Citi Simplicity® vs ThankYou® Preferred
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(Note: the Citi ThankYou Preferred card is no longer available)
Citi is making a big push to capture a larger portion of the credit card market, and this is actually great news for consumers. As a result, credit card users are being offered more products with longer promotional financing periods, better rewards, and no annual fees. The Citi Simplicity® card offers low fees and amazing interest-free financing terms, while the Citi ThankYou® Preferred card has an impressive rewards program. Let’s take a look at these two credit cards, and then see which one is right for you.
The card is compatible with the new Apple Pay smartphone payment system. The standard interest rate is 16.24% - 26.24% (Variable), based on your creditworthiness, and there is no annual fee for this card.
In addition, cardholders receive double points on all dining and entertainment expenses, and one point per dollar spent on all other purchases. There is no limit to the number of points you can earn, and points never expire. New cardholders also receive 15 months of interest-free financing on both new purchases and balance transfers, with a 3% balance transfer fee. Then, the standard interest rate will be 15.49% - 25.49%* (Variable) , based on your creditworthiness. There is no annual fee for this card.
Which Card Should You Get?
Both cards are extremely competitive, but they are designed for two entirely different types of credit card user. The Simplicity card is for those who are struggling to pay off a balance, as it offers some of the best terms available for balance transfers. Simplicity is also a great choice for those who are tired of being punished by their credit card issuers for making an occasional mistake. It is one of the rare credit cards that has no late fees or penalty interest rate, so if your check arrives just a little late, you won’t have to worry about incurring costly late fees and interest hikes.
On the other hand, Citi’s ThankYou® Preferred is one of the leading reward credit cards offered with no annual fee. By offering double points on both dining and entertainment charges, this is a great card for those who go out frequently.
But as with any reward credit card, it is best used by those who pay each month’s statement balance in full and on-time. Otherwise, the interest charges you incur will be more than the value of any rewards you receive. So for those who never carry a balance, the ThankYou® Preferred is the clear choice, while those who occasionally need to extend payments should strongly consider the Simplicity card.