What is the minimum credit score required for the Citi Simplicity Card?
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The Citi Simplicity® Card is a great choice for those looking to reduce credit card interest rates with its top-notch balance transfer intro APR. However, to enjoy these benefits, you must first be approved. Your credit score plays a significant role in determining your chances of getting approved.
The CNBC Select article outlines the minimum credit score needed to obtain the Citi Simplicity® Card.
Citi Simplicity Card details
After being approved for the Citi Simplicity® Card, you will receive a 0% intro APR on purchases and balance transfers. For 12 months, you will enjoy the intro APR on purchases from the date of account opening, and for 21 months, you will receive the intro APR on balance transfers completed within four months of account opening.
After the intro APR expires, a variable APR of 19.24% to 29.99% applies. There is a one-time intro balance transfer fee of 3% of the amount transferred ($5 minimum) within the first four months from account opening. The standard transfer fee is 5% of the amount transferred ($5 minimum).
Although the Simplicity Card doesn't offer rewards or a welcome bonus, the 0% intro APR can be highly beneficial. For instance, if you have an $8,000 credit card balance with a 20% APR and plan to pay it off over 21 months, you would end up paying approximately $1,547 in interest. However, by utilizing the Simplicity Card's balance transfer offer, you would pay a $240 transfer fee but still save over $1,300.
Credit score needed for the Citi Simplicity Card
To have the best approval odds for the Citi Simplicity® Card, you typically need a good to excellent credit score.
Several credit scoring models exist, but the FICO® Score is one of the most widely used. The FICO Score is divided into different categories.
- Very poor: 300 to 579
- Fair: 580 to 669
- Good: 670 to 739
- Very good: 740 to 799
- Excellent: 800 to 850
Your credit score is calculated using data from your credit report, and there are three major credit reporting agencies: Experian, Equifax, and TransUnion. Although each credit score is calculated differently, your FICO Score is determined by five factors: payment history (35%), amounts owed (30%), length of credit history (15%), new credit (10%), and credit mix (10%).
What to do if you aren't approved for the Citi Simplicity Card
If your Citi Simplicity Card application is denied, you could consider applying for a different credit card with an intro-APR offer. However, these cards may have similar credit score requirements, so the best course of action is to focus on improving your credit or consider applying for a credit card that's easier to get.
Improve your credit
Consistently paying your bills on time is the most sustainable way to improve your credit score, as your payment history is a significant factor in determining your credit score. Additionally, keeping your debt and credit card balances low and paying off your cards in full every month can also positively impact your credit score.
In the long run, developing good credit habits will increase your credit score, but there are also quick ways to improve it. Utilizing tools such as Experian Boost™ and eCredable Lift® can enhance your credit report by adding information like subscription services or utility payments.
Experian Boost is a free service that only affects your Experian credit report, reporting only positive activity and never negatively impacting your credit score. In contrast, eCredable Lift is a paid service that adds both positive and negative history to your TransUnion credit report, so it's important to be careful when using it to add accounts with late payments.
Alternative credit card to consider
The Citi Double Cash® Card is a cash-back credit card that typically only requires fair credit or higher. It earns at least 2% cash back on all purchases (1% when you buy and 1% when you pay) and has a generous intro-APR offer on balance transfers.
You will receive a 0% intro APR for 18 months on balance transfers completed within four months of opening a new account, but a variable 19.24% to 29.24% APR will apply after that period. An intro balance transfer fee of 3% of each transfer made in the first four months of account opening will be charged, with a minimum fee of $5, and the standard transfer fee is 5% of each transfer ($5 minimum).
Bottom line
The Citi Simplicity® Card is a great choice for individuals looking to transfer a credit card balance and reduce interest rates. However, eligibility for this card is limited to those with good to excellent credit scores (670+), meaning only those with strong credit profiles will be approved.
Why trust CNBC Select?
Our goal at CNBC Select is to deliver top-notch service journalism and in-depth consumer advice to our readers, enabling them to make well-informed decisions when it comes to their finances. Each credit card story we publish is the result of thorough reporting by our team of experienced writers and editors, who possess a wealth of knowledge about credit card products. At CNBC Select, we are committed to maintaining our journalistic standards and ethics, even when it comes to earning commissions from our affiliate partners on many offers and links.
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Not all payments are eligible for boosting credit scores, and some users may not see an improvement in their approval odds. Additionally, not all lenders use Experian credit files or scores that are impacted by Experian Boost™. For more information, please visit our website.
