Updated: November 22, 2024
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The Bank of America® Travel Rewards and the Citi Simplicity® Card offer good balance transfer options with no annual fees. The BofA Travel Rewards earns unlimited 1.5 points per $1 on all purchases.
However, if you need to pay down debt, consider the Citi Simplicity, which has a longer 0% intro APR for balance transfers and no late fees.
You might prefer the BofA Travel Rewards if you travel often and want to earn rewards on all purchases. It offers 1.5 points per dollar spent, no foreign transaction fees and 25,000 bonus points after meeting the initial spend requirement.
You might prefer the Citi Simplicity if you need to pay off debt without accruing interest with its longer 0% APR on balance transfers.
Comparing APRs, fees, credit requirements, rewards and other features helps you choose the card that best suits your needs. For example, the BofA Travel Rewards is the better card if you value travel points. If you need a longer balance transfer period, the Citi Simplicity is the right choice.
Regular APR: BofA Travel Rewards
The BofA Travel Rewards has a slightly better regular APR range, maxing at 29.24% compared to Citi Simplicity's 29.99%.
Annual Fee: Tie
The BofA Travel Rewards and the Citi Simplicity have no annual fee, which makes them great for reducing yearly costs.
Introductory 0% APRs: Citi Simplicity
The Citi Simplicity is better for balance transfers, with its 0% APR for 21 months, compared to the BofA Travel Rewards' 15 billing cycles. Both cards have a 3% balance transfer fee, but the Citi Simplicity's longer 0% APR makes it better for managing debt.
Rewards: BofA Travel Rewards
The BofA Travel Rewards offers unlimited 1.5 points per $1 on all purchases. Preferred Rewards® members earn 25% to 75% more points on every purchase. Points don’t expire as long as the account is open and are redeemable for travel, dining, statement credits or cash. The Citi Simplicity has no rewards program.
Welcome Offers: BofA Travel Rewards
The BofA Travel Rewards gives 25,000 bonus points after spending $1,000 in the first 90 days, worth a $250 statement credit toward travel. The Citi Simplicity doesn't offer any welcome bonuses.
Recommended Credit Score: Tie
Both the BofA Travel Rewards and the Citi Simplicity require a good to excellent credit score ranging from 670 to 850. Neither card has an advantage in this category.
Penalties and Fees: Citi Simplicity
The Citi Simplicity has no late fees or penalty APRs, while the BofA Travel Rewards charges up to $40 for late payments and up to 29.99% APR for penalties. However, the Citi Simplicity charges a 3% foreign transaction fee, whereas the BofA Travel Rewards doesn't.
Issuer Satisfaction: BofA Travel Rewards
Customers report higher satisfaction with Bank of America, the issuer of BofA Travel Rewards, rating it 4.5 compared to Citi’s 4.1.
Other Features and Perks: Tie
The BofA Travel Rewards provides flexible redemption options for travel and dining. The Citi Simplicity offers the Citi Quick Lock for enhanced card security.
MoneyGeek ranks credit cards based on various use cases, like balance transfers and travel rewards, to help you find the best fit for your financial needs.
The BofA Travel Rewards and Citi Simplicity cards score highest for balance transfers in this comparison. Key factors include the quality of the balance transfer offer and the terms of the 0% APR on purchases.
The BofA Travel Rewards allows cardholders to earn points on all purchases, redeem travel rewards and enjoy no foreign transaction fees.
The Citi Simplicity focuses on balance transfer instead of rewards.
The BofA Travel Rewards is the better option for traveling abroad, offering points for travel rewards and no foreign transaction fees.
The Citi Simplicity offers a 21-month 0% introductory APR on balance transfers, longer than BofA Travel Rewards' 15 billing cycles. For purchases, the BofA Travel Rewards provides a longer intro APR at 15 billing cycles, compared to Citi Simplicity's 12 months.
Both cards have no annual fee.
About Doug Milnes, CFA
Doug Milnes is a CFA charter holder with over 10 years of experience in corporate finance and the Head of Credit Cards at MoneyGeek. Formerly, he performed valuations for Duff and Phelps and financial planning and analysis for various companies. His analysis has been cited by U.S. News and World Report, The Hill, the Los Angeles Times, The New York Times and many other outlets.
Milnes holds a master’s degree in data science from Northwestern University. He geeks out on helping people feel on top of their credit card use, from managing debt to optimizing rewards.
