The Citi Cash Back Card offers you exactly what its name suggests. It gives you 10% cash back on 4 spending categories (petrol, dining, groceries and Grab rides) and 0.2% cash back on all other spends. But what exactly does this mean for you?
Let’s take a closer look at its benefits.
First up, a summary of what we like the most about Citi Cash Back, and what fails to impress:
Analysing the cash back benefits
The Citi Cash Back offers 10% cashback every month on petrol refills, dining spends, Grab rides and at selected supermarkets when your total bill exceeds RM500 in a month.
That being said, if you look into the terms, there is a monthly cash back cap of RM10 on petrol, groceries, dining and Grab rides. But you earn unlimited cash back at 0.2% on all other retail spends, which doesn’t make a huge difference (RM1 rebate when you spend RM500).
That means you need to spend at least RM100 on each of these categories in order to get the 10% cash back capped at RM10 per category — meaning RM40 cash back in total for 4 categories. However, if you spend more than RM100 per category, you won’t earn any additional cash back at the 10% rate.
You also need to ensure that your total monthly bill is above RM500 to qualify for the maximum RM40 cash back across 4 categories. If you spend less than RM500 in a month you’ll get unlimited uncapped rebates, but only at a rate of 0.2%.
Keep in mind that for groceries, only expenses charged at AEON Big, Tesco, Cold Storage, Giant, Everise, Servay, Econsave, Mydin, B.I.G Ben’s Independent Grocer, Jaya Grocer and Village Grocer qualify for the cash back.
But a good thing is that the cash back you earn will be credited to your account at the end of every billing month.
It will be important to note here that the card also comes with a Platinum variant which also gives 10% cash back on the same 4 categories (capped at RM15 per category per month) when your total bill exceeds RM1,500.
How much does it cost to own the Citi Cash Back Card?
The annual fee for the principal card is RM120 and it’s RM60 for supplementary cards (both exclusive of RM25 government service tax)
Also, you need to make at least RM36,000 p.a. and must be at least 21 years old, to qualify for this credit card.
What are the other benefits of the Citi Cash Back?
- Users of the Citi Cash Back card can enjoy a host of exciting offers at more than 24,000 outlets in Malaysia and across the globe with the Citi World Privileges.
- Ongoing promotions include 20% off food and beverages at Cinta Terrace – Pulai Springs Resort (offer valid until 31 December 2018) and up to 45% off dining at Shangri-La Hotel Kuala Lumpur’s restaurants (offer valid till 13 March 2019).
- Users can also get 15% off walk-in hospital room rates at participating hospitals operated by KPJ using their Citi Cash Back card.
Liked this card? Apply for it on BBazaar and get a Tesco voucher worth RM120 or a Condotti 20” ABS Cabin Bag on card approval
Card Type : Cashback
Upto 10% cashback on petrol, grocery, dining and Grab spends
Unlimited 0.2% cashback on all other retail spends
Automatic credit of cashback to your account
Minimum income – RM36,000 p.a.
Minimum age – 21 years old
For Salaried Employees: Copy of MyKad, latest EPF statement, last 6 months’ salary slips, latest 6 months’ bank statements, and form BE with tax payment receipt
For Self-Employed Professionals: Copy of MyKad, Business Registration Certificate (ROC & ROB), last 6 months’ bank statements, and form BE with tax payment receipt
Annual fee: Principal card – RM120 (with 0% GST). Supplementary card – RM60 (with 0% GST)
Interest rates: 15-18% p.a.
Late payment fee: 1% of the outstanding balance subject to a minimum of RM10 and a maximum of RM100
Verdict: A great savings tool if you know how to maximise its benefits
Fetching cash back at a really good rate even when you don’t spend a lot is arguably the biggest advantage of the Citi Cash Back Card. Let’s assume if you spend RM100 every month on petrol, dining, Grab rides and at participating supermarkets, and a RM100 more on other retail expenses, you can save at least RM40.2 every month with the cash back (RM10 for 4 categories+RM0.2 for other spends).
This calculates to (RM40.2/RM500x100) 8.04% real savings per month, which is really high especially when you consider the fact that you need to spend just RM500 to get it.
And even when you spend RM100 each for 4 preferred cash back categories, and RM600 on other expenses (total RM1,000 in a month), you still get RM41.2 cash back, which calculates to 4.12% real savings.
This basically tells us that this credit card can be your ideal savings partner, and you don’t need to meet steep spending targets to reap its benefits.
Having said that, in order to realise the card’s full potential, you must align your monthly spends with the preferred cash back categories. If your monthly spending patterns are not in sync with them, you may bag cash back only at a low rate of 0.2%.
To sum things up, the Citi Cash Back card is a great savings tool even when you don’t spend a lot, provided you know how to maximise its benefits by aligning your spends with the 10% cash back-fetching categories.
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