Key takeaways
- The Citi Simplicity® Card and U.S. Financial institution Visa® Platinum Card each supply a powerful 0 % introductory APR of 21 months for steadiness transfers, making them good selections for many who are attempting to pay down their debt.
- Whereas the Citi Simplicity additionally provides a 0 % introductory APR for purchases, it solely lasts 12 months — a a lot shorter interval than the U.S. Financial institution Visa Platinum’s timeframe of 21 months for his or her purchases.
- Neither card will present a lot long-term worth after their intro APR durations ends since they do not supply rewards, however certainly one of them may however be a welcome addition to your pockets.
In relation to bank cards, you’ve gotten any variety of choices to select from, together with money again playing cards, journey playing cards and even playing cards constructed with particular credit score scores in thoughts, like playing cards for these with very bad credit. But when your purpose is to discover a no-frills steadiness switch card with a beneficiant introductory 0 % annual proportion charge (APR), the Citi Simplicity® Card* or the U.S. Financial institution Visa® Platinum Card* may very well be a great match to your pockets.
The principle profit of those steadiness switch bank cards is that they will let you pay down your present bank card debt whereas saving cash on curiosity and charges. However in the event you’re hoping to earn bank card rewards or a welcome bonus, you could want to think about different card choices.
That will help you get began, right here’s a have a look at how these playing cards, together with their advantages and credit score rating necessities, examine to one another, in addition to some recommendations on which card could also be greatest for you.
Important particulars
| Playing cards | Citi Simplicity Card | U.S. Financial institution Visa Platinum Card |
|---|---|---|
| Rewards charge | None | None |
| Welcome bonus | None | None |
| Intro APR on purchases | 0% intro APR for 12 months | 0% intro APR for 21 billing cycles |
| Intro APR on steadiness transfers | 0% intro APR for 21 months on steadiness transfers made inside the first 4 months | 0% intro APR for 21 billing cycles on steadiness transfers made inside the first 60 days |
| Common APR | 19.24 % to 29.99 variable | 18.74% to 29.74% variable |
| Stability switch charge | Intro charge of three% with a $5 minimal. After that, a 5% charge with a minimal $5 applies | 3% ($5 minimal) |
| Annual charge | $0 | $0 |
Citi Simplicity vs. U.S. Financial institution Visa Platinum Card highlights
Stability switch charge winner
Overseas transaction charge winner
Which card saves you extra?
Your financial savings will rely upon whether or not you’re utilizing this card for a purchase order or a steadiness switch, in addition to how briskly you may repay your debt. Right here’s a breakdown of how a lot you may pay each month to wipe out your debt with these components in thoughts.
Stability switch instance
Let’s say you’ve gotten $5,000 in excellent bank card debt that you simply transferred to your new card inside the first month of opening your account. When you switch that steadiness to both card, you’ll pay a $150 steadiness switch charge, bringing your complete steadiness to $5,150. Let’s additionally say that you simply obtained the common ongoing APR for each playing cards, so 24.24 % for the U.S. Financial institution Visa Platinum and 24.62 % for the Citi Simplicity. Right here’s a breakdown of how lengthy it’ll take you to repay every steadiness and what you’d spend on curiosity relying in your month-to-month funds:
| Month-to-month funds for each playing cards | Whole curiosity and time to repay steadiness for the Citi Simplicity | Whole curiosity and time to repay steadiness for the U.S. Financial institution Visa Platinum |
|---|---|---|
| $250 | Time to repay steadiness: 20 months
Whole curiosity: $0 |
Time to repay steadiness: 20 months
Whole curiosity: $0 |
| $205 | Time to repay steadiness: 25 months
Whole curiosity: $183.24 |
Time to repay steadiness: 25 months
Whole curiosity: $182.70 |
| $175 | Time to repay steadiness: 30 months
Whole curiosity: $280.10 |
Time to repay steadiness: 30 months
Whole curiosity: $227.87 |
When you paid off your steadiness switch inside 21 months, you’d pay no curiosity on both card. However in the event you had a decrease month-to-month cost and wanted additional time — say, 5 or 10 additional months — you’d begin to see the curiosity add up.
In complete, you’d spend much less on curiosity for the U.S. Financial institution Visa Platinum than you’ll on the Citi Simplicity in case your card had its common ongoing APR. Nevertheless, as a result of the common APRs of the 2 playing cards are so related, the distinction in financial savings is fairly small — 54 cents in the event you take 25 months to pay it off and $52.23 in the event you take 30 months to pay it off.
