Chase Slate vs. Citi Diamond Preferred
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When you are struggling to pay off your credit card’s balance, you need all the help you can get. One of the best tools to help you pay down your debt is a 0% promotional financing offer on balance transfers. In addition, these offers for promotional financing on new purchases can also be extremely valuable in avoiding interest charges.
Thankfully, there are many credit cards available that feature these introductory financing offers. Both the Chase Slate and the Citi Diamond Preferred cards offer introductory financing on new purchases and balance transfers, but otherwise, they are very different cards.
Although there are dozens of offers for 0% introductory financing on balance transfers, nearly all have a 3% balance transfer fee. The exception is the Chase Slate, which offers 15 months of interest free financing on both new purchases and balance transfers, with no fee for transfers completed within 60 days of account opening. Transfers made outside of that 60 day period will be subject to the standard 3% balance transfer fee. After the promotional financing period expires, the standard interest rate of 12.99%, 17.99% or 22.99% will apply, depending on your creditworthiness at the time of your application. In addition, there is no penalty interest rate imposed on cardholders who fail to make a payment on time, but there is a late payment fee of up to $15 if the balance is less than $100, up to $27 for balances of $100-$250, and up to $37 if the balance is $250 or more.
Other benefits include a free monthly FICO score under Chase’s Credit Score & More program. This benefit features a credit dashboard that allows you to receive your monthly FICO score online, as well as the reasons behind your score and a summary of your credit report information. In addition, it offers tips on ways to manage your credit health.
In addition, cardholders also receive access to Chase’s Blueprint program at no additional cost. Blueprint offers cardholders a way to avoid interest charges by paying some in full while carrying a balance on others. Blueprint also offers valuable goal setting and budgeting tools to help you manage your spending and pay off your balance sooner. There is no annual fee for this card.
The Citi Diamond Preferred offers an industry-leading 21 months of interest-free financing on both new purchases and balance transfers, with a 3% balance transfer fee. Following the promotional financing period, the standard interest rate will be 11.99% – 21.99% APR, depending on the creditworthiness of the applicant.
In addition, this card offers a variety of purchase protection and travel insurance benefits most commonly found on high-end reward cards, not cards that offer introductory financing and a low interest rate. For example, cardholders receive access to special events and discounts using Citi’s Private Pass. Customers can also use Citi’s personal concierge service to assist them with travel plans, restaurant reservations, and even driving directions.
When traveling, cardholders are covered by trip cancellation and interruption insurance of up to $1,500 per card, per year. Other travel benefits include worldwide travel accident insurance and travel and emergency assistance services as well as a worldwide car rental insurance policy.
In addition, your purchases are also protected by an extended warranty policy that covers up to $10,000 per year. A damage and theft protection policy is also available that covers your purchases against theft and damage up to $1,000 per item and $50,000 per year. This product is compatible with Apple Pay, and there is no annual fee for this card.
Which card should you get?
If your first priority is paying off your existing balance by using an interest-free balance transfer offer, then the Chase Slate card is uniquely suited to this task. It is the only card from a major issuer that offers 0% APR financing on balance transfers, with no fee. Furthermore, its Blueprint program is unique and can be incredibly valuable to those who are trying to pay off their balance.
At the same time, the Citi Diamond Preferred card is also a very competitive offer. Even though all cardholders will pay the 3% balance transfer fee, this can be worth it to have access to an additional six months of interest-free financing. Furthermore, this card’s wealth of travel insurance and purchase protection policies will appeal to those who want all the benefits of a high-end travel rewards card, but who would prefer to have an competitive promotional financing offer rather than the chance to earn frequent flier miles or hotel points.
So in the end, the ideal Citi Diamond Preferred consumer is someone who wants a card for travel and shopping protections, but without a rewards program. The Chase Slate user is someone who is focused on debt reduction or elimination over all other considerations. So while both cards offer similar promotional financing terms, the other features and benefits offered by these cards will appeal to entirely different kinds of cardholders.