This came out of nowhere – Citi is entering the unconditional cashback card space with a 1.6% cashback card. “Unconditional” is a term I use to refer to cards that virtually have no requirements, earn on almost any transaction, and have no minimum spends nor maximum limits.
For people who simply do not wish to spend the time and effort (and my friends would know that I do, a lot) to micromanage their spending but still want some rewards, unconditional cards are fuss-free. This is what makes them attractive to some people, and of course, an eye-watering $350 PayNow reward does not hurt.
Features & Details
|Conditions||Pretty standard set of exclusions credit cards have|
How does it fare on the Tier List?
|D||1.5%||1.2 to 1.5 mpd||Miles|
(Based on cards before 12th Feb)
Unconditional cards are usually a last-resort thing, which is why they are so low on the Tier List, but they aren’t useless. Aside from people who don’t want to optimise as previously mentioned, they also shine when transactions become really big. Your 4 mpd card or 8% cashback card simply cannot handle a $20,000 transaction.
Within its tier, I think miles are the current winner because they tend to be more valuable (I value each mile at 1.25 cents) and get even more useful when you get earn a whole lot of them at once, which is what happens with large transactions.
Nevertheless, for cashback people, this is ever so slightly better than the other options available. AMEX True Cashback Card and StanChart Unlimited Card both give 1.5% cashback. A slight, perhaps negligible, win.
What is really hard to ignore is the sign-up bonus. The previous offer for Citibank cards was $300, which is already pretty insane. Exclusively for this new card, you get $350 if you are considered a new customer to Citibank credit cards and apply through this link, and it’s going to be gone fast; it’s only applicable between 14th to
19th February 2020 29 February 2020. The promo has been extended till the end of the month.
Standard Chartered’s promo is pretty great too, giving AirPods and $80. AMEX True Cashback Card is giving $80 and an extra 1.5% cashback on $5,000 of spend in the first six months.
I think it’s quite obvious that Citi’s offer is the most compelling of the lot, but the best part is you don’t really have to choose, do you? Sign up for all of them if you are eligible and have a nice dinner for yourself.
If you’re eligible for the sign-up bonus, this is a no-brainer card to add.
- Better than other similar cashback cards in its tier
- No minimum spending nor maximum limits
- No fussing over whether a transaction qualifies or not (most do)
- Very, very generous sign-up offer
- 1.6% is bad for optimisers (although, are you really an optimiser if you pass over this sign-up bonus?)
- Missing this offer if you’re eligible