Many people opt for the use of credit cards mainly because of the revolving credit line it offers. However, there is more to consider when deciding to use this payment solution. If you eventually decide to use one, some of these considerations are also crucial in choosing the right option.
Against this backdrop, you should know that the costs and benefits of using a credit card should play a crucial role when making your choice. To this end, this article reviews the Citi Premier® Card, especially in terms of its cost and rewards. So, read on to find out if it is worth it.
Benefits of Using Citi Premier Card
There are so many remarkable and even standout features of this credit card. Some of them include the following:
Affordable Annual Fees
Of course, the annual fee should not be the sole determinant when choosing. Be that as it may, having to cough out a few hundred dollars annually for using this payment solution can be a headache for some people.
Fortunately, the Citi Premier® Card does well in this regard. Cardholders would only have to pay an annual fee of 95 dollars, as of the time of writing this article. While this is nowhere near the cheapest as there are even options that are completely, it is fair enough. This is especially true considering the several benefits you may qualify for.
Generous Welcome Bonus
There is a welcome bonus for new cardholders and a very generous one at that. New cardholders can get 60,000 reward points. However, terms and conditions apply.
This is considering how new cardholders are expected to use it to make purchases of no less than 4,000 dollars. Furthermore, all these must happen within the first three months of being a cardholder.
Regardless of this eligibility criterion, it is still fair to say that the offer is generous. This is given how making purchases of up to 1,334 dollars for each of the three months will qualify a new cardholder for this signup bonus.
In addition to the generous sign-up bonus of 60,000 points (provided terms and conditions are met), there are other incentives by the issuer. For example, there is currently a 10-point reward program for every 1 dollar spent on eligible purchases. However, this only applies until the end of the first half of the year 2024.
Finance Tracker
Generally speaking, many cardholders make terrible financial decisions in the bid to qualify for reward points and incentives, at large. More often than not, this has to do with spending unreasonably. For more information on this, you can visit: https://www.nytimes.com/.
Thankfully, certain credit cards are designed to help curb this excess. It is safe to say that the Citi Premier® Card is one such. This is especially because of its finance tracker feature that enables cardholders to monitor and evaluate their expenditures.
Zero Foreign Transaction Charges
Frequent travelers are high on the list of people who opt for this credit card, which is not surprising. This is considering how there are no special charges that apply when this credit card is used on foreign territory.
Multiple Partners
It is one thing to subscribe to a generous card issuer and another to be able to use obtained rewards. Some cardholders are very restricted in this regard because their issuers have very few reward partners.
Well, the Citi Premier® Card does fairly well in this reward. This is considering how there are several reward partners, which is in the best interest of cardholders.
Downsides of Using the Citi Premier® Card
There are not too many downsides to using this credit card, in all fairness. Furthermore, there is no credit card out there without a downside or a few of them.
For this reason, the subsequent points are not necessarily about discrediting this credit card. Having made this clear, here are a few downsides of using the Citi Premier® Card:
Protection Benefits
The issuer can do a lot more in this regard. This is considering how the retail and travel protection level that cardholders get is nowhere near enough. This has been the case especially since policy changes were made in 2019.
Reward for Non-Bonus Purchases
It is worth mentioning that the issuer has a lot of purchases covered by its bonus purchase program. However, ineligible purchases do not carry a reasonable amount of rewards. Cardholders get just a point for every dollar spent making such purchases.
This is nowhere near enough going by several standards. For this reason, it would make more sense if the issuer was more generous in this regard.
Conclusion
Becoming a credit cardholder can be a smart move. This is especially true if the right one is chosen, and it is used properly. Speaking of choosing the right one, you can click here for information on different kinds of credit cards.
Furthermore, credible reviews can go a long way in ensuring you choose the right one. This is why this article has shed light on the Citi Premier® Card. So, bear these details in mind when the need arises.
