Citibank Cash back Credit Card Review

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Citibank Cash back Credit Card Review

The Citibank Cash back Credit Card is one of the best credit cards offered in India in the cash back category. People who have a stronger inclination for getting benefits in the form of cash credit than earning rewards should go for cash back credit cards. Unlike reward points, you know exactly how much you get and the necessity for calculating rewards rate does not arise.

The Citi Cash back credit card offers a 5% cash back on movie tickets, telephone bill payments, utility bill payments and a 0.5% cash back on all other spends. Furthermore, the hassle-free redemption of cash back as statement credit is an added benefit.

FinTown Rating: 4/ 5

Rating by Category: 

Annual Fee                                               4
Cash back Rate 4
Annual Bonus 0
APR 3
  • The Annual Fee for the Citi Cash back credit card is INR 500, which is very good compared to the returns you get out of it.
  • The Cash back rate is 5%, which is great. Therefore, a rating of 4 is justified. However, you don’t earn any rewards on this card.
  • You don’t get any annual or initial bonus for this credit card.
  • The Annual Percentage rate is a variable rate and oscillates between 37.20% to 42%. Therefore, we give it a rating of 3 for this category.

Pros & Cons:

Reasons to Choose Reasons to Avoid
Cash back on movies, telephone bills, utility payments No welcome benefit
Up to 15% dining discounts High interest rate
Low Annual Fee
Contactless Payment

Rewards/Benefits:

Cash back categories

You get a Cash Back of 5% on movie ticket purchases, telephone bill payments and utility bill payments.  For utility bills, you have to make your payments online through Citibank Online Bill Pay. For all other spends, you get a 0.5% Cash Back on all other spends. The 5% cash backs are capped at INR 100 for each category. Therefore, you can save up to INR 300 a month. However, there is no limit for all your other spends and you can earn a 0.5% cash back on every transaction.

Dining discounts

You can save up to 15% across participating restaurants with your Citi Cashback credit card.

Contactless payments

This credit card allows contactless payment (without PIN) for transactions under INR 2,000.

Hassle-free redemption

You can redeem your cash back as cash credit easily in multiples of INR 500.

Is this card good for you?

  • This card is good for you if you want cash back and not rewards.
  • If lack of complimentary airport lounge access and golf privileges don’t bother you.

Payments & Fees:

Annual Fee INR 500
Foreign Transaction Markup Fee 3.5% of the transaction amount
Cash Withdrawal Fee 2.5% of the withdrawal amount  (minimum INR 500)
Late Payments Fee  INR 300 – INR 950
Overlimit Penalty  2.5% of the amount (minimum INR 500)
Credit Card Replacement Fee  INR 100

How to get the most out of this credit card?

To get the most out of your credit card, you must use your Citi Cash back credit card to pay all your bills. You should use Citi Bill Pay or Citibank online to make your payments in order to become eligible for cash back. Since cash credit can only be redeemed in multiples of INR 500, spend more to get more out of your card.

You can also make use of the Easy EMI and Instant Loan options of Citibank credit cards to get the full benefit out of this credit card.

Terms & Conditions Explained:

  • Variable Interest Rate: The interest rate for this credit card varies between 3.10 % per month (i.e. 37.20% annualized) and 3.40 % per month (i.e. 40.80% annualized). Nevertheless,  this is valid until the account continues to be in good standing and all credit card bills are paid on time (at least the Minimum Amount Due). However, in case of default, i.e., if the Card Member does not pay the Minimum Amount Due as per the last credit card statement by the Payment Due Date, the interest rate can increase up to 3.50% per month (i.e. 42.00% annualized), and will apply till the time the account is regularized plus 3 months after that.
  • Cash back redemption: Cash will be credited to your card only in multiples of INR 500.

Application Requirements/Eligibility Criteria

  • You should be an Indian national or a Non-resident Indian.
  • You are more than 18 years of age and the maximum age limit is 70 years.
  • You will need to provide documents such as PAN Card, photograph, income proof, residence proof and identity proof.
  • You should have a good credit history or a salaried job with a stable monthly source of income.

How to Redeem Rewards – Citibank Cash back Credit Card?

Tracking reward points or redeeming them is quite easy when it comes to Citi Cash back Credit Card. You can track your reward points by typing REWARDS ‘XXXX'(XXXX – last four digits of your card) to 52484 or +91-9880752484. For redeeming your rewards, you can make use of Instant Redemption feature. This is available on all their partner websites like goibibo, Indigo, MakeMyTrip, yatra, shoppers stop, Vodafone etc.

Other Credit Cards with similar/better Features:

Standard Chartered Manhattan Platinum Credit Card

The Standard Chartered Manhattan Platinum Credit Card is an entry level credit card that gives you a 5% cash back on groceries. On all other categories, you can earn 3x reward points. People living in cities where Uber operates can get a 20% cash back on Uber rides. However, one should spend at least INR 15,000 on their credit card to become eligible for the cash back on Uber rides. Additionally, this card also gives you an welcome voucher worth INR 2,000 from BookMyShow. However, the interest rate is rather on the high side.

For a cash back credit card with a lower interest rate, you can consider the HDFC Moneyback Credit Card, which also comes at a low annual fee of INR 500. If you want no interest rates at all, then the American Express Gold Charge Card will be the most ideal for you.

Standard Chartered Bank Super Value Titanium Credit Card

The Standard Chartered Super Value Titanium Credit Card is another cash back credit card that offers cash back in four different categories such as utility bill payments, telephone, fuel and Uber rides. Furthermore, the Good Life Programme also offers discounts on dining, travel and shopping spends. It offers a BookMyShow voucher worth INR 1,000.

If the initial bonus of the SC Super Value Titanium fails to impress you, you should consider applying for the SBI Elite Credit Card. With this card, you can earn vouchers worth INR 5000 as an initial bonus. Additionally, you can earn up to INR 12,500 on achieving the milestone spend requirement specified by SBI.

How to Apply for Citibank Cash back Credit Card?

To apply for the Citi Cash back Credit Card, you need to fill in your details on the bank’s page so that the bank can contact you.

APPLY NOW.

Bottom Line

If you were looking for a  great cash back credit card, then your search has ended. The Citibank Cash back credit card takes care of your entertainment needs while simultaneously taking care of your phone and utility bill payments. Moreover, the good thing about this credit card is you always get something out of it. The 0.5% cash back on all other categories is not bad since you ae not going empty-handed.

This credit card does not offer airport lounge access or golf privileges, making it slightly disappointing. However, you can always take a second credit card which specifically caters to your travel and airport lounge access needs. Additionally, you don’t get any welcome bonus on this card.

FinTown Advantage:  We provide unbiased personal finance advice to help people make the best possible financial decisions. Our reviews and ratings of financial products are determined by customer financial well-being and not profiteering. Whether or not we make a penny, we do what is best for the customer. Our research team is made up of economists and market researchers who spend hundreds of hours researching and comparing products with the same mission in mind.

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