Disclosure – Citi is an promoting companion of MoneyUnder30.
Bank cards providing each 0% APR on purchases and steadiness transfers, plus no annual price aren’t usually identified for his or her beneficiant money again rewards. That’s just because most bank card corporations see the power to save lots of on curiosity funds as rewarding sufficient.
Citi has by no means taken this view, as showcased by their distinctive and rewarding new Citi Customized Money℠ Card. With the Citi Customized Money℠ Card you’ll get a 0% APR on purchases and steadiness transfers, a $200 welcome bonus after spending $750 inside three months of account opening, and a whopping 5% money again in your high spending class every billing cycle.
To high issues off, you’ll get limitless 1% money again on all the pieces else, making the Citi Customized Money℠ Card a extremely compelling selection for anybody who needs to earn hefty money again rewards with out accumulating curiosity on outdated or new debt.
Key details/overview
- Finest for – Stability transfers and money again.
- Intro provide/signup bonus – Earn $200 money again (20,000 ThankYou® Factors) after spending $750 inside your first three months of account opening.
- Money again – 5% money again on as much as $500 value of purchases in your high spending class (journey, groceries, and so on.) every billing cycle (28-33 days), plus limitless 1% money again on all different purchases.
- Intro APR – 0% for 15 months on purchases and 0% for 15 months on steadiness transfers (steadiness transfers should be initiated inside 4 months of account opening).
- Common APR – 13.99% – 23.99% (Variable) APR.
- Different distinctive options – Digital Wallets, Citi® Fast Lock, Citi Leisure®.
In-depth evaluation of the Citi Customized Money℠ Card
Let’s break down what makes the Citi Customized Money℠ Card so distinctive and compelling, beginning with its intelligent tackle the normal 5% rewards construction.
Rewards
Ever for the reason that first “rewards card” emerged in 1986, bank card corporations have been locked in an arms race to supply one of the best money again rewards. 35 years later, the present “superpowers” are providing clients a whopping 5% money again – however solely in sure, predetermined classes.
This caveat is the place Citi noticed a aggressive benefit, swooping in with the subsequent evolution of bank card rewards.
5% within the class you spend in most
With the Citi Customized Money℠ Card, you now get 5% money again in no matter class you’re spending probably the most in. No extra having to “activate” your subsequent three months of rewards, or worse, discovering the brand new 5% classes are in belongings you by no means spend cash in (Gasoline? I drive a Tesla!).
The Citi Customized Money℠ Card merely calculates what you already spent probably the most cash within the final billing cycle (28 to 33 days) and provides you 5% money again in that.
There are limits to this money again
There are caveats to this new system – you’ll be able to solely earn 5% money again on as much as $500 value of spending every billing cycle (amounting to $25 or roughly $300 yearly), and it’s value stating that your 5% rewards are solely coming from one class. Your spendiest class, granted, however only one nonetheless.
Along with that 5% money again construction, you’ll additionally get limitless 1% money again on all different purchases, which is a pleasant contact that would find yourself equally as rewarding as your 5%.
Bonuses
The Citi Customized Money℠ Card provides a pleasant welcome bonus: $200 as quickly as you spend $750 inside the first three months of account opening (observe: you’ll qualify for the bonus provide solely in case you have not acquired a bonus provide for opening a brand new Citi Customized Money℠ Card prior to now 48 months).
Your bonus will come within the type of ThankYou® Factors, that are redeemable at ThankYou.com (nonetheless impressed they bought that area). Anyhow, one caveat to ThankYou® Factors that you need to find out about is that they’re solely redeemable for money in multiples of $25.
In case you’re the kind of one who cashes out your bonus factors continually and even components them into your month-to-month funds, it’s possible you’ll discover these redemption limitations irritating.
APR
Right here’s a fast breakdown of the Citi Customized Money℠ Card’s beneficiant APR construction:
- APR for purchases – 0% for 15 months on purchases from date of account opening. After that, your APR shall be 13.99% – 23.99% (Variable), primarily based in your creditworthiness.
- APR for steadiness transfers – 0% for 15 months on steadiness transfers from date of first switch when transfers are accomplished inside 4 months from date of account opening. After that, your APR shall be 13.99% – 23.99% (Variable), primarily based in your creditworthiness.
0% APR on each outdated and new purchases isn’t frequent amongst rewards bank cards, particularly amongst these with rewards this excessive.
