The Citi Simplicity® Card is extra of an interest-fighting weapon than a bank card. It’s not for everybody. However if you’re battling high-interest debt, you will get loads of worth from this card.
If you happen to carry a big steadiness on excessive APR bank cards, the Citi Simplicity Card might prevent hundreds of {dollars} in the long term. Our evaluate will enable you to resolve if it’s a superb match on your pockets.
Citi Simplicity Card
Credit score rating wanted
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Stability switch intro apr
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TIME’s Take
The card_name has annual_fees annual payment, comes with a virtually unprecedented 0% intro APR supply for steadiness transfers, and waives issues like late and returned fee penalties.
Sadly, that’s the place the advantages finish. The cardboard doesn’t supply rewards and has no different ongoing perks price mentioning. For that cause, you need to solely take into account the card_name if it’s worthwhile to consolidate high-interest debt from one other card.
Execs and cons
Execs:
- Glorious intro APR supply for steadiness transfers
- No late fee penalties
Cons:
- No normal welcome bonus
- No rewards program
- Minimal ongoing advantages
Who’s the cardboard for?
The card_name is for anybody who’s struggling below the burden of excessive bank card curiosity prices every month. The cardboard provides 0% intro APR for 21 months on steadiness transfers and 12 months on new purchases. When the intro APR interval ends, the speed strikes to 19.24% to 29.99% Variable. Transferring debt from different excessive APR bank cards allows you to get a break from the curiosity prices you’ve incurred by carrying a steadiness month-to-month.
The credit score restrict you’re accepted for will rely in your creditworthiness, so it’s essential to have a “good” FICO credit score rating of a minimum of 670. And you may’t switch a steadiness larger than your credit score restrict. In different phrases, in case your credit score rating solely qualifies you for a $2,000 credit score restrict, it gained’t assist a lot if you’re paying curiosity on a $10,000 steadiness.
Options
Intro APR supply
The card_name’s greatest upside is its intro APR supply. You’ll obtain 0% APR (then 19.24% to 29.99%) on:
- Stability transfers for 21 months.
- Purchases for 12 months.
It’s one of the best steadiness switch supply within the enterprise, arms down.
No late charges
The card_name doesn’t cost a payment in the event you make a fee after your due date. Many playing cards cost penalties of as much as $41 for this.
No penalty APR
Most playing cards will cost a better rate of interest in the event you make a late fee or your fee is returned on account of inadequate funds. The card_name doesn’t do that. In case your fee is late, your APR stays unchanged.
The fantastic print
Annual payment
The card_name is a no-annual payment bank card, so that you gained’t pay to maintain this card in your pockets whether or not or not you’re utilizing it. You need to use the cardboard as a device to construct your size of credit score historical past and preserve a decrease credit score utilization even after you’ve moved on to higher playing cards.
APR
The card_name prices an everyday buy APR of reg_apr,reg_apr_type, primarily based in your creditworthiness. If you happen to by no means carry a steadiness in your bank card, this gained’t have an effect on you.
There’s a money advance APR of cash_advance_apr, which is able to start accruing as quickly as you’re taking out the money advance.
Stability switch charges
While you switch a steadiness to the card_name throughout the first 4 months from account opening, you’ll pay both $5 or 3% of the quantity you switch, whichever is larger. After that, you’ll pay between $5 or 5% of your transferred quantity, whichever is larger.
Different charges
Different normal bank card charges nonetheless apply to the card_name, together with:
- A overseas transaction payment of foreign_transaction_fee.
- A money advance payment of cash_advance_fee.
- A returned fee payment of $41.
What could possibly be improved
The card_name shouldn’t be a rewards bank card. You possibly can’t earn money again or factors if you spend, and there’s no welcome bonus. In different phrases, the cardboard loses most of its worth after you’ve used up the 0% intro APR supply. If Citi have been so as to add even a modest rewards program, the cardboard wouldn’t develop into out of date after a few years.
The card_name might additionally improve its intro APR for purchases from a modest 12 months. Loads of bank cards supply an identical or higher interest-free interval for purchases.
Card options
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Backside line
When you’ve got a superb credit score rating, quite a lot of high-APR debt, and need to keep away from as many ancillary charges as attainable, the card_name might prevent tons of (even hundreds) of {dollars} in curiosity funds.
Citi Simplicity Card
Stability switch intro apr
balance_transfer_intro_apr,balance_transfer_intro_duration
Common APR
reg_apr,reg_apr_type
Welcome supply
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Incessantly requested questions (FAQs)
Is the card_name onerous to get?
The card_name isn’t onerous to get. You must have a minimum of a superb credit score rating (670 or above) for one of the best probability at approval.
What sort of card is card_name?
The card_name is a 0% intro APR bank card, with an interesting steadiness switch supply.
How typically does card_name improve its credit score restrict?
You possibly can request a credit score restrict improve as soon as each six months. Citi will base its choice in your creditworthiness—approval shouldn’t be assured.
The data introduced right here is created independently from the TIME editorial workers. To study extra, see our About web page.