I’m always suspicious when one of my credit card companies just up and changes my card program. A few years ago I signed up for a MasterCard and then switched it to a Visa since I was going to be living in Europe and wanted to have one of each. Three years laster they switch it back to a MasterCard because then are phasing out Visa. Now my Citibank Platinum Select (which started out about 10 years ago as a regular old student, basic MasterCard) is being changed to a “Simplicity” card. Looking thorough the 8 panel sheet (see picture) there were a few things that were an improvement, but I would not call it simpler.
Simple?
The little booklet that came with the card has “Simplicity” in a nice sans-serif font printed in large letters on the front. They you open it up inside to read of the “3 simple reasons to use your new card”: “No late fees. We’ll waive late fees as long as you’ve made a purchase or cash advance in the same billing period that the payment is due (Balance transfers do not quality.) See the back for more about late fee waivers.” I think I understand but… Uhh? So you look on the back to read “About late fee waivers: While we know that things may get in the way of paying on time, we recognize your desire to build and maintain a good credit history. So, please know that your APRs may increase if your payment is late and late payments may negatively affect both your credit history and account terms.”
So you don’t charge me $30 for being late with my payment, but you’re still going to screw me over with an increased interest rate. Thanks, I think. Still don’t see how this is simpler.
