Balance transfer cards can be a helpful financial tool for paying off credit card debt or an expensive purchase over time without incurring interest charges.
The U.S. Bank Visa® Platinum Card offers one of the best cell phone protection benefits on the market, not commonly found with this type of card.
The Citi® Diamond Preferred® Card offers a long introductory APR period, granting you up to 21 months to pay for balance transfers completed within four months of account opening.
Citi is an advertising partner.
For cardholders who carry a balance and owe thousands of dollars in credit card debt, rewards and cash back should be the last thing on their minds. While earning cash back is a great benefit of carrying a credit card, the average credit card interest rate is currently over 20 percent, which outweighs any rewards you’ll be earning. The best plan of action is to eliminate your debt before you start enjoying those rewards.
This is where simple balance transfer cards like the U.S. Bank Visa® Platinum Card* and the Citi® Diamond Preferred® Card* come in handy. While 0 percent APR credit cards might seem boring, this type of card can help you pay down debt faster and without interest. But if you plan to take this route, which of the top balance transfer cards should you choose?
Main details
U.S. Bank Visa® Platinum Card
Citi® Diamond Preferred® Card
Welcome bonus
N/A
N/A
Rewards rate
N/A
N/A
Intro APR
0% intro APR for balance transfers for 21 billing cycles (must be completed within the first 60 days)
0% intro APR for purchases for 21 billing cycles
17.99% – 28.99% (Variable)
5 percent of the amount of each transfer or $5 minimum, whichever is greater
0% intro APR for balance transfers for 21 months (must be completed within 4 months of account opening)
0% intro APR for purchases for 12 months
17.49% – 28.24% (Variable)
5 percent of the amount of each transfer or $5 minimum, whichever is greater
Annual fee
$0
$0
U.S. Bank Visa Platinum vs. Citi Diamond Preferred highlights
Welcome bonus winner
It’s fairly standard for credit cards with longer 0 percent intro APR periods to not offer a welcome bonus. While occasionally these types of cards can offer limited time offers, currently neither of these cards have a welcome bonus.
Rewards rate winner
There are also no rewards programs associated with either the U.S. Bank Visa Platinum or Citi Diamond Preferred since these two cards are primarily balance transfer cards.
0% intro APR winner
Both the Citi Diamond Preferred and U.S. Bank Visa Platinum have similar offers. However, when you look at the details, the Citi Diamond Preferred is the winner — but only by a few inches. The Citi Diamond Preferred offers a 0 percent introductory APR on balance transfers for the first 21 months (17.49% – 28.24% (Variable) thereafter). The U.S. Bank Visa Platinum has extended its intro APR offer from 18 billing cycles to 21 (17.99% – 28.99% (Variable) thereafter), making it much more competitive.
For the purchase intro APR, the U.S. Bank Visa Platinum card offers a 0 percent intro APR period on purchases for a whopping 21 billing cycles (17.99% – 28.99% (Variable) thereafter), while the Citi Diamond Preferred offers a 0 percent intro APR on purchases for 12 months (17.49% – 28.24% (Variable) thereafter). That makes the U.S. Bank Visa Platinum equally attractive for consumers trying to pay off their debt or who need a breather to buy an expensive item.
On the flip side, it can also be a distraction to those who want to focus solely on paying down their debt. This is where the Citi Diamond Preferred takes the lead, especially considering that its ongoing interest rate is lower than the U.S. Bank Platinum’s. Plus, with the Citi Diamond Preferred, you’ll have four months to transfer your balances, whereas the U.S. Bank Visa Platinum only provides 60 days to qualify for the introductory APR.
In essence, the Diamond Preferred is likely ideal for balance transfers, while the U.S. Bank Visa Platinum is a good option for funding large, upcoming purchases.
Annual fee winner
Both the U.S. Bank Visa Platinum and Citi Diamond Preferred are no-annual-fee cards, so you won’t have to worry about paying a fee for card membership in addition to trying to pay off debt.
