No more being 'nickel and dimed' with Citi's new Simplicity Card
Fed up with those late fees, over-the-limit fees, rate hikes for late payments and all the other indignities that credit card issuers spend their time dreaming up?
Well, Citibank claim to have found the tonic to soothe consumers’ raw nerves in the form of their new Simplicity Card.
This card, reserved for customers with the highest credit ratings of above 720, does away with being nickel and dimed – an experience that many credit card holders are only too familiar with.
The Simplicity card comes with 0% introductory APR for 21 months from the date of account opening and does away with the ‘ticky-tack’ stuff.
There are no late fees or rate hikes if you miss a payment due date or go over your credit limit. The best clients, they reckon, will make things right in due course.
The interest rate is a couple points higher than the average, at 16.99%, but if you pay off your balance on time every month, you are not charged interest.
We will see whether other banks will emulate the Simplicity Card, but it certainly is an interesting concept that will find many takers.
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