New 2% cash back Mastercard from Citi

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Louis Winthorpe III
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New 2% cash back Mastercard from Citi

Post by Louis Winthorpe III » Thu Aug 28, 2014 8:29 pm

Looks like this would be a good choice for a lot of people. Simple, generous, and just about universally accepted. Like Fidelity Amex minus the need for a separate account.

http://creditcards.citicards.com/usc/do ... 7FE1D51644

Edit -- Correction: It's a Mastercard.
Last edited by Louis Winthorpe III on Thu Aug 28, 2014 8:50 pm, edited 1 time in total.

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Phineas J. Whoopee
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Re: New 2% cash back Visa card from Citi

Post by Phineas J. Whoopee » Thu Aug 28, 2014 8:32 pm

May this be the harbinger of the return of low- or no-restriction 2% non-Fidelity-non-AmEx cards! Schwab Visa, how I miss you! (But NASA FCU ain't bad either, if you're spendy enough).
PJW
Last edited by Phineas J. Whoopee on Thu Aug 28, 2014 8:36 pm, edited 1 time in total.

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heartwood
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Re: New 2% cash back Visa card from Citi

Post by heartwood » Thu Aug 28, 2014 8:34 pm

The link you posted does not mention Visa, nor do other sites I checked. It's not clear what kind of card it is and where it's accepted.

thewizzer
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Re: New 2% cash back Mastercard from Citi

Post by thewizzer » Thu Aug 28, 2014 8:58 pm

I wish I could find a card like this with no foreign transaction fee...

Tarkus
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Re: New 2% cash back Mastercard from Citi

Post by Tarkus » Thu Aug 28, 2014 9:01 pm

The Barclaycard Arrival offers 2% cash back on everything and has no foreign transaction fees. In addition, if you redeem for statement credits against travel expenses, you get an additional 10% (meaning 2.2% instead of 2%).

Louis Winthorpe III
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Re: New 2% cash back Mastercard from Citi

Post by Louis Winthorpe III » Thu Aug 28, 2014 9:19 pm

Tarkus wrote:The Barclaycard Arrival offers 2% cash back on everything and has no foreign transaction fees. In addition, if you redeem for statement credits against travel expenses, you get an additional 10% (meaning 2.2% instead of 2%).
No foreign transaction fees is a plus for the Arrival card, but there are plenty of cards that don't charge foreign transaction fees, and the Arrival has an $89 annual fee. This card has no annual fee, so the breakeven is >$40,000 in annual spending. And I prefer straight cash back vs cash I have to apply to a particular category of spending.

sunnyday
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Re: New 2% cash back Mastercard from Citi

Post by sunnyday » Thu Aug 28, 2014 9:48 pm

Great find, thanks for sharing.

I think I'll sign up but am a little skeptical that they'll keep the reward at 2%. Seems like a lot of cards reduce or restrict rewards eventually.

Does anyone know which credit beaureu citi pulls from?

Also at 0% for 18 months is anyone considering paying the minimum balance for a while?

Jerrybaby
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Re: New 2% cash back Mastercard from Citi

Post by Jerrybaby » Thu Aug 28, 2014 9:49 pm

Nice card, but it will take vice grips to get my hands off my Fidelity AMEX card. In my personal experience, it has been accepted 99.991% of the time, and I really like the automatic sweep into my cash management account. It might be a good card to convert to, as my Citi Dividend has been virtually useless to me up to this point.

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Re: New 2% cash back Mastercard from Citi

Post by Sunny Sarkar » Thu Aug 28, 2014 10:06 pm

Just wondering why Citi structured the cash back like that - 1% when you buy + 1% when you pay off - instead of simply 2% like Fido AmEx. Is there a trick/catch somewhere?
"Cost matters". "Stay the course". "Press on, regardless". ― John C. Bogle

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JamesSFO
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Re: New 2% cash back Mastercard from Citi

Post by JamesSFO » Thu Aug 28, 2014 10:53 pm

Sunny Sarkar wrote:Just wondering why Citi structured the cash back like that - 1% when you buy + 1% when you pay off - instead of simply 2% like Fido AmEx. Is there a trick/catch somewhere?
I would assume yes, in that they only have to give out the back half WHEN you pay it. If you carry a balance that might be a while. So there is some time-value of money for them there.

tj
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Re: New 2% cash back Mastercard from Citi

Post by tj » Thu Aug 28, 2014 10:55 pm

JamesSFO wrote:
Sunny Sarkar wrote:Just wondering why Citi structured the cash back like that - 1% when you buy + 1% when you pay off - instead of simply 2% like Fido AmEx. Is there a trick/catch somewhere?
I would assume yes, in that they only have to give out the back half WHEN you pay it. If you carry a balance that might be a while. So there is some time-value of money for them there.
Yep, especially with the 15 month 0% promo offer, it effectively delays 1/2 the cashback for a year and a quarter.

