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Indestata > Homes > Discover it Cash Back vs. Citi Diamond Preferred
Homes

Discover it Cash Back vs. Citi Diamond Preferred

TSP Staff By TSP Staff Last updated: August 8, 2025 13 Min Read
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Photography by Getty Images

Citi is an advertising partner.

Key takeaways

  • Both the Discover it® Cash Back and Citi® Diamond Preferred® Card are good choices for consumers who want to transfer their existing debt to a card offering an intro APR on balance transfers.
  • The Citi Diamond Preferred offers a longer introductory period on balance transfers, but Discover it Cash Back comes with a smaller balance transfer fee and allows users to earn cash back on new purchases.
  • Because neither card has an annual fee, the right card for you depends on your goals when getting the card and how you plan to use it.

When you’re trying to pay down credit card debt, a balance transfer credit card can be a valuable tool. Cards in this niche let you secure a 0 percent intro APR for a limited time on transferred balances, and many of these cards don’t charge an annual fee.

But there are plenty of variables among balance transfer cards, including some intro APR offers that last much longer than others.

Two of the best balance transfer cards on the market are the Discover it® Cash Back and Citi® Diamond Preferred® Card.

Main details

Cards Discover it® Cash Back Citi® Diamond Preferred® Card
Welcome bonus

  • Intro Offer: Unlimited Cashback Match for all new cardmembers–only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. You could turn $150 cash back into $300.

None
Rewards rate
  • Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate.
  • Plus, earn unlimited 1% cash back on all other purchases.
N/A
Intro APR 0% intro APR for 15 months on purchases and balance transfers (followed by a 18.24% – 27.24% Variable APR) 0% intro APR for 12 months on purchases and for 21 months on balance transfers completed within the first four months (followed by a 17.24% – 27.99% (Variable) APR after)
Annual fee $0 $0
Foreign transaction fees None 3% on foreign transactions

Discover it Cash Back vs. Citi Diamond Preferred highlights

Although the Discover it Cash Back and Citi Diamond Preferred both offer low intro APRs for a limited time, you may decide to choose one over the other depending on these important factors.

Badge Icon
Welcome bonus winner
  • It isn’t a traditional bonus offer, but what the Discover it Cash Back does offer could be even better. Through its Cashback Match offer, Discover will double all of the rewards you earn during your first year of card membership. So if you earn $300 in cash back rewards, Discover will match that amount at the end of your first year, bringing your rewards for that year to $600.

    The Discover it Cash Back card is the clear winner in this category due to its rewards potential (despite the fact that you essentially have to wait a year for the full bonus).

    The Citi Diamond Preferred, however, doesn’t offer a welcome bonus.

Badge Icon
Rewards rate winner
  • The Discover it Cash Back offers:

    • Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate.
    • Plus, earn unlimited 1% cash back on all other purchases.

    Some rotating bonus categories in the past have included restaurants, purchases at Amazon.com, grocery stores and gas stations.

    In contrast, Citi Diamond Preferred doesn’t offer any rewards. With that in mind, the Discover it Cash Back is the better option if you want to earn rewards on your spending.

Badge Icon
Intro APR winner
  • The Citi Diamond Preferred card stands out in this category since you can take advantage of an intro APR offer of 0% for 21 months on Balance Transfers made in the first four months of account opening (17.24% – 27.99% (Variable) after).

    Although this is one of the longest 0 percent intro APR periods for balance transfers on the market, you’ll only get 0% for 12 months on Purchases with this card (17.24% – 27.99% (Variable) after that).

    In comparison, the Discover it Cash Back offers a 0% intro APR for 15 months (18.24% – 27.24% Variable APR after that).

    The Citi Diamond Preferred’s additional six months to pay down existing debt interest-free could be of tremendous benefit if you have a lot of high-interest debt you need to consolidate.

    After all, a longer 0 percent intro APR timeline could allow you to pay down a larger balance before the introductory rate expires, or you could pay a lower amount each month during the introductory period and still achieve debt payoff.

