Are you looking to earn cash rewards for your spending as well as transfer your balance without incurring many charges? The Citi CashReturns MasterCard is like a two in one card that can help you do both. The card has some great pros but there are few cons to look out for as you will discover in this review;
Pros of the Citi CashReturns MasterCard
- Full 1% cash back on purchases.
- Rewards earned on cash advances and balance transfers.
- Automatic rewards redemption by check.
- Long introductory 0% APR period on balance transfers (if you qualify).
Cons of the Citi CashReturns MasterCard
- High redemption threshold. Citi allows you to redeem when you reach the $50 rewards threshold. However, that minimum is fairly high compared to those other cards.
- Cash advance fee is 3%, and the APR is over 25%. So any reward you would earn wouldn’t come close to making that up.
Citi CashReturns MasterCard Reward Offers
- 2% cash back on purchases for the first six months, then 1% cash back.
- 1% cash back on cash advances.
- Rewards earned on balance transfers.
- 5% cash back “on average” on purchases through Citi Bonus Cash Center.
Citi CashReturns MasterCard Annual Percentage Rates (APRs)
- Balance transfers: 0% for seven to 18 months, depending on your credit rating.
- Purchases: 12.99% to 20.99%, depending on your credit rating.
- Cash advances: 25.24%.
- Default rate: 29.99%.
- Citi CashReturns MasterCard Fees
- No annual fee.
- Balance transfer and cash advance fee: 3% of amount.
- Late payment fee: $15 to $39
- Over-limit fee: $39.
Citi CashReturns MasterCard Review
The Citi CashReturns MasterCard offers good cashback rewards but you might find it more useful for balance transfers.
If you have really good credit, you may qualify for a 0% balance transfer rate for as long as 18 months – or 12 to seven months if you have weaker credit. The balance transfer fee is 3%, which is one of the lowest around. What’s more, you earn five “CitiDollars” on all balances transfers over $1,500.
If you use the card for purchases, you earn 2% cash back for the first six months, then 1% after that. You can also earn 5% back “on average” if you shop through Citi’s Bonus Cash Center, which the bank says has more than 400 merchants.