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Re: New 2% cash back Mastercard from Citi

Post by FedGuy » Thu Aug 28, 2014 11:16 pm

Jerrybaby wrote:Nice card, but it will take vice grips to get my hands off my Fidelity AMEX card.
I don't know. I got the Fidelity AmEx a few months ago and like it, but one of my favorite lunch places doesn't take it, and neither does another business I patronize relatively frequently. There's still a lot about this new Citi card I don't know, but it sounds like it would be accepted at more places, and wouldn't tie me to a specific brokerage company, so I'm certainly interested in finding out more.

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Re: New 2% cash back Mastercard from Citi

Post by Sunny Sarkar » Fri Aug 29, 2014 4:40 am

What is the mechanism to redeem the cash back rewards for this new Citi 2% card? The Fido AmEx 2% card has auto-redemption into any Fidelity account - I love the way it works every month like clockwork.
"Cost matters". "Stay the course". "Press on, regardless". ― John C. Bogle

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heartwood
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Re: New 2% cash back Mastercard from Citi

Post by heartwood » Fri Aug 29, 2014 6:12 am

This site says its on the VISA network. http://www.cardbenefit.com/citi-double-cash-card/

Another site says Mastercard. Funny that Citi isn't clear about it on their own website.

Either is widely accepted and should not be an issue.

I have the Fido AMEX for many years and it works well for me. No plans to switch.

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prudent
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Re: New 2% cash back Mastercard from Citi

Post by prudent » Fri Aug 29, 2014 6:14 am

I think another reason they split the 2% into 1% on purchases and 1% on payments (besides delaying the payout) is just for marketing/hype purposes - i.e. "the ONLY card that pays you cashback on your payments! It's DOUBLE cash!"
Sunny Sarkar wrote:What is the mechanism to redeem the cash back rewards for this new Citi 2% card? The Fido AmEx 2% card has auto-redemption into any Fidelity account - I love the way it works every month like clockwork.
When you've accumulated at least $25, you can redeem for cash, statement credit or buy gift cards.

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Re: New 2% cash back Visa card from Citi

Post by midareff » Fri Aug 29, 2014 6:30 am

heartwood wrote:The link you posted does not mention Visa, nor do other sites I checked. It's not clear what kind of card it is and where it's accepted.
A card that does not say MasterCard or Visa on it will be a problem to use. I think I'll stay with my 2% Fido AMEX and 1.5% Visa.

Edit March 14, 2015: It is a Mastercard and the 1.5% Fido Visa has been retired. The Fido AX has an advantage IMHO in that it can be set to auto-pay rewards to your Fido MM account while you have to go through the screens and stuff with the MC.
Last edited by midareff on Sat Mar 14, 2015 5:57 pm, edited 1 time in total.

jf89
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Re: New 2% cash back Mastercard from Citi

Post by jf89 » Fri Aug 29, 2014 6:53 am

It looks like the card just isn't out yet, and they haven't finalized which network it will be on. Some websites say Visa definitively, some say MasterCard definitively, others say they "expect" either.

Has anybody contacted Citi about it yet? I'm at work but will certainly call tonight when I get home.
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Re: New 2% cash back Mastercard from Citi

Post by lhl12 » Fri Aug 29, 2014 8:55 am

Sunny Sarkar wrote:What is the mechanism to redeem the cash back rewards for this new Citi 2% card? The Fido AmEx 2% card has auto-redemption into any Fidelity account - I love the way it works every month like clockwork.
+1.

It's hard for me to overstate how appealing it is to have the redemption occur automatically, in cash, without any action of any kind on my part. I would happily pay a reasonable annual fee ($75 or $89) never to have to track or worry about my "rewards".

