Citi diamond preferred vs simplicity

Anewvogue · ‎07-11-2015

I got a preselected offer for both cards and curiosity got the better of me and I applied for both to weigh my options as to what card I would want. Well, while the simplicity seems to have more perks like no late fees etc, the credit limit was only 1,000 while the preferred was 2,000. What should I do? Should I keep one and cancel the other? What one should I keep?

kdm31091 · ‎07-11-2015

@Anewvogue wrote:
I got a preselected offer for both cards and curiosity got the better of me and I applied for both to weigh my options as to what card I would want. Well, while the simplicity seems to have more perks like no late fees etc, the credit limit was only 1,000 while the preferred was 2,000. What should I do? Should I keep one and cancel the other? What one should I keep?

They both seem very similar. They both have 0% for a long time, and the ongoing APR ranges are similar. In short, I see no real reason to have both....since the Diamond is the higher limit I'd lean towards keeping that one.

Anonymous · ‎07-11-2015

@Anewvogue wrote:
I got a preselected offer for both cards and curiosity got the better of me and I applied for both to weigh my options as to what card I would want. Well, while the simplicity seems to have more perks like no late fees etc, the credit limit was only 1,000 while the preferred was 2,000. What should I do? Should I keep one and cancel the other? What one should I keep?

You should keep whatever cards a lender approves you for and build your credit and credit limits. There is no reason to close an account focus on building up your limits. With those starting limits your foot is in the door. Now use the cards to help your utilization and grow them. The more cards you have and higher the limits the better.

Congratulations on both approvals.

I just received the diamond preferred offer in the mail and so did my DW. Waiting for the results.

kdm31091 · ‎07-11-2015

Agree with the above that there is no real reason to rush and close them/one of them. Even though the Diamond offers a slightly more practical limit to actually use, you could just spend a bit on both, use them responsibly, etc and they should grow over time.

You can also eventually move the limit onto one card, though not sure how long it has to be open first

Anonymous · ‎07-11-2015

@Anewvogue wrote:
I got a preselected offer for both cards and curiosity got the better of me and I applied for both to weigh my options as to what card I would want. Well, while the simplicity seems to have more perks like no late fees etc, the credit limit was only 1,000 while the preferred was 2,000. What should I do? Should I keep one and cancel the other? What one should I keep?

What is the APR on each card?

I would say keep both. Sounds like they both went on the same inquiry. You will have the simplicity perks, but also the DP tends to get random mail offers later on. Like balance transfer offers, or bonus offers (spend this, get that).

Too soon to combine limits or PC. Neither have a decent reward program. So you'll have to flip a coin. I have seen higher limits on the DP...

Anewvogue · ‎07-11-2015

@Anonymous wrote:
@Anewvogue wrote:
I got a preselected offer for both cards and curiosity got the better of me and I applied for both to weigh my options as to what card I would want. Well, while the simplicity seems to have more perks like no late fees etc, the credit limit was only 1,000 while the preferred was 2,000. What should I do? Should I keep one and cancel the other? What one should I keep?
What is the APR on each card?

I would say keep both. Sounds like they both went on the same inquiry. You will have the simplicity perks, but also the DP tends to get random mail offers later on. Like balance transfer offers, or bonus offers (spend this, get that).

Too soon to combine limits or PC. Neither have a decent reward program. So you'll have to flip a coin. I have seen higher limits on the DP...

The apr on both is exactly the same which is why I went ahead and tried the application, they were done a couple days apart, I remember hearing elsewhere if they are done closely it will be one inquiry on your report , is that correct?

Anonymous · ‎07-11-2015

@Anewvogue wrote:
@Anonymous wrote:
@Anewvogue wrote:
I got a preselected offer for both cards and curiosity got the better of me and I applied for both to weigh my options as to what card I would want. Well, while the simplicity seems to have more perks like no late fees etc, the credit limit was only 1,000 while the preferred was 2,000. What should I do? Should I keep one and cancel the other? What one should I keep?
What is the APR on each card?

I would say keep both. Sounds like they both went on the same inquiry. You will have the simplicity perks, but also the DP tends to get random mail offers later on. Like balance transfer offers, or bonus offers (spend this, get that).

Too soon to combine limits or PC. Neither have a decent reward program. So you'll have to flip a coin. I have seen higher limits on the DP...
The apr on both is exactly the same which is why I went ahead and tried the application, they were done a couple days apart, I remember hearing elsewhere if they are done closely it will be one inquiry on your report , is that correct?

What is the APR exactly? 19.99, 22.99, 12.99...?

