Citi Rewards Card Review

Citi Rewards Card Review 2021: Best for Shopaholics

If you want a credit card that will earn you big Citi Rewards on online purchases and frequent spend at department stores, the Citi Rewards Card might just be your ideal shopping spree companion. 

Right now, Citi Rewards Credit Card customers can get 10X Rewards Points on fashion spending and other eligible transactions, such as food delivery and online groceries, as well as tons of other perks. 

However, Citi Rewards Card might not be a good fit for those who frequently fly or spend money overseas, as most travel-related transactions do not qualify for Citi’s boosted 10X Rewards Points rate.

 

Pros and Cons of the Citi Rewards Card

Pros

  • Get 10x Rewards Points on online shopping, online groceries and food delivery, as well as other qualifying online purchases 
  • Enjoy unlimited Citi Rewards points at a rate of 1X (or 0.4 miles per Dollar) on other retail and online spend that doesn’t qualify for the boosted 10X rate
  • Take advantage of travel insurance coverage of up to $1 million 
  • Pay no annual fee for the first year with Citi’s promotional annual fee waiver
  • Earn additional miles on bills, taxes, school fees and other things you frequently spend money on

Cons

  • Mobile wallet and travel-related transactions won’t qualify for 10X Rewards Points
  • Citibank Rewards Points expire after just 60 months – so you’ll need to use them quickly
  • Citi Pay All customers will be charged a service fee for using this spending facility
  • How many points you earn varies depending on your spending habits – and eligible transactions might not suit everyone
  • Other banks and payment service providers might offer better deals 

 

How Does the Citi Rewards Credit Card Work? 

Citi Rewards Card customers get to enjoy a truly exceptional miles conversion rate, by earning a whopping 10x Rewards Points on eligible transactions and spending. 

This equates to a Dollar-to-miles rate of $1 = 4 miles, but spenders might need to adjust their shopping habits in order to reap the best rewards rates. Online shopping, online groceries and transactions made at department stores all qualify for that 10X Citibank Rewards bonus rate, but travel-related purchases are unfortunately a big no-no.

Most other transactions will attract a $1 = 1 Rewards Point cash rebate rate. There is no minimum spend required for this basic rate, and customers aren’t forced to comply with a monthly cap, either. That said, the top-tier 10X Rewards Points rate does come with a monthly cap – which currently sits at 10,000 points per statement month. This means spenders need to be very careful with this card.

 

Key Features of the Citi Rewards Card

Let’s take a look at some of the key features Citi Rewards Credit Card customers should be aware of:

  • Annual Fee – Customers must pay $192.60 in annual fees each year (no annual fee for first 12 months)
  • Effective Interest Rate EIR – 26.9% p.a
  • Sign Up Bonus / Welcome Gift – 10,800 miles (available to new Citi cardholders only with a qualifying minimum spend; credited as Citi ThankYou Points)
  • Base Cash Rebate Rate – 0.4 miles per $1
  • Bonus Cash Rebate Rate – 4.0 miles per $1 on eligible transactions 
  • Minimum Income Requirement – $30,000 for Singapore residents, $42,000 for Foreigners

 

Now, let’s dive into a little more detail about two of the most important factors listed above – the annual fees charged by Citi and the sign-up bonus that only new Citi cardholders can claim:

1. Annual Fee

It’s not uncommon for credit card customers to be charged an annual fee for using a rewards card, but our Citi Rewards Card Review can reveal that Citi Rewards Card customers can potentially enjoy a first-year annual fee waiver with this particular card. That said, this perk is only available at Citi’s discretion and depending on your unique spending habits, meaning you’ll need to double-check with the bank to find out whether you’re eligible. After the first 12 months are up, you’ll be expected to pay $192.60 per year, as well as a supplementary card fee of $96.30 for up to two additional cards.

2. Current Sign Up Bonus / Welcome Gift

If you’re 100% new to the Citi credit card world, you can potentially get your hands on a 10,800 miles sign-up bonus. This will be credited to your account in the form of 27,000 Citi ThankYou Points – but comes with a few caveats. First up, you’ll need to make a minimum spend of $3,000 within the first three months of card approval. Secondly, you won’t get your 27,000 Citi ThankYou Points immediately – you’ll instead receive them within two months of meeting the minimum spend criteria.

 

Why Are People Choosing the Citi Rewards Credit Card? Minimum Spend Benefits and More

The top reason people in Singapore are turning toward the Citi Rewards Card is simple – it’s the perfect credit card for shopaholics. Very few credit cards offered by big-name payment service providers like Citi enable customers to earn rewards at a rate as generous as 10X Rewards Points or 4.0 miles per Dollar. What’s more, minimum spend limits are non-existent on qualifying transactions – and only really apply to new customers who are going after Citi’s sign-up bonus. 

