Learn how to apply for the Citi Simplicity® Card
Consider applying for this card if you aim to steer clear of high interest rates and settle your obligations.
A Comprehensive Guide to the Citi Simplicity® Card
If you are looking for a long-term balance transfer card or if you have a big purchase planned, the Citi Simplicity® Card may be the right choice for you. This card offers a 0% introductory APR for 12 months on both purchases made after account opening and balance transfers starting from the date of the first transfer.
Once the introductory period ends, the card’s variable APR will range from 17.74% to 28.49% depending on your creditworthiness. It’s important to note that there is an initial balance transfer fee of $5 or 3% of the transfer amount (whichever is higher) for transfers made within four months of account opening. After that, a fee of $5 or 5% of the total value of each transfer (whichever is higher) will be imposed.
The Citi Simplicity Card is a straightforward card with no annual fee. It is particularly useful for balance transfers during the promotional 0% APR period. However, if you are looking for a card with a rewards program, this may not be the best choice for you.
The relatively long introductory 0% APR period offered by the Citi Simplicity Card makes it an appealing option for individuals looking for a simple way to manage their debt. With this card, you can reduce the burden of accumulating debt and avoid getting stuck in a cycle of minimum payments and high interest fees.
Who is eligible for the Citi Simplicity® Card?
In order to apply for a Citi Simplicity Card, you must be within the bank’s established age range. The primary credit cardholder must be at least 18 years old. Anyone younger than this age range is not eligible to apply for a credit card from Citibank.
Additionally, applicants must provide documentation of a reliable source of income. This can be in the form of a salaried employment with an existing business or as a self-employed professional running your own enterprise. It’s important to note that this card is designed for individuals with good credit scores, so you will need a credit score of at least 700+ to have a chance of being approved.
How to apply for the Citi Simplicity® Card?
Applying for the Citi Simplicity Card is a simple and convenient process that can be done online. Just visit their website and click on the “Apply Now” button. You will be prompted to provide some personal information to verify your identity and creditworthiness. Once you have completed the application, all you have to do is wait for a response.
Is the Citi Simplicity® Card worth it?
If you are carrying debt on high-interest credit cards and want to lower your interest rate, the Citi Simplicity Card is definitely worth considering. With this card, you can pay off your credit card debt without accruing any further interest fees for a generous 21 months following the date of your first transfer.
Let’s consider a scenario where you have a $6,000 balance on a regular credit card. According to the Federal Reserve, the average assessed interest rate for credit cards in Q3 2021 was 17.13%. If you were to pay off this balance over a 12-month period at the average rate, you would end up paying a total of $6,576, including $571 in interest.
However, if you used the Citi Simplicity card to transfer the $6,000 balance, you would only incur a transfer fee of 5% of the balance, which amounts to $180. Compared to your old card, the balance transfer would save you a significant amount of money.
Citi Simplicity® Card vs Deserve® EDU Mastercard for Students
If you are a student or know someone who needs a card without an annual fee that can help establish credit, the Deserve® EDU Mastercard for Students is the better option. On the other hand, if you are looking to pay off debts or make a large purchase, the Citi Simplicity Card is more suitable.
Citi Simplicity® Card Benefits
- Zero late fees
- No penalty APR
- No annual fee
- Great introductory APR on purchases and balance transfers
Deserve® EDU Mastercard for Students Benefits
- No annual fee
- No foreign transaction fees
- Phone security features
- Does not require a Social Security number, making it possible for international students to apply
How to apply for the Deserve® EDU Mastercard for Students?
If you are interested in applying for the Deserve® EDU Mastercard, check out our article on how to apply for this card. It’s a great option for students and individuals looking to build credit without paying an annual fee.
