Both the Discover it Balance Transfer Card and the Citi Diamond Preferred Card offer enticing 0% introductory APR periods for balance transfers, a key reason for their consideration. In this matchup, the Citi Diamond Preferred edges ahead due to its longer balance transfer offer. However, the Discover it Balance Transfer Card is still a strong contender with its unique cash back rewards, including a double cash back in the first year. While neither card charges an annual fee, the Discover card's rewards program might sway those who also want to earn as they spend.
Discover it® Balance Transfer Card
vs. Citi® Diamond Preferred® Card
Decide with confidence: Citi Diamond Preferred excels in balance transfer duration; Discover it Balance Transfer rewards your spending.
Doug Milnes, CFA
Head of Credit Cards at MoneyGeek
Doug Milnes is a CFA charter holder with over 10 years of experience in corporate finance and the Head of Credit Cards at MoneyGeek. Formerly, he performed valuations for Duff and Phelps and financial planning and analysis for various companies. His analysis has been cited by U.S. News and World Report, The Hill, the Los Angeles Times, The New York Times and many other outlets. Milnes holds a master’s degree in data science from Northwestern University. He geeks out on helping people feel on top of their credit card use, from managing debt to optimizing rewards.
Katherine Kurtz, PhD
Managing Editor
Katherine Kurtz, Ph.D., is the Managing Editor at MoneyGeek, with 15 years of experience in academic and content editing. She holds a doctorate in philosophy from Villanova University, where she also worked as an adjunct professor and the managing editor of *Hypatia*, a peer-reviewed feminist philosophy journal. Kurtz believes in "education as a practice of freedom" (bell hooks) and seeks to empower herself and others by openly sharing financial knowledge and resources.
Doug Milnes, CFA
Head of Credit Cards at MoneyGeek
Doug Milnes is a CFA charter holder with over 10 years of experience in corporate finance and the Head of Credit Cards at MoneyGeek. Formerly, he performed valuations for Duff and Phelps and financial planning and analysis for various companies. His analysis has been cited by U.S. News and World Report, The Hill, the Los Angeles Times, The New York Times and many other outlets. Milnes holds a master’s degree in data science from Northwestern University. He geeks out on helping people feel on top of their credit card use, from managing debt to optimizing rewards.
Katherine Kurtz, PhD
Managing Editor
Katherine Kurtz, Ph.D., is the Managing Editor at MoneyGeek, with 15 years of experience in academic and content editing. She holds a doctorate in philosophy from Villanova University, where she also worked as an adjunct professor and the managing editor of *Hypatia*, a peer-reviewed feminist philosophy journal. Kurtz believes in "education as a practice of freedom" (bell hooks) and seeks to empower herself and others by openly sharing financial knowledge and resources.
Updated: June 24, 2024
Advertising & Editorial Disclosure
MoneyGeek partners with leading industry experts and advertisers to help you get to your financial happy place. Our content is accurate when posted but offers may change over time. We may receive compensation for partner advertisements, but our editorial team independently reviews and ranks products. Learn more about our editorial policies.
- Regular APR17.24% - 28.24% variable APR17.74% - 28.49% variable0% APR Offer0% intro APR for six months from the date of account opening0% for 12 months on purchasesIntro OfferMatches cash back at end of first yearMatches cash back at end of first yearNo current offerThis card doesn't offer cash back, miles, or pointsRewards SummaryEarn 1% – 5% cash back5% cash back on up to $1,500 in quarterly purchases in various categories (then 1%), 1% cash back on general purchases, enrollment required, rotating bonus categories, quarterly maximum applies-This card doesn't offer cash back, miles, or pointsBalance Transfer Offer0% intro APR for 18 months from the date of first transfer, for transfers under this offer that post to your account by May 10, 20240% for 21 months on balance transfersBalance Transfer Fee3% for each balance transfer, minimum $55% of each balance transfer; $5 minimumAnnual Fee$0$0Recommended Credit670-850 (Good to Excellent)670-850 (Good to Excellent)Penalty APRNoneUp to 29.99% variable, may apply indefinitely for late payment or returned paymentNot sure?
The Citi® Diamond Preferred® Card leads with a lengthy 21-month 0% APR offer on balance transfers, ideal for those focused on debt consolidation. In contrast, the Discover it® Balance Transfer Card couples an 18-month 0% APR balance transfer period with the potential for earnings through 5% cash back rewards in rotating categories. While the Citi Diamond Preferred is tailored for those seeking to minimize interest on existing debt, the Discover it Balance Transfer is better suited for those who can manage debt while also benefiting from cash back on new purchases.
Which Card Is Better for You?
You might prefer the Citi Diamond Preferred Card if: you're looking for a lengthy 0% APR period on balance transfers to manage existing debt. With a generous 21-month intro period for balance transfers and a 12-month period for purchases, this card can help you avoid interest charges while you pay down your balances. Additionally, you'll enjoy no annual fee and exclusive access to Citi Entertainment events.
You might prefer the Discover it Balance Transfer Card if: earning rewards on your purchases is a priority. This card offers 5% cash back in rotating categories each quarter, on up to $1,500 in purchases, and an unlimited 1% back on all other purchases. Plus, Discover matches all the cash back you've earned at the end of your first year. The 18-month 0% intro APR on balance transfers can also be a strategic way to handle debt, with a slightly lower regular APR range after the intro period ends.
