Citi Diamond Preferred vs. Capital One Platinum

Citi Diamond Preferred vs. Capital One Platinum

March 10, 2016         Written By Jason Steele

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Reward credit cards are great, but they are not for everyone. Instead, some credit card users are looking for other perks and benefits including travel insurance, purchase protection, and even interest-free promotional financing. Neither the Citi® Diamond Preferred® Card and the Capital One® Platinum Credit Card offer rewards, but they both feature outstanding cardholder benefits along with competitive rates and fees.

Let’s take a look at these two cards and see how they compare.

Citi® Diamond Preferred® Card

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The Citi® Diamond Preferred® Card offers one of the most competitive promotional financing offers available from any credit card. New applicants receive a 0% introductory APR for 21 months on balance transfers (must be made within the first four months of card membership) and 12 months on purchases. Citi also offers its Private Pass service that allows customers to enjoy special access to tickets for sporting events, dining experiences, and concerts. Other benefits include a personal concierge service and compatibility with the Apple Pay mobile payment system. There is no annual fee for this card, but it does have a 3% foreign transaction fee imposed on all charges processed outside of the United States.

Capital One® Platinum Credit Card

The Capital One® Platinum Credit Card offers a strong package of cardholder benefits and is marketed to applicants with average credit or better. New cardholders are eligible to receive access to a higher credit line after making just five on-time monthly payments. Capital One also offers its CreditWise application which includes free unlimited access to your credit score and a what-if simulator to help predict how future actions could affect your credit. Cardholders also receive extended warranty coverage that adds additional protection to your purchases at no extra charge. Capital One even offers a price protection policy that will reimburse you should you find a lower price on an eligible item within 50 days of purchases paid with your credit card.

When traveling, cardholders receive auto rental collision damage waiver coverage, travel accident insurance, and access to a 24-hour travel assistance line. The standard interest rate for purchases and balance transfers is 26.99% (Variable), and there is no balance transfer fee. There is no annual fee for this card, and all Capital One cards have no foreign transaction fees imposed on charges made outside of the United States.

Which card is right for you

If you are looking for one of the longest possible promotional financing offers, the Citi® Diamond Preferred® Card is one of the best cards available. But while many cards with strong promotional financing offers will offer relatively few perks and benefits, the Diamond Preferred is otherwise more like a high end travel rewards card than one meant for people who are trying to pay off their debt.

At the same time, the Capital One® Platinum Credit Card appeals to a different type of credit card user. This card is ideal for someone with average credit who is looking to improve his or her credit score. This card has a relatively high standard interest rate, but cardholders do receive quick access to a higher line of credit after making on-time payments for five consecutive months. In addition, this card’s CreditWise credit score tracking program is also a valuable feature for those who are rebuilding their credit. Nevertheless, Capital One® Platinum Credit Card holders also receive better than average travel insurance and purchase protection policies. Finally, all Capital One cards have no foreign transaction fees, so this card is an excellent choice for those who need to make purchases in foreign countries, such as travelers and people who live near the Canadian or Mexican borders.

By understanding the strengths and weaknesses of both of these cards, you can choose the one that best meets your needs.

The information contained within this article was accurate as of March 10, 2016. For up-to-date information on any of the terms, cards or offers mentioned above, visit the issuer's website. Many of the offers on this article are from our affiliate partners, and LowCards.com may be compensated if you take action with any of our affiliate partners.

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jasonsteele

About Jason Steele

Jason Steele is a journalist that covers credit cards, travel and consumer credit. As one of the nation's leading experts in credit cards, Jason has contributed to dozens of travel and personal finance outlets including NerdWallet, Credit Karma and the Points Guy, where he serves as the Senior Points and Miles Contributor. Jason has also been widely quoted in mainstream media in outlets such as the Washington Post, the USA Today and Bloomberg Business Week. Jason is also the founder and producer of CardCon, which is the annual Conference for Credit and Credit Card Media.