Charles H. Miller
Ideally you should always pay your entire balance in full and on time. If you don’t do that, you will incur interest on the average daily balance of all of your charges. Moreover, if your payment is not made on time, you will be charged a late fee, and your card’s interest rate will be raised to the so called the penalty interest rate.
Enter the Citi Simplicity® Card – No Late Fees Ever which is designed to, at least temporarily, help cardholders avoid these problems. It offers new applicants 21 months of interest free financing on both new purchases and balance transfers, while excluding late fees and a penalty interest rate.
Highlights
- 21 billing cycles of 0% intro APR on purchases and balance transfers.
- No late fees or penalty rates.
- Shopping perks like Extended Warranty and Citi Price Rewind.
- No annual fee.
How It Works
0% Intro APR for the first 21 months: After that period, interest goes to the regular rate, ranging from 13.24% to 23.24%, depending on your creditworthiness.
No late fees or penalty rates: This is the main point of this card, to get you out of debt you made on other credit card(s).
Extended warranty: Citi will add an additional year to manufacturer’s warranties of five years or less, and you’re covered for up to $10,000 per year.
Citi Price Rewind: Citi will refund the difference in price of any purchase that is available if discovered within 30 days of the original purchase. The deal supports items that cost up to $300 per item, and up to $1200 per year.
Costs
- No Annual Fee
- 0% Intro APR for the first 21 months on purchases and balance transfers.
- Regular APR (after 21 months) of 13.24% – 23.24%
- 3% Balance Transfer Fee ($5 minimum)
- 3% Foreign Transaction Fee
Pros
- This is one of the cards with longest intro APR on the market. With 21 months of 0% interest, you can use Citi Simplicity® Card – No Late Fees Ever to pay off as much debt as possible.
- No late fees or penalty rates – no one likes those and all of us could use a break from time to time.
- No annual fee – meaning you won’t have to spend a single dime upfront in order to get this card.
- Neat shopping perks.
Cons
- No late fees or penalty rates along with 21 months of 0% APR could encourage financial irresponsibility. Remember that it is a good habit NOT to make late payments.
- Regular APR could be lower – something’s gotta give I guess.
Is This The Card For You?
We can all get ahead of ourselves and start spending more than we should. If you are in that group, a card with a 0% APR for the first 21 months could help you pay off your earlier debt. Also without late fees and penalty rates, you get to save hundreds of dollars in interest and other fees you would rather avoid.
I highly recommend this card to anyone who wants to return on the right track and change their credit habits for good.
