- 0% intro rate on balance transfers for 21 months
- 0% intro rate on new purchases for 12 months
- No annual fee
- 5% (min $5) balance transfer fee
- High regular APR
- No rewards
Citi Simplicity Review Summary
The Citi Simplicity® Card is a very good 0% credit card for people with good credit. Citi Simplicity offers intro rates of 0% for 21 months on balance transfers and 0% for 12 months on new purchases, and it has a $0 annual fee. The interest-free period that the Simplicity Card provides for balance transfers is about eight months longer than average. That gives you plenty of time to pay off credit card debt without it getting more and more expensive along the way.
The downside is that Citi Simplicity charges a balance transfer fee of 5% (min $5). Plus, its regular APR is pretty high. Simplicity might still be the best balance transfer credit card for you. It all depends on how big your balance is and how much you can afford to pay per month.
You can find more details about what Citi Simplicity does and does not bring to the table below.
Transfer Fee: 5% (min $5)
- No Late Fees, No Penalty Rate, and No Annual Fee... Ever
- 0% Intro APR for 21 months on balance transfers from date of first transfer and 0% Intro APR for 12 months on purchases from date of account opening. After that the variable APR will be 16.24% - 26.24%, based on your creditworthiness. Balance transfers must be completed within 4 months of account opening.
- There is a balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater.
- The standard variable APR for Citi Flex Plan is 16.24% - 26.24%, based on your creditworthiness. Citi Flex Plan offers are made available at Citi's discretion.
- Stay protected with Citi® Quick Lock and $0 liability on unauthorized charges
- More Details & Reviews About Citi Simplicity® Card
Citi Simplicity Highlights
$0 Annual Fee
Having to pay an annual fee would at least partially defeat the purpose of using a 0% credit card. It would be like prepaying the interest you’d accrue under normal circumstances. So Citi Simplicity’s $0 annual fee is one of its most important features.
Not having to pay an annual fee allows you to keep your account open indefinitely, even if you don’t use your card beyond the 0% introductory period, which will benefit your credit standing by increasing the average age of the accounts listed on your credit report.
0% for 21 months Intro on Balance Transfers
If you want as long as possible to pay off a balance transfer without interest, Citi Simplicity is the answer. Its interest-free period dwarfs the 0% for 13 months offered by the average balance transfer credit card.
0% for 12 months Intro on New Purchases
This intro rate is about the same as the 12 months average offered for a 0% credit card. So it could help you save, but it’s not what makes Citi Simplicity elite.
Citi Simplicity Lowlights
Above-Average Regular APR
Everyone who gets approved for this card has at least good credit. However, everyone who gets approved will also be assigned a regular APR that is above the market average for good and excellent credit. It could be anywhere from 16.24% to 26.24% (V), depending on just how good your credit is. It seems that’s the tradeoff for such an extensive 0% term. It’s also why you should always use this card with an eye on the clock.
5% (min $5) Balance Transfer Fee
This is a cost that must be taken into account when contemplating such a transaction. In the context of the $8,590 owed by the average household with credit card debt, this fee would amount to about $430 in added debt to pay.
Paying that fee could make sense in certain situations, especially since Citi allows you to transfer most major types of consumer debt – including auto loan, mortgage and private student loan balances, according to WalletHub’s Balance Transfer Study. But it’s worse than nothing and must be factored into all calculations.
No Card Rewards
Rewards certainly shouldn’t be a high priority when you’re searching for a card to lighten your financing load, especially in the case of balance transfers. But the fact that Citi Simplicity® does not offer rewards of any kind might make new-purchase financing a bit less appealing, and definitely detracts from the card’s ongoing usability.
Other Things To Consider About Citi Simplicity
No Late Fees Or Penalty Rate
The average credit card has a maximum late fee of $33 and a penalty APR of 25.54%, according to WalletHub’s latest Credit Card Landscape Report. Not having to worry about such costs should provide some peace of mind, but it doesn’t mean that you should be any less vigilant about paying on time. Failing to make payments on schedule can lead to significant credit score damage, ultimately costing you a lot of money and serving as a major penalty in its own right.
3% Foreign Transaction Fee
Getting charged to spend money is always a bummer, and while you may not have any international travel planned, Simplicity’s 3% foreign transaction fee could enter the equation if you make a purchase from a merchant that is based abroad. It certainly isn’t the simplest policy for cardholders in a global economy, especially when other issuers – namely, Capital One and Discover – have eliminated foreign fees from their credit cards altogether.
Citi Simplicity vs. The Competition
Citi Simplicity® Card
BankAmericard® credit card
U.S. Bank Visa® Platinum Card
|Purchase Intro APR||0% for 12 months||0% for 18 billing cycles||0% for 20 billing cycles|
|Transfer Intro APR||0% for 21 months|
Transfer Fee: 5% (min $5)
|0% for 18 billing cycles for any balance transfers made in the first 60 days|
Transfer Fee: 3% (min $10)
|0% for 20 billing cycles|
Transfer Fee: 3% (min $5)
|Regular APR||16.24% - 26.24% (V)||13.74% - 23.74% Variable||15.99% - 25.99% (V)|
|Details, Rates & Fees||Learn More||Learn More||Learn More|
Rates & Fees