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Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. SHARE: Artem Varnitsin / EyeEm/EyeEm/Getty Images October 11, 2021 Checkmark Bankrate logo How is this page expert verified? At Bankrate, we take the accuracy of our content seriously. "Expert verified" means that our Financial Review Board thoroughly evaluated the article for accuracy and clarity. The Review Board comprises a panel of financial experts whose objective is to ensure that our content is always objective and balanced. Their reviews hold us accountable for publishing high-quality and trustworthy content. Courtney Mihocik is an editor at Bankrate Credit Cards and CreditCards.com specializing in credit card news and personal finance advice. Previously, she led insurance content at Reviews.com and worked as the loans editor at The Simple Dollar. Brady Porche is an editorial director for Bankrate Credit Cards and CreditCards.com. He has two decades of professional experience as a writer and editor. Antonio Ruiz-Camacho is senior director of content for and . He has more than 20 years of international experience leading content teams, focused on consumer advice, technology and immigration. Bankrate logo The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired. Terms apply to the offers listed on this page. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Bankrate logo The Bankrate promise
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Cards Citi Simplicity Citi Diamond Preferred Welcome bonus None None Rewards rate None None Intro APR 0 percent for 21 months on balance transfers and 0 percent for 12 months on purchases (16.99% – 26.99% variable APR thereafter) 0 percent for 21 months on balance transfers and 0 percent for 12 months on purchases (15.99% – 25.99% variable APR thereafter) Annual fee $0 $0 Citi Simplicity vs Citi Diamond Preferred highlights
The Citi Simplicity and Citi Diamond Preferred are incredibly similar Citi balance transfer credit cards. Not much differentiates these two cards except their ongoing variable APRs, recommended credit score for qualification and attached card benefits. Welcome bonus winner Tied
The Citi Simplicity and Citi Diamond Preferred do not offer welcome bonuses. However, these credit cards are recommended largely for consumers who want to . The main appeal of these cards isn’t a welcome bonus, it’s in the industry-leading up to 21-month intro APR period for qualifying balance transfers and purchases. The only other card that compares to these is the . Rewards rate winner Tied
Again, the Simplicity and Diamond Preferred cards are best used as balance transfer cards and don’t come with any rewards in cash back, miles or points. In this, both cards are tied in the rewards rate category. Annual fee winner Tied
Because these two cards are so similar, both the Citi Simplicity and Diamond Preferred boast no annual fee. Cardholders who just can enjoy that extra-long no interest period without worrying about extra fees piling on top, as long as they make on-time payments. Foreign transaction fee winner Tied
As Citi’s top balance transfer cards, it’s not recommended to take them abroad for spending as they both charge a 3 percent foreign transaction fee. If you plan to travel or study abroad and want to use a credit card, we recommend a . Which card is best for balance transfers
Citi Simplicity vs Citi Diamond Preferred balance transfer example
With Citi’s latest update on the Simplicity and Diamond Preferred’s low interest offers, both cards offer the same lengthy, 21-month balance transfer APR offer (16.99% – 26.99% variable APR after for the Simplicity and 15.99% – 25.99% variable APR after for the Diamond Preferred). If you want to transfer a balance to one of Citi’s credit cards, the issuer will also tack on a 3 percent ($5 minimum) . Keep in mind that the Simplicity has no late fees or penalty APRs, while the Diamond Preferred charges a late fee of up to $41 and up to a 29.99 percent penalty APR. Here’s how much you’ll pay for a $4,000 balance transfer to either of these cards: With the Citi Simplicity, you’ll pay $4,120 over 21 months by paying about $196 per month. With Citi Diamond Preferred, you’ll also pay $4,120 over 21 months with $196 monthly payments. Let’s say life gets in the way and you miss a payment. Here’s what you’ll pay: If you have the Citi Simplicity, you won’t pay any extra fees or be hit with a penalty APR. Your monthly payments will just increase slightly if you still want to pay off the balance by the . With the Citi Diamond Preferred, the issuer may apply an up to $41 late fee and a penalty APR of up to 29.99 percent. Let’s say you missed a payment after three months. Using a , the remaining $3,532 will be assessed at a rate of 29.99 percent. It’ll take you 25 months to clear that balance (at the same $196 monthly payment) while paying $1,220 extra in interest. Why should you get the Citi Simplicity
Additional benefits
The main benefit of the Citi Simplicity is no late fees or penalty APRs when you miss a payment. That’s a significant divergence from most balance transfer credit cards. Furthermore, Simplicity cardholders have access to , contactless payment. You can also access , which allows you to borrow money against the card’s , much like a personal loan or cash advance, but without the hard credit check or exorbitant fees. Redemption options
Because there’s no welcome bonus or rewards rate attached to this card, there are no redemption options to speak of. If you want a balance transfer card that has rewards, you’ll have to do a little more research into other issuers. Recommended credit score
Citi doesn’t publish recommended credit scores to qualify for any of its credit card products. However, the balance transfer offer period and minimum ongoing variable interest rate leads Bankrate to recommend a minimum credit score of 670. Why should you get Citi Diamond Preferred
Additional benefits
Citi Diamond Preferred cardholders have access to , the issuer’s experience portal that offers exclusive access to VIP tickets, dining, concerts, sporting events and more. Additionally, with the Diamond Preferred, you can use the Citi Easy Deals program for online deal shopping with retailers. It also comes with standard liability protection, contactless payment and Citi Flex Plan access. Redemption options
Again, like with the Simplicity card, there’s no points, miles or cash back to earn with this card. Recommended credit score
Citi doesn’t advertise recommended credit scores for its credit cards, but with the added benefits of the Diamond Preferred, we recommend that you have a good credit score—at least 670 with FICO. The bottom line
The Citi Simplicity and Citi Diamond Preferred credit cards are extremely similar, and both have their pros and cons. If you want access to shopping deals and social experiences with your balance transfer, then the Diamond Preferred is the card for you. But if you want to avoid penalty APRs and late fees no matter what, then check out the Simplicity. Other than the added benefits for cardholders with these two cards, they are almost identical. SHARE: Courtney Mihocik is an editor at Bankrate Credit Cards and CreditCards.com specializing in credit card news and personal finance advice. Previously, she led insurance content at Reviews.com and worked as the loans editor at The Simple Dollar. Brady Porche is an editorial director for Bankrate Credit Cards and CreditCards.com. He has two decades of professional experience as a writer and editor. Antonio Ruiz-Camacho is senior director of content for and . He has more than 20 years of international experience leading content teams, focused on consumer advice, technology and immigration.