Citi Bank Announces Brand New Rewards+ Credit Card
- Rewards card which rounds up your earned rewards per purchase to the nearest 10 points (a $1 purchase = 10 points, an $11 purchase = 20 points)
- The Citi Rewards+ Card has no annual fee
- New Cardholders can earn a bonus 15,000 points when $1,000 is spent in the first 3 months of opening a new account
- Points are transferable to Jet Blue Rewards but not available for the full list of Citi Transfer partners are this time
- Earn 2x points up to the first $6,000 spent annual for groceries and gas. 1x points for all other purchases
- Applications are expected to be open to the public on January 10th, 2020
With the new year comes an exciting new credit card offered by Citi Bank. The Rewards+ MasterCard is set to be released January 10th, 2020 and provides a unique rewards structure. Similar to other Citi Cards, The Rewards+ will earn ThankYou Points. Grocery and gas purchases are eligible for 2x points on purchases for the first combined $6,000 spent annual. Additionally, customers will earn 1x point for all other purchases. With this said, the Rewards+ card has one unique reward aspect. All purchase rewards are rounded up to the nearest 10 points.
As mentioned above, this means that a $1 purchase would be worth ten points. This would effectively make that purchase a 10x purchase. This aspect will have the most utility for small purchases where it will outshine many competitors. As you get in to larger purchases, the rounding up will have much less of an impact on your reward earnings.
Citi Rewards+ Credit Card Design:
The credit card itself has a very clean design. It is quite reminiscent of the Citi Prestige Credit Card. Whereas the Prestige card has more of a slate grey color scheme, this card pops with a more vibrant teal color.
You can find Citi’s Official tweet sharing the news and card design here!
How This Card Stacks Up To The Competition
There are several distinct features about this card that will make it an interesting option for many consumers. First, The Rewards+ Credit Card will not have an annual fee. This will already make it an attractive option for credit card users who loathe annual fees. Secondly, there is a sign up bonus with a very low spending requirement. New cardholders need only to spend $1,000 in the first 90 days of opening their new account to qualify for the bonus. Bonus recipients are set to receive 15,000 ThankYou Points upon completing spending requirements.
Furthermore, customers will earn ThankYou Points with every purchase. The reward structure has been outlined but what is important to note is the category rewards. Gas and grocery rewards are two of the most popular categories for credit card users. This will be seen as a big “plus” for the Rewards+ Credit Card. Customers are also eligible to receive 10% bonus when redeeming their points. This is good for the first 100,000 points redeemed each year.
Finally, the reward point round up is going to be a huge factor for everyday purchases. When making a small purchase, customers have the option to really increase their earning rates. This is one of those cards that many savvy customers will keep in their wallet just for this purpose alone. In Citi’s own press release, Chris Fred (A Citi Managing Director), even stated as much. He said this card is specifically optimized for average consumers who need a card for everyday spending.
Final Thoughts On The Citi Rewards+ Credit Card
I expect this credit card to be very popular with consumers due to the big earning potential for small purchases. When a quick, $2 convenience store purchase can earn you 5x points, you can be sure people are going to be interested in this credit card. Overall, this card looks like it will be a great option particularly for small, everyday purchases. Premium credit cards are still going to provide better overall reward structures but the Rewards+ Credit Card provides some great no annual fee features.
One word of warning. For anyone suspecting they can game the reward system by only make small $1 purchases, I wouldn’t hold your breath. While 10x points for a $1 purchase may sound great, don’t expect too many feasible ways to make this worth your while if this is your only intent. With that said, if you want a $0.99 bottle of water and use your Rewards+ Credit Card, enjoy your 10x points!