Citi Custom Cash Card Review | Automatic 5% Cash Back
3.1 هزار بار بازدید -
3 سال پیش
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Learn More About the Citi Custom Cash HERE: https://linktr.ee/Magnified.Money
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First of all, what rewards and benefits does this card offer and what makes it different from the very well known double cash card. Well, the cash back structure for this card is really unique and it's actually going to give you 5% cash back on your top spending category for each billing cycle. And according to Citi’s website, the categories are restaurants, gas stations, grocery stores, select travel transactions, transit, streaming services, drugstores, home improvement stores, fitness clubs, and live entertainment. Essentially the way this works is at the end of the billing cycle, the Citi custom cash card is automatically going to identify which of those categories you spent the most money in and then will give you 5% cash back on up to $500 in spending for that particular category. Plus you're going to get 1% unlimited cash back on all of your other purchases.
So this probably goes without saying because I very rarely review paid credit card options but the Citi custom cash card has no annual fee which is awesome but typically cards that have no annual fee don't come with a signup bonus. But since this is a new product, it looks like Citi is really trying to pull in some new customers and currently they will give you $200 in cash back after you spend $750 in the first three months of having this card. Yes I know what you're thinking, 750 bucks is a lot of money but if you break that down, that's just $250 each month for this first three months, which depending on your spending habits shouldn't be too difficult to hit.
And the last thing I always like to mention is that you are able to add authorized users to this card at no additional costs and you'll also earn points every time they make a purchase so if you have a spouse or maybe even a child and you want to share those spending responsibilities then you can add them as an authorized user and depending on their age not only will they help earn those cash back rewards but they might also be able to build their credit score which could help them out a lot. Alright so I am overall really liking this product and I think it's a nice change from the regular Citi double cash card but if you’re split between the two, how can you decide which one is the better option.
I would say that if your spending is around $1000 or less each month, then depending on your spending categories, the Citi custom cash card is probably going to be the better option for you in terms of earning the most cash back possible. And the reason I say that is because the 5% cash back on your top spending category is capped at $500 in spending each month with the custom cash card so as we looked at in our example earlier, if you're only spending about $1000 or less each month then you're probably going to average out around 3% in cash back across the board which is really good. However if you're spending a lot of money on this card then above that $500 you're really only earning 1% cash back which is not that great. So if you tend to spend well over $500 each month on your card, then the Citi double cash card is definitely going to be the better choice because again you're going to earn unlimited 2% back across the board with no rolling categories or spending limits or anything like that.
Music from Epidemic Sound
Magnified Money may receive compensation for sending traffic to partnered sites. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers.
The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired.
Click “Show More” to see my Favorite Financial Tools
▽MY FINANCIAL TOOLS▽
💳 Credit Cards
➤ BEST Credit Cards: https://linktr.ee/Magnified.Money
----------
💰 Chime Fully Online Banking
➤ Sign-Up for Chime HERE: https://magnified.reviews/Chime
➤ Chime Credit Builder HERE: https://magnified.reviews/Credit-Builder
----------
🏦 SoFi Complete Money Management
➤ Checking & Savings - https://magnified.reviews/SoFi
➤ Credit Card - https://magnified.reviews/SoFiCreditCard
➤ Invest - https://magnified.reviews/SoFiInvest
➤ Budgeting - https://magnified.reviews/SoFiRelay
----------
💸 Bankrate | Checking, Savings, and CDs
➤ Checking - https://magnified.reviews/Savings
➤ Savings - https://magnified.reviews/Savings
➤ CD - https://magnified.reviews/CD
----------
📊 Wealthfront Automated Investing
➤ First $5,000 Managed for FREE - https://magnified.reviews/Wealthfront
----------
💵 Current Card
➤ Current | Modern Banking App - https://magnified.reviews/CurrentCard
----------
📸 MY CAMERA GEAR
➤ My Camera: https://magnified.reviews/Camera
➤ My Microphone: https://magnified.reviews/Microphone
➤ My Lights: https://magnified.reviews/Lights
First of all, what rewards and benefits does this card offer and what makes it different from the very well known double cash card. Well, the cash back structure for this card is really unique and it's actually going to give you 5% cash back on your top spending category for each billing cycle. And according to Citi’s website, the categories are restaurants, gas stations, grocery stores, select travel transactions, transit, streaming services, drugstores, home improvement stores, fitness clubs, and live entertainment. Essentially the way this works is at the end of the billing cycle, the Citi custom cash card is automatically going to identify which of those categories you spent the most money in and then will give you 5% cash back on up to $500 in spending for that particular category. Plus you're going to get 1% unlimited cash back on all of your other purchases.
So this probably goes without saying because I very rarely review paid credit card options but the Citi custom cash card has no annual fee which is awesome but typically cards that have no annual fee don't come with a signup bonus. But since this is a new product, it looks like Citi is really trying to pull in some new customers and currently they will give you $200 in cash back after you spend $750 in the first three months of having this card. Yes I know what you're thinking, 750 bucks is a lot of money but if you break that down, that's just $250 each month for this first three months, which depending on your spending habits shouldn't be too difficult to hit.
And the last thing I always like to mention is that you are able to add authorized users to this card at no additional costs and you'll also earn points every time they make a purchase so if you have a spouse or maybe even a child and you want to share those spending responsibilities then you can add them as an authorized user and depending on their age not only will they help earn those cash back rewards but they might also be able to build their credit score which could help them out a lot. Alright so I am overall really liking this product and I think it's a nice change from the regular Citi double cash card but if you’re split between the two, how can you decide which one is the better option.
I would say that if your spending is around $1000 or less each month, then depending on your spending categories, the Citi custom cash card is probably going to be the better option for you in terms of earning the most cash back possible. And the reason I say that is because the 5% cash back on your top spending category is capped at $500 in spending each month with the custom cash card so as we looked at in our example earlier, if you're only spending about $1000 or less each month then you're probably going to average out around 3% in cash back across the board which is really good. However if you're spending a lot of money on this card then above that $500 you're really only earning 1% cash back which is not that great. So if you tend to spend well over $500 each month on your card, then the Citi double cash card is definitely going to be the better choice because again you're going to earn unlimited 2% back across the board with no rolling categories or spending limits or anything like that.
Music from Epidemic Sound
Magnified Money may receive compensation for sending traffic to partnered sites. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers.
The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired.
3 سال پیش
در تاریخ 1400/04/23 منتشر شده
است.
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