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Both the Citi Diamond Preferred Card and the Citi Platinum Select MasterCard come with a generous perk: an introductory interest rate of 0 percent on both balance transfers and purchases for the first 21 months after you activate your card.
That’s a nice offer, especially for those cardholders who have a significant amount of credit card debt on other higher-interest-rate cards. But aside from this introductory interest rate offer, what are the main differences between the two cards?
Surprisingly enough, not much.
The Citi Diamond Preferred card charges no annual fee. Its purchase interest rate, after the introductory 0 percent offer ends, ranges from 11.99 percent to 20.99 percent based on the creditworthiness of cardholders.
The card’s other fees are standard for the industry. Cash advances cost $10 or 5 percent of the amount of each advance, whichever figure is greater. The card’s late-payment and returned-payment fees can both hit a maximum of $35.
The card does charge a steep penalty interest rate if you miss a payment or make a late payment: up to 29.99 percent.
The Citi Diamond card is not a rewards card. But it does come with certain perks. It offers zero liability protection on unauthorized purchases and savings on a wide varity of items through an online portal. The Diamond Card comes, too, with Private Pass. This gives cardholders the chance to purchase tickets for concerts, sporting events and other events before the general public can buy these same tickets.
Finally, cardholders can also take advantage of the Diamond Preferred Concierge Service. Through this service, Citi officials can make hotel reservations, book flights and purchase concert tickets for cardholders.
The Citi Platinum Select MasterCard has many of the same fees that the Citi Diamond Preferred Card boasts. For instance, the purchase interest rate, after the introductory offer ends, will range from 11.99 percent to 20.99 percent depending on the creditworthiness of the cardholder. Cash advances again cost $10 or 5 percent of the amount of each advance, whichever is higher. Late-payment and returned-payment fees also range up to $35.
The card charges a penalty interest rate of up to 29.99 percent, just like the Diamond Preferred Card does.
There the Platinum Select MasterCard sets itself apart, though, are in its perks. The card, for instance, offers the Extra Cash from Citi program, in which cardholders can receive discounts on travel, entertainment, events and merchandise.
The card also comes with retail purchase protection coverage of up to $1,000, travel accident insurance, auto rental insurance and travel and emergency assistance.
Because of the extra perks that come with the Citi Platinum Select MasterCard, it outranks, though not by much, the Citi Diamond Preferred Card.