BankAmericard vs. Citi Diamond Preferred
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The BankAmericard® credit card and Citi® Diamond Preferred® Card are both low-cost credit cards featuring zero-interest periods on both purchases and balance transfers. Whether you’re looking to pay down debt or finance a large purchase, taking advantage of an introductory 0 percent APR can be a great way to save money on the interest that would normally accrue on your balance.
We’ll cover the differences, benefits and drawbacks of the BankAmericard and Citi Diamond Preferred below.
|BankAmericard||Citi Diamond Preferred|
|Regular APR||15.74% to 25.74% variable||17.74% to 28.49% variable|
|Balance transfer fee||3%||5% ($5 min.)|
BankAmericard vs. Citi Diamond Preferred highlights
Intro APR winner: BankAmericard
The BankAmericard credit card wins here thanks to its 21-billing cycle offer on both purchases and balance transfers, compared to the Citi Diamond Preferred’s intro period of 21 months on balance transfers and just 12 months on purchases. This means that the BankAmericard may tip in your favor if you’re interested in funding a large purchase over time, sans interest. Note, the BankAmericard also features a lower variable APR post-introductory period (15.74 percent to 25.74 percent) compared to the Diamond Preferred (17.74 percent to 28.49 percent).
Keep in mind, though, that you’ll need to transfer your balance within the first 60 days to take advantage of the BankAmericard balance transfer offer, and the Diamond Preferred requires you to do so within the first four months. In other words, if you anticipate needing more time to transfer your balance over, doing a balance transfer with Citi would make more sense.
Balance transfer fee winner: BankAmericard
Given the BankAmericard charges a 3 percent balance transfer fee, compared to the Citi Diamond Preferred’s 5 percent fee (or $5, whichever is greater), the BankAmericard easily wins here.
Annual fee winner: Tie
Neither card charges an annual fee. This makes both the BankAmericard and Diamond Preferred a good fit for borrowers who want to be sure they’re getting their money’s worth — no matter how much or little they spend.
Which card saves more on balance transfers?
Both of these cards feature 0 percent intro APR periods, but which card will save you more money ultimately depends on how much you plan to transfer, your budget and how fast you plan to pay off the debt.
BankAmericard vs. Citi Diamond Preferred balance transfer example
Let’s pretend you’re transferring a balance of $5,000 from another card.
Using the BankAmericard, you’ll incur a 3 percent balance transfer fee ($150), which will bring your total card balance up to $5,150. With 21 billing cycles to pay off the balance before incurring interest, you could pay about $245 per month in order to reduce the balance to zero by the time the intro APR period ends.
With the Citi Diamond Preferred, you’ll incur a slightly higher 5 percent balance transfer fee ($250), for a total balance of $5,250. With 21 months, you would pay $250 per month in order to reduce the balance to zero by the time the intro period ends.
As you can see by this example, these cards have very similar monthly payments, and it may ultimately come down to your balance transfer fee preference — or even the variable APR you’re most comfortable with, should you fail to fully pay off your balance within the introductory window.
Why should you get the BankAmericard?
While it doesn’t offer as many perks and benefits as standard rewards credit cards, the BankAmericard is a good option if you’re looking to do a balance transfer with Bank of America. Here are a few BankAmericard benefits to consider, including the recommended credit score for applying.
In addition to its zero-interest offer on both purchases and balance transfers, the BankAmericard comes with free FICO credit score access, no penalty APR (should you miss a payment one month) and basic security features, like $0 fraud liability.
Recommended credit score
Borrowers need good to excellent credit (670 to 850) in order to qualify for this card.
Why should you get the Citi Diamond Preferred?
Like the BankAmericard, the Citi Diamond Preferred Card is a great card for balance transfers but doesn’t come many other bells and whistles. Here’s a look at Citi Diamond Preferred benefits and the recommended credit score range in order to qualify.
Additional benefits of the Diamond Preferred include access to Citi Flex Loans, Citi Entertainment and Citi Easy Deals. Through Citi Easy Deals, in particular, you can score discounts and more on specific offers within your online account.
Recommended credit score
You need good to excellent credit (670 to 850) to be approved for this card.
The bottom line
Neither card comes with the perks and benefits associated with more premium rewards cards, but both the BankAmericard and Citi Diamond Preferred are good options to consider if you’re looking to transfer a balance from another card and pay off that balance with an intro APR offer.
The card that’s right for your wallet ultimately depends on your balance transfer fee preference, how much time you need to transfer your balance and whether you’re interested in a longer intro APR on purchases. For more detailed information on both cards’ offerings, read through our BankAmericard credit card review and Citi Diamond Preferred Card review.
The information about the BankAmericard® credit card was updated on April 3, 2023.