The Citi Simplicity Card is currently ranked third among all credit cards. With a lengthy introductory , the Citi Simplicity credit card rates remain competitive. It comes without an annual fee or any additional late charges, which makes it one of the best options for smart cardholders looking for a low-cost way to pay off some existing debt. What's more, it gives cardholders an even spread across a number of interest rates, so they can choose the one that suits them the best. But can the Simplicity Card be effective for everyone?
Credit card experts say that the Simplicity Card can be good for those who make their payments on time and pay their balances in full each month. But in order to see an effective use of this card, you need to understand how the company determines your creditworthiness. To do this, look for the following fees: annual fee, balance transfer fee, and the CITI Simplicity Cash Advance fee. These fees may seem like a lot, but you'll also need to consider the big picture: if you're just paying the minimal annual fee, you might be able to justify the balance transfer fee.
On top of the annual fee, many people find balance transfers inconvenient because of the lengthy introductory aprs they have to pay. The Simplicity Card offers a zero percent introductory APR for up to twelve months after you open an account with the bank. This means that for just the cost of this introductory APR, you could save as much as four to five thousand dollars a year. For many, this is enough of a deal to sway them to stick with the bank. But the key to enjoying the full benefits of the Simplicity Card is to remember that it will eventually expire, and you'll have to pay the full amount once again – at a higher interest rate.
If you're tempted to carry a balance on your Simplicity Card, take a deep breath before doing so. This introductory period doesn't last very long, and it's rare to get an interest rate of zero percent for that long. You can transfer your balance transfers from your other cards to the Simplicity Card but only once during the introductory period. After the introductory period ends, you can't make any new purchases, and you'll have to pay full interest on all of your purchases during the full interest period.
Of course, the biggest incentive for most consumers is the ability to use their Simplicity Card overseas. With a variety of options including an extended warranty, travelers' insurance, and even direct deposit into your bank account, this is one card that you definitely want to consider for international travel. And since Simplicity Cards is also good at cash back for business purchases, you can enjoy the added benefit of getting paid to save money. If you make purchases overseas using your Simplicity Card, you can claim up to two percent cash back on those purchases when you file your income taxes at the end of the year. When you think about it, that kind of return could make your travel expenses actually go down!
While you're enjoying all the benefits of being able to use your Simplicity Card abroad, you'll also appreciate the protection that comes with a standard credit card. Your card offers protection against fraud and loss, and your monthly payments will help you avoid additional foreign transaction fees. You can choose to pay each month, or for as long as you're allowed, which could be good if you don't like the idea of paying balance transfers. For travel, the added security of a card that can help you avoid foreign transaction fees is well worth the price of acquiring it.
One of Simplicity Card's biggest advantages over most other credit cards is the fact that you can use it to consolidate debt, which you might not be able to do otherwise. All of your debts – those from credit cards, store cards, and other loans – can be consolidated into one payment using the Simplicity Card. Once you've paid off your debts, you can then start enjoying all the rewards that this type of card offers, including low interest rates and no annual fee.
Another great perk of simplicity cardholders is the ability to choose from an assortment of rewards credit cards. Rewards come in a variety of types, and it's important to understand how each type of reward works. For example, some cards offer cash backs for certain purchases you make, while others offer points toward the purchase of items and services. Still others give you the option of earning airline miles toward your future vacation destinations. It's important to read all of the terms and conditions of the different reward plans offered by Simplicity before you decide which ones to select. In the long run, choosing the right rewards credit cards to complement your lifestyle can help you enjoy greater financial security.
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