Citibank is claiming that its latest credit card offering is unlike anything else on the market at the moment, due to its lucrative offer of no late fees or penalties.

 
People carrying out Citibank credit card reviews could well be tempted by the new card, which boasts one single interest rate for purchases, balance transfers and cash advances – inspiring the name 'Simplicity'.
 
The chief executive of Citi Cards, Jud Linville, said that the Simplicity card was designed in response to the hectic nature of the modern lifestyle. He explained that it is being specifically targeted at people who have to juggle busy work and life schedules, and are digging into credit card reviews to find a card that comes with fewer fee and interest rate complexities.
 
“It lets them not have to worry that they’re going to be late on a payment,” said Linville. “It provides some flexibility.”
 
The card's lack of fees and simple rates really make it stand out in a crowd, as less than 5% of credit cards offer no late fees and only around 8% have just the single interest rate for purchases, balance transfers, penalty rate, and cash advances. Many consider it a no-brainer, but here are a few drawbacks we’ve uncovered before you jump in.
 
The trade off for the single interest rate for purchases, transfers and advances is that the rate – 16.99% APR – is somewhat higher than the average rate for the market, which last week stood at 14.4% APR. If, however, you are diligently paying off your balance off in full every month, then the rate won’t matter.

The card also lacks a rewards program that comes with many other credit cards, offering travel rewards, cash back and/or retail discounts. However, Citigroup argues that the single rate and the lack of fees is enough of a perk in itself to reward responsible customers.

This card may be exactly what you are looking for to take the stress out of using credit cards, and simplify your life just a bit.