Citibank Rewards Credit Card is one of the beginner credit card in the space usually issued for free to most salaried individuals where the company is banking with Citibank. Citibank is the leading credit card issuer across the world, though in India, HDFC is the market leader and Citi is emerging good.
Citi could compete equally with the rival only if it opens more branches in India and with more card offerings. Though they have limited cards, it addresses fairly well to both the beginners and the high spenders.
Earning & Redeeming Points in Citibank Rewards Card:
- 1 Reward Point for every Rs.125 on all purchases
- Accelerated Reward Points: 10 Reward Points for every Rs.125 spent at apparel and department stores and select partners.
- 1 Reward Point = 0.35 Ps for cash against card statement
Reward points aren’t that attractive and the only nice way to earn good amount of reward points is by using your card in apparel, department stores and select partners.
For ex, If you spend 1 Lakh on “apparel, department stores and select partners”, you’ll get Rs.2,800 (2.8% value back) worth of reward points whereas spending elsewhere gives only Rs.280 (0.28% Value back) which is near to nothing.
However, you can still maximize the value of the reward points if you transfer them to Airmiles as you can strategically get Rs.1/mile value or more for your points as long as you know what you’re doing. Points and miles game is like an ocean.
Features of Citibank Rewards Credit Card:
- CardExpert Rating: 5/10
- Reward rate: 0.28% – 2.8% (Accelerated Reward Points)
- Complementary Airport lounge access: Nil
- Foreign Exchange Markup fee: 3.5% + Service Tax
- Renewal Fee Waiver: Your annual fee of Rs. 1000 is waived on making spends of Rs. 30,000 in a membership year.
- Special Features: Get 1,000 bonus points on card spends of Rs. 1,00,000 or more in a calender quarter.
That being said, its a very basic card and it doesn’t come with any good reward structure for high spenders. One of the major advantage with Citi cards is that they have lots of redemption options out there including cash credit on statement. I would go for this card only if i’m not eligible for any other card as i don’t spend much on the accelerated rewards category.
Do you hold Citibank Rewards Credit Card? Do let me know in comments below.