Citi Simplicity Card Review

The Citi Simplicity Card boasts no late fees, penalty rates, or annual fees, making it a potentially attractive option for those seeking a card with minimal ongoing charges. It also offers enticing introductory offers for balance transfers (0% APR for 21 months) and new purchases (0% APR for 12 months). However, it’s crucial to remember that the introductory period is followed by an APR variable ranging from 19.24% to 29.99%(variable), depending on your creditworthiness.

Quick Highlights

• No late fees, penalty rates, or annual fees.
• 0% intro APR for 21 months on balance transfers and 12 months on purchases.
• Variable APR of 19.24% – 29.99% applies after the intro period.
• Balance transfers must be completed within 4 months of opening the account.
• Introductory balance transfer fee of $5 or 3% of the transfer amount (whichever is greater).
• You are secured from fraud protection with Citi Quick Lock.

Rewards and Features

Rewards

• The card offers no rewards 

Benefits

• $0 Liability on Unauthorized Charges: Citi protects you from fraudulent charges on your card, so you won’t be responsible for unauthorized purchases you didn’t make.
• Citi Quick Lock: Temporarily freeze your card if you lose it or suspect fraud, allowing you to reactivate it once you’ve confirmed its safety.

Rates And Fee

• Intro Purchase APR: 0% for 12 months on Purchases
• Regular APR: 19.24% – 29.99% (Variable)
• Intro Balance Transfers APR: 0% for 21 months on Balance Transfers
• APR for Cash Advances: 29.99%
• Annual Fee: No Annual Fee
• Minimum Interest Charge: If you are charged interest, the charge will be no less than 50 cents.
• Balance Transfer:  $5 or 3% of the amount of each transfer, whichever is greater, is the introductory fee for transfers made within 4 months of account opening.
• After that, your fee will be either $5 or 5% of the amount of each transfer, whichever is greater.
• Cash Advance: Either $10 or 5% of the amount of each cash advance, whichever is greater.
• Foreign Purchase Transaction Fee: 3% of each purchase transaction in U.S. dollars.
• Returned Payment: Up to $41
• (See rates and fee)

Is the Citi Simplicity Card right for you?

Here’s who might benefit from the Citi Simplicity Card

• Debt consolidators: The long intro period on balance transfers allows you to pay down existing debt without accruing interest for a significant period.
• Budget-conscious spenders: The no annual fee, no late fees, and no penalty APR structure keeps additional costs to a minimum.
• Those seeking simplicity: The card focuses on straightforward features without the bells and whistles of reward programs, making it easy to manage.

However, the Citi Simplicity Card may not be ideal for

• Rewards enthusiasts: The card doesn’t offer cashback, travel points, or other reward programs.
• Frequent travellers: Foreign transaction fees can increase for those who travel internationally often.
• Those who need comprehensive protection: Compared to some cards, the Citi Simplicity offers limited insurance and protection features.

The Citi Simplicity Card depends on your needs and priorities. Consider your spending habits, travel frequency, and desire for rewards programs before deciding. Remember to compare different credit card options to find the one best suits your unique financial situation.

To effectively use the Citi Simplicity Card

1. Strategize balance transfers: Move your high-interest debts to the card within the first 4 months to benefit from the 0% intro APR on balance transfers. However, calculate the balance transfer fees and compare them to the potential interest savings to ensure it’s financially beneficial.

2. Prioritize rapid debt repayment: Create a plan to pay off your transferred balance within the 21-month intro period to avoid accruing interest after that. Remember, the standard APR is variable and can be high.

3. Leverage the purchase intro APR: For larger purchases made within the first 12 months of account opening, you’ll enjoy 0% interest. However, ensure you can pay them off within this timeframe to avoid future interest charges.

4. Prioritize responsible spending: Only use the card for new purchases you can confidently pay off within 12 months, avoiding any potential accrual of interest.

5. Explore Citi Easy Deals (optional): Consider signing up for this program to potentially obtain discounts on specific purchases using your Citi Simplicity card

Citi Simplicity Card Application and Approval Process

Eligibility

• You must be at least 18 years old.
• You must have a valid Social Security number, be a U.S. citizen, be a permanent resident, or have a valid visa.
• You will need to meet Citi’s creditworthiness criteria, which includes a good credit score.

Application Methods

You can apply for the Citi Simplicity Credit Card in three ways.

1. Online: The most convenient and fastest method is to apply for a Citi Simplicity Card, which can be found on Citi’s website.
2. Phone: Call Citi’s consumer line at 1-800-347-4934.
3. Branch: Visit your nearest Citi branch and submit a paper application form.

Application Information Required

• Personal information (name, address, phone number, date of birth)
• Social Security number
• Employment information (employer name, income)
• Housing information (rent or mortgage payment)

Approval Process

Once you submit your application, Citi will review your information and credit score to determine your eligibility. This process typically takes 7-10 business days, although you may sometimes receive an instant decision.

• Instant Approval: If approved, you will receive immediate notification and can expect to receive your card within 7-10 business days.
• Further Review: If your application requires further review, Citi may contact you for additional information or verification. This can extend the approval process by several days or weeks.
• Denial: Citi will inform you of the reason if your application is denied. You can request a copy of your credit report to understand the factors that led to the denial.

Conclusion

The Citi Simplicity Credit Card offers a compelling combination of no annual fees, no late fees, and introductory 0% APR periods on both balance transfers and purchases. This makes it a potentially attractive option for individuals seeking to simplify their finances and save on interest charges, especially for existing high-interest credit card balances.

Whatcard recommended Credit Cards:

• The Business Platinum Card from American Express Review
• Credit One Bank® Platinum X5 Visa Review