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Citi Simplicity vs. Citi Diamond Preferred

Citi Simplicity vs. Citi Diamond Preferred

*Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

This article was last updated Aug 31, 2020. Terms and conditions may have changed. For the most accurate information, please consult the issuer website.

If you’re looking to save on interest charges, the Citi Simplicity® Card - No Late Fees Ever or the Citi® Diamond Preferred® Card, issued by our partner Citi, may be the answer — both cards offer extremely long interest-free periods on purchases and balance transfers.

When choosing between the two cards, know that the Citi Simplicity® Card is a better fit if you have a tendency to pay your bill late, while the Citi® Diamond Preferred® Card is best if you want special access to entertainment events.

Comparing the Citi Simplicity® Card and the Citi® Diamond Preferred® Card

The Citi Simplicity® Card and Citi® Diamond Preferred® Card are very similar in that they both offer identical intro APRs on purchases and balance transfers, balance transfer fees and $0 annual fees.

The main difference between the cards is that the Citi Simplicity® Card does not impose fees or a penalty APR if you pay your bill late, and the Citi® Diamond Preferred® Card offers the Citi Entertainment benefit.

See how the cards compare side by side in the table below.

Citi Simplicity® Card vs. Citi® Diamond Preferred® Card

 Citi Simplicity® Card Citi® Diamond Preferred® Card
Annual fee$0$0
Sign-up bonusNone. None.
Rewards rateN/AN/A
Intro APR on purchases0% for 18 months on Purchases, then an APR of 14.74% - 24.74% (variable) will apply.0% for 18 months on Purchases, then an APR of 14.74% - 24.74% (Variable) will apply.
Intro APR on balance transfers0% for 18 months on Balance Transfers, then an APR of 14.74% - 24.74% (variable) will apply.0% for 18 months on Balance Transfers, then an APR of 14.74% - 24.74% (variable) will apply.
Balance transfer feeBalance transfer fee – either $5 or 3% of the amount of each transfer, whichever is greater.Balance transfer fee applies with this offer: 3% of each balance transfer; $5 minimum.
Transfer period4 months from account opening.4 months from account opening.
Foreign transaction fees3% of the amount of each transactions.3% of the amount of each transactions.

Citi Simplicity® Card pros and cons

Pros

Intro APR on balance transfers. If you have a large amount of high-interest credit card debt that you want to transfer, the Citi Simplicity® Card allows you to do so without incurring interest charges for more than a year.

It offers an intro APR of 0% for 18 months on balance transfers. After that, you’ll be subject to an ongoing APR of 14.74% - 24.74% (variable) on any remaining portion of the transferred balance.

To see how long it may take you to pay off your credit card debt, check out our balance transfer calculator.

Intro APR on purchases. If you need to finance a big purchase and pay it off over time, the Citi Simplicity® Card also offers an intro APR of 0% for 18 months on purchases. Once the promotional period ends, a regular APR of 14.74% - 24.74% (variable) will apply to any unpaid portion of the balance.

Limited fees. The Citi Simplicity® Card charges a $0 annual fee. Additionally, if you pay your bill late, you won’t be subject to late fees (which typically cost up to $40) or a penalty APR.

Additional benefits. Citi Simplicity® Card cardholders can also benefit from Citi Identity Theft Solutions, $0 liability on unauthorized charges, 24/7 customer service, the ability to choose your payment due date and automatic account alerts.

Cons

Balance transfer fee. The Citi Simplicity® Card charges a balance transfer fee – either $5 or 3% of the amount of each transfer, whichever is greater. So, for example, if you transfer a balance of $5,000 to the card, you will be charged a balance transfer fee of $150.

No rewards program. While the Citi Simplicity® Card doesn’t offer a sign-up bonus or rewards on the purchases you make using the card, know that it’s best to prioritize paying your balance in full before the promotional APR period ends over earning rewards on new purchases.

Foreign transaction fees. If you use your Citi Simplicity® Card - No Late Fees Ever to make purchases outside of the U.S., you’ll be subject to foreign transaction fees of 3% of each purchase transaction after its conversion into U.S. dollars.

Best Rewards Credit Cards

Citi® Diamond Preferred® Card pros and cons

Pros

Intro APR on balance transfers. Like the Citi Simplicity® Card , the Citi® Diamond Preferred® Card offers an intro APR of 0% for 18 months on balance transfers — which is one of the longest intro APR periods on balance transfer currently available. Once the intro period ends, an ongoing APR of 14.74% - 24.74% (variable) applies.

Intro APR on purchases. If you’re planning to make a big ticket purchase and would like to pay it off over time, the Citi® Diamond Preferred® Card also offers an intro APR of 0% for 18 months on purchases. After that, cardholders are subject to a regular APR of 14.74% - 24.74% (variable).

Annual fee. The Citi® Diamond Preferred® Card comes with a $0 annual fee.

Additional benefits. Cardholders get access to exclusive events through Citi Entertainment, identity theft solutions, $0 liability on unauthorized charges, 24/7 customer service, the ability to choose your payment due date and automatic account alerts.

Cons

Balance transfer fee. Balance transfer fee applies with this offer: 3% of each balance transfer; $5 minimum.

Although a transfer fee is typical with most balance transfer credit cards, there are cards available without balance transfer fees — but they usually come with shorter intro periods.

No rewards program. The Citi® Diamond Preferred® Card doesn’t provide a sign-up bonus or rewards on the purchases you make using the card. But — as mentioned above — this isn’t a deal breaker, since the goal of a balance transfer card is to pay off debt.

Penalty APR and late fees. If you make a late payment or your payment is returned, you may be subject to a penalty APR of up to 29.99% (variable). Additionally, you may be charged a late payment fee of up to $40.

Foreign transaction fees. The Citi® Diamond Preferred® Card also charges foreign transaction fees of 3% of each purchase transaction after its conversion into U.S. dollars.

Credit Cards With No Balance Transfer Fee

Which credit card is best for you?

Whether you’re planning to finance a large purchase or transfer high-interest debt from one credit card to another, you can’t go wrong with the Citi Simplicity® Card or the Citi® Diamond Preferred® Card — thanks to their long intro APR periods on purchases and balance transfers.

But if you’re prone to missing credit card payments, the Citi Simplicity® Card may be a better fit, since the card doesn’t penalize you with fees or a higher APR when you pay your bill late.


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November 1, 2020