Ah. You may have a tiny chance but I highly doubt they will be combined. Usually have to do them the same day the closer together the better.

Anewvogue · ‎07-11-2015

@Anonymous wrote:
@Anewvogue wrote:
@Anonymous wrote:
@Anewvogue wrote:
I got a preselected offer for both cards and curiosity got the better of me and I applied for both to weigh my options as to what card I would want. Well, while the simplicity seems to have more perks like no late fees etc, the credit limit was only 1,000 while the preferred was 2,000. What should I do? Should I keep one and cancel the other? What one should I keep?
What is the APR on each card?

I would say keep both. Sounds like they both went on the same inquiry. You will have the simplicity perks, but also the DP tends to get random mail offers later on. Like balance transfer offers, or bonus offers (spend this, get that).

Too soon to combine limits or PC. Neither have a decent reward program. So you'll have to flip a coin. I have seen higher limits on the DP...
The apr on both is exactly the same which is why I went ahead and tried the application, they were done a couple days apart, I remember hearing elsewhere if they are done closely it will be one inquiry on your report , is that correct?
What is the APR exactly? 19.99, 22.99, 12.99...?

Ah. You may have a tiny chance but I highly doubt they will be combined. Usually have to do them the same day the closer together the better.

I know! That's why I'm kind of kicking myself about doing both but I had that maybe the credit limit would be better idea in the back of my head and it got the better of me. But the APR is 19.99, I had a few hiccups in my past credit from when I was 18 so besides my bank credit card, that's the lowest apr card I will have. Well, from the sounds of it may as well just activate both when I get them and in a few months see about consolidating them.

NRB525 · ‎07-11-2015

@Anonymous wrote:
@Anewvogue wrote:
I got a preselected offer for both cards and curiosity got the better of me and I applied for both to weigh my options as to what card I would want. Well, while the simplicity seems to have more perks like no late fees etc, the credit limit was only 1,000 while the preferred was 2,000. What should I do? Should I keep one and cancel the other? What one should I keep?
What is the APR on each card?

I would say keep both. Sounds like they both went on the same inquiry. You will have the simplicity perks, but also the DP tends to get random mail offers later on. Like balance transfer offers, or bonus offers (spend this, get that).

Too soon to combine limits or PC. Neither have a decent reward program. So you'll have to flip a coin. I have seen higher limits on the DP...

And if you don't get offers for the Diamond Preferred, just call them to ask if there are any offers on your account. I did that earlier this year, asking whether there were any BT offers since I had not gotten one since the card opened in 2012. No, there were no BT offers.

Then a few weeks later I got a new BT offer.

Then a few weeks after that I got a 5% on Groceries, Gas, Dining and Department Stores offer up to $500 spend.

And, you should also consider holding on to both cards in case you want to try to PC to the Double Cash later.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765

Anonymous · ‎07-11-2015

@Anewvogue wrote:
@Anonymous wrote:
@Anewvogue wrote:
@Anonymous wrote:
@Anewvogue wrote:
I got a preselected offer for both cards and curiosity got the better of me and I applied for both to weigh my options as to what card I would want. Well, while the simplicity seems to have more perks like no late fees etc, the credit limit was only 1,000 while the preferred was 2,000. What should I do? Should I keep one and cancel the other? What one should I keep?
What is the APR on each card?

I would say keep both. Sounds like they both went on the same inquiry. You will have the simplicity perks, but also the DP tends to get random mail offers later on. Like balance transfer offers, or bonus offers (spend this, get that).

Too soon to combine limits or PC. Neither have a decent reward program. So you'll have to flip a coin. I have seen higher limits on the DP...
The apr on both is exactly the same which is why I went ahead and tried the application, they were done a couple days apart, I remember hearing elsewhere if they are done closely it will be one inquiry on your report , is that correct?
What is the APR exactly? 19.99, 22.99, 12.99...?

Ah. You may have a tiny chance but I highly doubt they will be combined. Usually have to do them the same day the closer together the better.
I know! That's why I'm kind of kicking myself about doing both but I had that maybe the credit limit would be better idea in the back of my head and it got the better of me. But the APR is 19.99, I had a few hiccups in my past credit from when I was 18 so besides my bank credit card, that's the lowest apr card I will have. Well, from the sounds of it may as well just activate both when I get them and in a few months see about consolidating them.

Ya, you learned from this so thats all that matters. I would be glad that you got in with citi and arent at their highest APR. Can always lower it later. The only thing I don't like about the double cash is how long it takes to get the other percent. And you can only redeem in increments. Otherwise great concept.