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Get out of debt with Citi Simplicity credit card - carefully

Tue Apr 11, 2006 01:04PM | By Tony

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City Simplicity can help you to get out of debt, or at least reduce it. Citi Simplicity is Citibank credit card that we wrote about in our Bad Credit Repair online magazine back in October when Citibank just announced this credit card. We didn't like it then but Citibank improved the Simplicity card to stay competitive with American Express Blue credit card and few others that are coming. It still falls short from American Express Blue in our opinion, and as with any 0% APR credit card, you have to watch out, but using wisely, it can help you to get out of debt. In the nutshell, here is the one of the best Citibank credit card offers:
- 0% APR on purchases and balance transfers until April 01, 2007, then APR is variable 10.24%
- no balance transfer fees
- no annual fee
- credit reports are available for card members
- late fees will be automatically waived as long as you use credit card for purchase or cash advance, it is important to stay under the credit limit to have this safety valve - balance transfers will not spare you from late fees

Now the dangers of Citibank Simplicity credit card:
- cash advance fee is 3% of the amount, $5 minimum; APR for cash advance is 22.49%
- over the credit limit fee is $35
- default APR is variable 31.49% - this APR can be increased automatically even if Citibank waives late fees - default is when you miss one minimum monthly payment or exceed your credit limit or your payment bounces back
- late fees if you don't use your card as noted above are $15 on balances up to $100, $29 on balances of $100 up to $1,000, and $39 on balances of $1,000 and over

You can apply for Citibank Simplicity credit card online or call at 800-986-2484.

So while Citibank Simplicity can help to get out of debt, you must exercise extreme caution.