The first balance transfer credit card that offer 0% APR for 21 months introductory period is Citi Simplicity. This card does not charge any type of fees including late payment fee, penalty rate, and annual fee. However, it does charge a balance transfer fee of 3% or a minimum of $5 every time you transfer a balance from another account. The balance transfer rate is fixed and will remain the same even after the introductory period. It lets you set up the bill repayment at a convenient due date in the month. Citi Simplicity offers a variable APR interest rate of between 13.24% – 23.2% applies after the introductory period.
Citi Simplicity is ideal for people who can pay off their debt within the 21 months introductory period. It is also suitable for people that would make late payment occasionally because it does not charge any penalty rate. Although it does not offer any rewards program, it includes the Citi Price Rewind services. The card feature the EMV Chip technology to provide an additional layer of protection by preventing people from duplicating the information. City Simplicity can be used in conjunction with Apple Pay.
Citi Diamond Preferred card is another card that offers zero interest for 21 months. After the 21 months, you will be charged with a variable APR of between 12.24% – 22.24% depending on your credit score. Unlike the Citi Simplicity card, the Citi Diamond Preferred card charges a late fee on late repayment. The maximum late fee you can be charged is $35 and the maximum penalty APR is 29.99%. The card offers a grace period of 23 days and does not charge any overlimit fee. Citi Diamond Preferred Card charges you with a 3% fee or $5 on the amount you transfer.
With the Citi Diamond Preferred Card, you don’t have to pay annual fee. You will be able to check and keep track of your FICO score online. The card offers a complimentary 24/7 concierge service so you can call them to help you make room reservation or book a flight ticket. Citi Diamond Preferred Card features $0 liability if your card is used by an unauthorized person to make purchases. The card is protected with the Citi Identity Theft Solutions.
In conclusion, it is obvious that Citi Simplicity is a better option compared to Citi Diamond Preferred Card. If you are serious in paying off your debt, you must be discipline and make it a priority to set aside some money to pay the debt every month. After transferring the balance, you should stop charging your old card for new purchases. Doing so prevents you from getting the benefits of the balance transfer card and you will end up in a more serious debt.
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