Credit cards are the modern way to reduce the hard cash a person would need to carry to pay for products and services they utilize. In today’s world, credit cards have become vital for survival as they pay for everything we intend to buy. These cards are used at several places: gas stations to pay for gas, restaurants to pay for food, traveling to pay for travel expenses, hotels for accommodation, etc.
The demand for credit cards can be seen as various banks, credit unions, and creditors issue multiple cards for people with different spending habits. The type of credit card you should select depends on your purchasing habits and creditworthiness. A person can choose a cashback credit card if they want to earn on their purchases. Similarly, a person can go with a travel credit card which will provide perks like travel points that can be redeemed as statement credit and discounts at several hotels.
Citibank has a pack of credit cards that offer extra features, which are counted as additional benefits for choosing this credit card company. You can opt for different cashback credit cards that Citibank offers, or you could use a balance transfer credit card to pay your dues without any interest rate for a limited time. Citibank has a portfolio of cards designed so that every type of card user can find one card that suits their preference and needs.
This article will discuss the benefits and drawbacks of Citibank credit cards. We will further discuss the different classes of people that should purchase their credit cards from Citibank. We will discuss the best Citibank credit cards that you can apply for. A FAQs section will be added to answer some general questions about Citibank credit cards.
Let us discuss the benefits and drawbacks of choosing Citibank as your creditor for purchasing credit cards.
Pros and Cons of Citi Credit Cards
This section will discuss the benefits you can enjoy by selecting Citibank credit cards and the cost you must pay to enjoy those perks. To fully capitalize on the perks, you must pay certain mandatory fees and incur specific expenses. These expenses cannot be waived off since that is a cost Citibank is charging to provide relevant perks through the credit cards.
Pros of Citibank Credit Cards
The following are the perks you can enjoy by choosing the Citibank credit cards
Variety of Types of Cards
Like many other creditors in the banking industry, Citibank offers various credit cards to people in an attempt to attract many prospective credit card users. Citibank has many cards under these credit card types with unique features. The cost of purchasing each card varies according to the card’s features and the person’s creditworthiness. Citibank acknowledges that each person will have a different spending habit, so it offers several cards under cashback cards, travel cards, balance transfer cards, student cards, etc.
Variety of Rewards Options
The Citibank cards have various reward options that users can take advantage of, provided they qualify for a specific card that offers particular reward options. These reward options comprise gas, traveling, dining at restaurants, purchasing groceries from supermarkets, etc. These reward spending categories are subjected to both tiered rates and flat rates. This means you can earn cashback at a specified rate in each category or a uniform rate that is the same for all the categories.
Sign-up Bonuses
The sign-up bonus includes the welcome bonus that a new credit card user receives after spending a particular amount within a specified period. The welcome bonus can vary depending on your chosen credit card. Moreover, Citibank assures that it offers decent welcome bonuses on their credit cards, and some of the cards do not even charge an annual fee. Hence, a welcome bonus plus no annual fee reduces the expense a person would need to endure. However, some credit cards offer a lucrative sign-up bonus that covers the high annual fee of the credit card.
Savings
Citibank credit cardholders can save greatly through the introductory 0% APR on purchases and balance transfers. This means that if you have a credit card debt from another creditor’s card, you have an option to transfer that debt to a Citibank balance transfer card and pay off the debt without interest. However, it is necessary to pay all the dues before the introductory period is over unless you will pay high interest on the amount.
Pairing Citi Cards Increases Rewards Potential
Citibank has a variety of credit cards, and some of them have the feature where you can pair the cards. That way, you can maximize the card opportunities to increase the overall value. As a result, you will get to enjoy more benefits collectively.
Cons of Citibank Credit Cards
The following are the drawbacks of choosing the Citibank credit cards
Credit Score Requirements
One major drawback of Citibank is the need to have a credit score to qualify for the cards. Although each credit card has its requirements, the general eligibility criteria include having a good credit score. Per the FICO scoring model, this credit score falls in the range of greater than 670 to 850. People with a bad credit score will either not qualify for the credit card or will receive the card at a high-interest rate.
