With one of the longest introductory interest free APRs in existence, the Citi Simplicity Card ranks high amongst introductory balance transfers offers. It offers no annual fee or charge APR, which makes it one of the best deals for cardholders looking for a way to quickly pay off some debt. However, there are a few catches, as we shall see below. Fortunately, these cards carry a fairly low total amount of interest that will be paid over the life of the loan. This means that you will end up paying less than you would on a traditional interest free credit card and the longer the term, the lower your payments will be.
One of the biggest advantages of the citi simplicity card is the benefits associated with the cash back option. Rewards can range from air miles to electronics or even cash back on all of your purchases. The key is figuring out which purchases you can earn rewards on and which ones you should wait until the rewards are earned. For example, you may be able to earn 5% cash back on gas purchases in the US but not elsewhere. That being said, you can also rack up points in any of the stores owned by CITI including their Canada stores.
Another perk of this introductory offer is the ability to instantly eliminate any existing balance you have. This is accomplished by making new purchases using the citi simplicity card. What is impressive about this benefit is that you do not have to repay the entire amount of your new purchase immediately. Instead, you will be required to refund a portion of the interest savings that CITI has provided on these new purchases. What is even more impressive is that the balance of your debt will be paid off much more quickly as long as you make your new purchases within the first sixty days of use.
This is probably the least heralded benefit of this CITI Simplicity Card. However, it has to offer something to someone seeking to reduce their debt and improve their credit rating. This is because CITI does not offer any form of grace period for payments. You are required to make payments on your purchases immediately. This means that if you have any balance transfers, fees, interests or other costs associated with that balance, you will have to pay them up before you can use the card again.
One of the biggest perks of this card is its lack of late fees. CITI does not charge any late fees on purchases. This means that you are not punished for making a late payment. Many banks that offer balance transfers and other incentives to charge extremely high penalty rates for late payments. This is not the case with the CITI Simplicity Card.
Another one-time offer that is available with the CITI Simplicity Card is a one-time offer that allows you to get a higher credit line at a reduced interest rate. This can save you a lot of money over the life of your loan. If you are able to repay your loan early you can even get an additional reduction in your interest rate. This all adds up to a very attractive package that many people find irresistible. This can save you a lot of money over the life of your loan and allow you to easily pay off your debt.
There are a few different types of incentives that you can earn with this card. First, if you use this card for business purchases you will earn a reward. These points are equivalent to cash back and can be used for air miles and additional discounts at many of the same merchants you would use if you were buying on a credit card. You can also earn rewards when you purchase certain CITI Simplicity Credit Cards from select retailers. These rewards are equal to cash back but you only earn them when you use your card to make these purchases.
The biggest incentive that this credit card offers is the ability to consolidate any existing debt that you may have. It allows you to take all your credit card debt and consolidate it into one manageable monthly payment. This helps you manage your debt so that you don't miss any payments. This gives you extra time to work on paying off your debt before your introductory balance transfer offer ends. The added benefit is that since you have consolidated your debt, you are eligible for lower interest rates on future purchases.