Citi Simplicity vs. Citi Diamond Preferred: It’s Almost Tied
The Simplicity offers a longer 0% intro APR period on purchases, while the Diamond Preferred has a lengthier balance transfer offer.
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Updated · 1 min read
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Managing Editor If you're looking to transfer a credit card balance, you may have considered one of two Citi cards with nearly identical features:
Neither card offers rewards, but both feature lengthy promotional APR periods and the same $0 annual fee. And with either card, you'll get the Citi Entertainment® perk, which offers presale and VIP access to things like live events and dining experiences.
For the most part, the cards are neck and neck. The Citi® Diamond Preferred® Card offers a slightly longer interest-free period for balance transfers than the Citi Simplicity® Card. However, the Citi Simplicity® Card offers late-payment forgiveness, which its competitor does not.
In fact, the Citi® Diamond Preferred® Card can impose a penalty APR of nearly 30% that, according to the fine print, can be applied to you “indefinitely.” Yikes.
Annual fee
$0
$0
APR
Citi Simplicity® Card
0% intro APR on purchases and balance transfers for 18 months, and then the ongoing APR of 17.49%-28.24% Variable APR.
Citi® Diamond Preferred® Card
0% intro APR on purchases for 12 months and 0% intro APR on balance transfers for 21 months, and then the ongoing APR of 16.49%-27.24% Variable APR .
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).
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).
Late-payment forgiveness
Citi Simplicity® Card
Yes.
Citi® Diamond Preferred® Card
No.
Bonus offer and rewards
Citi Simplicity® Card
None.
Citi® Diamond Preferred® Card
None.
Citi Simplicity® Card: Forgiveness for the forgetful
Off the bat, the Citi Simplicity® Card comes with a 0% intro APR on purchases and balance transfers for 18 months, and then the ongoing APR of 17.49%-28.24% Variable APR. That makes the card a worthy contender for someone who needs a lot of time to pay off a large debt.
Of course, if you're transferring a balance, be sure to factor in the card's transfer fee: 3% of the transfer amount (minimum of $5) on any balances transferred in the first four months. After that, it's 5% with a minimum of $5. This fee will take a bite out of your savings, but it will likely cost much less than interest you'd pay on a card with no 0% offer.
Additionally, the Citi Simplicity® Card offers a longer 0% intro APR period on purchases than its competitor, which makes it a better option if your goal is to make a large purchase with the card and pay it down without any interest.
🤓 Nerdy Tip
Most balance transfer cards require making at least the minimum payment to maintain the 0% intro APR period. Check your card's terms and conditions for details. This card's other standout feature is its lack of late fees or a penalty APR, which is fairly uncommon and could be helpful for the occasionally forgetful. Keep in mind, however, that late payments can still affect your credit scores.
There is no rewards program, so there's little incentive to use the card after you've paid off the transferred balance. But since the annual fee is $0, it won't cost you anything to keep it around either.
Citi® Diamond Preferred® Card: Longer interest-free period for balance transfers, but less forgiving
Similar to the Citi Simplicity® Card, the Citi® Diamond Preferred® Card charges a $0 annual fee and comes with an introductory interest-free period. Cardholders get a 0% intro APR on purchases for 12 months and 0% intro APR on balance transfers for 21 months, and then the ongoing APR of 16.49%-27.24% Variable APR.
This means that the card is the better option for paying down a transferred balance because it offers a lengthier interest-free period for doing so — as long as the amount you'll save in interest outweighs the card's balance transfer fee. Like the Citi Simplicity® Card, this card charges 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).
However, unlike the Citi Simplicity® Card, this card does charge late payment fees and a penalty APR. There’s no clear path spelled out to shedding that penalty rate either, which can lock you into some very expensive debt.
Citi Simplicity® Card
Citi® Diamond Preferred® Card
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