Citi Simplicity vs. Citi Diamond Preferred

Citi Simplicity vs. Citi Diamond Preferred

July 28, 2015         Written By Jason Steele

LowCards is a Citi partner. These offers, valid when the article was written, may have expired. View our full editorial disclaimer here.

Just because you have credit card debt, it doesn’t mean you will be treated right by your credit card issuer. Citi has two cards with outstanding offers for interest-free financing on new purchases and balance transfers–the Citi Simplicity and the Diamond Preferred–yet each has a very different way of pleasing cardholders. Let’s take a look at both products, and see which one is right for you.

Citi Simplicity

Citi Simplicity is an excellent card for those who are trying to manage their credit card debt. It offers 12 months of interest-free financing on new purchases and 21 months with balance transfers. The balance transfer has to be made within the first four months and comes with a 5% balance transfer fee. In addition, it is one of the few cards available with no late fees or penalty interest rate. After the promotional financing period ends, the standard interest rate of 14.74% - 24.74% (Variable) (depending on the cardholder’s creditworthiness) will apply to any remaining balance. Other services include automatic account alerts, your choice of payment due dates, and compatibility with Apple Pay. There is no annual fee for this card.

Citi Diamond Preferred

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The Citi Diamond Preferred card features an identical promotional financing offer, but takes a completely different direction when it comes to providing cardholder benefits. 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.

The standard interest rate is 13.74% – 23.74% (Variable) based on the creditworthiness of the cardholder at the time of application. But as with Simplicity, there is no annual fee for this card.

Which Offer Makes Sense for Your Needs?

The Citi Simplicity is the card for those who live in fear of costly late payment fees and high penalty interest rates. With Simplicity, cardholders can do the best they can to pay off their balance and make payments on-time, but know that a small mistake will not result in huge penalties.

The Citi Diamond Preferred card is for someone who is normally interested in premium credit cards, but is more focused on paying off their debt rather than earning rewards. The interest rates for these two cards are very comparable, with the Diamond Preferred offering a slightly lower rate.

Since these two cards feature the longest period of promotional financing offered by any major card issuer, most applicants can’t go wrong when picking one of the two cards. The Simplicity is clearly the safe, conservative approach, while the Diamond Preferred is as much of a luxury card as anyone can expect with no annual fee and outstanding introductory financing.

 

The information contained within this article was accurate as of July 28, 2015. 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.