I agree with thewizzer that it would be fantastic if there were an equivalent card that also charged no foreign transaction fees. I keep a second cash-back card (B of A Travel Rewards) solely for that purpose, though it only gives 1% cash back.

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Re: New 2% cash back Mastercard from Citi

Post by ilovedavidstove » Fri Aug 29, 2014 9:25 am

I'm a Mastercard holder and unfortunately they could not simply transition my current 1% cash back card to this card. It would be an entire new credit card with an approval process and I would incur the 'balance transfer' fee. Seems silly.

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Re: New 2% cash back Mastercard from Citi

Post by Millennial » Fri Aug 29, 2014 9:28 am

Louis Winthorpe III wrote:No foreign transaction fees is a plus for the Arrival card, but there are plenty of cards that don't charge foreign transaction fees, and the Arrival has an $89 annual fee. This card has no annual fee, so the breakeven is >$40,000 in annual spending. And I prefer straight cash back vs cash I have to apply to a particular category of spending.
There is currently a $440 sign-up bonus for this card if you don't already have a Barclayscard, so the first five years of the annual fee are effectively wiped out. The rewards are also instantly available as soon as your charge goes through, which I've never seen for another rewards card. I got the card on July 1 and I've already redeemed about $475 in statement credits.

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Re: New 2% cash back Mastercard from Citi

Post by mikep » Fri Aug 29, 2014 10:28 am

I have Fidelity AMEX with no Fidelity account. I redeem rewards once they reach 25,000 points for a $250 statement credit at the 2% cash back level. No Fidelity account is needed to earn 2% from Fidelity AMEX.

It's hard to beat a combination of 5-3-1 Sam's mastercard (use for 5% gas, 3% dining/travel categories only), Fidelity 2% AMEX (use at Costco), and Capital one 1.5% quicksilver. Other good cards are amazon 3% and Target 5%. Yes I have both a Sams and Costco membership, Sams for the basic few things Costco doesn't have and gas, and Costco executive 2% back + 2% from Fidelity AMEX which is better than Costco's own AMEX.

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Re: New 2% cash back Mastercard from Citi

Post by agent13x » Fri Aug 29, 2014 10:44 am

Happy to see a Non-Amex option for 2% cash back. I applied and was approved for this card and will get it within a week. I'll let you guys know if it ends up being a Mastercard or a Visa. This will take the place of my Fidelity Amex 2% and Capital One 1.5% card. The only other card I use is the Sallie Mae MC for 5% back on Amazon.com and 5% on gas.

Granted, the auto-transfer of the Fidelity AMEX rewards are of little use to me. My wife and I save up all our of CC rewards over the year, and the resulting cash back amount is what we use for Christmas gifts in December. For two years now we've been able to completely pay for xmas gifts using rewards cash.

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Re: New 2% cash back Mastercard from Citi

Post by mikep » Fri Aug 29, 2014 10:59 am

Costco only takes AMEX. So I would still need one, may as well use Fidelity 2% AMEX over the Costco 1% AMEX.

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Re: New 2% cash back Mastercard from Citi

Post by Langkawi » Fri Aug 29, 2014 12:34 pm

mikep wrote:Costco only takes AMEX. So I would still need one, may as well use Fidelity 2% AMEX over the Costco 1% AMEX.
You can buy Costco Cash Cards from Costco.com with Visa/MasterCard/Discover, then use the cash card at the physical Costco store.

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Re: New 2% cash back Mastercard from Citi

Post by livesoft » Fri Aug 29, 2014 1:01 pm

This is good to read about because it means that Citibank takes survey answers somewhat seriously. I have an old Citi dividend card that I don't use anymore. They sent me a survey and asked what would make me use a credit card and the only answer I gave them was "CASH BACK, LOTS OF IT, AT LEAST 10%!!!!"

So be sure to answer your surveys when you get them and ask for what you want.
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mikep
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Re: New 2% cash back Mastercard from Citi

Post by mikep » Fri Aug 29, 2014 1:36 pm

Langkawi wrote:
mikep wrote:Costco only takes AMEX. So I would still need one, may as well use Fidelity 2% AMEX over the Costco 1% AMEX.
You can buy Costco Cash Cards from Costco.com with Visa/MasterCard/Discover, then use the cash card at the physical Costco store.
That is a pain. Also, I lose out on extended warranty and other AMEX benefits if I don't use the card directly for purchases.

