Citi Simplicity Review: 21 Months of 0% to Whittle Down Debt

The Citi Simplicity® Card can help you pay down debt or finance a large purchase, although it may not the best option for either.

Its standout feature is a lengthy 0% intro APR period for balance transfers. That could make it a good choice for tackling existing debt, but this card earns no rewards. Plus, the fee you’ll pay to transfer a balance onto the card will eat into the money you’ll save on interest.

Still, the Citi Simplicity® Card may be a fit for the chronically forgetful. If you miss a payment, there is no late fee or penalty APR. (NerdWallet recommends always paying on time, however, as late payments can still affect your credit scores.)

Citi Simplicity® Card: Benefits

Card type: Balance transfer.

Annual fee: $0.

APR: 0% Intro APR for 21 months on Balance Transfers and 12 months on Purchases, and then the ongoing APR of 19.24%-29.99% Variable APR.

Sign-up bonus: None.

Rewards: None.

Balance transfer fee: 3% of the amount of each transfer (minimum $5) for balance transfers completed within the first four months. After that it is 5% of the amount of each transfer (minimum $5).

Foreign transaction fee: 3% per transaction.

Other perks:

A long 0% intro APR period for balance transfers

The Citi Simplicity® Card offers a 0% Intro APR for 21 months on Balance Transfers and 12 months on Purchases, and then the ongoing APR of 19.24%-29.99% Variable APR. You'd be hard-pressed to find a card with a longer 0% into period on balance transfers.

No penalties for late payments

With this card, you'll never be charged a late fee, and your interest won't go up because of late payments. Yes, you should always strive to pay your bills on time every month, and yes, paying late is a terrible habit: Most accounts aren't as forgiving as this card, and your credit scores can still suffer if you pay too late. But sometimes you may forget or get overwhelmed; if you do, this card can save your bacon.

You can choose your due date

If money is tight, being able to pick exactly when your payment is due can help you avoid overdrafts.

No rewards or sign-up bonus

This card's value lies in its 0% introductory APR period and its forgiving nature. If you want rewards, look elsewhere.

Limited long-term value

Once the 0% intro APR period ends, there isn't much incentive to keep using this card. The ongoing APR range is about average and, again, the card offers no rewards.

Short 0% intro period on new purchases

Even though the Citi Simplicity® Card has a best-in-class 0% APR intro period on balance transfers, you'll only get a reprieve from interest on new purchases for a year. Other cards offer long 0% intro APR periods on both balance transfers and new purchases.

Citi Simplicity® Card: Alternatives

For rewards: Chase Freedom Flex℠

The Chase Freedom Flex℠ has a shorter intro APR on balance transfers: 0% intro APR on purchases and Balance Transfers for 15 months, and then the ongoing APR of 20.49%-29.24%, Variable APR. But in exchange, this card has a longer intro APR on new purchases, plus ongoing value long after the intro APR ends. You'll earn 5% cash back on rotating categories on up to $1,500 in purchases each quarter (requires activation), plus 3% back on dining and drugstore purchases and 5% back on travel purchased through Chase Ultimate Rewards®. All other purchases earn 1% back.

For a lengthy 0% intro APR period on new purchases: Wells Fargo Reflect® Card

The Citi Simplicity® Card is palatable if you need a long time to pay off existing debt or if you sometimes struggle to remember your bill's due date. It can save you money on interest and penalties. But as with most balance transfer cards, you’ll have to weigh the true cost to you, including the balance transfer fee.

And if you're looking for a card to help you finance a large expense upfront, you have plenty of similar options, including some cards that also offer rewards — and occasionally even a sign-up bonus.