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Key takeaways
- The BankAmericard® credit card and Citi® Diamond Preferred® Card are two solid balance transfer cards for those looking to get the longest intro APR period possible.
- Neither card offers rewards, but they both feature $0 annual fees.
- While their intro APRs are nearly identical, they do differ in ongoing APRs and balance transfer fees, which may sway your decision when choosing between the Citi Diamond Preferred vs. BankAmericard.
The BankAmericard® credit card* and Citi® Diamond Preferred® Card* both feature introductory APR offers and $0 annual fees. Whether you’re looking to pay down debt or finance a large purchase, taking advantage of a 0 percent intro APR offer can be a great way to save money on the interest that would normally accrue on your balance.
In this comparison of the BankAmericard vs. Citi Diamond Preferred, we’ll cover the differences, benefits and drawbacks of both cards.
Main details
| BankAmericard® credit card | Citi® Diamond Preferred® Card | |
|---|---|---|
| Welcome bonus | None | None |
| Rewards rate | None | None |
| Intro APR |
|
|
| Annual fee | $0 | $0 |
BankAmericard vs. Citi Diamond Preferred highlights
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The BankAmericard credit card wins here thanks to its 0 percent intro APR offer for 18 billing cycles on both purchases and balance transfers. While the Citi Diamond Preferred offers a 0 percent intro APR offer for 21 months on balance transfers, its 0 percent intro APR offer is for 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 that the BankAmericard also features a lower variable APR after the intro APR offer ends (15.74 percent to 25.74 percent variable) compared to the Diamond Preferred (17.74 percent to 28.49 percent variabe).
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 Citi 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
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Given that 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.
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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 intro APR offers, 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. While the Citi Diamond Preferred offers a higher balance transfer fee than the BankAmericard, it also offers a slightly longer introductory APR period.
BankAmericard vs. Citi Diamond Preferred balance transfer example
Let’s suppose 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 18 billing cycles to pay off the balance before incurring interest (then a variable APR of 15.74 percent to 25.74 percent), you could pay about $287 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 to pay off your balance (then a variable APR of 17.74 percent to 28.49 percent), you would pay $250 per month in order to bring the balance to zero by the time the intro period ends.
As you can see by this example, you might pay more each month with the BankAmericard, but you’ll pay more overall with the higher balance transfer fee of the Citi Diamond Preferred. It may ultimately come down to your balance transfer fee preference — or even the variable APR you’re more comfortable with, should you fail to fully pay off your balance within the introductory window.
Why you should 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.
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In addition to its intro APR offers, 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.
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Borrowers need good to excellent credit (670 to 850) in order to qualify for this card.
Why you should get the Citi Diamond Preferred
Like the BankAmericard, the Citi Diamond Preferred Card is a great card for balance transfers, but it doesn’t come with many other bells and whistles. Here’s a look at Citi Diamond Preferred benefits and the recommended credit score range in order to qualify.
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Additional benefits of the Diamond Preferred include access to Citi Flex Loans and Citi Entertainment, which offers exclusive ticket sales and other opportunities. Cardholders have access to basic security features like $0 fraud protection as well as free identity theft protection from Mastercard.
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You need good to excellent credit (670 to 850) to qualify 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. Check out our guide to BankAmericard benefits as well as the Citi Diamond Preferred benefits guide for a closer look at what these cards have to 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 Oct. 2, 2024.
*The information about the BankAmericard® credit card and Citi® Diamond Preferred® Card has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuers.
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