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Re: New 2% cash back Mastercard from Citi

Post by sunnyday » Fri Aug 29, 2014 1:40 pm

livesoft wrote:This is good to read about because it means that Citibank takes survey answers somewhat seriously. I have an old Citi dividend card that I don't use anymore. They sent me a survey and asked what would make me use a credit card and the only answer I gave them was "CASH BACK, LOTS OF IT, AT LEAST 10%!!!!"

So be sure to answer your surveys when you get them and ask for what you want.
Only 10% cash back -- If I get the survey I'm going to request 101% cash back :)

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Re: New 2% cash back Mastercard from Citi

Post by FedGuy » Fri Aug 29, 2014 1:49 pm

livesoft wrote:I have an old Citi dividend card that I don't use anymore. They sent me a survey and asked what would make me use a credit card and the only answer I gave them was "CASH BACK, LOTS OF IT, AT LEAST 10%!!!!"
I got a similar survey and told them to improve their cash back categories. I noted that both Discover and Chase Freedom have pretty much the same rewards structure, but I use both of those cards a lot more frequently because the 5% cash back categories offered by those cards are better for my needs much more often than those offered by the Citi Dividend card.

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Re: New 2% cash back Mastercard from Citi

Post by S&L1940 » Fri Aug 29, 2014 2:05 pm

Chase recently switched my MasterCard accounts to Visa
Wonder if MasterCard is getting aggressive and did a deal with Citi to recover card holders with a better deal?

Meanwhile Chase's Ink (now Visa) gets most of my play because of a steady 3% on key spend like restaurants and gas instead of continuously seeking limited time higher cash back deals
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Re: New 2% cash back Mastercard from Citi

Post by Doom&Gloom » Fri Aug 29, 2014 2:10 pm

I'm glad to see this. I hope it results in a round of competition among the credit card companies for our business.

I just looked through my recent CC statements on the cards I already have and had trouble finding too many purchases where this card would benefit me. I already get 6% on groceries and pharmacy; 5% on gas, restaurants, Amazon, Walmart, Target, cell phone and whatever rotating categories the Freedom has; and at least 2% for travel.

The expenses that I currently only get 1% for seem to be home/auto insurance, one utility that does accept CC's, and a few scattered small purchases. I think I'll wait until the dust settles on this new card to see if they begin offering a sign-up bonus.

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Re: New 2% cash back Mastercard from Citi

Post by Traveller » Fri Aug 29, 2014 2:14 pm

Nice find and great timing! I was just about to cancel my Amex Blue Cash Preferred and sign up for the capital one Quicksilver 1.5% card instead. This looks like a better deal. Applied and approved online just minutes ago - thanks for the tip. :beer

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Re: New 2% cash back Mastercard from Citi

Post by The529guy » Fri Aug 29, 2014 2:24 pm

Traveller wrote:Nice find and great timing! I was just about to cancel my Amex Blue Cash Preferred and sign up for the capital one Quicksilver 1.5% card instead.
Why? If you're canceling because of the annual fee, have you tried asking Amex for a downgrade to the Blue Cash Everyday card?

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Re: New 2% cash back Mastercard from Citi

Post by yangtui » Fri Aug 29, 2014 2:39 pm

i have been very happy with the capital one visa spark business card. 2% cash back on all purchases and a $300 signup bonus. they wave the $59 fee the first year and the signup bonus covers an additional 5 years. as an added bonus, no foreign transaction fees.
Last edited by yangtui on Fri Aug 29, 2014 2:40 pm, edited 1 time in total.

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Re: New 2% cash back Mastercard from Citi

Post by Traveller » Fri Aug 29, 2014 2:40 pm

The529guy wrote: Why? If you're canceling because of the annual fee, have you tried asking Amex for a downgrade to the Blue Cash Everyday card?
Good question - mainly because I am not using it to the extent I used to. Used to use it heavily for groceries and gas, but tend to use an alternate card for gas with similar cash back. Groceries is great, but we don't spend as much any more and the annual fee dilutes the return for sure. Who knows, I may keep it. I am coming up next month on my renewal, so I am in the middle of my annual CC strategy re-think. I'll consider the downgrade as you suggest after I revisit what the difference in cash back levels is.