Foreign Transaction Fees
The foreign transaction fees are one of the expenses the person will have to endure if they carry out a transaction abroad or purchase something internationally. There is a fixed rate that a person will need to pay on every transaction they do outside the country. Some common purchases may include paying for hotel accommodation, buying food, or paying different bills through a credit card. The foreign transaction fee is set at 3% for each payment.
Value of Rewards Varies
The reward value on each credit card offered by Citibank varies in terms of rates and conditions. There is no one rule about rewards that fit all the cards. Each card will have unique features, perks, and costs that will differ from other cards. For instance, if you are getting a 3% cashback rate on restaurants on cashback cards, then the reward rate on travel credit cards for restaurants could be 5%. Therefore, a person must do their due diligence and decide on the card they wish to select.
Limited Options for Beginners
Those who choose Citibank to improve their credit score will find limited options on the credit cards. They cannot improve their credit score by choosing credit cards that do not follow the specified options. Hence, they have no choice but to select any of Citibank’s choices. The lack of options for beginners means they should look for another creditor offering better rates and options. This will decrease potential cardholders that wish to have a Citibank credit card.
Limited Cardholder Protections
Another major drawback of Citibank credit cards is that they offer restrictive protection on traveling and shopping. If your card luggage gets stolen or misplaced, you will get minimal protection and recovery cost. Moreover, if you have bought souvenirs or have done shopping, the bank will not compensate you completely for losing items. In contrast, several other creditors offer high protection schemes through their cards.
Let us discuss the different people that should purchase a Citibank credit card.
Who Should Get a Citibank Credit Card?
Let’s get to it! Citibank has a long line of credit cards from which a person can choose as per their wants and needs. In this section, we will discuss the consumers who should get a Citibank credit card since they can benefit greatly from such a purchase.
Citibank Account Holders Should Get a Card
If you already have an account with Citibank, then you qualify to apply for a credit card with the bank since accessing your information would be a simple task. Moreover, the bank’s app can facilitate getting a credit card sooner by filling out the registration. You also have a choice to pair your credit card for greater rewards.
Cashback Shoppers Should Get a Card
You should get a Citibank credit card to purchase different goods and services if you shop a lot. The purchases will help you earn that count towards cost savings. Moreover, if you go out to dine or purchase groceries at the supermarket, you will earn cashbacks from it. These cashback rewards can be used to pay some credit card bills.
First-Time Credit Cardholders Should Get a Card
Citibank has certain options to enable you to get a credit card and build your credit. This is very useful for students who purchased a credit card for the first time. Using one of the famous options like Citi Secured Mastercard, you can get decent perks which is an ideal way to start your credit journey. You will need to pay a deposit which will act as your credit card limit. With time you can increase the credit card limit if you pay your dues on time.
Let us discuss the best Citibank credit cards that people can choose.
Best Citi Credit Cards
Citibank has various credit cards that anyone can choose from depending on spending habits. The following are the best credit cards that Citibank has to offer.
Citi Custom Cash Card
The card offers 5% cashback with the spending of $500 on each cycle of bill transfer. Users are not required to keep an eye on their spending or terms for categories to get the 5% reward. Users can get this cashback offer on gas stations, drugstores, restaurants, fitness clubs, live entertainment, and home improvement stores.
The card offers $200 cashback to its new cardholders if they spend $750 in the first three months. Users will get this cashback in the form of 20,000 ThankYou points. These ThankYou points can be redeemed as direct deposits, statement cards, or checks. You can also use these points for booking traveling tickets or buying gift cards. The card charges a 3% foreign transaction fee.
