Last updated on February 22nd, 2023
The Citi Simplicity® Card Citi® Diamond Preferred® Card are both popular low APR and balance transfer credit cards. The credit cards from Citi some of the lengthiest introductory APR periods for a card, but how do they stack up against the competition? Here is everything you need about the Citi low rate credit cards vs. their biggest balance transfer rivals:
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At a Glance
This post may contain links from partner offers, and we may receive compensation when you click on links to these offers. Please see our advertiser and editorial disclosures above for more information. Citi is an advertising partner.
What is a Low APR for Credit Cards?
The average interest rate for credit cards can vary widely. What’s considered a “low” APR for a retail card may fall in the mid-to-high range when compared to low interest balance transfer credit cards, for example. As a result, the overall average APR across credit card categories stretches widely between 10% and 36%.
Even with this wide range, you can begin to develop a general sense for what may be considered a low APR card. As a general rule of thumb, a “low APR” or “low rate” credit card is one with an APR of around 14% or below.
What is a Good 0% Intro APR Period?
Any introductory APR is better than nothing – that much is for certain. But, what is considered a “good” length of time for an intro APR offer?
Most balance transfer credit cards feature a 0% intro APR period of between 12 to 15 months. These intro APR periods may extend to balance transfers (BTs), purchases, or both. Some cards, however, provide even lengthier intro APR periods.
Related Article: What is the Longest 0% APR Credit Card?
Citi Low APR Credit Cards
The Citi Simplicity® and Citi® Diamond Preferred® Card are two such low APR credit cards. Here is a quick breakdown of the two Citi cards:
Citi Simplicity® Card
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0% APR for 12 months on purchases
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0% APR for 21 months on balance transfers
☆ Choose Your Payment Date
☆ Contactless Payment - Tap and Pay
☆ No Annual Fee
The Citi Simplicity® Card is one of the bank’s most popular credit cards, thanks to its exceptionally low APR, lengthy intro APR periods, and lack of an annual fee. The Simplicity offers two introductory interest rate periods – one for balance transfers and one for purchases. First, new accounts enjoy 12 months of no interest on purchases. Second, they’ll enjoy a whopping 21 months of 0% interest on balance transfers – the longest introductory period available.
Citi® Diamond Preferred® Card
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0% APR for 12 months on purchases
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0% APR for 21 months on balance transfers
☆ Choose Your Payment Date
☆ Contactless Payment - Tap and Pay
☆ No Annual Fee
The Simplicity and the Citi® Diamond Preferred® Card are two very similar credit cards. Both cards feature the same 0% intro APR periods on balance transfers and purchases, feature no annual fee, and provide the same Mastercard protections and benefits. New Diamond Preferred cardmembers will enjoy 0% intro APR for 12 months on purchases and 21 months on BTs – one of the longest introductory interest rate periods on balance transfers available today.
So, how does the Diamond Preferred credit card differ from the Citi Simplicity? The most significant difference is the regular APR, but that variation is modest. The Diamond Preferred features a regular APR one percentage point lower than the Simplicity.
The Citi low-rate credit cards provide exceptional value. Which you choose is up to you – though those with excellent credit scores might want to consider the Diamond Preferred Mastercard, thanks to its slightly lower APR.
How Do the Citi 0% Intro APR Cards Compare to Other Low APR and Balance Transfer Cards?
Are you thinking about applying for the Citi Simplicity Card or the Diamond Preferred Card? While the card is an exceptional value, here is how it compares to many of the leading competitors on the BT credit card market:
Citi® Double Cash Card – 18 month BT offer
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Earn 2% back on everything
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Earn 1% back when you make a purchase and 1% back when you make you pay off that balance
☆ Balance Transfer Only Offer: 0% intro APR on Balance Transfers for 18 months
☆ No Reward Caps or Categories
☆ No Annual Fee
The Citi® Double Cash Card is Citi’s unlimited cash back credit card. The Double Cash is another competitor to the Simplicity and Diamond Preferred – but offers rewards in addition to introductory APR periods. The Double Cash offers 0% intro APR for 18 months on balance transfers made within four months of account opening. That intro APR on transfers is one of the longest on the market today and an excellent addition to a versatile cash back credit card.
The Double Cash earns 2% back on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. That earning rate is on par with the TD Double Up, Wells Fargo Active Cash, and other unlimited cash back cards.
Chase Slate Edge
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0% introductory APR on purchases and balance transfers for 18 months from account opening
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Get a one-time review for a higher credit limit when you pay on time, and spend $500 in the first six months
☆ 2% APR Reduction Consideration Each Year (Terms Apply)
☆ $0 My Chase Plan® During Intro Period
☆ No Annual Fee
The Chase Slate Edge is Chase’s newest low-rate credit card. The card features two lengthy 05 intro APR periods, both 18 months. New cardmembers enjoy 18-months of zero interest on purchases and balance transfers. That promotional rate extends to My Chase Plan® fees during the 18-month introductory period.
One great feature of the Slate Edge is the ability to lower your interest rate by 2% each year. Chase will automatically consider new cardholders for an APR reduction when they pay on time and spend at least $1000 on the card by the following account anniversary.
Because of this lower APR with on-time payments, the Chase Slate isn’t entirely the same type of credit card as either the Simplicity or the Diamond Preferred cards from Citibank. Instead, the card is a hybrid credit builder card and a balance transfer credit card.
Wells Fargo Reflect Card
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0% intro APR for 18 months from account opening on purchases and qualifying balance transfers
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ntro APR extension of up to 3 months with on-time minimum payments during the introductory and extension periods
☆ Cell Phone Protection
☆ Roadside Dispatch
☆ No Annual Fee
The Wells Fargo Reflect Card is a balance transfer credit card with one of the lengthiest intro APR periods available. The card starts with 18 months of 0% APR on purchases and balance transfers, extending to 21 months when the cardholder makes their minimum payment due each month.
Those 21 months (subject to on-time payments and remaining balances) is the longest introductory period from a major US lender, making the Wells Fargo Reflect a mammoth of a balance transfer credit card.
Beyond the intro APR, the Reflect Visa from Wells Fargo provides a competitive APR on purchases and balance transfers. That rate is on par with the Diamond Preferred Card, making it a solid option for Wells Fargo customers.
Upgrade Visa Card with Cash Rewards
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Unlimited 1.5% cash abck on all purchases
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No fees of any kind!
☆ $0 Annual Fee, $0 Maintenance Fees
☆ Quick Online Pre-Approval
☆ Exceptionally Low APR
The Upgrade Visa® Card with Cash Rewards is another popular credit card with some comparisons to Citi Simplicity and the Citi Diamond Preferred. The card doesn’t provide 0% APR but does offer no fees, low rates, cash back, and credit lines up to $20,000 in one unique package.
The Upgrade Card works in two ways. Cardholders can use their line of credit to make purchases anywhere Visa is accepted worldwide. Alternatively, they can have some of the funds from their credit line transferred to their bank account to help tackle existing debt. This latter method makes the card an alternative for a balance transfer credit card –the Simplicity or Diamond Preferred.
Once the statement period ends, Upgrade lumps all bank transfers and purchases into one balance. The account holder then pays down based on their installment terms, ranging from 12 to 60 months in length.
Related Article: Citi Merchant Offers
Featured image by Coernl
