Citi Simplicity® Visa Card

Overall Rating

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Intro APR: 0% for 18 Months*
Regular APR: 12.99%-21.99% (Variable)*
Intro Balance Transfer: 0% for 18 Months*
Ongoing Balance Transfer: 12.99%-21.99% (Variable)*
Annual Fee: $0*
Credit Needed: Excellent

Highlights

  • Click "APPLY NOW" to apply online or call 800-340-7968
  • 0% Intro APR on Balance Transfers and Purchases for 18 months. After that, the variable APR will be 12.99% - 21.99% based on your creditworthiness.
  • There is a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater.
  • No late fees - EVER
  • No penalty rate - EVER
  • No annual fee - EVER
  • Save time when you call with fast, personal help, 24 hours a day.

Details from the CompareCards.com Editorial Team

From the CompareCards.com Editorial Team:

For those who like to keep it simple and free of penalties and unexpected rate hikes – while working to pay down balances on other cards – the Citi Simplicity credit card is simply the best game in town. Citibank does advertise its products on CompareCards. You get 0% for 18 months, followed by a variable interest rate of 12.99% to 21.99% that applies across the board to all purchases, cash advances, and balance transfers. The extra-long 0% intro rate applies to both balance transfers and purchases, which makes the Citi Simplicity card a great card to use for big purchases or to consolidate other credit card debt.

One of the most remarkable features of the card is that there are no late fees or penalty rates charged for late payments. You also get special coverage for lost luggage or trip cancellation and $0 liability on unauthorized purchases. It is no wonder that the Citi Simplicity has won rave reviews and is included in many consumer lists of “Top 10” credit cards.

Expert Reviews of the Citi Simplicity® Visa Card

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Introductory APR
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Benefits
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The Bottom Line

The Citi Simplicity Card keeps it simple, streamlining the terms of its cardholder agreement in a way that is probably simpler than any other credit card on the market. Plus there is a full 18 months of 0% APR, no annual fee, and no late penalties.

The Good

First of all, you get a fantastic 0% APR for a full 18 months, on both balance transfers and purchases, so that’s a generous incentive. In addition there is no annual fee, there are no late fees – plus a reasonable variable interest rate once the introductory period expires

The Not so Good

You’ll need excellent credit to qualify for the Citi Simplicity card, and there is no rewards program attached to it.

Editorial Note: This content is not provided by Citibank. Any opinions, analyses, reviews or recommendations expressed on this page are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by Citibank.

Overall Rating

3.2

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While your logic that the small fee to transfer a balance is minimal in comparison to potential savings in interest over the 18 month grace period is strong, your quick math was not. The formula you used added 12.99% to the principal every month. The 12.99% interest in an annual percentage rate, not a monthly percentage rate as you have shown. The APR for your hypothetical loan calculation would be 155.8% Most credit cards compound interest on a daily basis, which means you must take the APR and divide it by 365. For a 12.99% APR, the daily rate comes to 0.03559% (0.1299 ÷ 365 = 0.00035589). [Note the difference in zeros is due to one being represented as a %]. For a $3000 loan in which a 12.99%APR is compounded daily, the daily interest accrues at a rate of $1.07 per day, which comes to roughly $33.10 per month, or $397 per year. Since the card company charges you 3% to transfer a balance, you will pay a $90 service charge, which is a little less than 3 months worth of interest. This in effect makes the card completely free for 15 months, which is a savings of almost $500. Still quite a bargain, but a far cry from the $7000 per year you said...

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WHATS SO GREAT ABOUT THIS CARD? IF YOU HAVE AN EXCELLENT CREDIT RATING WHY SHOULD YOU BE PAYING 12.99 % & UP ON BALANCES IF THERE EVER IS ONE?

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The no late fees are bull they charge if you are one day late and call you continously. Give me a break.

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Citi is a decent company just beware that they will lower your avail credit at any sign of your credit score decreasing due to a dispute with another company. I used them exclusively for all my purchases until a problem with a Mobil gas card I had closed three years prior showed up on my report and suddenly my limit was lowered even though I paid it off every month. Issue was resolved with Mobil (their mistake) but I moved to Discover after that. Also to the reviewer calculating interest at 7k a year. The interest on 3,000 for a year (The A in APR is for annual)would be roughly 12.99% x 3000 or $389/yr (not month) or $32 a month or $582 over 18 Months assuming your balance stayed at 3k the whole time without paying it down. Given those conditions you will save a max of $582. Its still a good deal for $90 (3% fee on 3k) but people need to calculate this correctly in order to make an informed decision.

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