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Re: New 2% cash back Mastercard from Citi

Post by sunnyday » Fri Aug 29, 2014 3:09 pm

I just signed up for the credit card. I figure it'll provide a little more cash back compared to my AmEx blue cash but it'll especially be nice only needing to carry one credit card. Thanks Louis for the tip

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Re: New 2% cash back Mastercard from Citi

Post by tj » Fri Aug 29, 2014 3:20 pm

yangtui wrote:i have been very happy with the capital one visa spark business card. 2% cash back on all purchases and a $300 signup bonus. they wave the $59 fee the first year and the signup bonus covers an additional 5 years. as an added bonus, no foreign transaction fees.

i don't understand the "covers X years of annual fees" argument .if you get rid of the Capital One (or convert it to something else with no fee and sock drawer it) and apply for the Citi Double Cash, you still get 2% and you keep your $300.

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Re: New 2% cash back Mastercard from Citi

Post by Valence » Fri Aug 29, 2014 3:49 pm

Just signed up as well. Currently rocking the amazon card which is 3% at amazon, 2% gas/restaurant/drugstores, 1% elsewhere and the Quicksilver 1.5% on everything. It is a slight hassle to remember which card to use currently. This card will basically be all I use unless I shop at Amazon : ). I will probably keep the Quicksilver though as it doesn't have the foreign transaction fee, and I think it has a few other small perks that apply to traveling. Thanks!

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Re: New 2% cash back Mastercard from Citi

Post by kd2008 » Fri Aug 29, 2014 3:52 pm

So I called Citi to convert my Dividend Platinum card that I never use to the new Double Cash card. "Oh the product is too new,and our systems are not updated. Sorry, I cannot convert it now. Call us in a few months." Really?

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Re: New 2% cash back Mastercard from Citi

Post by TDAlmighty » Fri Aug 29, 2014 4:48 pm

JamesSFO wrote:
Sunny Sarkar wrote:Just wondering why Citi structured the cash back like that - 1% when you buy + 1% when you pay off - instead of simply 2% like Fido AmEx. Is there a trick/catch somewhere?
I would assume yes, in that they only have to give out the back half WHEN you pay it. If you carry a balance that might be a while. So there is some time-value of money for them there.
Not only that, but something about the "purchase tracker" makes me think that you will have to be careful paying your bill. For example, IF the purchase tracker is less than the amount you pay, it sounds like you are not rewarded on the temporary "overpayment". This may happen if the purchase tracker does not reset until a bill is issued and/or it does not include pending charges that you may decide to "pre-pay".

Other items I do not like: The 3% FTF is high. And the cash redemption options which requires action on your part.

Since the Fidelity Amex is 2% cashback with 1% FTF, automatic redemption options, and now has Chip & Signature -- it seems like the only reason to get this card is if you need a non-Amex card.

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Re: New 2% cash back Mastercard from Citi

Post by ArthurO » Fri Aug 29, 2014 7:39 pm

applied for the card, got approved, card in the mail, I don't have Fidelity AMEX because I don't have fidelity account, I've been using CapitalOne 1.5% cash back that was converted from 2% OrchardBank Visa, I miss my 2% soon it will be back :)

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Re: New 2% cash back Mastercard from Citi

Post by TDAlmighty » Fri Aug 29, 2014 7:54 pm

yangtui wrote:i have been very happy with the capital one visa spark business card. 2% cash back on all purchases and a $300 signup bonus. they wave the $59 fee the first year and the signup bonus covers an additional 5 years. as an added bonus, no foreign transaction fees.
Do you have business expenses or are you using this for everyday purchases?

I know a couple of people that have business cards and use them for personal things which I do not understand. Your rights with a business card are so much less, especially after the CARD act passed a couple years ago.

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Re: New 2% cash back Mastercard from Citi

Post by tj » Fri Aug 29, 2014 9:03 pm

kd2008 wrote:So I called Citi to convert my Dividend Platinum card that I never use to the new Double Cash card. "Oh the product is too new,and our systems are not updated. Sorry, I cannot convert it now. Call us in a few months." Really?

Somebody else reported, I guess at a different froum, that you can change after September 9th.

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Re: New 2% cash back Mastercard from Citi

Post by JustMe » Fri Aug 29, 2014 10:38 pm

jf89 wrote:It looks like the card just isn't out yet, and they haven't finalized which network it will be on. Some websites say Visa definitively, some say MasterCard definitively, others say they "expect" either.