Features of the Citi Custom Cash Card are:
- Rewards offer: 1% to 5%
- Recommended Credit: 670 to 850 Good to Excellent
- Regular APR: 15.49% to 25.49% Variable
- Intro Offer: $200
- Annual Fee: $0
- Foreign Transaction Fee: 3%
- Best for Automatic Bonus Category
Pros include the following:
- It offers a 5% cashback offer on top spending categories of each billing circle.
- It offers high rates for cashback with no annual fee.
- It offers 0% intro APR for the first fifteen months on purchases and balance transfers.
- It requires an average regular APR of 15.49% to 25.49% Variable.
Cons include the following:
- It charges $500 for the 5% bonus offer.
- Users must keep an eye on their monthly spending to avoid the high-interest rate cap.
- It charges a 3% foreign transaction fee.
Citi Simplicity Card
Citi Simplicity Card is considered the best to pay off credit card debt. The card offers 0% intro APR for all balance transfers. Users are required to pay 5% or $5 for each big amount of balance transfer. The card does not provide users with a rewards structure, but its longest 0% intro APR is worth buying the card. It does not offer any annual fee.
With this card, users can get 0% liability protection for transfers made via Mastercard. The card charges a 3% balance transfer fee and a 3% fee for foreign transactions outside the United States. Users are not charged any fee if fraud is detected online, in-store, or on mobile phones. You can get activity alerts of your accounts for balance transfers, withdrawals, payments, and password changes.
Features of Citi Simplicity Card:
- Rewards offer: 1% to 3%
- Recommended Credit: 670 to 850 Good to Excellent
- Regular APR: 16.24% to 26.24% Variable
- Intro Offer: N/A
- Annual Fee: $0
- Foreign Transaction Fee: 3%
- Best for Intro APR offers and no late fee
Pros include the following:
- It does not offer any annual fee.
- Users can get the longest 0% intro APR for balance transfers for the first twenty-one months.
- The card does not charge any late payment penalty.
Cons include the following:
- The card does not offer any intro offer or rewards programs.
- The card charges a 5% or $5 balance transfer fee.
- The card charges a 3% foreign transaction fee on purchases made outside the U.S.
Citi Double Cash Card
Citi Double Cash Card is best for improving credit card and financial situation and enjoying cashback rewards. The card offers 2% cashback if you manage to balance your spending habits. You can also get a 1% cashback offer on all purchases. Users do not need to track their spending habits to get rewards offers from Citi Double Cash Card. The card charges no annual fee.
Users can redeem their rewards points as ThankYou points. These ThankYou points can be redeemed as direct deposits, statement cards, or checks. You can also use these points to book travel via Citi Cash or buy gift cards on Amazon or PayPal. Users can get additional perks with this card, including fraud protection, security, and card loss protection.
Features of the Citi Double Cash Card are:
- Rewards offer: 1% to 2%
- Recommended Credit: 670 to 850 Good to Excellent
- Regular APR: 15.49% to 25.49% Variable
- Intro Offer: N/A
- Annual Fee: $0
- Foreign Transaction Fee:
- Best for a Best overall Cashback card
Pros include the following:
- The card charges no annual fee.
- Users can get a 1% unlimited cashback offer on purchases.
- The card offers 0% intro APR on balance transfers for the first eighteen months.
- Users are required to maintain a regular APR of 15.49% to 25.49% Variable.
Cons include the following:
- The card does not offer any welcome offer or intro bonus.
- The card charges a 3% balance transfer fee.
- The card charges a 3% foreign transaction fee.
Citi Diamond Preferred Card
Citi Diamond Preferred Card is the best credit card for users who need to pay off their debts. The card offers a long intro APR for both purchases and balance transfers. Users with good to an excellent credit cards are eligible for this card. They need to maintain a regular APR of 15.24% to 25.24%. The card does not offer any welcome offer or intro bonus.
