6:18 am July 25, 2011, by Henry Unger
Is this new credit card for you?
Citigroup on Monday plans to launch a credit card that combines a trio of perks — no late fees, no penalty rate and a single interest rate for purchases, balance transfers and cash advances, Associated Press reports.
The revamped Simplicity card will be marketed to those who are juggling busy schedules and want a credit card with simple terms, AP writes.
But — and there are always buts when you talk about credit cards — there are a few reasons to think twice, AP reports.
For example, the card’s 16.99 percent interest rate is higher than the average rate, AP writes.
The Simplicity card also doesn’t offer any rewards, AP writes. And you may not qualify for the card because of the relatively high credit scores required.
What do you think of this idea? Will you apply or not? Why or why not?
Should other card issuers adopt the idea?
- Henry Unger, The Biz Beat
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