Citibank Rewards Credit Card Review

Ellipse RathCredit CardLeave a Comment

Citibank Rewards Credit Card

The Citibank Rewards Credit Card, as the name suggests, is a rewards credit card specifically designed for earning reward points on apparel and departmental store spends. However, you also earn rewards on all your other spends. The best thing about Citibank credit cards, however, is the never expiring reward points. Another feature of this credit card is the waiver of annual fee on spends of INR 30,000 and above.

FinTown Rating: 3/5

Rating by Category:

Annual Fee                                              3.5
Rewards Rate 3
Annual Bonus 2
APR 2.5
  • The Annual Fee for this card is INR 1,000. However, it gets easily waived off on spending INR 30,000 on your card in a calendar year
  • The rewards rate for this card is 2.8%, which is a good rate
  • Annual Bonus for this credit card is not much. On your first transaction of INR 1,000, you get 1,000 bonus reward points
  • The Annual Percentage Rate for the Citibank Rewards Credit Card is 3.25% that is annualized to 39%. However, this can change based on your spend, payback and utilization.

Pros & Cons:

Reasons to Choose Reasons to Avoid  
Rewards Rate No travel benefits
Dining Discounts Unappealing welcome bonus
Easy and flexible redemption options  No free airport lounge access or golf games

Rewards/Benefits – Citibank Rewards Credit Card

Welcome Bonus

On spending INR 1,000 in the first sixty days of card issuance, you get 1,000 bonus reward points. Furthermore, you get 1,500 bonus points on your first spend within 30 days of card issuance.

Rewards Programme

You get 10 reward points on every INR 125 spent on your apparel and department store spends. For all other spends and spends beyond INR 7,000 (560 points) you earn 1 reward point for every INR 125 spent. The reward points earned do not expire and can be redeemed instantly at partner stores, for online shopping, air mile redemption, cash back, gift vouchers etc.

Dining Discounts

You can unleash the foodie in you since you get up to 15% discounts in partner restaurants with your Citibank Rewards Credit Card.

EMI privileges

The Citibank Rewards Credit Card also provides the option of converting your big purchases to EMIs.

Is the Rewards Rate good?

On spending INR 125 on apparel and department stores, you get 10 reward points. When redeemed against cash back, 1 reward point = INR 0.35.

Therefore, 10 reward points = INR 0.35 * 10 = INR 3.5

In other words, you will earn INR 3.50 on spending INR 125 on the categories mentioned above. Therefore, the rewards rate equals (3.50/125) *100 = 2.8%.

However, if points are redeemed at fuel stations, the rewards rate is (2.50/125) * 100 = 2% (1 reward point = INR 0.25)

Is this card for you?

  • This card is for you if earning rewards for spends at department stores and on apparel is your topmost priority
  • You are a loyal Citibank customer and the never expiring reward points appeal to you

Citibank Rewards Credit Card – Payments & Fees:

Annual Fee  INR 1,000

Waived off on spending INR 30,000 on your card in a calendar year

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 Min INR  300 and Max INR 950
Overlimit Penalty
2.5% of the amount (excluding fees, charges and taxes) over the credit limit, subject to a minimum of INR 500
Credit Card Replacement Fee  INR 100

How to Redeem Rewards – Citibank Rewards Credit Card?

Tracking reward points or redeeming them is quite easy when it comes to Citibank Rewards 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.

How to make the most of this card?

To make the most out this card, you should spend INR 1,000 in the first sixty days of card issuance. Additionally, you get a bonus of INR 1,500 points on your first spend in the first 30 days. You will also get a bonus of 300 points on spending INR 30,000 on your card every month.

Terms and Conditions Explained:

  • Minimum Redeeming points: You can redeem your points for cash back only after accumulating 5,000 points. For redeeming against air miles, the minimum points required to redeem is INR 500. A Minimum of 250 points are required to redeem at fuel stations is 250.
  • Conversion rates:
    • 1 reward point  = INR 0.25 for when redeeming points at a fuel station
    • 1 reward point = 0.75 miles when redeeming points for air miles
    • 1 reward point = INR 0.35 when redeeming points for cash back

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

Negative Customer Feedback

Based on 75 reviews on mouthshut.com, the Citibank Rewards Credit Card has received a rating of 2.97 out of 5. Most reviews about this credit card is positive. However, there are a few customers who have complained about the bad customer service of Citibank. Please note that this is a customer complaint forum, hence, people who are disappointed with the services, highlight their problems on the website.

Other Credit Cards with similar/better Features:

Standard Chartered Bank  Manhattan Platinum Credit Card

The SC Manhattan Platinum Credit Card is a good entry level credit card for earning rewards or cash back. Additionally, you would get a 20% cash back on your Uber rides (if you spend INR 15,000 on your card every month). The 5% cash back on grocery spends and 3X rewards on other spends is also impressive. However, every transaction should be of INR 1,000 to avail cash back.

YES Bank First Preferred Credit Card

The YES Bank First Preferred Credit Card comes at a higher annual fee of INR 2,500 but also offers a much lower foreign currency markup fee and excellent reward points. Please note that this credit card is for people who earn more than INR 1,20,000 a month.

The reward points that you get as welcome bonus and the memberships like Trident Privilege Memberships and Club Vistara Membership. Additionally, you get milestone spend benefit, 25% off on movies, airport lounge access and free golf games, thereby, making it an all-rounder card.

How to Apply for Citibank Rewards Domestic Credit Card?

To apply for the Citibank Rewards 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

The Citibank Rewards Card is a good card to begin with, esp. due to its rewards rate and annual fee waiver on meeting eligible spend requirement. The welcome bonus, easy redemption and never expiring reward points are other motivations to apply for this card. However, if you want travel benefits or golf privileges, then you should apply for a second credit card or look for other options.

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.

Related Articles:

Leave a Reply

Your email address will not be published.