Meanwhile, the breadth of MCC codes that attract that superb 10X Rewards Points rate stretches further than you might think. Citi Rewards Card customers can earn at this rate when spending money on:

  • Department store purchases
  • Women’s accessory and specialty products
  • Men’s and boy’s clothing and accessories
  • Women’s “ready to wear” items
  • Family and children’s clothing products
  • Sports and riding apparel
  • Shoes
  • Luggage and leather goods
  • And much more

 

What Citi Rewards Can You Get from the Citibank Reward Catalogue? 

Your Rewards Citi Card points must be used within 60 months (or 5 years) – which means you’ll only have a limited time after account opening to redeem your Citibank Rewards before your points expire. 

The good news is that Citi’s Rewards Catalogue is incredibly diverse, meaning you can redeem them for literally tons of different products, from jewelry and watches to online food delivery and online groceries. We’ll explore some of the most popular vendors in the next section.

 

Citi Rewards Credit Card Promotions 

There are plenty of companies offering promotional codes and discounts on certain bonus categories items to Citi Rewards Credit Card customers. Some of our favourites included in the catalogue right now are:

Deliveroo

  • Take advantage of $8 off with a minimum spend of $40 using promo code CITI8OCT
  • Get $4 off your first 3 orders using CITINEW21 if you are a new Deliveroo online food delivery customer

Zalora

  • Get between 15 and 30% off at Zalora stores
  • Enjoy 15% cashback with no minimum spend
  • Use promo code CITINEW21 for new Zalora customers, or CITIZAL21 for existing customers, to claim your 30% or 15% discount, respectively

Grab and Gojek

  • Citi Rewards Card customers can also take advantage of big benefits when using apps like Grab and Gojek for rides
  • Get 10X Citi ThankYou Points on all Grab and Gojek rides purchases

 

Minimum Spend and Other Fees to Look Out For 

All future Citi cardholders need to review Citi Rewards and key features before they apply for a Citi credit card, but it’s equally important to consider the Citi Rewards Card’s fee structure, too. Here are the main fees and charges you’ll need to be aware of before submitting a card application and seeking card approval:

  • Annual Fee – $192.60 (No annual fee for first 12 months)
  • Late Payment Fees – $100 late payment fees apply
  • Interest on Purchases – 26.9% EIR p.a. (subject to compounding if paid late)
  • Cash Advance Fee – Either 6% or $15, whichever is higher
  • Minimum Monthly Payment – Either 1% of your existing balance or $50, whichever is higher (plus any amounts overdue)
  • Minimum Spend – $1 is the minimum transaction amount required to earn Citi ThankYou Points (as every amount spent is rounded down to the closest Dollar)
  • Overlimit Fees – A $40 fee applies whenever your outstanding card balance exceeds your agreed credit limit

 

How to Apply for a Citi Rewards Credit Card

All credit cards are subject to certain eligibility criteria, and the Citi Rewards Credit Card is no different. At the time of writing, all applicants seeking card approval must be:

  • At least 21 years old
  • Earning a minimum annual income of at least $30,000 (if Singapore Citizens or Permanent Residents)
  • Earning a minimum annual income of at least $42,000 (if Foreigners)

To apply, you’ll need to visit the Citi website here and follow the steps Citi has outlined. You will also need to make sure you have the following documents to hand before you start the application process:

  • Your NRIC, Passport, or Employment Pass
  • Either your past 12 months’ CPF Statements or your latest Income Tax Notice of Assessment
  • Your latest original computerized payslip 

 

Hands holding credit card

Alternatives to the Citi Rewards Card

If you’re no shopaholic and you don’t really spend frequently on online groceries or online food delivery services either, there’s a chance that the Citi Rewards Card might not be the best credit card in Singapore for you. This could be especially true if you’re a frequent flyer or someone who likes to splash out on foreign currency transactions. Find out the best airmiles credit cards in Singapore here. 

Whatever your circumstances, here are a few popular alternatives you might wish to consider instead:

 

1. UOB Preferred Platinum Visa Card

Earn UNI$10 for every $5 you spend on selected online and contactless transactions with UOB by signing up for the excellent UOB Platinum Visa Card. You’ll get to enjoy SMART$ cash rebates at more than 400 participating stores, and tons of other benefits whenever you make contactless transactions.