This card requires users to pay their balance transfers in the first four months. Users can get additional perks, including VIP access to dining, concerts, sporting events via Citi Entertainment, money borrowed via Citi Flex Loans, and discounts and everyday deals via Citi Easy Deals. The card charges a 5% or $5 balance transfer fee and a 3% foreign transaction fee.
Features of the Citi Diamond Preferred Card are:
- Rewards offer: N/A
- Recommended Credit: 670 to 850 Good to Excellent
- Regular APR: 15.24% to 25.24% Variable
- Intro Offer: N/A
- Annual Fee: $0
- Foreign Transaction Fee: 3%
- Best for a Best balance transfer card
Pros include the following:
- It does not charge any annual fee.
- The card offers 0% intro APR on balance transfers for the first twenty-one months.
- Users are required to maintain a regular APR of 15.49% to 25.49% Variable.
Cons include the following:
- The card charges a 5% balance transfer fee.
- The card charges a 3% foreign transaction fee.
- The card does not offer any intro offer or rewards programs.
Citi Rewards Plus Card
Citi Rewards+ Card is the best card for pairing with other Citi credit cards. This card offers 5 ThankYou points on every $1 if you spend $6,000 on restaurant purchases in the first twelve months. You can earn 2 ThankYou points if you spend $6,000 annually on purchases of Gas stations and Supermarkets. Users can get multiple bonuses and rewards if they have more than one Citi credit card.
Users can redeem their ThankYou points and Citi rewards for buying traveling offers, gift cards, and donations for charity. These ThankYou points can also be redeemed for the purchase at PayPal, Amazon, and Citi bill payments. Moreover, users can also get Mastercard benefits according to their credit card limits. The card charges a 3% fee for foreign transactions and a fee of $40 for the late payment penalty.
Features of the Citi Rewards+ Card are:
- Rewards offer: 2% to 5%
- Recommended Credit: 700 to 749
- Regular APR: 14.99% to 24.99% Variable
- Intro Offer: 20,000 points
- Annual Fee: $0
- Foreign Transaction Fee: 3%
- Best for: Pairing with other Citi credit cards
Pros include the following:
- It offers 10% cashback if you earn 100,000 points per year.
- The card charges no annual fee.
- The card offers 0% intro APR on balance transfers for the first fifteen months.
- Users are required to maintain a regular APR of 14.99% to 24.99% Variable.
Cons include the following:
- It charges a $40 fee for foreign transactions.
- Users need to spend $6,000 to get 2x points on the purchases of Gas stations and Supermarkets.
- It offers limited perks and benefits in the form of ThankYou points.
- ThankYou points users get with this card are not transferable to other traveling partners.
Citi Premier Card
Citi Premier Card is the best card for travel rewards on daily purchases. Users can get 3 points on every $1 for purchasing Supermarkets and restaurants. Also, you can get 3 points for every $1 on spending on Air Travel, Hotel purchases, and Gas stations. Additionally, the card offers a $100 discount for a hotel stay of $500 or above. Users have to pay a $95 annual fee.
Users can only redeem their rewards and cash points for booking travel categories via Citi Travel Center. These categories include rental cars, vacation packages, airfare, hotel stays, and cruises. Moreover, users can get other perks, including World Elite Mastercard’s benefits and continuous rewards value for the first year and the rest of the time.
Features of the Citi Premier Card are:
- Rewards offer: 1% to 3%
- Recommended Credit: 700 to 749
- Regular APR: 17.49% to 25.49% Variable
- Intro Offer: 80,000 points
- Annual Fee: $95
- Foreign Transaction Fee: None
- Best for Travel rewards on everyday purchases
Pros include the following:
- It offers multiple rewards and daily bonus offers for different categories.
- Its welcome bonus is the best if you transfer it to your travel partner.
- It offers users to choose travel partners of their own choice.
- It is one of the best cards that pair with other Citi credit cards.
Cons include the following:
- It charges a $95 annual fee.
- It does not offer any protection or security offers.
