is citi rewards card worth it

Review of Citi Rewards Credit Card Singapore: Benefits and Drawbacks Explored

The Citi Rewards Credit Card in Singapore has garnered attention for its appeal to consumers who enjoy earning points on their shopping. As a frequent shopper myself, I was intrigued by the card’s promise of multiple points per dollar spent on categories that align with my spending habits. The card is designed to reward customers for their loyalty and spending, offering a tiered rewards system that incentivizes regular use.

I decided to evaluate the card based on its application process, which I found to be straightforward and accessible. Applicants can apply online, and the eligibility criteria are clearly stated. Once approved, cardholders can start taking advantage of the rewards immediately. The card’s benefits, which include shopping and travel rewards, are competitive in the market, making it an attractive option for those who make regular purchases in the bonus categories.

Review of Citi Rewards Credit Card Singapore

Key Takeaways

  • The Citi Rewards Credit Card targets frequent shoppers with a points-based rewards system.
  • The card offers a simple application process and clear eligibility requirements.
  • Key benefits include competitive shopping and travel rewards.

Overview of Citi Rewards Credit Card

The Citi Rewards Credit Card is tailored for those who want to maximize their spending on fashion retail and online shopping. It offers generous rewards points for specific categories that appeal to shopping enthusiasts.

Citi Rewards Credit Card singapore review

Card Features

I find that the standout feature of this card is its focus on retail purchases. It particularly caters to:

  • Online Shopping: Bonus points on online transactions.
  • Fashion Retail: Additional rewards when shopping at fashion retail outlets, both online and offline.

Other features include:

  • No Expiry on Points: Earned points do not expire, allowing cardholders to accumulate and redeem as they choose.
  • Contactless Payments: Quick and seamless payments with contactless technology.

Reward Points System

My experience with the Citi Rewards Card’s points system reveals the following specifics:

  • 10X Rewards: Cardholders earn 10 rewards points (or 4 Miles) for every S$1 spent on eligible shopping categories.
  • 1X Rewards: For all other purchases, cardholders earn 1 reward point for every S$1 spent.
  • Citi ThankYou Rewards: Points can be redeemed through Citi’s ThankYou Rewards for vouchers, merchandise, or frequent flyer miles.

Annual Fee & Charges

Regarding the cost of holding this card:

  • Annual Fee: The current annual fee for the principal card is S$192.60 including GST.
  • Fee Waiver: The first year’s annual fee is typically waived.
  • Interest Rate: The prevailing interest rate is set at 26.90% per annum.
  • Late Payment Charges: A fee of S$100 applies to late payments.

Here’s a quick reference for the fees:

Fee TypeAmount (Including GST)
Annual Fee (Principal Card)S$192.60
Interest Rate (p.a.)26.90%
Late Payment ChargeS$100

Eligibility and Application Process

In this section, I will outline the specific criteria required to be eligible for the Citi Rewards Credit Card in Singapore, the steps involved in applying for the card, and the documents you need to provide.

Eligibility Criteria

To apply for the Citi Rewards Credit Card in Singapore, applicants must meet the following requirements:

  • Age: I must be at least 21 years old.
  • Income: My annual income should be at least S$30,000 for Singaporeans and Permanent Residents or S$42,000 for foreigners.
  • Credit Score: A good credit score is necessary for approval.

Application Process

The process to apply for this credit card includes several steps:

  1. Online Application: I can apply online through the Citi website.
  2. Form Submission: I will need to fill out the application form with my personal and financial details.
  3. Verification: Once submitted, there will be a verification process of my details by the bank.
  4. Approval: If my application fulfills all criteria, the bank will approve it and dispatch the card to my address.

Required Documents

I need to provide the following documents when applying for the Citi Rewards Credit Card:

  • For Singaporeans/PR:
    • Photocopy of my NRIC, both front and back.
    • Latest original computerized payslip or Tax Notice of Assessment + latest 12 months’ CPF statement.
  • For Foreigners:
    • Passport copy.
    • Employment Pass (with at least six months’ validity).
    • Latest original computerized payslip or Tax Notice of Assessment.
    • Proof of residence (e.g., utility bill or bank statement).

Rewards and Benefits

The Citi Rewards Credit Card in Singapore offers a rich array of benefits tailored for frequent shoppers, travelers, and those who enjoy dining and entertainment experiences. These perks come in various forms, such as reward points, discounts, and complimentary services.

Shopping Rewards

  • Earn Rate: I earn 10X rewards (or 4 miles per S$1 spent) when I shop for shoes, bags, and clothes at online or retail stores, or when I make online shopping transactions, with a monthly cap.
  • Bonus Points: I also receive bonus points for shopping at department stores and with select retail partners that add value to every purchase.

Travel Benefits

  • Air Miles Conversion: The points I accumulate can be converted into air miles with various airline partners, allowing me to save on flights.
  • Travel Privileges: I enjoy complimentary travel insurance and access to VIP lounges across airports worldwide, enhancing my travel experience.

Dining and Entertainment Perks

  • Dining Discounts: Discounts of up to 10-15% at various restaurants and eateries are available to me, which makes dining out more rewarding.
  • Entertainment Advantages: I get access to pre-sale tickets and exclusive experiences for concerts, movies, and events, ensuring that I never miss out on top entertainment options.

Using Rewards Points

My Citi Rewards Credit Card offers a variety of options for using rewards points accumulated through purchases. These points can enhance the cardholder’s spending power when redeemed effectively.

Redeeming Points

I can redeem my points for various rewards including merchandise, vouchers, and travel bookings. Here’s how the redemption process generally works:

  • Catalogue Redemption: I browse the rewards catalogue and select items or vouchers.
  • Travel Bookings: Use points to book flights, hotels, and car rentals through Citi’s travel portal.
  • Pay with Points: Offset purchases directly with points at participating merchants.