Head-to-Head Comparison: Card Details and Features
Evaluating APRs, fees, credit requirements, rewards, and introductory offers will illuminate which card aligns with your financial needs. This section breaks down these critical factors, such as the longer 0% APR period on balance transfers with Citi Diamond Preferred versus the cash back rewards with Discover it Balance Transfer, to guide your choice effectively.
Regular APR: Discover it Balance Transfer
For Regular APR, the Discover it Balance Transfer Card is preferable, offering a slightly lower APR range starting at 17.24%, compared to the Citi Diamond Preferred Card's range starting at 18.24%.
Annual Fee: Tie
Both the Discover it Balance Transfer Card and the Citi Diamond Preferred Card have no annual fee, making them equally beneficial for users looking to save on yearly costs.
Introductory 0% APRs: Citi Diamond Preferred
The Citi Diamond Preferred Card offers a longer 0% APR period on balance transfers, making it superior for those looking to manage debt over an extended time. While both cards provide introductory 0% APR offers, the Citi Diamond Preferred extends this benefit for 21 months on balance transfers, compared to 18 months with the Discover it Balance Transfer Card. However, it's important to note the Citi card has a higher balance transfer fee of 5%, versus 3% for the Discover card.
Rewards: Discover it Balance Transfer
The Discover it Balance Transfer card is better for rewards, offering 5% cash back on rotating categories each quarter and 1% on all other purchases. Rewards never expire and can be redeemed in various ways. In contrast, the Citi Diamond Preferred card does not offer any rewards.
Welcome Offers: Discover it Balance Transfer
The Discover it Balance Transfer card is better for welcome offers, featuring a unique cash back match at the end of the first year, unlike the Citi Diamond Preferred, which has no current offer.
Recommended Credit Score: Tie
Both the Discover it Balance Transfer and the Citi Diamond Preferred Card require a credit score range of 670-850, making them equally accessible for individuals with good to excellent credit. This results in a tie for the recommended credit score feature.
Penalties and Fees: Discover it Balance Transfer
Discover it Balance Transfer is better for penalties and fees, offering no penalty APR and no foreign transaction fees. It also waives the late fee for the first late payment. In contrast, Citi Diamond Preferred charges up to $41 for late payments, has a 3% foreign transaction fee, and a penalty APR of up to 29.99% variable.
Issuer Satisfaction: Discover it Balance Transfer Card
The Discover it Balance Transfer Card offers better issuer satisfaction with a rating of 4.5, compared to the Citi Diamond Preferred Card's rating of 4.1. This suggests that Discover Bank customers generally have a more positive experience.
Other Features & Perks: Tie
Both cards offer unique perks. Citi Diamond Preferred provides access to Citi Entertainment and free FICO Score access. Discover it Balance Transfer offers a cash back match at the end of the first year, 5% cash back on rotating categories, and online data protection. Each card's perks cater to different preferences.
Rewards Comparison
REMOVE SECTION
Category | Discover it Balance Transfer | Citi Diamond Preferred |
---|---|---|
Rotating Categories | 5% on up to $1,500 in quarterly purchases, then 1% | N/A |
All Other Purchases | 1% | N/A |
Redeeming Rewards
REMOVE SECTION
Methodology
MoneyGeek evaluates credit cards like the Discover it Balance Transfer and Citi Diamond Preferred based on their performance in various scenarios, such as balance transfers and cash back. For this comparison, we focus on the scenario where each card scores the highest. The most influential factors in determining the balance transfer score are the quality of the balance transfer offer and the regular APR. These elements, along with other considerations such as introductory purchase rates and issuer satisfaction, form a comprehensive score. For a detailed understanding of our evaluation process, you're welcome to review our ranking methodology.
FAQ: Discover it Balance Transfer vs. Citi Diamond Preferred Card
The Discover card has a 3% intro balance transfer fee, while Citi charges 5%.
Discover offers 0% for six months, Citi for 12 months. Details on introductory APR offers can help decide.
Yes, with Discover you can earn rewards, but Citi doesn't offer a rewards program.
Neither card has annual fees, making them cost-effective options.
Both cards recommend a credit score of 670-850, which is Good to Excellent.
About Doug Milnes, CFA
Doug Milnes is a CFA charter holder with over 10 years of experience in corporate finance and the Head of Credit Cards at MoneyGeek. Formerly, he performed valuations for Duff and Phelps and financial planning and analysis for various companies. His analysis has been cited by U.S. News and World Report, The Hill, the Los Angeles Times, The New York Times and many other outlets.
Milnes holds a master’s degree in data science from Northwestern University. He geeks out on helping people feel on top of their credit card use, from managing debt to optimizing rewards.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, credit card issuer, hotel, airline, or other entity. Learn more about our editorial policies and expert editorial team.
Advertiser Disclosure: MoneyGeek has partnered with CardRatings.com and CreditCards.com for our coverage of credit card products. MoneyGeek, CardRatings and CreditCards.com may receive a commission from card issuers. To ensure thorough comparisons and reviews, MoneyGeek features products from both paid partners and unaffiliated card issuers that are not paid partners.