Citi Simplicity® Card
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Citi Simplicity® Card: Details and benefits
If you have credit card debt to pay off, the Citi Simplicity® Card offers one of the longest zero percent APR periods on balance transfers available. You receive a 21-month zero percent APR on balance transfers made within the first four months of owning the card (14.74 percent — 24.74 percent variable APR after that) and you won’t owe an annual fee.
With the card’s exceptionally long low-interest offer comes with a balance transfer fee of $5 or 5 percent of the amount of each transfer, whichever is greater. Though the Citi Simplicity requires a higher fee compared to most other balance transfer cards, it doesn’t charge late payment fees or subject you to a penalty APR.
There’s no rewards structure, but if getting one of the longest possible debt payoff offers is important to you, the sacrifice may be worth it.
Is the Citi Simplicity® Card worth it for you?
The Citi Simplicity is a great option for those who need a longer introductory period for balance transfers, but the higher-than-average balance transfer fee may be enough to sway you in the direction of another card.
Considering the card doesn’t offer a rewards structure or welcome bonuses, it probably won’t offer much value after your balance is paid off. If earning rewards for your purchases is a top priority for you, a card like the Citi® Double Cash Card offers both an 18-month zero percent introductory APR on balance transfers (variable 13.99 percent — 23.99 percent) and the opportunity to earn 2 percent cash back on every purchase (1 percent as you buy and an additional 1 percent as you pay for your purchase).
If you’re forgetful or have a history of occasionally missing credit card payments, the Citi Simplicity’s lack of late fees or a penalty APR may make it a great option for you. You also have the option to choose your payment due date, which can be helpful for those who are more dependent on their paycheck schedule.
The card also serves as a tool to pay off large purchases with a 12-month zero percent introductory APR on new purchases (variable 14.74 percent — 24.74 percent after the fact), though we recommend you look for a card with a longer purchase APR offer if that’s your main priority.
Get the most value from the Citi Simplicity® Card
For a credit card without a rewards rate, welcome bonus or fancy perks, the Citi Simplicity offers several helpful protections and services.
The card comes with $0 liability protection on unauthorized charges made to your account, as well as Citi® Identity Theft Solutions. Further, you can rest easy your account is secure with automatic account alerts and 24/7 customer service for any questions related to your account.
Balance transfer example
Say you have $5,000 in credit card debt and transfer your balance to the Citi Simplicity. With the 21-month zero percent APR offer (14.74 percent — 24.74 percent variable APR thereafter), you’ll pay just over $238 a month for 21 months without owing additional fees in interest. You will, though, owe a 5 percent balance transfer fee of $250.
Though this fee is high, it may be significantly lower compared to the interest you’ll pay without the card. If you attempt to pay off your debt on a card with a variable 20 percent interest rate, according to Bankrate’s Credit Card Balance Transfer Calculator, by the end of 21 months you’ll have paid around $967 in interest.