Consumer Payment Card News

Simplicity MasterCard

Citibank wants to untangle the hassles surrounding modern credit cards by waiving its $39 late fees and providing direct access to customer reps. The new “Citi Simplicity MasterCard” will not charge a late fee for cardholders who make a purchase or cash advance in each billing period. The card also offers points with purchases through the “Citi ThankYou Network.” Cardholders earn 5% cash back for purchases made at gas stations and drug stores, and offers 1% cash back on other purchases or eligible cash advances. Even though late fees are waived, cardholders should be aware that they may be subject to Citi’s punitive interest rate of prime plus 23.99% (currently 30.74%). Citi says the 30%+ rate is triggered if the cardholder fails to make a payment to Citi when due, exceeds the credit line or if a payment to Citi is not honored. Citi may also report delinquent cardholders to credit bureaus. For more information visit: “”:

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