Citi Simplicity Card Review Pros and Cons

A Review of the Citi Simplicity Card with Pros and Cons

Thousands of Americans are looking for ways to pay off their debts faster. The Citi Simplicity card can be a great tool to help you pay down your debts. The Simplicity credit card also comes with several perks for its cardholders to take advantage of.

However, you may not know what you’re missing out on with the Citi card, and we’re here to help. With all of the credit cards currently available, choosing a new one can be difficult. We understand this, and our review of the Citibank credit card may help you narrow down your choices.

Review the Citi Simplicity Card.

Citi Simplicity Card Pros

1. Introductory APR

Citibank Simplicity has a very generous introductory APR offer. For the first 21 months, you have this card; the APR is 0%. This 0% APR applies to both balance transfers and purchases. So it allows you to pay down your debt without adding anything more on to your existing balances. This fact makes the Citi Simplicity card an excellent option for people who want to decrease their debt.

2. Flexible Due Date

Most credit cards set your due date, but not with the Citi credit card. This card gives you the freedom to choose your due date. This means if you have most bills at the beginning of the month, you can pay at the end. So if you get paid bi-weekly, you can schedule your payment date around that day. Whichever works best for you, the Citi Simplicity makes it easy.

3. No Penalty APR

The Citi Simplicity card has a variable APR, and the lender assigns you this rate after reviewing your credit score. The APR goes from 14.99% to 24.99%. Normally, if you miss a payment you’ll get a penalty APR, and this is typically 29.99%. However, the Simplicity credit card has no penalty APR. The APR you get when you apply is the one you’ll keep as long as you have an account.

4. No Late Fees

You’ll never pay a late fee with the Citi Simplicity card. It doesn’t matter if you forget to pay entirely or if you’re a few days late. This can go a long way when it comes to saving you money. The lender will report consecutive late payments to the credit bureau. So you shouldn’t make a habit of missing your payments or paying late.

5. No Annual Fee

Many credit cards charge their cardholders an annual fee. This can make it stressful to try and justify paying the annual fee year after year. The City Simplicity card has no annual fee. When you combine this with the long introductory APR offer, you have the potential for huge savings. You can use your card as much or as little as you want without worrying about an annual fee.

6. Citi Price Rewind

When you buy something with your Citi card, register it with Citibank online. Citi will monitor your items for 60 days and look for lower prices. If they find a lower price, you’ll get the difference in a refund up to $500 per item. This perk does have a cap of $2,500 per calendar year, but it’s an easy way to save. This can be very useful during the holidays or with stores who routinely do big-ticket sales.

7. Travel Rewards

If you travel and use your Citi Simplicity card, you’re entitled to travel rewards. You’ll get flight insurance, auto rental, roadside assistance, and travel assistance. So all you have to do to get these rewards is book your trip with the Citi Simplicity card. If you get lost or stranded, you’ll be able to get help when you need it.

8. Zero Liability

Most credit cards have protection against fraudulent charges, and the City Simplicity card is no different. So if someone uses your account without your authorization, you won’t be liable for the charges. The Citi Simplicity credit card lender will cover the fraudulent charges. This can also help to negate any damage to your credit score.

Citi Simplicity Card Cons

1. No Rewards

Although the Citi credit card has several perks, it isn’t a rewards card. You won’t get any bonuses or points for using your card. This can be a downside for people who want rewards when they use their card. The introductory offers are nice, but it’s hard to compete with a reward card.

2. Credit Score

The Citibank credit card requires applicants to have excellent credit. If your credit is less than perfect, you most likely won’t qualify for this card. If your credit is on the lower end of an excellent rating, you’ll pay for it with higher APR. These strict credit requirements can make it very hard for many people to obtain this card.

3. Foreign Transaction Fee

If you travel with your Simplicity credit card, be aware of the foreign transaction fee. You’ll have a 3% fee each time you use your card while traveling abroad. So if you travel and spend $5,000, you’ll have a foreign transaction fee of $150. The lender adds this fee to your balance each time you travel and use your Citi card.

4. Balance Transfer Fee

Every balance transfer you do with the Citibank credit card will get you a 3% fee. The minimum fee is $5, and it takes whichever one is more. So if you plan to transfer $8,000, you’ll end up with a $240 balance transfer fee. This fee will appear on your monthly statement in the month you make the balance transfer.

Citi Simplicity® Card – 0% Intro APR For 21 Months‎ Bottom Line

The Citi Simplicity card is a solid option for anyone who wants to pay down their debt. So the long introductory APR period and no late fees are a huge draw with this card. As long as you use it responsibly, you could save yourself hundreds in interest fees. Lastly, these small things add up to huge savings, and this makes the Citi Simplicity card a great choice.

Monica Kowollik

Director at CreditFast.com
Monica has covered credit card and personal finance news for over 15 years. From an early age, she developed an interest in financial literacy and saving money. Monica hopes to help others to improve their personal finances one article at a time.