For weeks now I've been seeing ads for the Citi Simplicity card and Discover IT Card all over (be it on the NYC subways, TV, magazines, etc.) which boast a couple of features but I'm very curious about the No Late Fee Penalty with the Simplicity.
Discover I know says they'll waive the fee once, but on the Citi Simplicity, they boast never charging a penalty APR or late payment fee. Out of curiosity I did some searching but I can't find any information on if Citibank is pretty much letting cardholders default on debt until it's convenient, or if they have some caveat in the fine print.
Off the top of my head I can guess a late payment will still ding a credit score (late fee or not) but that's just a guess.
If anyone can provide some insights on how this fee-waiver works, it would be great because I've been stumped for awhile.