If you’re looking to consolidate debt and save on interest with a balance transfer, the Citi Simplicity® Card and the Citi® Diamond Preferred® Card (see rates and fees) are both great options. Both cards charge no annual fee and give you 21 months to pay off your balance interest-free.
Though the cards look similar on the surface, they have a few key differences. CNBC Select breaks down how these credit cards differ and who each card is best for.
Citi® Diamond Preferred® Card
CNBC Select Rating
4.3
On Citi’s site
CNBC Select Rating
4.3
On Citi’s site
Spotlight
Receive a 0% Intro APR for 21 months on balance transfers and for 12 months on purchases.
Credit score
Good to Excellent670–850
Regular APR
16.99% – 27.74% variable
Annual fee
$0
Welcome bonus
None
See rates and fees. Terms apply.
The Citi® Diamond Preferred® Card is one of the best balance transfer credit cards and also has a generous intro APR offer.
One of the longest intro-APR offers for balance transfers
No annual fee
No rewards
No welcome bonus
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select’s editorial staff.
0% Intro APR on balance transfers for 21 months and on purchases for 12 months from date of account opening. After that the variable APR will be 16.99% – 27.74%, based on your creditworthiness. Balance transfers must be completed within 4 months of account opening.
There is a balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater
Get free access to your FICO® Score online.
With Citi Entertainment®, get special access to purchase tickets to thousands of events, including concerts, sporting events, dining experiences and more.
No Annual Fee – our low intro rates and all the benefits don’t come with a yearly charge.
Balance transfer fee
Balance transfer fee applies with this offer 5% of each balance transfer; $5 minimum.
Foreign transaction fee
3%
CNBC Select Rating
4.3
Spotlight
Receive a 0% Intro APR for 21 months on balance transfers and for 12 months on purchases from date of account opening.
Credit score
Good to Excellent670–850
Regular APR
17.99% – 28.74% variable
Annual fee
$0
Welcome bonus
None
See rates and fees. Terms apply. Read our Citi Simplicity® Card review.
Information about the Citi Simplicity® Card has been collected independently by Select and has not been reviewed or provided by the issuer of the card prior to publication.
The Citi Simplicity® Card may not earn rewards, but it can still save you money due to its amazing intro-APR offers.
One of the longest intro-APR offers for balance transfers
No annual fee
No rewards
No welcome bonus
Balance transfer fee
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 transaction fee
3%
Annual fee
The Citi Simplicity and the Citi Diamond Preferred both have no annual fee.
Winner: Tie.
Welcome bonus, rewards and benefits
Neither the Citi Simplicity nor the Citi Diamond Preferred offer a welcome bonus, rewards or significant benefits apart from each card’s intro APR offer. This is typical for balance transfer cards, as the main purpose of these cards is to help you pay off debt rather than reward you for spending.
Winner: Tie
Introductory APR offer
The Citi Simplicity and Citi Diamond Preferred each have two introductory APR offers, one for balance transfers and one for new purchases. Here’s how they compare.
Balance transfer offer
The Citi Simplicity offers 0% introductory APR on balance transfers for 21 months from account opening, then a variable APR of 18.24% to 28.99% applies. The Citi Diamond Preferred offers the same 21 months of 0% intro APR for balance transfers, then a variable APR of 17.24% to 27.99% applies.
For both cards, balance transfers must be completed within four months from account opening to qualify for the introductory APR.
Balance transfer fee
The Citi Simplicity’s balance transfer fee is 3% of the transferred balance ($5 minimum) for balances transferred within the first four months of account opening and 5% of the transferred balance ($5 minimum) after that. The Citi Diamond Preferred charges a balance transfer fee of 5% of the transferred balance or $5, whichever is greater.
You would save $100 on a $5,000 balance transfer by using the Citi Simplicity over the Citi Diamond Preferred, assuming you complete the balance transfer within the first four months.
Winner: Citi Simplicity
Purchase offer
In addition to the introductory balance transfer APR, both cards also offer 0% introductory APR on purchases for 12 months from account opening, then the standard variable APR applies.
Winner: Tie
Ongoing APR and other fees
After the introductory APR expires, the regular variable APR for purchases and balance transfers is 18.24% to 28.99% for the Citi Simplicity and 17.24% to 27.99% for the Citi Diamond Preferred. The exact APR will be based on your creditworthiness.
While your goal should be to pay off any transferred balances or new purchases before the introductory period ends, and not carry a balance on your card going forward, it’s still worth considering each card’s ongoing APR. If life gets in the way and you end up with a balance remaining at the end of the introductory period, the Citi Diamond Preferred’s lower regular APR means you’ll pay less interest than with the Citi Simplicity.
Another notable difference between the two cards is that the Citi Simplicity charges no late fees and no penalty APR, while the Citi Diamond Preferred charges late fee of up to $41 and a penalty APR up to 29.99%. However, you can avoid penalty fees altogether by always paying your bill on time.
Winner: Citi Diamond Preferred
Compare other credit cards
Get closer to your next vacation with a Capital One card
Offers in this section are from affiliate partners and selected based on a combination of engagement, product relevance, compensation, and consistent availability.
Credit score
Good to Excellent670–850
Welcome bonus
Earn 75,000 miles
LEARN MORE
Terms apply.
