Author: Mike Anderson
The Citibank Simplicity credit card is quite possibly the best credit card out there for anyone carrying a balance on higher-rate credit cards, or simply trying to avoid interest charges in the near term. As its name implies, this credit card eliminates many of the hassles inherent in dealing with credit card balances, so you can breathe a bit easier while taking care of business.
This card offers a handful of features that are extremely rare outside of Citibank's stable, and there is no other card that we know of that offers the same combination of money-saving, stress-relieving perks. Here are four features that really set this card apart:
- 0% balance transfer APR for 18 months: The easiest way to save money on interest is to move your balances from cards with higher interest rates to one that charges no interest. With the Simplicity, you get nearly two years of breathing room, so even after the 3% transfer fee, this is a huge savings.
- 0% purchase APR for 18 months: Most balance transfer offers charge much higher rates on purchases, so they can still hit you with interest charges while you're milking the 0% interest promo on your transfer. With the Simplicity, however, you avoid paying interest on anything during the promo period, making it that much easier to pay all your cards off and move on.
- No Late Fees: Too many bank credit cards will try to charge the maximum legal late fee ($35) for even the slightest oversight, and only credit union cards ever seem waive these fees or charge less than the maximum. The Simplicity, however, has managed to do away with this practice, so if you slip up on one of your payments, you own't get hit with a damaging fee.
- No Penalty APRs: The only thing that might hurt worse than a $35 late fee is the sky-high APR that most banks will start charging you on purchases in the event that you miss a payment. Most of the time, these rates are as high as 29.99%, and they can charge them indefinitely, which is quite a high price to pay. Citibank is also doing away with this practice and promising not to penalize late payments, which is more akin to a consumer-friendly credit union card than your typical big scary bank.