Simplicity Card vs. Diamond Preferred Card: Which One Is Right For You?
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Written by
Aja McClanahan
Looking for a lengthy balance transfer card? You may have already considered the Citi Simplicity® Card or Citi® Diamond Preferred® Card from Citi (an advertising partner). At first glance, the cards have very similar features. Both offer one of the longest promotional APRs on the market for balance transfers.
Both cards offer an introductory APR for 21 months on balance transfers and 12 months on purchases. However, in the fine print, there are some differences that may make one of these cards better than the other for you. This quick guide will help you understand which card could work best for you.
What Makes the Citi Simplicity® Card Worth It?
Just like its name suggests, the Simplicity Card is a great choice for people who prioritize simplicity. Its major highlight is the absence of late fees, penalty rates and annual fees. This appeals to those seeking to save money on interest and better manage their high-interest debt.
Introductory APR
The Simplicity Card offers a pretty enticing introductory APR on balance transfers: 0% Intro APR on purchases for 12 months and 0% Intro APR on balance transfers for 21 months, then 18.24% - 28.99% (Variable). Your ongoing APR after the introductory period will depend on your creditworthiness and prevailing interest rates.
Annual Fees and Other Costs
There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
Foreign purchases come with a fee of 3% of the U.S. dollar amount of each purchase. The card’s cash advance fee is either $10 or 5% of the amount of each cash advance – whichever is greater.
Also, the Simplicity Card eliminates most of the fees you’d incur with similar cards:
- No late fees
- No penalty interest rate
- No annual fee
Additional Card Perks
The Simplicity Card doesn’t provide rewards points. The primary value of this card is in the promotional APR offer. However, it still offers some perks such as:
- Access to your FICO score
- Flexible payment date
- $0 liability on unauthorized or fraudulent charges
What Makes the Citi® Diamond Preferred® Card Worth It?
The Diamond Preferred Card has a longstanding reputation for offering one of the longest promotional APR periods on balance transfers among consumer credit cards. Like the Simplicity Card, there are no rewards to earn on purchases. The play here would be to take advantage of the introductory APR to manage high-interest debt.
Introductory APR
The Diamond Preferred Card offers a pretty enticing introductory APR on balance transfers: 0% intro APR for 12 months on Purchases and 21 months on Balance Transfers then 17.24% - 27.99% (Variable). Your ongoing APR after the introductory period will depend on your creditworthiness and prevailing interest rates.
Annual Fees and Other Costs
There is a balance transfer fee to consider: Balance transfer fee applies with this offer 5% of each balance transfer; $5 minimum.
Since the Diamond Preferred Card does not offer an intro balance transfer fee, the Simplicity Card is a better option if you are planning to transfer a balance.
Here are standard credit card fees to consider:
- Annual fee: No, there is no annual fee
- Late fees: Yes, late fees will be accessed if you miss a payment
- Penalty interest rate: Yes, a penalty APR applies if a payment is late or returned
- Foreign transaction fee: Yes, 3% of the U.S. dollar amount of each purchase will be charged when used outside of the U.S.
If you are concerned about balance transfer fees, late fees or penalty APRs then the Simplicity Card is a better option for you.
Additional Card Perks
Diamond Preferred Card offers cardmembers:
- Access to their FICO score
- $0 liability on unauthorized or fraudulent charges
Citi® Diamond Preferred® Card Summary
The Citi® Diamond Preferred® Card is an attractive option for people who are looking for a low-cost balance transfer card and don’t mind forgoing cash back or rewards.
Potential borrowers should be cautious about this card due to some of its higher fees. Especially since there’s an equally advantageous APR offer from its counterpart, the Citi Simplicity® Card.
General Citi Cardmember Perks
As a cardholder of any Citi-branded US credit card, additional perks are available as long as your account is open and not in default. Here’s a summary of other perks you’ll get access to with the Simplicity Card and the Diamond Preferred Card:
- Citi Shop: A free shopping desktop browser extension that automatically searches behind the scenes for offers and available coupons at over 5,000 online merchants.
- Citi Flex Loan: Eligible cardholders can borrow money against their Citi credit card’s credit line at a fixed interest rate.
- Citi Entertainment: Presale tickets and exclusive experiences for music, sports, arts, and cultural events.
- Identity theft protection: This service is offered through Mastercard.
Side By Side Comparison
Annual Fee
Intro Purchase APR
Intro Balance Transfer APR
Ongoing APR
Balance Transfer Fee
Pros & Cons
- Low intro balance transfer fee
- Generous intro balance transfer period
- Choose your payment due date
PROS
- After the intro period, the variable APR for balance transfers and purchases is high
- Balance transfers increase after the first four months.
CONS
- Very long intro APR on balance transfers
- No annual fee
- Free FICO® score access
PROS
- Shorter intro APR on purchases
- Balance transfer fee is higher than other comparable cards
- No ongoing rewards program
CONS
Learn More
How to Choose
In the grand scheme of things, choosing between the Simplicity Card and the Diamond Preferred Card comes down to some minor details that could make a big difference later on. The Simplicity Card has a lower balance transfer fee and eliminates penalty APR fees and late fees, making the card a little more flexible and forgiving for those who may struggle to make on-time payments.
The Diamond Preferred Card offers a similar competitive promotional APR, but the balance transfer fee is higher and if you forget to pay your bills on time, you could pay more late fees.
Frequently Asked Questions
What is the difference between the Citi® Diamond Preferred® Card and the Citi Simplicity® Card?
Both cards offer the same introductory APR periods on balance transfers and purchases. However, the Simplicity Card charges a lower balance transfer fee and eliminates penalty APR fees and late fees.
Is the Diamond Preferred Card hard to get?
To increase your approval odds for the Diamond Preferred Card, you should have good to excellent credit, sufficient income and job security that meets the card issuers’ underwriting requirements.
Is it hard to get the Simplicity Card?
To increase your chances of approval for the Simplicity Card, you should have good to excellent credit, sufficient income and job security that meets the card issuers’ underwriting requirements.
What is the maximum credit limit for a Diamond Preferred Card?
The credit limit varies based on your creditworthiness and income. Specific limits aren’t disclosed, so it’s best to check with Citi directly for personalized details.
What is the maximum credit limit for the Simplicity Card?
The credit limit varies based on your creditworthiness and income. Specific limits aren’t disclosed, so checking with Citi directly for personalized details is best.