Welcome bonus
Earn a bonus of 20,000 miles once you spend $500 on purchases within 3 months from account opening, equal to $200 in travel
Annual fee
$0
Which card should you get?
The Citi Simplicity and Citi Diamond Preferred are both excellent balance transfer cards, each offering a 21-month intro interest-free period on balance transfers and a 12-month interest-free period on purchases. However, the Citi Simplicity has a lower balance transfer fee, while the Citi Diamond Preferred has a lower ongoing APR.
Which card is better for you depends on what you value more: a lower upfront cost or a better contingency plan. If you can pay off your entire balance before the introductory APR expires — meaning the regular APR likely won’t matter — then the Citi Simplicity is the clear winner with its lower balance transfer fee. But if you end up carrying a balance after the introductory APR period, your savings from the Citi Diamond Preferred’s lower interest rate could potentially outweigh the card’s higher balance transfer fee, depending on how much you owe and how long it takes you to pay it all off.
If you’re only planning to use the 0% introductory APR for new purchases and not balance transfers, then the balance transfer fee won’t apply and the Citi Diamond Preferred wins out slightly due to its lower ongoing APR. However, both cards are suboptimal compared to rewards cards like the Chase Freedom Flex® or the Wells Fargo Active Cash® Card, both of which offer equal or longer introductory APR periods on purchases and more rewards and benefits.
Wells Fargo Active Cash® Card
CNBC Select Rating
5.0
On Wells Fargo’s site
CNBC Select Rating
5.0
On Wells Fargo’s site
Credit score
Good to Excellent670–850
Regular APR
18.99%, 23.99%, or 28.99% Variable APR
Annual fee
$0
Welcome bonus
Earn a $200 cash rewards bonus
See rates and fees. Terms apply.
The Wells Fargo Active Cash® Card is great if you want simplicity thanks to its flat-rate 2% unlimited cash rewards on purchases and $0 annual fee.
High flat-rate return on purchases
Intro-APR for purchases and qualifying balance transfers for a year
No annual fee
Cell phone protection
Has a foreign transaction fee
Limited redemption options unless you pair it with a Wells Fargo card that allows point transfers
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select’s editorial staff.
Apply Now to take advantage of this offer and learn more about product features, terms and conditions.
Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
Earn unlimited 2% cash rewards on purchases.
0% intro APR for 12 months from account opening on purchases and qualifying balance transfers. 18.99%, 23.99%, or 28.99% variable APR thereafter; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min: $5
$0 annual fee.
No categories to track or remember and cash rewards don’t expire as long as your account remains open.
Find tickets to top sports and entertainment events, book travel, make dinner reservations and more with your complimentary 24/7 Visa Signature® Concierge.
Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
Balance Transfer Fee
Intro balance transfer fee of 3% for 120 days from account opening, then up to 5%, min: $5
Foreign Transaction Fee
3%
CNBC Select Rating
5
Spotlight
New cardholders receive a 0% intro APR for 15 months from account opening on purchases and balance transfers.
Credit score
Good to Excellent670–850
Regular APR
18.99% – 28.49% variable
Annual fee
$0
Welcome bonus
Earn a $200 Bonus
Member FDIC. Terms apply. Information about the Chase Freedom Flex® has been collected independently by Select and has not been reviewed or provided by the issuer of the card prior to publication.
Read our Chase Freedom Flex® review.
The Chase Freedom Flex® is an excellent cash-back card for maximizing your spending in a variety of categories.
Long intro APR for purchases and balance transfers
Rewarding quarterly bonus categories
No annual fee
Bonus categories are capped each quarter
Has a foreign transaction fee
Rewards
5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate (then 1%)
5% cash back on travel booked through Chase Travelâ„ 
3% on drugstore purchases and on dining (including takeout and eligible delivery services)
1% cash back on all other purchases
Balance transfer fee
Intro fee of either $5 or 3% of the amount of each transfer, whichever is greater, on transfers made within 60 days of account opening. After that, either $5 or 5% of the amount of each transfer, whichever is greater.
Foreign transaction fee
3%
FAQs
What’s a good intro-APR offer length?
Most dedicated balance transfer cards offer 0% APR introductory periods ranging from 18 to 21 months for balance transfers. The Citi Simplicity and Citi Diamond Preferred, with their 21-month-long balance transfer offers, are among the best in this category.
The typical introductory APR offer for new purchases is around 15 months. The 12-month introductory periods offered by the Citi Simplicity and Citi Diamond Preferred are fine, but not great, compared to the competition.
Do the Citi Simplicity or Citi Diamond Preferred earn rewards?
No, neither the Citi Simplicity nor the Citi Diamond Preferred has a rewards program. The main draw of these cards is their 0% introductory APR offers, which can help cardholders save money on interest while paying off debt.
If you want to earn rewards and can accept a shorter interest-free period, consider a rewards card with an introductory APR offer like the Wells Fargo Active Cash.
What credit score do you need to get the Citi Simplicity or Citi Diamond Preferred?
It’s recommended that you have a good to excellent credit score (670 to 850) if you want to qualify for either the Citi Simplicity or Citi Diamond Preferred.
Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every credit card review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of financial products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
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Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.