Point Expiry Policy

It’s crucial to know that my points have an expiry date. Points earned on my Citi Rewards Credit Card expire as follows:

Point TypeExpiry Period
Regular Points5 years from the month of accumulation
Bonus PointsTypically expire in 1 year

I make it a point to check the expiry dates and plan redemptions accordingly.

Transfer of Points

Transferring points is another feature of my Citi Rewards Credit Card:

  • Transfer to Airline Partners: I can convert points into miles with partner airlines like Singapore Airlines.
  • Transfer to Hotel Partners: Points can also be converted to hotel loyalty programs for room upgrades or free stays.

Transfers usually require a minimum number of points and may incur a fee.

Fees and Interest

When considering the Citi Rewards Credit Card, it’s crucial to understand the costs associated with its use. My review focuses on the key financial components that can affect your overall expenses: the interest rates, foreign transaction fees, and late payment charges.

Interest Rates

The Citi Rewards Card presents an annual interest rate of 26.9%. If I don’t make full payments by the due date, this rate is applied to my outstanding balance. It’s important for users like me to pay off our balances in full each month to avoid incurring high-interest costs.

Foreign Transaction Fees

Whenever I use the Citi Rewards Credit Card for transactions outside of Singapore, I am subject to a foreign transaction fee of 3.25%. This is added to the converted Singapore dollar amount on my overseas purchases.

Late Payment Charges

Paying late leads to a charge of S$100 if my outstanding balance is above S$50. It’s imperative to pay on time to avoid this unnecessary expense.

Security and Customer Service

In my experience with the Citi Rewards Credit Card Singapore, their security measures and customer service are noteworthy components of the card’s features.

Fraud Protection

Citi Rewards Credit Card provides real-time fraud monitoring service that keeps a vigilant eye on transactions. Should there be any unusual activity, I receive an immediate alert. Additionally, I appreciate the zero liability on unauthorized transactions, which adds an extra layer of security.

Customer Support Channels

I have access to a variety of customer support channels, which include a 24/7 hotline, live chat, and email assistance. The dedicated customer service team is prompt in addressing concerns and questions, which I find quite reassuring.

Online Banking Features

Citi’s online banking portal is robust and user-friendly. Features such as card activation, statement viewing, and payments management are all available online. Importantly, the ability to temporarily lock my card via the online portal or mobile app is a convenient feature that offers me peace of mind.

Comparative Analysis

In assessing the Citi Rewards Credit Card from Singapore, I will examine how it stacks up against competitors, outline its strengths and weaknesses, and summarize feedback from its users.

Comparison with Other Credit Cards

Citi Rewards vs. DBS Altitude:

  • Rewards on Spend: Citi Rewards offers 10X points on shopping and 1X on other spends. In contrast, DBS Altitude provides 3X points for online flight & hotel transactions.
  • Annual Fee: Citi Rewards has an annual fee of SGD 192.60, waived for the first year, while DBS Altitude charges SGD 192.60, also waived for the first year.
FeatureCiti RewardsDBS Altitude
Reward Points on Shopping10X1X
Reward Points on Other Spends1X1.2X (local), 2X (overseas)
Annual FeeSGD 192.60 (waived for first year)SGD 192.60 (waived for first year)
Air Miles Conversion25,000 points for 10,000 miles5,000 points for 10,000 miles

Pros and Cons

Pros:

  • Bonus Points: I receive 10X rewards on fashion and ride-hailing.
  • Flexibility: Reward points are redeemable across multiple categories.

Cons:

  • Spend Categories: I get lower points on non-shopping spends (1X).
  • Rewards Cap: There is a monthly cap on the 10X rewards points.

Consumer Reviews

Consumer opinions of the Citi Rewards Credit Card tend to highlight the following:

  • Benefits Appreciated:
    1. Shoppers love the high rewards rate on shopping.
    2. Many find value in the wide range of redemption options.
  • Drawbacks Noted:
    1. Some users mention disappointment with the rewards cap.
    2. A few report challenges in navigating the rewards program.
AspectsFeedback Score (Out of 5)
Rewards Rate4.5
Annual Fee4.0
Customer Service3.5
Ease of Use4.0

Conclusion

In my examination of the Citi Rewards Credit Card in Singapore, I’ve determined its strengths and potential limitations based on its features and benefits. The card offers:

  • Reward Points: Certainly lucrative for shoppers, offering 4 miles for every dollar spent on shopping, translating effectively to 1 reward point per S$1.
  • Bonus Points: Users earn 10X rewards on rides, online shopping, and more, capped at 10,000 points per statement month.

However, I must consider the annual fee, which stands at S$192.60, waived for the first year. Discerning users need to assess if their spending habits align with the rewards structure to justify this fee in subsequent years.

In terms of perks, the card provides:

  • Welcome offers: Enticing bonuses for new cardholders, subject to terms and conditions.
  • Flexible redemption options: Points can be converted to miles or redeemed for a wide range of goods and vouchers.

The expiration of points may be a drawback for those who do not redeem them regularly, as points expire after five years, prompting timely use.

My advice: review spending patterns and compare them against the card’s rewards and fees. For avid shoppers and those who spend heavily online, this card could certainly be beneficial. However, for those with a more diverse or less concentrated spending habit, other cards might be more suitable.

In summary, the Citi Rewards Credit Card is a strong contender in the realm of shopping-centric credit cards in Singapore, though it is essential for potential cardholders to weigh its benefits against personal spending behaviors and preferences.


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