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BankAmericard Credit Card vs. Citi Simplicity

Oct. 11, 2018
Balance Transfer Credit Cards, Credit Cards
bankamericard-credit-card-vs-citi-simplicity
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The BankAmericard® credit card and the Citi Simplicity® Card - No Late Fees Ever can both work as get-out-of-debt tools. They can provide breathing room from crushing finance charges and offer relatively low ongoing interest rates after their promotional periods end. There are key differences between them, though, which makes each one better for a different type of user.

What’s the same for both

Interest rate

  • BankAmericard® credit card: 0% on Purchases for 18 billing cycles and 0% on Balance Transfers for 18 billing cycles for balance transfers made in the first 60 days, and then the ongoing APR of 14.99% - 24.99% Variable APR.
  • Citi Simplicity® Card - No Late Fees Ever: 0% on Purchases for 12 months and 0% on Balance Transfers for 21 months, and then the ongoing APR of 15.99% - 25.99% Variable APR.

Which is better?

The BankAmericard® credit card offers the potential for a slightly lower ongoing interest rate, but Citi gives you four months to transfer balances and still claim the 0% intro APR. With the BankAmericard® credit card, you have only 60 days. If your primary concern is paying off debt without interest, the edge goes to the Citi Simplicity® Card - No Late Fees Ever.

Balance transfer fee

  • BankAmericard® credit card: Either $10 or 3% of the amount of each transaction, whichever is greater. However, as of this writing, Bank of America® was offering a $0 introductory fee for balance transfers made in the first 60 days. That offer was available only on the bank’s own website, not through any other source.
  • Citi Simplicity® Card - No Late Fees Ever: 5% of each balance transfer; $5 minimum.

Which is better?

If you can get a $0 transfer fee, hop on it. But even without such an offer, the BankAmericard® credit card will have a lower fee for any transfer amount over $200.

Late payment policies

  • BankAmericard® credit card: The issuer won’t raise your interest rate if you pay late, which is especially important if you have a 0% intro APR in place. However, the card charges late fees, which can cost you up to $38.
  • Citi Simplicity® Card - No Late Fees Ever: As its promotional name makes clear, this card doesn’t charge late fees. It also doesn’t impose a penalty interest rate for paying late.

WHICH IS BETTER?

If you’re the absent-minded type, the Citi Simplicity® Card - No Late Fees Ever can save you real money. Even so, paying late is a bad habit to develop, and it could hurt your credit scores if you’re more than 30 days late.

Which should you get?

  • If you want a 0% intro period primarily for purchases: The Citi Simplicity® Card - No Late Fees Ever gives you more time to lock in the 0% introductory rate.
  • If you want to transfer a balance: You’ll have to weigh the lower fee on the BankAmericard® credit card against the longer 0% intro period on the Citi Simplicity® Card - No Late Fees Ever. If you’re confident you can pay off your transferred debt in less than 15 months, then the BankAmericard® credit card is the easy choice. Otherwise, use the calculator below to estimate your costs with both cards.

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