New credit card is designed to minimize the "problems".

NEW YORK (AP)--It is a credit card that grants three wishes.Citigroup Monday plans to launch a credit card that combines a trio of benefits - no late fees, no penalty rate and a single rate for purchases, balance transfers and cash advances.Map of revamped simplicity will be marketed to those who juggle busy schedules and want a credit card with simple terms, said jud linville, CEO of Citi Cards. "It allows them to not worry that they will be behind a payment." "It provides some flexibility", he said.But also attractive features of the map may appear, there are a few reasons to think twice before applying.One of the biggest drawbacks is the interest rate of 16.99% map. Which is greater than the average rate on the market of 14.40% last week, according to Bankrate.com, which ensures the follow-up of the financial data. So if you are quick with payments but tend to carry a balance, a low rate of interest is probably a higher priority that benefits offered by the new map of the map Citi.La the simplicity also does offer no reward, which can be a deal breaker for some. Or it may turn out you are eligible for the card. CITI has refused to specify what type of credit history is required. But CardHub.com, which allows consumers to research and compare card offers, the map of the simplicity of lists for those whose "excellent" score of 720 or higher.CITI, which has tested the card on the market in the weeks before its official launch is still betting that the combination of benefits will attract consumers. "The value is not have surprises,"said Linville. "In Exchange, you have an initial cost, transparent which is a little higher."Even on their own, the features offered by the map can be difficult to find. According to CardHub.com, less than 5 per cent of the maps load delay costs. Only 8% fresh advances to a single rate for purchases, balance transfers and money. Thirty per cent of the card charge a penalty interest rate, but the figure is skewed because affinity cards, such as those issued by universities, do not have the penalty rate.Customers who have the old version of the map of simplicity will automatically receive this new model. But card holders may call the customer service to see if they are eligible for a switch.The redesigned card comes at a time where transmitters are facing a new regulatory environment. A new federal agency to police financial products, the consumer financial Protection Bureau, officially opened its doors last week. The Agency said a priority will be easier to read credit card agreements.In addition, radical regulations which came into force last year have moderate of the questionable billing practices in the industry. For example, card issuers can hike is more than the interest rate on existing balances. They can increase rates of as much as they like to go forward, but are required to give customers 45 days notice. Costs of delay are also capped at $25 per violation.Linville note that map the simplicity was redesigned with the intention of these regulations in mind. This meant getting rid of the "Pitfalls" such as the late fees and penalty rates, he said.He also noted that the difficulty of the economy made consumers more aware of the terms of the map. Said Linville leading to an increased demand for the best products.