The Citi Simplicity® Card is a straightforward credit card designed for those looking for a low-cost credit card experience.
This card is particularly appealing for individuals who want to avoid complicated rewards programs and fees.
It offers an introductory 0% APR for 18 months on purchases and balance transfers, which makes it ideal for people who want to make large purchases or transfer high-interest balances without accumulating interest charges during the introductory period.
After this period, the APR becomes a variable rate, which can vary based on creditworthiness.
In addition to its introductory APR offer, the Citi Simplicity® Card also provides cardholders with a no annual fee, making it a budget-friendly option for those who want to avoid costly card maintenance fees.
Its simplicity and lack of rewards make it a great choice for those who prefer a card without a lot of bells and whistles, but with reliable benefits.
Reasons to Choose the Citi Simplicity Card
Introductory 0% APR on Purchases and Balance Transfers:
One of the primary reasons to choose the Citi Simplicity® Card is its 18-month introductory 0% APR offer on purchases and balance transfers.
This means that for the first 18 months from account opening, you won’t pay any interest on your purchases or balance transfers, which is a fantastic way to save money and pay off existing credit card debt or large purchases over time.
No Annual Fee:
The Citi Simplicity® Card has no annual fee, which makes it a cost-effective option for individuals who don’t want to pay for the privilege of using a credit card.
This feature is particularly appealing for people who want a straightforward credit card without the added cost of an annual fee.
No Late Fee on First Late Payment:
The Citi Simplicity® Card is unique in that it offers no late fee on your first late payment.
Many other credit cards charge steep late payment fees, but this card provides some leniency, making it an excellent choice for individuals who occasionally need a little extra time to make a payment.
Access to Citi Entertainment:
Cardholders have access to Citi Entertainment, which provides exclusive access to presale tickets, VIP experiences, and more for concerts, sporting events, and other entertainment activities.
While this benefit is not as robust as rewards programs found on other cards, it still offers value to those who enjoy attending live events.
Simple and Easy-to-Use Card:
As the name suggests, the Citi Simplicity® Card is designed with simplicity in mind.
There are no complicated reward programs or rotating categories to keep track of, and no hidden fees to worry about.
It is a straightforward card that focuses on providing value through its introductory 0% APR offer and no annual fee.
Negative Factors of the Citi Simplicity® Card
No Rewards Program:
One of the biggest drawbacks of the Citi Simplicity® Card is that it does not offer a rewards program.
Unlike many other credit cards that provide cashback, points, or miles for purchases, the Citi Simplicity® Card focuses on simplicity and low-cost benefits.
If you’re looking for a card that offers rewards for spending, this may not be the best choice.
Variable APR After Introductory Period:
After the introductory 0% APR period, the Citi Simplicity® Card carries a variable APR, which can range from 16.24% to 26.24%, depending on your creditworthiness.
This rate is relatively high compared to other credit cards that offer low ongoing APRs, so it’s important to pay off your balance during the introductory period to avoid accruing interest charges.
Balance Transfer Fee:
While the Citi Simplicity® Card offers 0% APR on balance transfers, there is a balance transfer fee of 5% or $5, whichever is greater.
This fee could add up quickly, especially if you’re transferring a large balance. It’s important to factor in this cost when deciding whether a balance transfer is the best option for you.
No Sign-Up Bonus or Other Incentives:
Unlike many other credit cards, the Citi Simplicity® Card does not offer a sign-up bonus or any other incentives to encourage new cardholders.
If you’re looking for an immediate boost in rewards, this card won’t provide that extra incentive.
It’s focused more on providing long-term value with its introductory 0% APR and no annual fee.
Limited Additional Perks:
While the Citi Simplicity® Card offers some perks like access to Citi Entertainment and no late fees on the first late payment, it lacks many of the more robust benefits that other cards may provide, such as travel insurance, rental car insurance, or concierge services.
If you are looking for a card with premium perks, this card might fall short.
What Are the Requirements to Apply for the Citi Simplicity Card?
To apply for the Citi Simplicity® Card, you must meet certain eligibility criteria. Here are the primary requirements:
Credit Score:
Applicants should have a good to excellent credit score to be approved for the Citi Simplicity® Card.
A score of 700 or higher is typically required to qualify, although those with lower scores may still be considered if they have a strong financial history.
U.S. Residency:
You must be a U.S. citizen or legal resident to apply for the card. Citi requires that all applicants be residents of the United States and have a U.S. address.
Income and Employment Information:
You will need to provide your income details, including your employment status and annual income.
This helps Citi determine your ability to manage the credit line responsibly.
Age Requirement:
You must be at least 18 years old to apply for the Citi Simplicity® Card. Some states may require applicants to be at least 21 years old.
Social Security Number (SSN):
You will need to provide your Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) when applying.
This is necessary for identity verification and credit history assessment.
Debt-to-Income Ratio:
Citi will assess your debt-to-income ratio during the application process. A lower debt-to-income ratio increases your chances of approval.
Fees and Costs
The Citi Simplicity® Card has the following fees and costs:
- Annual Fee: $0
- Balance Transfer Fee: 5% of each balance transfer amount, or $5, whichever is greater
- Cash Advance Fee: The greater of $10 or 5% of the amount of each cash advance, whichever is greater
- Late Payment Fee: $0 on the first late payment, and up to $40 for subsequent late payments
- Returned Payment Fee: Up to $40
- Foreign Transaction Fee: 3% of each transaction in U.S. dollars for purchases made outside of the United States
- APR:
- Standard Purchase APR: 16.24% to 26.24% (Variable)
- Cash Advance APR: 26.24% (Variable)
- Penalty APR: Up to 29.99% (Variable)
Frequently Asked Questions
What is the introductory APR for the Citi Simplicity® Card?
The card offers a 0% introductory APR on purchases and balance transfers for the first 18 months.
Is there an annual fee for the Citi Simplicity® Card?
No, the Citi Simplicity® Card has no annual fee.
What is the balance transfer fee on the Citi Simplicity® Card?
The balance transfer fee is 5% of the transfer amount, or $5, whichever is greater.
Does the Citi Simplicity® Card offer rewards?
No, the Citi Simplicity® Card does not offer a rewards program.
It is designed for those who want to avoid complicated rewards and focus on low-cost benefits.
Can I apply for the Citi Simplicity® Card if I have less than perfect credit?
You can apply, but having a good to excellent credit score increases your chances of approval.
Conclusion
The Citi Simplicity® Card is an ideal choice for those who want to avoid annual fees and complicated rewards programs.
Its 18-month introductory 0% APR on purchases and balance transfers makes it a great option for those looking to save on interest charges while paying off existing debt or making large purchases.
However, the lack of a rewards program and the balance transfer fee might make it less appealing for those who want to earn rewards or transfer large balances without additional costs.
