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Citi's New Credit Card: Buy Now, Pay Whenever

The new account offers 18 months without interest--plenty of time to build up a substantial balance.
A Citibank branch in New York
A Citibank branch in New YorkPhotograph by Victor J. Blue/Bloomberg

Citigroup is offering surprisingly decent terms on a new credit card, dubbed “Simplicity.” Launched in late July, the Citi plastic promises no interest on purchases or balance transfers for 18 months, no annual fee, and no late fees “EVER” (all caps!).

The only catch is there is no rewards program and after the introductory period card users will face interest rates that aren’t appreciably lower than those on other cards—between 13 percent and 22 percent.