Key Features:

  • Earn up to UNI$10 for every $5 spent on online shopping and online entertainment
  • Also, get up to UNI$10 for every $5 spent on the mobile wallet or contactless transactions
  • Take advantage of a UNI$1 = 2 miles conversion rate
  • Enjoy a sleeker, more understated credit card design
  • Apply quickly and easily online

 

2. OCBC Titanium Card

The increasingly popular OCBC Titanium Card offers spenders a 10X Rewards Points cashback rate, just like the Citibank Rewards Card. That said, OCBC’s Rewards Catalogue includes a very different selection of retailers, such as Amazon, TaoBao and Best Denki, making it a great choice for frequent online shoppers.

Key Features:

  • Get 10X OCBC Dollars Rewards Points on eligible purchases
  • Enjoy spending at a range of department stores, fashion retailers and tech and gadget shops while earning at this promotional rate
  • Convert your OCBC Dollars to miles are a rate of 10$ = 4 miles
  • Access more than 800 airport lounges worldwide
  • Get an annual fee waiver for the first two years

 

3. HSBC Revolution Credit Card

This is yet another credit card that allows Singaporeans to earn 10X Reward Points when shopping online or ordering food via popular food delivery services. On top of this, customers also get to enjoy travel booking perks – as well as the ability to use Apple Pay and other mobile wallets without their rewards reverting back to a basic rate.

Key Features:

  • Earn 10X HSBC Rewards Points on eligible transactions
  • Use Apple Pay, Visa PayWave and other services while still earning rewards at the best possible rate
  • Enjoy no annual fees
  • Get up to $300,000 in travel insurance coverage 
  • Redeem additional rewards on eligible home, dining, retail and travel purchases

 

Verdict – What Type of Customer is the Citi Rewards Card Best Suited to?

If you’re the kind of person who likes to splash out on shoes, clothes, and other fashion items, the Citi Rewards Card will be your best friend. This is because Citi’s boosted 10X Citi ThankYou Points earning rate is currently available at multiple clothing and fashion retailers with no minimum spend limit – enabling you to earn big as you shop. Check out the best credit cards in Singapore for overall spending here. 

That said, the Citi Rewards Credit Card isn’t exclusively aimed at clothing-conscious shoppers – it also offers great perks to anyone who buys groceries online or likes to frequently spend cash at online food delivery services like Grab and Gojek. And with that annual fee waiver for the first year, you can’t really go too far wrong with this amazing credit card option regardless of your spending preferences.

 

More Information about the Citi Rewards Credit Card

Before we proceed with the conclusion to our credit card review, let’s briefly run through a few frequently asked questions or “FAQs” about the Citi Rewards Credit Card:

 

1. What Are the Miles Earning Rates for the Citi Rewards Card?

Cardholders can earn 0.4 miles for every $1 spent under the Citi Rewards Card’s basic earnings rate. However, certain purchases are eligible for a supercharged rate of 4.0 miles per $1 spend. Generally speaking, most fashion products and retailers selling shoes, bags and clothes will attract this higher rate – as well as food delivery and grocery stores.

2. Do Citi ThankYou Points Expire?

Yes, you’ll need to spend any Citi ThankYou Points earned within 60 months of them being credited to your account.

3. How Much are Citi ThankYou Points Worth?

Citi ThankYou Points can be worth anything from 0.25 Cents to 0.8 Cents depending on what you decide to convert them into. We’d suggest opting for KrisFlyer Miles, as this usually offers customers the best possible conversion rate.

4. What Will I Get if I Convert my Citi ThankYou Points to KrisFlyer Miles?

You will receive $25 whenever you transfer Citi ThankYou Points to KrisFlyer Miles or any other eligible type of airline miles.

 

Final Thoughts – Things to Remember Before Applying for a Citi Rewards Card

Whether you’re signing up for a Citi Rewards Card to get your hands on those travel insurance perks and online grocery offers, or you just want to earn big rewards when spending money on clothes, it’s important to consider the pros and cons of the Rewards Card Citi very carefully before you apply. 

Here are a few things to keep in mind before signing up for a Citi Rewards Visa Card:

  • The Citi Rewards Visa Card is great for shopaholics and foodies, but not so great for travel-related transactions
  • No monthly cap affects how many points you can earn at the basic rate, but Citi’s top-tier 10X Rewards Points rate has a monthly cap of 10,000 points per statement month.
  • There is an expiry date affecting all Citi ThankYou Points – meaning you’ll need to use any ThankYou Points earned within 60 months
  • It’s always wise to read credit card reviews to compare the market before you apply

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