- One point of this card is equal to 1 cent only.
Other Top Cards by Citi
The following are some alternative options you can go with if they satisfy your preference.
Citi Secured Mastercard
Citi Secured Mastercard is the best card for building credit. However, the card does not offer any welcome offer, intro bonus, or rewards structure. But users with fair or bad credit scores can build a good credit history with this card. Users with any kind of bankruptcy in their credit history cannot qualify for this card. It does not charge any annual fee.
Like other secured credit cards, this card does not provide users with a rewards structure. Users can get some account management features, access to dining, travel, and entertainment events via Citi Entertainment, access to a digital wallet, and contactless pay. The card charges a 3% fee for foreign transactions and a $40 fee for the late payment penalty.
Features of the Citi Secured Mastercard are:
- Rewards offer: N/A
- Recommended Credit: New to Credit
- Regular APR: 23.99% Variable
- Intro Offer: N/A
- Annual Fee: $0
- Foreign Transaction Fee: 3%
- Best for Building Credit
Pros include the following:
- It does not charge any annual fee.
- It only requires a $200 deposit for security which is a minimum compared to other secured credit cards.
- It is a good option for those with high balances to maintain an intro APR of 23.99%.
Cons include the following:
- It does not offer any welcome offer or intro bonus.
- It does not offer a rewards structure, so you cannot get back your security deposit.
- It does not compete with other secured credit cards for its rewards and bonuses.
Costco Anywhere Visa Business Card by Citi
Costco Anywhere Visa Business Card is the best credit card for Costco business shoppers. It does not charge any annual fee. The card offers 4% cashback for the purchases of $7,000 for Gas Stations and 3% cashback on the purchases of travel and restaurants. Users can also earn 2% cashback on all purchases from Costco.com and Costco and 1% cashback on all other purchases.
The card offers multiple perks to Small business owners of Costco. They can get several rewards offers for spending on travel, gas, and restaurants. The drawback of this card is that it is only for Costco membership holders, and its rewards offers are only paid to users once a year. Users must have a credit score of 750 to 850 to qualify for this card.
Features of Costco Anywhere Visa Business Card by Citi are:
- Rewards offer: 1% to 4%
- Recommended Credit: 750 to 850 Excellent
- Regular APR: 16.74% Variable
- Intro Offer: N/A
- Annual Fee: $0
- Foreign Transaction Fee: None
- Best for Costco Business Shoppers
Pros include the following:
- The card does not offer an annual fee if you have a Costco membership.
- The card does not charge any foreign transaction fee.
- There is no cash advance fee.
- The card offers 3% cash back on travel purchases worldwide.
Cons include the following:
- The card does not offer any welcome offer or intro bonus.
- The card charges a $5 or 5% balance transfer fee.
- Only people with Costco membership can apply for this card.
Costco Anywhere Visa Card by Citi
Costco Anywhere Visa Card is the best credit card for Costco shoppers. The card requires users to have an active membership of Costco. The Costco membership certificate remains active for one year, so users need to reissue their certificate to use this card. The card offers 4% cashback for purchases of $7,000 for Gas Stations and other gas-related purchases. The card does not charge any foreign transaction fees or annual intro fees.
The card offers multiple perks to Costco membership holders. They can get several rewards offers and bonuses for the purchases of travel, gas, and restaurants. Users can get 3% cashback on travel and restaurant purchases worldwide. Users can also earn 2% cashback on all purchases from Costco.com and Costco and 1% cashback on all other purchases. Only Costco membership holders can apply for this card.
Features of the Costco Anywhere Visa Card by Citi are:
- Rewards offer: 1% to 4%
- Recommended Credit: 750 to 850 Excellent
- Regular APR: 16.74% Variable
- Intro Offer: N/A
- Annual Fee: $0
- Foreign Transaction Fee: None
- Best for Costco shoppers
Pros include the following:
- The card does not offer an annual fee if you have a Costco membership.