Has anybody contacted Citi about it yet? I'm at work but will certainly call tonight when I get home.
I contacted Citi via a web chat, and the representative stated that this is a MasterCard. They also said that you cannot currently convert an existing Citi MasterCard to the new rewards structure, but that you'll be able to do so beginning September 9.

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Re: New 2% cash back Mastercard from Citi

Post by tj » Fri Aug 29, 2014 11:40 pm

JustMe wrote:
jf89 wrote:It looks like the card just isn't out yet, and they haven't finalized which network it will be on. Some websites say Visa definitively, some say MasterCard definitively, others say they "expect" either.

Has anybody contacted Citi about it yet? I'm at work but will certainly call tonight when I get home.
I contacted Citi via a web chat, and the representative stated that this is a MasterCard. They also said that you cannot currently convert an existing Citi MasterCard to the new rewards structure, but that you'll be able to do so beginning September 9.

You should be able to convert a visa as well, the card number will just change. actually the card number will change anyway. That's what happened when I convereted a Thank You Preferred to a Dividend card. Of course the Dividend card has proven to be useless. :-/

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Re: New 2% cash back Mastercard from Citi

Post by jasonp99 » Fri Aug 29, 2014 11:41 pm

Valence wrote:Just signed up as well. Currently rocking the amazon card which is 3% at amazon, 2% gas/restaurant/drugstores, 1% elsewhere and the Quicksilver 1.5% on everything. It is a slight hassle to remember which card to use currently. This card will basically be all I use unless I shop at Amazon : ). I will probably keep the Quicksilver though as it doesn't have the foreign transaction fee, and I think it has a few other small perks that apply to traveling. Thanks!
The Sallie Mae Visa can get you 5% at amazon & bookstores/gas/groceries. But monthly purchase limits are $750/$250/$250, after that it's 1%.

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Re: New 2% cash back Mastercard from Citi

Post by serbeer » Sat Aug 30, 2014 12:19 am

jasonp99 wrote: The Sallie Mae Visa can get you 5% at amazon & bookstores/gas/groceries. But monthly purchase limits are $750/$250/$250, after that it's 1%.
Sallie Mae does not offer Visa card per their website. Perhaps they did in the past. They have Mastercard with 5% groceries/gas and stated limit (which I have). I'd love to be able to get 5% from amazon as well, so if you provide a link, that would be very helpful.

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Re: New 2% cash back Mastercard from Citi

Post by The529guy » Sat Aug 30, 2014 12:25 am

serbeer wrote:
jasonp99 wrote: The Sallie Mae Visa can get you 5% at amazon & bookstores/gas/groceries. But monthly purchase limits are $750/$250/$250, after that it's 1%.
Sallie Mae does not offer Visa card per their website. Perhaps they did in the past. They have Mastercard with 5% groceries/gas and stated limit (which I have). I'd love to be able to get 5% from amazon as well, so if you provide a link, that would be very helpful.
Re: Amazon, please see http://www.bogleheads.org/forum/viewtop ... 0#p2169465. Amazon counts as a bookstore.

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Re: New 2% cash back Mastercard from Citi

Post by bnes » Sat Aug 30, 2014 3:14 am

A bit disturbing:
Fraud: If your Card Account shows any sign of fraudulent, abusive or suspicious activity, we may close or suspend your Card Account immediately without giving you prior notice. You may also forfeit your accrued cash rewards.
When you become a cardmember, you will receive the full Citi® Double Cash Card Terms and Conditions.
So I don't get to read the full terms until later.
And I may loose my cash balance.

crowd79
Posts: 640
Joined: Sun Nov 18, 2012 10:37 pm

Re: New 2% cash back Mastercard from Citi

Post by crowd79 » Sat Aug 30, 2014 6:02 am

2% cashback on all purchases without an annual fee sounds great, but I'll wait to see if they come out with a sign-up bonus of $100-$200 or something. Not worth the hard credit pull as I already have several other cards that pay higher in certain categories anyways...

mikep
Posts: 3697
Joined: Wed Apr 22, 2009 9:27 pm

Re: New 2% cash back Mastercard from Citi

Post by mikep » Sat Aug 30, 2014 9:52 am

For anyone converting your dividend card to this one, do your rewards carry over? Dividend card rewards pay out at exactly $50 increments and I'm close to one, wonder if I need to top up before converting?

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