Citi Simplicity® Card

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Madison Blancaflor @M_Blancaflor  in  Balance Transfer Advertising Disclosure
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Recommended Credit Score

Good to Excellent (670 - 850)

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Best 0% intro APR period for purchases

Annual Fee:
$0*
Purchase Intro APR:
0%* 12 months on Purchases*
Balance Transfer Intro APR:
0%* 21 months on Balance Transfers*
Regular APR:
16.24% - 26.24%* (Variable)
Terms and Restrictions Apply

Bankrate Rating

Commonly used for: 0% Introductory APR, Balance Transfer.

Score Breakdown

Bankrate Rating

Rewards
Annual Fee
Variable APR

The Citi Simplicity® Card presents one of the most competitive balance transfer offers on the market. While it’s not the right card if you’re looking for top-tier rewards, it can help you consolidate debt and get back on track financially.

Here are the details

This card’s claim to fame: it’s the only card with no late fees, no penalty APR and no annual fee. On top of that, the Citi Simplicity also offers the longest balance transfer intro period on the market.

When you transfer your balance within the first four months of account opening, you’ll have 21 months of zero percent APR to pay off your debt (after that, the APR is 16.24% – 26.24% variable). You’ll also have 12 months of zero percent APR on new purchases (regular APR applies after the intro period).

While you’ll have to pay a five percent balance transfer fee ($5 minimum), having a long window to pay off debt without interest will potentially save you thousands in interest payments.

Worthy addition to your wallet?

The Citi Simplicity is a great option for those who need a longer intro period for balance transfers, but you could save with a different card that charges a lower balance transfer fee. Other top balance transfer cards come with 12 to 18-month intro offer periods and lower fees, which might be more attractive if you can budget a higher monthly payment.

This card doesn’t offer rewards on purchases or a welcome bonus. While that might not make a difference for someone who’s just looking to consolidate debt, it could be a potential dealbreaker if you’re concerned with the long-term value of a credit card.

Many cash back credit cards also offer competitive balance transfer offers, so it’s worth comparing which type of card is right for your lifestyle.

Advantages
  • There's no annual fee.
  • The card has a 0% APR for 21 months on balance transfers; 16.24% - 26.24% variable after that.
  • You won't pay any late fees or be subject to a penalty APR if you are late.
  • The card has Citi’s price rewind feature which can help refund the price difference if you made a purchase that can be found for less elsewhere.
Disadvantages
  • There aren’t any rewards or bonuses with this card.
  • You'll pay a balance transfer fee of 5% or $5, whichever is greater.
  • There’s a 3% foreign transaction fee on purchases made outside of the United States.

How much could you save with this card?

Let’s say you have $4,200 in debt spread across multiple credit cards with an average APR of 17 percent. If you plan to pay off the card within the Citi Simplicity’s balance transfer offer period, here’s how much you could save if you roll the balance transfer fee into your overall debt:

Monthly payment Total interest charged Total payments
Without the Citi Simplicity $232 $685 $4,885
With the Citi Simplicity $210 $0 $4,410

You would save $475 over the course of 21 months if you consolidated your debt with the Citi Simplicity.

With other balance transfer credit cards, you could save a similar amount, but you would have to pay a much higher monthly payment. A card with a 12-month balance transfer offer and a three percent balance transfer fee, for example, would require a $ monthly payment in order for you to pay off your balance by the end of the intro period.

Fees and APR

  • There is no annual fee to own this card.
  • You’ll be charged no late fees and you won’t face a penalty APR if you make a late payment.
  • Citi charges a balance transfer fee of 5% or $5, whichever is greater.
  • You’ll pay a 3% foreign transaction fee for all purchases made outside of the United States.
  • After the introductory period ends, you’ll pay a variable 16.24% – 26.24% APR on purchases and balance transfers.

How to get the most value from this card

You’ll want to take advantage of the 21-month balance transfer offer, where you can save hundreds or even thousands of dollars. Once you have consolidated and paid down debt, it’s a good idea to start looking at other cards that offer a strong rewards structure.


Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including card rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the bank’s website for the most current information.