Citi Simplicity Credit Card Review

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From Seek Capital - Best for Balance Transfer

Welcome Offer

No Interest for 18 Months

Enjoy 0% APR for 12 months on Balance transfers and purchases

Earn

$0Late Fees
Never be charged for a late fee
$0Annual Fee
No annual fee for this card
24/7Personal Service
Speak to someone, not something, anytime you call.
0%Introductory APR
No Intro APR on purchases for 18 months

Citi Simplicity

Save thousands in interest when you transfer an existing balance to the Citi Simplicity card to pay off debt faster, or finance a large purchase without paying any interest. For more information about the perks of using this card to manage money, check out our summary below.

Rewards Highlights

  • No Late Fees
  • No Annual Fee
  • 0% Introductory Purchase APR for 18 Months
  • 0% Introductory Balance Transfer APR for 18 Months

Expert Review

The Pros

  • No Late Fees
  • No Annual Fee
  • 0% APR on Balance Transfers and Purchases

The Cons

  • Strict Approval Requirements

Recommended Credit Profile

Rates & Fees

  • Annual Fee$0
  • Intro Purchase APR0% for 12 months
  • Intro Balance Transfer APR0% for 21 months
  • Regular APR15.99% to 25.99%
  • Great ForShoppingDiningGas
  • Regular Purchase APR15.99% to 25.99%
  • Regular Balance Transfer APR15.99% to 25.99%
  • Cash Advance APR25.99%
  • Balance Transfer Fee$5 or 5%
  • Cash Advance Fee$10 or 5%
  • Foreign Transaction Fee3%

Stellar Introductory Low APR Offer

Balance transfer cards are a great way to get a handle on credit card debt, and the Citi Simplicity card is an ideal tool for those who want to lower their outstanding balances in the most hassle-free way possible.

For creditworthy applicants, the card comes with an 18-month introductory 0 percent APR. That's for both purchases and balance transfers. You'll get 0 percent interest on purchase balances for the first 18 months the card is open. You get the same APR on balance transfers for 18 months after you move a balance from another card (as long as you do so within four months of opening your Citi Simplicity account).

With over a year to pay off balances before interest kicks in, you can save hundreds or even thousands whether you're making a large purchase with your card or transferring a balance over. Invest in $5,000 worth of upgrades for your home, for example, and you make pay $278 a month on that balance. At the end of the 18-month period, you're in the clear and you never paid a penny in interest.

If you have a balance of $6,000 on a higher interest card (or multiple cards), you can transfer that balance to the Citi Simplicity card within the first four months after you open it. You'll get 18 months to pay it off, which equates to about $334 a month. Compare that with keeping the balance on a card with an interest rate of 18 percent and paying $334 per statement. To clear out the balance, you'd need to pay that amount for 22 months, which means you'd end up paying $1,300 more to pay down the exact same balance.

You can begin to see how the Citi Simplicity card can save you a lot of money or help you get your debt paid down faster. In the case of a balance transfer, you can use the money you save in interest to pay down other debt, buy things you need or bulk up your savings account.

You will pay a balance transfer fee of 5 percent of the total balance transferred (or $5, whichever is greater). In our example, a $6,000 transfer would mean a $300 fee. That still allows a savings of around $1,000 in interest if you pay the balance off within 18 months — the math almost always works out in your favor if you can zero the account by month 18.

No Late Fees or Penalty Rates

Many credit cards hit you with hefty fees if you run a bit behind with a month's payment, and balance transfer cards often take a punishing attitude to late payments. Some of these cards have penalty APR — that means you lose your 0 percent and may start paying interest on all balances immediately if you miss the statement due date grace period by even one day. A personal emergency or a simple bookkeeping mistake could mean you suddenly lose all the benefits of paying down debt or financing a large purchase for free. But not with the Citi Simplicity card.

This card doesn't have late fees or penalty rates. And while you certainly do have to make regular payments, you can be late on one without losing all those wonderful benefits we detailed above.

And if that's not enough flexibility for you, you can even choose your due date. Select a time of the month that works with your budget: beginning, middle or end. You won't have to juggle the rent or mortgage at the same time your credit card statement comes due, and if things change, you can call customer service and move the statement date to something more appropriate. The card comes with a 24/7 personal service hotline, so you can always speak with a person about your account needs.

Even More Peace of Mind

The Citi Simplicity card is protected by Fraud Early Warning, so you'll get notification if suspect charges are billed to your account. You're also protected by a $0 liability policy, so if fraudulent charges do make it onto your statement, you won't be on the hook for covering them. Couple that with identity theft protection that helps you keep your account safe and recover quickly if an issue does occur, and you know you can swipe and shop with peace of mind.

Fees You Need to Know About

First, the good news. The Citi Simplicity card doesn't come with any annual fee. We prefer to see that in a card without any type of rewards structure — if you're trying to save on interest or get a handle on debt, you probably don't want a pesky annual fee clogging up your account.

The card does charge foreign transaction fees, which means every purchase you make outside of the United States (including in Mexico and Canada) will cost you an extra 3 percent. That's $3 additional for every $100 you spend. If you do a lot of traveling overseas, you'll probably want a second, more international friendly card in your wallet.

Overall, though, the Citi Simplicity card is a fabulous tool for managing credit card balances or financing a large purchase without every paying more than the purchase price.

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