If you have had trouble paying your credit card bill on time, you are not alone. According to a recently released survey from Citi, over half of Americans say they have paid a bill late in their lifetime, and, 88 percent of those have made a late payment in the past 12 months. And those are just the ones that are willing to admit to it! The reasons most often cited include forgetfulness (61 percent), lack of available funds (42 percent), and being busy with work and family obligations (39 percent).
And with most credit cards, customers will incur costly late fees and exorbitant ‘penalty’ interest rates. Fortunately, most banks will waive some late fees upon request, but it takes time. In fact, 57% of respondents in this survey have asked a credit card company to waive their late fee spent at least 10 minutes on the phone doing so.
Citi offers an alternative to paying late fees
Citi offers its Simplicity card to customers who never want to pay late fees or penalty interest rates again. This is one of the only cards on the market that guarantees no late fees or no penalty interest rates ever.
In addition, it also offers one of the leading promotional financing terms available. New cardholders receive 18 months of 0% APR financing on both new purchases and balance transfers. There is a 3% balance transfer fee, but there is no annual fee for this card.
Should you make a late payment?
Just because you can make a late payment without penalty, it doesn’t mean that you should. Cardholders still continue to accrue interest on their average daily balance, so it still makes more sense to pay early than it does to pay late. And besides, the last thing anyone should do is get in the habit of making late payments of any sort, as other products will charge a late payment fee.
Part of responsible personal finance management is setting up a system to pay all bills on time. However, no one is perfect and everyone will make a late payment at some point in their lives. By using a credit card like the Citi Simplicity, cardholders can eliminate the time and expense that normally occurs when a late payment happens.
You can learn more about this offer and apply online below.
- 0% Intro APR on Balance Transfers and Purchases for 18 months. After that, the variable APR will be 12.99% - 21.99% based on your creditworthiness.
- There is a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater.
- No late fees - Ever
- No penalty rate - Ever
- No annual fee - Ever
- Save time when you call with fast, personal help, 24 hours a day.
0%* for 18 months*
0%* for 18 months*
12.99% - 21.99% (Variable)*