The Citi Simplicity card's introductory APR for money transfers is great. For 21 months, you can get 0% APR on balances you've moved. If you owe money on another card with a high-interest rate, this will save you a lot of money. It doesn't have an annual fee, penalty rates, or late fees, but each transfer costs $5 or 5%, whichever is higher. Since you can't earn rewards with this card, you should only use it as part of a plan to pay off debt. People who want a card that gives them the most rewards or cashback for what they spend should look elsewhere. So let us start Citi simplicity credit card review for better understanding.
Advantages of Citi Simplicity Credit Card
1. Balance transfers have a 0% opening APR for the first 21 months
According to Experian, the average credit card balance in 2020 was $5,330. If you have a lot of credit card debt and pay around 19.9% in annual interest on that balance, one solution is to do a balance transfer, which means moving your balance to a card with a low introductory APR. One of the best deals like this is on the Citi Simplicity card: APR of 0% for 21 months after the date of your first balance transfer.
2. APR of 0% on new purchases for the first year
This card is also a good choice if you want to put off paying interest for a while on big purchases like new appliances or a new computer setup. After opening an account, you can buy things with 0% APR for a year. This gives you more than a year to pay for something without worrying about interest charges.
3. There are no fines, yearly fees, or late fees
A card with an excellent introductory APR offer and no annual fee is a good deal. There are no late fees or yearly fees no matter whenever you pay, but you will still have to pay interest on the balance, at least after the initial 0% APR period.
Disadvantages of Citi Simplicity Credit Card
1. Fee for foreign transactions
The 3 percent foreign transaction fee on the Citi Simplicity card makes it less than ideal to use outside of the United States or when shopping online from foreign vendors. Usually, this fee costs that much, but not all credit cards have it. You might also want to bring another credit card with you, like the Capital One Venture One Rewards card, which doesn't charge a fee when used abroad.
2. No Points System
When you buy things with your credit card, many give you valuable rewards like points, cash back, or airline miles. The Citi Simplicity card doesn't contain this benefit. The things you buy don't give you anything in return.
3. No Special Deal
This Citi card doesn't include a one-time deal, so there's no reason to spend a certain amount of money after getting it. If you want a card with an excellent one-time offer, the Citi Rewards+ card is a good choice. You'll get 14,999 bonus points worth $149.9 if you open an account and spend $999 in the first three months.
Security Features
Automatic account alerts can be set if you have a Citi card. Once you set them up, the alerts aid you keep an eye on your personal account. Citi will tell you how much you owe and when your payments are due. They will also let you know if your credit limit is reached. If you have a Citi card, you can use Citi Identity Theft Solutions for your cards and accounts. The program can give you personalized help and support if someone steals your personal information, even if it was on a card from a different company.
Watch Out For Invisible Charges
There are no penalties, APRs, annual fees, or late fees on the Citi Simplicity card, making it a low-cost option. You should know that if you go abroad, the 3 percent foreign transaction fee could make your trip more expensive. There are also fees for payment transfers. This will charge you either $4 or 5% of the amount you are transferring, whichever is higher. Some cards don't charge a fee or charge a fee that is less than what the Simplicity card charges if you want to send a payment.
Conclusion
If you have credit card debt and need more time to pay it off without paying interest, the Citi Simplicity card is a good choice. Its offer could save you hundreds or even thousands of dollars in interest payments. But the Citi Simplicity card doesn't offer much once your debt is paid off. After that, you should think about getting a credit card with rewards, like the CFUC (Chase Freedom Unlimited Card). Like the Citi Simplicity card, the CFUC (Chase Freedom Unlimited Card) does not have an annual fee. But no matter how much you spend, you'll get 1.5 percent cash back on everything you buy.