Badge Icon
Annual fee winner
  • Neither one of these cards charges an annual fee, which is good news for consumers who want to consolidate debt while minimizing out-of-pocket costs.

Badge Icon
Foreign transaction fee winner
  • The Discover it Cash Back card, like all Discover cards, doesn’t charge a fee on foreign transactions.

    The Citi Diamond Preferred, however, charges a 3 percent fee on purchases made abroad or in a foreign currency. That makes the Discover it Cash Back the clear winner in this category.

Which card earns the most?

Because the Discover it Cash Back offers 5 percent cash back on up to $1,500 spent in quarterly rotating categories (then 1 percent back, activation required) and the Citi Diamond Preferred doesn’t offer any rewards, you’ll earn more with the Discover it Cash Back every time.

However, if your primary goal is to transfer a balance and pay off debt over a long period of time, the Citi Diamond Preferred may be the better card because of the longer intro APR period. Let’s break it down.

Discover it Cash Back vs. Citi Diamond Preferred balance transfer example

Let’s imagine you have $5,000 in credit card debt. If you decide on a balance transfer with the Citi Diamond Preferred, you’ll pay a 5 percent balance transfer fee ($5 minimum) on that $5,000, which is $250. You then have 21 months to pay this balance off.

With the Discover it Cash Back, you’ll pay an introductory balance transfer fee of 3 percent (after which the fee can be up to 5 percent of each transfer amount [see terms]), which comes to $150. This card offers 15 months to pay this balance off.

Here’s how both of these balance transfer scenarios would play out:

Credit card Starting balance (after fee) Intro APR Months to pay off Monthly payment Variable APR (after intro)
Citi Diamond Preferred $5,250 0 percent for 21 months 21 $250.00 17.24% – 27.99% (Variable)
Discover it Cash Back $5,150 0 percent for 15 months 15 $343.33 18.24% – 27.24% Variable APR

As you can see, the Citi Diamond Preferred’s additional six months to pay down debt without interest can make a big difference in your debt payoff plan. Despite the higher balance transfer fee, the longer 0 percent intro APR period will allow you to pay a smaller amount each month and still become debt-free before the intro period ends.

Ultimately, you need to decide whether those extra six months are worth the extra balance transfer fee.

Why should you get the Discover it Cash Back?

There are several reasons to pick the Discover it Cash Back over comparable balance transfer credit cards. The main factor is that this card offers rewards, which Discover matches the first year. Here are some other factors to consider:

  • The Discover it Cash Back offers some additional benefits that may be worth considering, like 24/7 customer service and no foreign transaction fees.

  • This card lets you redeem rewards for direct deposits, statement credits, gift cards, charitable donations or purchases with select merchants, such as Amazon and PayPal.

  • Bankrate recommends a credit score in the good to excellent range, meaning your score must be at least 670 for the best odds of approval.

Why should you get the Citi Diamond Preferred?

If you’re mostly interested in paying off debt, the Citi Diamond Preferred is a better option. This is because you’ll get a 0 percent intro APR for 21 months on balance transfers made in the first four months (and 17.24% – 27.99% (Variable) thereafter), which is currently one of the longest 0 percent intro APR periods for balance transfers offered. Here are other reasons to pick this card:

  • The Citi Diamond Preferred comes with a few other benefits worth noting. One example is Citi Entertainment, which provides special access to concert tickets, presale events, exclusive experiences and more.

    Plus, you’ll get access to Citi Merchant Offers, which provides limited-time discounts on everyday purchases. The card has identity theft protection, $0 fraud liability, 24/7 customer service and the ability to choose your own payment due date.

  • Because the Citi Diamond Preferred doesn’t offer any rewards, there are no redemption options for this card.

  • The Citi Diamond Preferred requires a credit score in the good to excellent range, meaning your score must be 670 or better.

The bottom line

Before you craft a plan to get out of debt with a balance transfer card, first compare all the top 0 percent intro APR card offers on the market today. Some cards in this niche offer rewards and welcome bonuses, while others offer a much longer 0 percent intro APR period or lower balance transfer fees.

Deciding what you’re looking for and comparing cards will help you find the best one for your needs and goals.

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