Citi Diamond Preferred vs. Citi Simplicity

The Citi® Diamond Preferred® Card and Citi Simplicity® Card are two credit cards offered by Citi that are specifically designed to help consumers tackle large credit card balances or finance big purchases. These cards offer longer interest-free balance transfer periods than most cards on the market, as well as interest-free promotional periods on new purchases. However, there are some key differences between the two cards that consumers should consider before making a decision.

Both the Citi Diamond Preferred and Citi Simplicity cards offer one of the longest introductory APR periods for balance transfers available on the market – 0% for 21 months. This means that for the first 21 months of owning the card, you will not be charged any interest on any balance transfers you make. However, it is important to note that you must complete the balance transfer within the first four months of opening the account to qualify for this offer. There is also a balance transfer fee of $5 or 5%, whichever is higher.

In addition to the generous balance transfer offer, both cards also offer an introductory APR period of 0% for 12 months on new purchases. This means that for the first 12 months of owning the card, you will not be charged any interest on any new purchases you make. This can be particularly beneficial if you plan on making a large purchase and want to spread out the payments without accruing any interest.

One major difference between the two cards is the penalty rate and late fees. The Citi Simplicity card does not charge a penalty rate or late fees, which can be a great perk if you ever face short-term financial trouble or forget to make a payment on time. On the other hand, if you miss payments on the Citi Diamond Preferred card, you could face a late fee of up to $40 and a penalty rate as high as 29.99% variable.

If you are planning to use your card for big purchases and want to avoid paying interest charges, the Citi Diamond Preferred card may be the best option for you. With 21 months of no interest on balance transfers and 12 months of no interest on new purchases, you will have plenty of time to pay off your big-ticket items before accruing any interest on your credit card balance.

If you value flexibility and want a card with more forgiving terms, the Citi Simplicity card may be the better choice for you. The card offers the same introductory APR periods as the Citi Diamond Preferred card, but it does not charge penalty fees, late fees, or even an annual fee. This can provide peace of mind and flexibility if you anticipate any changes in your financial situation.

In conclusion, both the Citi Diamond Preferred card and the Citi Simplicity card are great options to consider if you are looking for a card to help you tackle a large credit card balance or finance a big purchase. The best card for you will depend on your personal goals and preferences, whether it is flexibility or the ability to make big purchases without accruing interest. It is important to carefully consider your options and choose the card that aligns with your financial needs and priorities.