Both cards offer great options for individuals trying to reduce debt or make large purchases, with long 0% interest periods on balance transfers and purchases, respectively. In particular, U.S. Bank provides cell phone protection up to $600 with only a $25 deductible fee and does not impose an annual fee.
The 0% intro APR period
Credit card offers with zero percent APRs can be particularly alluring when trying to reduce debt, but it’s essential that you understand their operation before applying. A zero percent card does not accrue interest during its introductory period; once this period ends, interest will accrue on any remaining balances. To prevent paying more in interest than necessary, make sure that your balance will be paid off before the end of its 0% APR period.
The Citi Diamond Preferred card features an extended 0% intro period for purchases and balance transfers, making it an ideal solution for those trying to reduce debt. However, keep in mind that its 5% balance transfer fee could nullify any savings you might achieve by switching debt over. You should also consider how long you intend to keep the card before considering transferring debt over.
Wells Fargo Reflect Card should also be considered, with its long 0% intro period for purchases and balance transfers (but less attractive rewards offers) plus its $600 cellphone protection plan which can come in very handy in today’s society where most people own at least one phone.
Selecting the ideal card can be challenging, but finding an optimal solution requires striking a balance between a long intro 0% APR period and other benefits such as bonus rewards in specific spending categories.
Remember when applying for credit cards that it usually results in a hard inquiry being recorded on your credit report and can result in your score dropping a few points – this may become particularly troublesome when applying for multiple cards at once. To lessen its impact, preapprovals or applying directly could reduce this effect; these options can be done at your bank or online; alternatively you could get preapproved directly by calling up card issuers directly!
The balance transfer fee
Citi Diamond Preferred card provides a 0% APR on balance transfers and purchases for 18 months, but there is a balance transfer fee of 5% (with a $5 minimum), which is more than most credit cards charge. Furthermore, there are no rewards offered – meaning no travel ThankYou points or cash back on spending! Therefore this card may not be suitable for those looking for rewards on spending or who need extended interest-free periods to pay off debts.
There are other credit cards with longer 0% APR on balance transfers that don’t charge a balance transfer fee, like the Barclaycard Ring Mastercard which provides 21 months of no APR on both purchases and balance transfers with no annual fee – although its 3% balance transfer fee falls short of U.S. Bank Visa Platinum’s zero APR/0% transfer fee card averages.
U.S. Bank Visa Platinum and Citi Diamond Preferred cards offer consumers looking for long-term interest-free payments and major purchases a long 0% APR period, along with useful features like cell phone insurance not found elsewhere on balance transfer credit cards.
These two credit cards are ideal for individuals with high credit scores who want a long 0% APR period on both balance transfers and new purchases, yet both possess some drawbacks, including long introductory periods and higher interest rates after they expire.
U.S. Bank Visa Platinum and Citi Diamond Preferred are among the best balance transfer credit cards to consider for people without high credit scores and significant down payments, offering longer 0% APR periods but higher interest rates. Our free balance transfer calculator can help you find out which card suits your needs; just a few minutes to complete it is enough, though good or excellent credit scores will qualify you.
The annual fee
Citi Diamond Preferred Card is an ideal balance transfer credit card for those with good or excellent FICO or VantageScore scores, offering generous 0% APR deals for balance transfers and purchases alike, without incurring an annual fee.
However, before applying for this card you should take several factors into consideration. Achieving eligibility requires either good or excellent credit scores as well as having access to an increased credit limit than some competitors may require. Furthermore, be mindful of its 3% foreign transaction fee which although isn’t an immediate deal breaker should still be noted before signing up for it.
Citi Diamond Preferred Card and U.S. Bank Visa Platinum both make excellent balance transfer cards; however, the latter stands out as more competitive due to its extended 0% APR period and additional features – for instance offering 21 months without interest on balance transfers (compared with 18 for Citi Diamond Preferred).
The US Bank Visa Platinum card also comes equipped with some great perks, including cellphone protection that covers eligible damage or theft up to $600 with just a $25 deductible – making this feature especially welcome when most of its competitors don’t offer similar coverage.
The US Bank Visa Platinum balance transfer credit card is designed for those with excellent or good credit scores who are looking to consolidate debt over a long period of time, or finance large purchases. Its 0% APR period is longer than its rival Citi Diamond Preferred card and annual fees are lower – ideal if you plan to use this card only occasionally as it doesn’t offer rewards or cash back bonuses; however it should not be used as everyday spending tool as no rewards or cash back bonuses are offered with it. Ultimately the decision between this card and others like it comes down to personal needs and preferences so always carefully compare each card before making your choice!
The rewards
These cards don’t provide rewards like most credit cards do. Instead, they focus on offering longer interest-free periods and the ability to pay down debt more easily over time – two key components for debt consolidation or financing large purchases gradually. Citi Diamond Preferred provides a generous 21 month 0% APR period on balance transfers and purchases while US Bank Visa Platinum only has 18 month 0% APR period on both.
Both cards charge an annual fee of $50, which may seem high compared to other credit cards; however, both come equipped with useful perks, including access to your free credit score and identity theft monitoring, cell phone insurance and a fraud alert system.
Citi Diamond Preferred card provides an outstanding 0% APR offer for balance transfers and an attractive introductory purchase APR period; however, there are some drawbacks: its 3% annual fee can be costly and there are few credit card perks such as trip cancellation protection or lost luggage assistance provided with it.
U.S. Bank Visa Platinum stands out with its lower 2% annual fee and exclusive perks not found elsewhere, such as cell phone protection covering up to $600 damage or theft twice annually with only a $25 deductible fee per claim. Furthermore, this card also comes equipped with a mobile app allowing users to easily track spending and balance.
If you want a credit card that will offer rewards for your spending, other cards such as Chase Freedom Unlimited or Capital One Venture may be better options for you. Their respective rewards programs can earn cash back or travel miles on purchases you make with these cards.