When it comes to managing debt, balance transfer credit cards may offer the solution you need. By selecting one with an interest-free introductory period and low fees, you could save both time and money over time.
Discover it Cash Back and Citi Diamond Preferred both offer 0% intro APR on balance transfers and purchases – but which card best meets your needs?
Discover it Cash Back
Discover it Cash Back is one of the more notable rotating rewards credit cards, offering an exceptional first-year cash back match and low fees. However, to maximize earnings effectively it requires effort as cardholders need to activate rotating categories quarterly – although some cardholders may prefer another card instead due to limited perks such as rental car or travel insurance coverage or no rental coverage offered with it.
Discover it Cash Back is an attractive credit card offering up to 5% cash back in rotating bonus categories (up to $1,500 total in value) each quarter and 1% cash back on other eligible purchases. Plus it has an introductory 0% APR period on both purchases and balance transfers for 15 months; perfect if you are carrying large balances on high interest cards!
Discover it Cash Back is an attractive credit card option because of its low minimum credit score requirement and user-friendly website that makes determining whether or not an application will be approved easy. Plus, this card does not charge late fees when payments are missed and does not impose penalty APR rates, unlike many other credit cards.
Other benefits of the Discover it Cash Back credit card include free online security tools such as Social Security number alert and overnight card replacement in case of theft. Furthermore, free access to a FICO credit score – useful for monitoring financial health. Plus flexible redemption options including statement credits and gift cards! Cardholders may even earn reward points by making donations to certain charities!
The Discover it Cash Back credit card features several other unique perks, such as being able to redeem rewards for movie tickets and special events – an ideal perk for people interested in attending popular events but don’t wish to use their card daily spending. Furthermore, this card allows users to customize their credit limits via its website or customer service line; something not available with other Discover cards but which makes the Discover it Cash Back unique in this respect.
Citi Diamond Preferred
If you’re struggling to escape debt and looking to break free, the Citi Diamond Preferred Card could offer an industry-leading introductory balance transfer APR period that could help. Plus, extra benefits like Citi Entertainment and $0 fraud liability guarantee come along for the ride!
The Citi Diamond Preferred Card can be an ideal solution for anyone seeking an extended 0% APR period, yet may not suit everyone. There are some potential drawbacks with the card, including its high balance transfer fee and no rewards program – however if you manage to clear off the debt before it lapses it could well justify any costs related to fees.
Keep in mind that the Citi Diamond Preferred Card doesn’t charge an annual fee, making it ideal for those hoping to avoid interest charges. Just remember to make payments on time in order to minimize debt.
Citi Diamond Preferred Card provides a 0% APR on balance transfers completed within four months and offers 12 months of no interest on new purchases, making this card ideal for debt consolidation without incurring an annual fee. While Discover it Cash Back has additional perks for cardholders, Citi Diamond Preferred can provide greater debt reduction with no annual fee to worry about.
Citi’s Premier Card and Prestige Cards provide 0% APR balance transfers and purchases, making WalletHub’s credit card ratings an ideal tool to compare cards. Each one is scored using 16 key metrics like fees, rewards and two-year cost; using our 100-point rating system it makes it simple to compare cards based on fees rewards costs two year cost and more! WalletHub experts review thousands of cards across more than 50 criteria to evaluate them impartially so you can trust our recommendations!
Costs
Discover it Cash Back card is an ideal choice if you want to start saving money with everyday purchases. It offers up to 5% cash back when activated (then 1-percent), without an annual fee like the Citi Diamond Preferred card does.
However, if your primary goal is to pay down credit card debt quickly and save on interest charges by transferring balances quickly with Citi Diamond Preferred card, its long introductory APR period for balance transfers could help save hundreds in interest charges.
Citi Diamond Preferred card’s 21-month 0% APR offer on balance transfers is one of the longest available. This can give you plenty of time to pay down debt; however, its high balance transfer fee could offset this benefit somewhat. Furthermore, unlike some other cards which come equipped with additional benefits like extended warranty protection or rental car insurance policies; Citi Diamond Preferred cards don’t come equipped with these additional perks either.
There are also other fees you should be mindful of with this card, including a 3% balance transfer fee and 5% late payment penalty fee, in addition to a foreign transaction fee of 3% that’s slightly higher than what may be found with other cards.
No matter which card you decide on, both can provide excellent options for paying off debt. Before applying, read and carefully consider all terms and conditions to ensure it fits with your spending habits and makes an informed choice that’s right for you. Don’t forget to also take a look at our full review of Discover it Cash Back card to compare its performance against competing products on the market!
Features
Citi Diamond Preferred Card stands out among balance transfer cards by offering one of the longest 0% intro periods and fees, saving money on interest charges. Unfortunately, however, it does come with its share of drawbacks.
One major drawback of the card is its lack of rewards program; therefore, you won’t earn points or cash back with purchases made using this card. Furthermore, there is no sign-up bonus or other additional perks offered by other cards that might tempt cardholders.
This card does offer some advantages, including social security number alerts and free FICO scores on credit card statements as well as no fraud liability. Furthermore, rewards can be redeemed for direct deposits and statement credits.
Notable among the card’s many features is its impressive first-year bonus. Discover will match all the earned cash back at the end of its first year – this can add up to significant savings over time.
This card is ideal for people seeking to reduce debt through balance transfer strategies. With an extended 0% intro APR period and more time available to you to pay off debt without incurring interest charges, this card could save thousands in interest charges alone.
Citi Entertainment gives cardholders access to special event tickets and pre-sale experiences. Furthermore, there are special perks associated with Citi Entertainment such as no late fees on missed payments and being able to freeze accounts while traveling abroad.
However, this card may not be for everyone: approval typically requires having excellent or very good credit and often has an expensive APR. Furthermore, unlike some other cards it doesn’t come with any benefits such as earning rewards on all purchases or waiving the annual fee in its first year – ultimately it is up to you whether its benefits outweigh its higher APR and fees.