- The card does not charge any foreign transaction fee.
- The card offers multiple high rates for bonus categories.
Cons include the following:
- The card does not offer any welcome offer or intro bonus.
- The card requires users to have an active membership of Costco.
- The Costco membership certificate remains active for one year only. Users need to reissue the certificate to use this card.
CitiBusiness / AAdvantage Platinum Select Mastercard
CitiBusiness / AAdvantage Platinum Select Mastercard is the best Airline business card. Users can get 65,000 bonus miles of American Airlines AAdvantage on the spending of $4,000 purchases for the first 4 months. Also, they can get 2x AAdvantage miles for each $1 on purchases of American Airlines and 2x AAdvantage miles for each $1 on purchases of car rentals, gas stations, and satellite providers.
Users can get multiple perks and benefits with this card if they frequently travel on American Airlines. You can spend these miles on multiple purchase categories and get one loyalty point. Users must pay an annual fee of $99, which will waver after the first twelve months. The card does not charge any foreign transaction fee.
Features of CitiBusiness / AAdvantage Platinum Select Mastercard
- Rewards offer: 1% to 2%
- Recommended Credit: 750 to 850 Excellent
- Regular APR: 17.49% to 26.49% Variable
- Intro Offer: 65,000 bonus miles
- Annual Fee: $99, waived for the first twelve months
- Foreign Transaction Fee:
- Best for Airlines Business offers
Pros include the following:
- It offers amazing benefits for travelers of American Airlines.
- The card does not charge any foreign transaction fee.
- The card has a wide network of partner airlines through OneWorld Alliance.
Cons include the following:
- It does not offer any welcome offer or intro bonus.
- The card charges a $99 annual fee, which is waived for the first year.
- The card offers no access to American Airlines Admirals Club airport lounges.
Frequently Asked Questions (FAQs)
Now that we have gone through the company’s different credit cards, let’s look at some of the questions people usually have about Citibank.
Is a Citi Credit Card Right for Me?
Citibank offers multiple credit cards. Citi bank has designed these credit cards for various small businesses and consumers. All Citi credit cards offer different rewards and bonus points, including airline miles, cashback, cash points, ThankYou points, 0% intro APR, and other amazing perks.
Citibank also offers secured credit cards for users with fair or bad credit scores to build a good credit history. You can choose a Citibank credit card according to your needs and spending habits. Every Citibank credit card has something for everyone.
Can You Have More Than One Citi Credit Card?
Yes, users can get more than one Citibank credit card. The availability of one or more Citi credit cards depends on your credit level or credit history. If you have a good to excellent credit score, you can use more Citi credit cards at once. Citibank does not offer a similar reward or bonus offer to users if they get that from one card. The card keeps track of your rewards, and you cannot get the same bonus from both cards.
How Does Citi’s Thankyou Rewards Program Work?
Citi offers several cards that provide users with ThankYou points with their rewards program. Users can earn ThankYou points with a few Citi Cards such as Citi Rewards+ credit card, Citi Prestige credit card, Citi Premier credit card, and AT&T Access Card from Citi. Users can redeem these ThankYou points via Citi for different categories, including cashbacks, airline travel, merchandise, hotel stays, or gift cards.
Conclusion
Citibank is a well-known creditor in the banking industry and has a good reputation among its current and past credit cardholders. The bank offers various benefits covered in this article, which will help you understand why it is an ideal choice for credit cards. However, Citibank credit cards also have various drawbacks that the person should consider before purchasing.
Citibank is an ideal financial institution to offer credit cards to its current account holders, frequent shoppers, and first-time users. The bank understands the need to improve their credit score, so it offers cards that will help students increase their creditworthiness to qualify for better cards. We further discussed the best Citibank credit cards and covered each card’s features, pros, and cons to give appropriate information to make certain decisions. Financial experts advise doing due diligence before getting a credit card.
