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The Citi Rewards+℠ Card is a unique credit card, specifically built for cardholders that spend a lot of money on small purchases. There’s a lot to unpack, so let’s get to it!
Citi Rewards+℠ Card Overview
Credit Card Type: Rewards Card
Annual Fee: $0
Sign-Up Bonus/Offer: Yes – 15,000 ThankYou points if you spend $1,000 in the first 3 months.
Recommended Credit Score: 690 and Higher
Foreign Transaction Fee: 3%.
Balance Transfer Fee: Either $5 or 3% of the amount of each transfer, whichever is greater.
Rewards: 2 ThankYou points per dollar at supermarkets and gas stations (up to $6,000 per year in purchases, then 1 point per dollar). 1 ThankYou point per dollar on all other purchases; Every purchase is rounded up to the nearest 10 points ($2 coffee would earn 10 points, $13 toy would earn 20 points)
Interest rate: 0% Intro APR on balance transfers and purchases for 15 months.
Citi Rewards+℠ Card Benefits
Small Transactions = Large Rewards: The majority of reward credit cards earn a flat rate back on all purchases, whether that’s a cup of coffee or breath mints. The standard flat-rate for reward cards is around 1.5%. If you bought a small coffee for $2, that rate is going to get you a lofty 3 cents back. That’s terrible but average. Now, if you’re using the Citi Rewards+℠ Card, that same small coffee gets “rounded-up” to 10 points back, for a potential value of 10 cents when redeemed toward a gift card. If you do make a lot of small transactions, the round-ups can add up quickly.
Annual 10% Points Back: Another big benefit for those of you that choose to get Citi Rewards+℠ Card is the annual points back. You’ll get 10% of your points back for the first 100,000 ThankYou points redeemed per year. That’s a total potential benefit of 10,000 points annually — worth $100 at the highest redemption option.
Decent introductory APR: The Citi Rewards+℠ Card offers an intro: 0% on Purchases and Balance Transfers for 15 months. That can give you some interest-free breathing room on a large purchase or a transferred balance.
Citi Rewards+℠ Card Downfalls
Better Gas And Grocery Cards On The Market: The Citi Rewards+℠ Card earns 2X back at supermarkets and gas stations up to a combined $6,000 annual spending cap. You can do better. Consider the Bank of America® Cash Rewards credit card. It earns 3% cashback in your choice of bonus category (among six, including gas) and 2% at grocery stores and wholesale clubs, on up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases. So not only can it offer a better rate on gas, but also your combined yearly bonus-spending cap is $10,000, vs. $6,000. The annual fee is $0.
A Lot You Have To Keep Track Of: There’s a number of different things you’ll have to keep track of with the Citi Rewards+℠ Card: you’ll have;
- Round-Up Rewards
- All The Tiered Bonus Categories
- Spending Caps
With other reward credit cards, it’s easier to keep track of your different offers. A great example is the Citi® Double Cash Card – 18 months BT offer. With this card, you earn a flat 2% cash-back rate on everything: 1% when you buy, 1% when you pay it off. Technically, you don’t have to keep track of anything else. With points-based systems and redemption options that are always changing, you have to keep up with everything just to know where you can earn your best rewards. For the most part, cashback is straightforward and you can use it any way you want, so keep that in mind before you grab the Citi Rewards+℠ Card.
High Foreign Transaction Fees: The Citi Rewards+℠ Card does allow you to redeem points for a vacation, but the 3% foreign transaction fee means your costs are going to add up if you use it internationally. The Citi Rewards+℠ Card is not a card you want to take on international vacations. Again, there’s a number of different credit cards out there that are much better in this scenario. If you’re looking for a card that earns travel rewards but is also good to use internationally, you may want to think about getting the Bank of America® Travel Rewards Visa® credit card. It earns 1.5 points per $1 spent on all purchases, and it skips the foreign transaction fees. Even better, the Bank of America® Travel Rewards Visa® credit card has an annual fee of $0.
Citi Rewards+℠ Card In Closing
I can see a lot of men and women benefiting from Citi Rewards+℠ Card. If you make a lot of small purchases, such as a small business or retailer, the rewards can add up quickly. If you use this credit card a lot, you’re going to be rounding up every single time. There will be scenarios where this card can be a good fit for you.
As for rewards, there are better reward cards on the market. While it has some travel reward perks, you wouldn’t want to take it overseas due to the 3% foreign transaction fee.
Overall, it’s a decent card, especially for small purchases in the country. If you’re constantly buying supplies, lower-priced products, the round-up rewards can add up. Despite that, it has a lot of drawbacks too. Should you get the Citi Rewards+℠ Card? That depends on the specific scenario, hopefully, we’ve given you enough feedback to make the right choice for you.