July 25, 2011 11:49 AM Eastern Daylight Time
New Citi Simplicity® Card Designed for Consumers’ Desire for Transparency, Flexibility and Control
NEW YORK--(BUSINESS WIRE)--More than half of consumers have paid a bill late in their lifetime, according to the Citi Simplicity Survey. Forgetting a due date was the top cause of delay, and late fees were the primary concern stated by survey respondents who have paid a bill late. Responding to consumers’ desire for a simplified credit experience, Citi Cards is introducing the Citi Simplicity Card to U.S. consumers. The Citi Simplicity Card uniquely offers the combination of: a single rate across all purchases, balance transfers and cash advances, no late fees and no penalty rate.
“Every busy life needs a little simplicity – for the person paying household bills, managing multiple schedules and demands, we’re giving peace of mind through a simple and straightforward card that has a single rate and removes the stress of late fees and a penalty rate.”
The new Citi Simplicity Card is part of Citi’s commitment to delivering modern solutions – from high-tech branches, mobile banking applications, and a single point of contact for mortgage needs, to a credit card that recognizes managing your household finances can – and should be – simpler and easier. Designed based on direct feedback from clients on what they want and need in a credit card, the Citi Simplicity Card includes the following benefits:
- A Single Rate for All Borrowing and Spending. The Citi Simplicity Card offers a single rate for all purchases, cash advances and balance transfers.
- No Late Fees.
- No Penalty Rate.
- No Waiting for Live Help. With the Citi Simplicity Card, clients can quickly and easily reach a customer service professional right away.
- Flexibility and Control. Clients can customize their payment due date and set e-mail and text payment notification alerts based on their preferences and needs.
- No Annual Fee.
“Consumers’ desire for solutions that simplify is clear – and the Citi Simplicity Card is designed to make it easier for clients who are short on time, yet focused on responsible financial management,” said Jud Linville, CEO of Citi Cards. “Every busy life needs a little simplicity – for the person paying household bills, managing multiple schedules and demands, we’re giving peace of mind through a simple and straightforward card that has a single rate and removes the stress of late fees and a penalty rate.”
The Citi Simplicity Survey revealed that the most complex aspects of life for today’s busy consumers are: taking time for oneself (31 percent), managing finances (25 percent) and managing the household (21 percent). According to the survey, in the past year, 41 percent have paid a bill late, and one in five paid a credit card bill late. The majority of survey respondents (61 percent) who have ever paid a bill late said it was due to forgetting the payment due date. These time-pressed consumers also cited being too busy (17 percent) and on vacation (16 percent) as reasons for late payment.
To support clients in managing their credit cards responsibly, Citi Cards offers the flexibility to adjust the payment due date to better suit their needs as well as the option to enroll in Citi’s alerting services. These alerts send a reminder of upcoming payment due dates via email or a message to their mobile phone, so clients are well positioned to make payments on time.
With the Citi Simplicity Card, clients can rest assured they have a single rate for everything from purchases and balance transfers to cash advances, and they won’t have the complexity of late fees or a penalty rate. For more information regarding the Citi Simplicity Card, including benefits, terms and how to apply for the card, visit www.citisimplicity.com.To view a video of the Citi Simplicity Card, visit http://citi.us/ooIPUi.
Citi Simplicity Survey Methodology
The Citi Simplicity Survey was conducted from June 23 – 30, 2011 via telephone interviews among a nationally representative sample of 1,000 U.S. adults who have a major credit card. Results of the survey have a margin of error due to sampling of no more than plus-or-minus three percentage points at the 95 percent confidence level.
About Citi
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.citigroup.com.
