Citibank’s Citi Simplicity Card: Now You Can Avoid Late Charges
Citibank just lately launched a brand new bank card that takes away an essential sting felt by many consumers: late fees. In an unusual transfer, the bank is now offering customers “everlasting forgiveness” for late payments and will no longer assess the customary $39 late charge when a fee arrives after the due date. Whereas the supply sounds great on surface, in case you dig a little deeper you will quickly learn that there are some issues concerning the new Citi Simplicity card that can cost you more cash within the long run. Let’s take a more in-depth have a look at what this credit card issuer is absolutely offering with its new card.
The Downside
Shopper advocates have long cried foul when it has come to bank card late charges and penalties. Not only would you be assessed a one time late payment ranging from $29 to $39 in case your payment arrived late, but your rate of interest could be permanently increased to the default fee, sometimes as high as 29% annually. This “double whammy” additional made it troublesome for you, the credit card holder, to ever pay down debt.
Citibank’s Solution
In a daring advertising and marketing transfer, Citibank – one of many largest issuers of bank cards on this planet – got here up with its Citi Simplicity card in response to criticism levied by shopper advocates on the trade and on the financial institution personally. The brand new card, with no annual price and no late charges, is designed for card holders who’ve been bitten by the late payment bug. Now not will you, as a card holder, have to worry if the verify you despatched off just before the payment due date arrived on time. With the Citi Simplicity card, a late arriving fee will be credited and no late charge assessed.
Taking a Closer Look
Inside Citibank’s supply are a few things that you must perceive before you make the switch:
1. A late payment is not going to be charged to your account, but your rate of interest could surge to the default rate. The default fee, in this case, will be as high as 29%! That’s bad information for you particularly if you had a fixed low rate previously.
2. You would additionally get a false sense of safety by incorrectly believing that paying late often doesn’t hurt you in another ways. As an illustration, consistently forwarded late payments can turn out to be a part of your credit score report, thereby negatively affecting your capacity to buy a automotive or a house down the highway at a positive interest rate. Important to notice, the next rate of interest can add hundreds of {dollars} to the acquisition of a brand new home.
3. Lastly, Citibank will waive the late charge provided that you promise to continue to use the card. That is bad information for you particularly in case you are trying to scale back your balance every month without having to purchase one thing new, which merely adds to your balance.
In all, the Citi Simplicity card has way more to it than what meets the eye. For some folks, the brand new card is a welcome change particularly if you are one who pays off his steadiness in full every month. In case you aren’t, the Citi Simplicity card might cost you way more in the long run. Must you fall into this second class, it might be higher for you to hold your current card or shop for a new card with different features and more favorable requirements.
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