Buy intro supply instance
Issues change in the event you’re making an attempt to repay a purchase order. Let’s say you spent $3,000 on a brand new buy inside the first month of opening your card account. We’ll use the identical ongoing APRs of 24.24 % for the U.S. Financial institution Visa Platinum and 24.62 % for the Citi Simplicity on this instance. Right here’s how lengthy it’ll take and the way a lot you’ll pay in curiosity relying on how a lot you may pay to the cardboard every month:
| Month-to-month funds for each playing cards | Whole curiosity and time to repay steadiness for the Citi Simplicity | Whole curiosity and time to repay steadiness for the U.S. Financial institution Visa Platinum |
|---|---|---|
| $300 | Time to repay steadiness: 10 months
Whole curiosity: $0 |
Time to repay steadiness: 10 months
Whole curiosity: $0 |
| $200 | Time to repay steadiness: 16 months
Whole curiosity: $25 |
Time to repay steadiness: 15 months
Whole curiosity: $0 |
| $150 | Time to repay steadiness: 21 months
Whole curiosity: $124 |
Time to repay steadiness: 20 months
Whole curiosity: $0 |
As a result of the U.S. Financial institution Visa Platinum’s introductory APR interval is 21 months lengthy, you wouldn’t pay any curiosity as long as you paid every thing off inside that timeframe. With the Citi Simplicity, nevertheless, that very same timeframe will likely be extra expensive for you.
As a result of it solely provides an introductory APR interval of 12 months for purchases, you’ll must pay curiosity in the event you can’t afford a better month-to-month cost. When you can solely pay $200 a month, you’d pay it off in 16 months with $25 in curiosity, and in the event you might solely pay $150 a month, you’d pay it off in 21 months with a complete of $124 in curiosity.
So, when you’ve got a big buy on the horizon and have been hoping to make use of certainly one of these playing cards, you’d be higher off with the Visa Platinum except you’re positive you may pay your steadiness off fully inside 12 months.
Why must you get the Citi Simplicity?
The Citi Simplicity is price it in the event you’re seeking to pay down debt, because it provides one of many longest zero-interest durations accessible in the marketplace in the present day — however it’s not essentially the most effective match in the event you’re seeking to fund a big upcoming buy. Listed here are another causes to think about the cardboard:
Extra advantages
- Minimal charges: The Simplicity doesn’t cost late charges, and there’s no penalty APR. Nevertheless, you’ll have to pay overseas transaction charges and a steadiness switch charge, as famous above.
- Versatile cost due date: Citi permits cardholders to choose their cost due date. Select any date that works for you firstly, center or finish of the month.
- ID theft safety: The cardboard comes with an ID theft safety program supplied by Mastercard. You’ll be able to enroll without spending a dime and obtain alerts about any suspicious exercise in your account.
Beneficial credit score rating
Citi doesn’t publish a advisable credit score rating, however states that the APR is predicated on creditworthiness. Your approval odds will likely be greater when you’ve got a credit score rating of 670 and above, in any other case often known as a great credit score rating.
Why must you get the U.S. Financial institution Visa Platinum?
The U.S. Financial institution Visa Platinum Card is price it in the event you’re interested by each paying off a big buy and wiping out present bank card debt. Some further causes to decide on the cardboard embody the next:
Extra advantages
- Select your funds: U.S. Financial institution permits you to choose the cost date that works for you, although the high quality print states that some due dates will not be accessible.
- Cellphone safety: When you pay your month-to-month cellphone invoice with the Visa Platinum, you’ll obtain as much as $1,200 in annual protection for damages or theft.
- Credit score monitoring: U.S. Financial institution provides free credit score rating monitoring by way of its app or on-line banking.
Beneficial credit score rating
Much like the Citi Simplicity, your approval odds for the U.S. Financial institution Visa Platinum are larger when you’ve got a great FICO credit score rating or higher (670 and up).
The underside line
The Citi Simplicity and U.S. Financial institution Visa Platinum each include a handful of stand-out advantages, together with 0 % introductory APR durations and low charges. The U.S. Financial institution Visa Platinum, nevertheless, will likely be higher suited to massive purchases than the Citi Simplicity.
Earlier than you make the choice to use, make sure you learn by way of Bankrate’s checklist of the most effective steadiness switch bank cards and the most effective playing cards with 0 % intro APR provides to see if an alternative choice piques your curiosity — or higher fits your wants.
*The details about the Citi Simplicity® Card and U.S. Financial institution Visa® Platinum Card has been collected independently by Bankrate.com. The cardboard particulars haven’t been reviewed or accredited by the cardboard issuers.
Citi is an promoting accomplice.
