One of the best balance-transfer offers on the market just got a little less attractive.
Citi has reduced the 0% introductory APR period on the Citi Simplicity® Card - No Late Fees Ever. The card now offers 0% on Purchases and Balance Transfers for 18 months, and then the ongoing APR of 15.74% - 25.74% Variable APR. That’s three months less than the card’s previous offer.
Don’t get us wrong: The Citi Simplicity® Card - No Late Fees Ever remains a forgiving card. It still charges no late fees or penalty interest rates, a helpful feature if you’re the forgetful type, as your APR won’t shoot up should you fall behind on payments (although we suggest not making that a habit, as it could still hurt your credit scores). And the card’s annual fee remains $0.
Still, the reduction in the promotional APR period means the Citi Simplicity® Card - No Late Fees Ever now has serious competition in the field of best cards for balance transfers — and one of them happens to be a sister card: the Citi® Diamond Preferred® Card – 21 Month Balance Transfer Offer, which offers 0% on Purchases for 12 months and 0% on Balance Transfers for 21 months, and then the ongoing APR of 14.74% - 24.74% Variable APR.
Note, however, that the Citi® Diamond Preferred® Card – 21 Month Balance Transfer Offer doesn’t have the same late-payment forgiveness features as the Citi Simplicity® Card - No Late Fees Ever, and also that its 0% intro APR offer on purchases isn’t as long. Also, both cards charge a balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater. On that count, too, you may find options that work better for you.
The Amex EveryDay® Credit Card from American Express, for example, has an annual fee of $0. It charges no balance transfer fee (but transfers must be made within the first 60 days of account opening). The card also has an intro APR of 0% on Purchases and Balance Transfers for 15 months, and then the ongoing APR of 14.74% - 25.74% Variable APR. Bonus: Unlike many cards with a great balance-transfer offer, this card offers rewards.
Of course, rewards aren’t your primary concern with balance transfer credit cards. Paying down debt is, and in that respect the Citi Simplicity® Card - No Late Fees Ever is still a worthy and merciful card. But it’s no longer an undisputed king, so make sure you explore your options.