While Citi is an advertising partner of HustlerMoneyBlog, the opinions and beliefs in this article are those of the author alone, who makes every effort to ensure the accuracy of the information. Learn more on our Advertising Policy.
The Citi Simplicity card doesn’t offer any big bonuses or captivating rewards that will lure you in. In fact, there’s really not too much fun to be had with this card but it can financially help you get back on track. The Citi Simplicity allows you to manage your debt or make an important purchase without any interest for nearly two years and not penalize you if your payment was past the due date. So instead of bonuses and rewards, the Citi Simplicity offers no late fees, no penalty rates, no annual fee, and 0% introductory APR on purchases and balance transfers for 21 months. It has the combination of features that makes it a means to help you get out and stay out of debt.
0% Introductory APR for 21 Months
The Citi Simplicity card has one of the longest 0% introductory APR on purchases and balance transfers at 21 months. Save money with the opportunity to pay off debts and make purchases without incurring any extra interest within the introductory period. After the introductory period, the variable APR will be 13.49%-23.49% based on your creditworthiness.
- Purchases – Feel comfortable making a purchase knowing you are not being charged any interest for 21 months. The Citi Simplicity will allow you to get that perfect gift or make that trip you’ve been dreaming about. Consider it 21 months of interest-free financing on your own terms.
- Balance Transfers – Transfer your outstanding balance from high interest cards and take advantage of the opportunity to get out of debt.
- The Citi Simplicity however does charge a balance transfer fee of 3% of the amount of each transfer or a minimum of $5 but you most likely will still save money. For example, a $1000 balance on a credit card with 25% APR can cost over $140 in interest if paid off in 12 months. With the Citi Simplicity card, the only fee incurred would be the 3% balance transfer fee of $30 regardless if paid within the same 12 months time or within the full 21 months introductory period.
- Only balance transfers made within first 4 months of account opening will be eligible for the 0% introductory APR.
- The Citi Simplicity also gives you the great option to transfer other non-credit card debt like car or student loans as long as the account number does not have any letters and has more than 5 numbers.
No Late Fees, No Penalty Rates, No Annual Fee – Ever!
With no late fees, no penalty rates, and no annual fee, the Citi Simplicity card is unrivaled by any other card. It’s forgiving by not ever charging a late fee or assessing a penalty rate to those who pay late even if it happens consistently. However, we always encourage responsibility and fulfilling obligations of making timely payments. It’s in your best interest to do so to build and protect your credit. Any late payments and other delinquent activity will negatively reflect on your credit score which may hurt your chances of getting approved in the future should you need a car, home, or other types of loan.
- No Late Fees – Feel relieved that your account balance will not increase by the typical late charge of $35 or more if you made a late payment.
- No Penalty Rates – You will not be imposed a penalty rate for missing the payment due date which can be 30% or more. There will also not be a penalty rate for going over your set credit limit or for return payments but be aware of a $35 return payment fee.
- No Annual Fee – Without ever having to pay an annual fee, the Citi Simplicity will save you on average an additional $50 to $100 each year. That’s money that can go towards paying down your balance.
The Citi Simplicity card attracts those who will take advantage of the 0% introductory period but it will not appeal to those looking for more. It’s mostly hassle-free but does warrant further review as does any credit card.
- Pay Off Debts – Set yourself up for success by formulating a plan to pay off balance transfers or purchases within the 21 month 0% introductory APR period with the Citi Simplicity card. Doing so will minimize having to pay any interest. Use Citi Simplicity’s automatic account alert and choose payment due date features to help coordinate your finances and make each monthly payment on time.
- Resist Habits – Citi Simplicity’s no late fee and penalty rate may encourage or enable delinquent behavior, especially those who have a tendency. Resist these habits as you can easily end up acquiring even more debt than before signing up.
- No Bonus or Rewards – The Citi Simplicity lacks any bonus or rewards. There are no extra incentives. The idea is to stay focused on the goal of paying off debt or purchases before interest rates settles in after 21 months.
- Not for Travel – With a foreign transaction fee of 3% for each transaction, fees will quickly add up which will just make paying off any balance more difficult. The Citi Simplicity is not recommended for travel outside the U.S.
Gain Financial Control
The Citi Simplicity‘s 0% introductory APR on purchases and balance transfers for 21 months is a powerful tool for those who need that important purchase or the opportunity to gain control of their finances and debt. Its no late fee, no penalty rate, and no annual fee are money saving trade offs that won’t add to your financial burden if dealing with personal setbacks. The Citi Simplicity can be the first step in the right direction in becoming debt free and financially stable. Review our complete list for more credit card bonus promotions.
Disclaimer: These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.