Citi Simplicity vs. Citi Double Cash
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There are two types of credit card users: those who sometimes incur interest charges and fees by carrying a balance or occasionally making a late payment; and those who avoid interest charges and fees by always paying their statement balance in full and on-time. In fact, the most recent surveys suggest that American credit card users are split roughly in half between these two groups.
Thankfully, the American credit card industry is intensely competitive, and is also split between these two types of cards. So most credit card issuers will offer products that meet the needs of both kinds of credit card users. Citi offers its Simplicity card for those who sometimes carry a balance, and might sometimes make a late payment, while it also features its Double Cash card for those who never pay interest and fees and want to earn rewards.
While the Double Cash card doesn’t offer the same interest-free financing terms as the Simplicity, it does feature 18 months of 0% APR on new purchases and balance transfers, with a balance transfer fee of 3%. After that, the standard interest rate will be 13.99% – 23.99% (Variable) depending on your creditworthiness when you applied. Like most reward credit cards, it does have a $35 late fee and a 29.99% penalty interest rate.
Choosing the Right Card for Your Needs
Citi Simplicity will be an easy choice for many applicants, as it offers the longest promotional financing period of any major credit card issuer. 21 months of interest free financing on balance transfers is a great deal for those who are struggling to pay off an existing debt, and the financing on new purchases can be very useful as well. These applicants will be especially comforted by the fact that they will never have to pay late fees or be hit with a penalty interest rate if they make a small mistake.
At the same time, those who always pay their balances in full and on-time will be overjoyed by the chance to earn 2% cash back on all of their purchases. They can do so with the Citi Double Cash card.
In an ideal world, we would always pay all of our credit card balances in full and on time, and use the Double Cash card. But since many of us do not live in that world, we are thankful to have the Citi Simplicity card as an excellent alternative.