Foreign transaction fee winner
Both the Citi Diamond Preferred and the U.S. Bank Visa Platinum carries a 3 percent foreign transaction fee.
Be aware, though, that you’ll end up paying a separate dynamic currency conversion fee for converting the local currency to U.S. dollars at the point of sale overseas. It’s also worth noting that most financial experts recommend paying in local currency when traveling abroad.
Citi Diamond Preferred vs. U.S. Bank Visa Platinum: Which card saves you the most?
Since the Citi Diamond Preferred and U.S. Bank Platinum provides 21 months to pay off debt and charge the same 5 percent balance transfer fee, the difference will come down to interest. In this case, the Citi Diamond Preferred will save you more, but both will be equally beneficial if you pay off your debt within the balance transfer window.
U.S. Bank Visa Platinum vs. Citi Diamond Preferred balance transfer example
Let’s say you have $5,000 in credit card debt that you’d like to pay off with a balance transfer card. With both cards, you’ll add a 5 percent balance transfer fee for a total of $5,250 to pay off. This means you’ll need to pay $250 a month over 21 months to become debt-free by the time the intro period ends.
Why should you get the U.S. Bank Visa Platinum?
The U.S. Bank Visa Platinum is a great card for consumers who are looking to consolidate their high-interest debt from other credit cards or buy a high-ticket item and pay it off interest-free.
While there are a few standard benefits that almost every credit card offers nowadays — like credit score access, identity theft monitoring and auto bill pay — this card’s cell phone protection is a remarkable perk, especially since this card has no annual fee. This benefit covers primary and additional lines as long as you pay your phone bill with your card. The protection covers damage or theft and pays up to $600 per occurrence with a two-claim maximum over a 12-month period. Additionally, there is a $25 deductible per claim.
Since there is no rewards program associated with the U.S. Bank Visa Platinum, no redemption options are available.
The minimum recommended FICO score for the U.S. Bank Visa Platinum is 670.
Why should you get the Citi Diamond Preferred?
If you need a generous intro APR for 21 months to pay off debt, you will appreciate the Citi Diamond Preferred. Plus, it doesn’t hurt that the card offers a four-month window to transfer your high-interest balances, which could certainly make the card worth it if you need a longer window in which to move your balance over.
While this card isn’t heavy on the perks, it does have a few benefits beyond standard card benefits, including $0 fraud liability, 24/7 customer service and account alerts. If you like sporting events and shows, Citi Entertainment offers special access to sales, preferred seating and VIP packages. Finally, Citi Diamond Preferred offers an ID Theft Protection program you can enroll in to monitor your personal information and alert you of any suspicious activity.
Citi Diamond Preferred doesn’t offer a rewards program, so there are no redemption options available.
For the Citi Diamond Preferred, the minimum recommended FICO score is 670. To increase your odds of approval, you can see if you prequalify for a Citi card through Citi’s website or Bankrate’s CardMatch tool.
The bottom line
Both the U.S. Bank Visa Platinum and Citi Diamond Preferred offer generous introductory APR periods for balance transfers. However, the Citi Diamond Preferred has a lower interest rate, while the U.S. Bank Platinum offers a much longer intro APR offer on purchases. So, unless you plan on making a big purchase, the Citi Diamond Preferred might be a better choice.
After you’ve paid off your debts — or an expensive upcoming purchase — there are no compelling reasons to actively use either card, although the U.S. Bank Visa Platinum tries a bit harder to retain cardholders with its cell phone protection coverage. Still, we don’t recommend closing any no-annual-fee cards in most cases since doing so may negatively impact your credit score. Just use your plain balance transfer card every now and then to make sure the issuer doesn’t close it for you.
*The information about the U.S. Bank Visa® Platinum Card has been collected independently by Bankrate. The card details have not been reviewed or approved by the issuer.
