few months shorter than the Citi Simplicity's.
The Chase Freedom Unlimited® is a no-annual-fee card that earns generous cash-back on everyday purchases and a lucrative welcome bonus. Plus, if you pair it with a premium Chase credit card that allows point transfers, you can convert your cash back into flexible travel rewards.
- Users get a high rewards rate and strong welcome bonus
- Purchases and balance transfers receive an intro APR
- No annual fee
- Has a foreign transaction fee
- Few rewarding ongoing benefits
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening
- Enjoy 5% cash back on travel purchased through Chase TravelSM, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 1.5% on all other purchases.
- No minimum to redeem for cash back. You can use points to redeem for cash through an account statement credit or an electronic deposit into an eligible Chase account located in the United States!
- Enjoy 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 18.24% - 27.74%.
- No annual fee – You won't have to pay an annual fee for all the great features that come with your Freedom Unlimited® card
- Keep tabs on your credit health, Chase Credit Journey helps you monitor your credit with free access to your latest score, alerts, and more.
- Member FDIC
Balance transfer fee
Intro fee of either $5 or 3% of the amount of each transfer, whichever is greater, in the first 60 days. After that, either $5 or 5% of the amount of each transfer, whichever is greater.
Foreign transaction fee
3% of each transaction in U.S. dollars
There's also the Citi Double Cash® Card, which earns a flat 2% cash back on every purchase (1% when you buy and 1% when you pay off your purchase) and features an 18-month 0% intro APR on balance transfers (18.24% to 28.49% variable APR thereafter). There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first four months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
What makes the Citi Double Cash® Card special is that it sits near the top of its class in several categories. It is an excellent option if you want flat-rate rewards, a balance transfer intro-APR or no annual fee.
- Balance transfers get a long intro APR
- Generous flat-rate cash-back rewards structure
- Earns transferable rewards
- No annual fee
- It has a foreign transaction fee
- Intro APR only applies to balance transfer
- Points transfer ratios are reduced compared to premium cards
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.
- Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time. Plus, earn 5% total cash back on hotel, car rentals and attractions booked with Citi Travel.
- Balance Transfer Only Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 18.24% - 28.49%, based on your creditworthiness.
- Balance Transfers do not earn cash back. Intro APR does not apply to purchases.
- If you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month.
- There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
Balance transfer fee
There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. A balance transfer fee of 5% of each transfer ($5 minimum) applies if completed after 4 months of account opening.
Foreign transaction fee
3%
FAQs
What credit score is needed for Citi Simplicity?
It's recommended that you have a good-to-excellent credit score (or a FICO Score of 670 to 850) to qualify for the Citi Simplicity. The same credit score range is required for the Citi Diamond Preferred.
Do the Citi Simplicity or Citi Diamond Preferred earn rewards?
Neither the Citi Simplicity nor the Citi Diamond Preferred has a rewards program. The main draw of these cards is their introductory APR offers, which can help cardholders save money on interest while paying off debt.
What are the pros and cons of Citi Diamond Preferred?
The Diamond Preferred features one of the longest balance transfer offers on the market and an intro balance transfer fee. On the flip side, you won't earn rewards, and the card has a much shorter intro APR on purchases.
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