Citi Simplicity® Card full review

Are you grappling with a high APR credit card balance? Transferring your debt to the Citi Simplicity® Card could be the solution that saves you hundreds of dollars. Let’s explore all the details you need to know about this remarkable balance transfer credit card.

If you require more than a year to pay off your revolving credit card debt, the Citi Simplicity® Card should be on your radar. It offers a 0% intro APR on balance transfers for an incredible 21 months from the date of the first transfer. Additionally, it provides a 0% intro APR on purchases starting from the date of account opening (after which, the variable APR ranges from 17.74% to 28.49%; note that balance transfers must be completed within four months of account opening).

Thanks to its lengthy 0% initial APR term, the Citi Simplicity® Card stands out as one of the best balance transfer credit cards. In this article, we will delve into how this card works and the benefits it offers. Keep reading to gain a comprehensive understanding.

If you are seeking a long-term balance transfer card or planning a significant purchase, the Citi Simplicity® Card could be the answer. Here’s a closer look at how it operates:

– It provides a 0% intro APR for 12 months on purchases made after account opening.

– For balance transfers, it offers a remarkable 0% intro APR for 21 months, starting from the date of the first transfer.

– On the downside, the variable APR, ranging from 17.74% to 28.49%, depends on your creditworthiness.

– There is an initial balance transfer fee of $5 or 3% of the transfer amount, whichever is greater, for transfers made within four months of account opening.

– After that, a balance transfer fee of $5 or 5% of each transfer’s value, whichever is higher, is charged.

In essence, the Citi Simplicity® Card does not offer any bonuses and serves a singular purpose: helping you avoid interest while managing your significant debts. If this aligns with your objectives, this card is tailor-made for you.

According to Experian, the average credit card balance reached $5,313 in 2020. If you are struggling to pay the typical 20% annual interest on your balance, a balance transfer can be a strategic move. The Citi Simplicity® Card takes this strategy to new heights, offering a remarkable 0% APR on balance transfers for 21 months starting from the date of your first transfer (with a transfer fee of $5 or 5%, whichever is greater). There is no specific time limit for repaying the principal, but you must complete all transactions within four months of opening an account.

Planning a significant purchase in the near future, such as upgrading your computer setup or replacing home appliances? The Citi Simplicity® Card has you covered. After opening an account, you can enjoy a 0% APR on purchases for a full year, enabling you to finance your purchase without the burden of interest payments. However, it is advisable to settle most, if not all, of the debt before the interest-free period expires. Once the introductory offer concludes, the usual APR will take effect, potentially increasing your remaining balance significantly.

Having a credit card with substantial promotional APR offers without any annual fees is a fantastic perk. The Citi Simplicity® Card goes even further by eliminating late fees regardless of when you make a payment. However, please note that after the initial 0% APR term, you will be charged interest on any outstanding balance. Furthermore, unlike certain cards, the Citi Simplicity® Card maintains the same APR even if you miss payments for 60 days or more, which would typically trigger a penalty rate.

If the Citi Simplicity® Card seems perfect for your debt management needs, follow our step-by-step guide on how to apply for this card.