How can I get a Citi Simplicity cash advance?

Your Citi Simplicity Card approval odds are good if you have a credit score of 700+. That means you need good credit or better to have a shot at getting approved. Your approval odds for the Citi Simplicity Card will also be influenced by your annual income and existing debts.

Here’s more info about the Citi Simplicity Card approval odds:

• Higher odds with at least good credit: Check your credit score before-hand to see if you’re within the optimal range and avoid affecting your score with an uninformed hard inquiry.
• Check if you are pre-selected: To get a better sense of your approval odds before applying for a Citi Simplicity Card, you can check to see if you’re pre-qualified for any offers on the Citi Bank website. Pre-qualifying does not guarantee approval, but it does indicate that you have pretty good odds of getting approved for certain cards, and it won’t affect your credit score.
• Respond to a mail offer: If you’ve been lucky enough to have been pre-selected for a mail offer, you can respond to it on Citi’s website by providing your invitation code and last name. Pre-qualified offers don’t guarantee approval. But you have good chances of approval as long as nothing negative has been added to your credit report.
• Check your credit report: If you haven’t checked your report in a while, you should definitely do it before applying. So, you’ll be able to better assess the impact that the application will have on your credit score. You can get your credit report and check your score for free, right here on WalletHub.
• Update your financial profile: Citi looks at your credit report, plus your annual income and monthly housing payment. If you are currently registered for online access, you can update this info on Citi’s website. Otherwise, you can call Citi Customer Service at (800) 950-5114.

If you want to enhance your application by improving your credit score, WalletHub’s free credit analysis can tell you what steps to take.

To do a Citibank cash advance, you can either withdraw funds from an ATM or visit a local Citibank branch and ask the teller for a cash advance. For ATM transactions, you will need to request a 4-digit PIN from Citi customer service if you did not receive one after being approved for an account.… read full answer

It’s also worth noting that a Citibank credit card cash advance limit is different for everyone. You can view that information on your statement, online or by calling the number you see on the back of your card.

Here’s why you should avoid Citibank cash advances:

Cash advances are expensive, so it’s best to avoid them whenever possible. That’s true with all credit card companies, and Citibank is no exception. Citi’s cash advance fee is 5% (min $10). There may be additional bank fees if you withdraw cash from an ATM. There’s also a separate APR for cash advances. It’s typically higher than the card’s regular APR.

The Citibank cash advance APR can be as high as 26.74% (V), depending on the card and your creditworthiness. Cash advances accumulate daily interest from the time you make the transaction, with no grace period. New interest is added on top of any existing interest charges each day.

So, it’s best to pay off your Citibank cash advance as soon as you can, or better yet, just stay away from cash advances altogether.

The Citibank cash advance fee is 5% (min $10) per transaction, whichever is higher. A cash advance fee is a fee charged when using a Citibank credit card for cash withdrawals at an ATM, or in person at participating locations.

Bear in mind that when you do a cash advance, you will incur other costs in addition to the Citibank cash advance fee. There’s a separate cash advance APR that applies immediately after you complete the transaction. The ATM owner may also impose additional charges.… read full answer