Citi Simplicity Card review: Pay off your debt with 21 months of no interest on balance transfers

Carrying a balance on a high-interest credit card can be costly. But moving the debt to a balance transfer credit card can help you save hundreds in the long run.

If you need more than a year to repay any revolving credit card debt, consider the Citi Simplicity® Card, which offers 0% intro APR for 21 months on balance transfers from the date of the first transfer and 0% intro APR for 12 months on purchases from the date of account opening (after that, a 18.74% – 29.49% variable APR applies; balance transfers must be completed within four months of account opening).

The Citi Simplicity® Card ranked on CNBC Select’s list of the best balance transfer credit cards because it has one of the longest 0% intro APR periods out there. Below, we break down Citi Simplicity®’s rewards, benefits and fees to help you decide if it’s the right card for you.

For new cardmembers, the Citi Simplicity Card stands out in part because it has one of the longest introductory periods for balance transfers at 0% intro APR for 21 months on balance transfers from the date of the first transfer (after that, a 18.74% – 29.49% variable APR applies).

New cardholders have four months to complete their balance transfer (longer than the typical 60 to 90 days). There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first four months of account opening. After that, your fee will be 5% of each transfer (minimum $5).

You can also benefit from no interest for 12 months on purchases from the date of account opening (after that, a 18.74% – 29.49% variable APR applies).

Unlike a rewards credit card, the Citi Simplicity doesn’t come with a ton of additional perks. Cardholders do have access to Citi Entertainment, which provides early access and special perks at music, theater, dining and sports events.

The Citi Simplicity Card doesn’t earn rewards of any type.

Not only does the Citi Simplicity® offer you a long time to pay off your debt, but there are never late fees if you miss a credit card payment (though we always recommend you pay your balance on time and in full). The card has no annual fees, but a 3% fee is charged on all foreign transactions.

Currently, you’ll pay an introductory balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).

The Wells Fargo Reflect® Card is very similar the Citi Simplicity. It offers the same 21 months of 0% intro APR, but this offer applies to both purchases and balance transfers (after that a variable 18.24%, 24.74% or 29.99% APR applies). The Wells Fargo Reflect Card has a higher balance transfer fee of 5% of each transfer with a $5 minimum (compared to the Citi Simplicity’s 3% intro balance transfer fee), but it offers a much longer intro-APR for purchases.

Neither card offers rewards or many other benefits, so if you need to finance a large purchase, the Reflect card is likely to be the better option.

Citi Simplicity® Card vs. Citi Double Cash® Card

The Citi Double Cash® Card is one of the top cash-back credit cards and it offers an amazing intro APR on balance transfers. Citi Double Cash Card holders get an unlimited 2% back on every purchase (1% when you buy and 1% when you pay). You can also take advantage of an intro 0% APR on balance transfers for 18 months, after that a variable 18.74% – 28.74% APR applies. There’s an intro balance transfer fee of 3% of each transfer ($5 minimum) for transfers you complete in the first four months. After that, the balance transfer fee increases to 5% of each transfer ($5 minimum).

While the Citi Double Cash doesn’t offer an intro APR on purchases and its balance transfer offer is three months shorter than what’s available with the Citi Simplicity, it earns rewards. Getting at least 2% cash back on all spending is an amazing return for all sorts of purchases. When you factor in the opportunity to earn cash back, the Double Cash will work out for some people in the long run.

If you’re working your way out of credit card debt, it’s hard to beat the Citi Simplicity. Its intro-APR offer for balance transfers is top-tier and it also provides an intro-APR timeframe for purchases. However, this card doesn’t offer rewards or any significant benefits outside of its no-interest offer. So once you’ve paid off your debt, you’ll want to start looking at more valuable rewards credit cards.

The Citi Simplicity® card offers exactly that: simplicity.

Its no penalty rate, no late fees and no annual fee allow you to focus on paying down your debt during the intro-APR period. New card members can get nearly two years to pay off debt, which can be helpful if you have a large balance or if your cash flow doesn’t allow you to pay off debt within the 6-, 12-, 15- or 18-month periods of other balance transfer cards.

On the other side, this card has no rewards or meaningful ongoing benefits. So a card that offers rewards and an intro-APR offer (even if it’s shorter) may be more valuable for some people.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every credit card review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of credit card products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

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