It’s a bit disappointing that Citi costs such a excessive price for steadiness transfers with the Citi Customized Money℠ Card. The price is the higher of $5 or 5%, so principally 5%. That’s 2% greater than most different steadiness switch playing cards and even Citi’s different steadiness switch playing cards.
Granted, your welcome bonus will greater than cowl it, however the Citi Customized Money℠ Card’s excessive steadiness switch price continues to be value maintaining in thoughts.
Annual price
The Citi Customized Money℠ Card costs no annual price. This places it in keeping with related, competing playing cards.
Different charges
You’ll be able to view the Citi Customized Money℠ Card’s newest price construction within the Phrases & Situations listed beneath Charges, however right here’s a breakdown of the necessities:
- Annual price: $0.
- Transaction charges:
- Stability Switch: Both $5 or 5% of the quantity of every switch, whichever is larger.
- Money Advance: Both $10 or 5% of the quantity of every money advance, whichever is larger.
- International Buy Transaction: 3% of every buy transaction in U.S. {dollars}.
- Penalty Charges:
- Late Cost: As much as $40.
- Returned Cost: As much as $40.
All in all, there aren’t actually any hidden “gotchas” within the Citi Customized Money℠ Card’s price construction. The one two instances I raised my eyebrow have been on the steadiness switch price, which I’ve already lined, and the three% overseas transaction price.
The overseas transaction price serves as a mild reminder that the Citi Customized Money℠ Card isn’t an awesome journey rewards card. Positive, you’ll be able to stand up to five% money again on travel-related bills every billing cycle, however the rewards cap out at $500 value of spending – so that you gained’t get $100 again in your $2,000 cruise reserving, simply $25. Plus, not like most devoted journey rewards playing cards, the Citi Customized Money℠ Card doesn’t embrace journey insurance coverage, nor its factors carry a price multiplier when redeemed for journey.
So whereas it may well’t precisely compete amongst true journey playing cards, it’s nonetheless a severe contender amongst basic rewards bank cards – particularly these providing 0% APR.
Different distinctive advantages
The Citi Customized Money℠ Card consists of three different perks value mentioning.
- Digital Wallets – Citi’s Digital Wallets allow you to securely retailer your cost data so you’ll be able to pace by means of checkout with tens of millions of on-line retailers.
- Citi® Fast Lock – Citi® Fast Lock will immediately block all new costs in your Citi Customized Money℠ Card with out blocking recurring costs, so that you gained’t have to fret about suspending your Netflix account.
- Citi Leisure® – Citi Leisure® provides you and different Citi cardholders unique entry to stay occasion ticket presales and particular experiences.
How a lot are you able to earn with the Citi Customized Money℠ Card?
The Citi Customized Money℠ Card has the power to generate some severe money again rewards – if you employ it proper.
As an instance its potential, let’s have a look at two situations. The primary shall be somebody a bit extra budget-minded, making an attempt to maintain their bank card spending at or beneath $1,000 inside every 28 to 33-day billing per. The second shall be somebody a bit extra versatile with their funds, spending double that.
Price range spender
Let’s have a look at how a lot the “funds spender” can earn utilizing their Citi Customized Money℠ Card:
| Spending per billing cycle | Earnings after one 12 months | Earnings in subsequent years | |
|---|---|---|---|
| Eating | $140 | $16.80 | $16.80 |
| Groceries | $160 | $96.00 | $96.00 |
| Leisure | $100 | $12.00 | $12.00 |
| Different purchases | $600 | $72.00 | $72.00 |
| Annual price | — | $0 | $0 |
| Signal-up bonus | — | $200 | $0 |
| Complete earnings | — | $396.80 | $196.80 |
Premium spender
Let’s have a look at what a “premium spender” with a $2,000 funds per billing cycle can anticipate to earn from utilizing the Citi Customized Money℠ Card.
| Spending per billing cycle | Earnings after one 12 months | Earnings in subsequent years | |
|---|---|---|---|
| Eating | $280 | $33.60 | $33.60 |
| Groceries | $320 | $192.00 | $192.00 |
| Leisure | $200 | $24.00 | $24.00 |
| Different purchases | $1,200 | $144.00 | $144.00 |
| Annual price | — | $0 | $0 |
| Signal-up bonus | — | $200 | $0 |
| Complete earnings | — | $593.60 | $393.60 |