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Credit Card Rewards Programs Explained: Citi’s Thank You Rewards Network
By: Jeff Weber
Credit card companies are in constant competition with one another to gain you
as their customer. One way they approach this is with 0% introductory rates.
Another approach is the rewards program. In this first of a series of in depth
articles on credit card rewards programs, the president and CEO of Credit Card
Depot Inc examines the Citi Thank You Rewards Network Program.
Currently, the Citi Simplicity(SM) Rewards Card, the Citi® Platinum Select, and
the Citi® Diamond Preferred® Rewards Card all offer thankyounetwork rewards. But
what exactly are these rewards. They are points earned for every dollar spent
that can be redeemed for everything from gift certificates to reduction in your
interest rate. Here, I will focus on the gift certificates. Beginning at around
1,500 points, you can receive a free $10 gift certificate to a wide range of
major retailers. As our points increase, so do their value. For 10,000 points,
you can get a $100 gift certificate to these same great retailers.
Aside from retail gift certificates, you can vouchers for hotel discounts, free
skiing pass, free movie tickets. There truly are a ton of rewards options
available through this citicards program.
Now, some of you may be rolling your eyes at the fact it takes $10,000 of
spending to get $100 in rebates. But the fact of the matter is, getting rewards
is easier than you think. For starters, both the Citi Simplicity(SM) Rewards
Card and the Citi® Diamond Preferred® Rewards offer new consumers a great signup
incentive: thousands of free points. For the Citi Simplicity(SM) Rewards Card,
all you have to do is make one purchase in your first three months with the card
and you are awarded a $100 gift certificate. Imagine that, a credit card paying
you to use their card. The same holds true with the Citi® Diamond Preferred®
Rewards Card. Citicards will give you a $50 gift certificate for using that
card.
Okay, so you get the free points up front, but how can you really take advantage
of the rewards offered by Citibank’s Thank You Network. Use you card for all
your everyday purchases and pay your balance in full each month. Between
groceries, gas, eating out, and other common expenses, you might find yourself
with a few hundred dollars worth of rewards by the end of a year. Not too bad
for simply using your credit card in place of cash or a debit card.
Citi’s Thank You Rewards Network, which charges no annual fee, adds great value
to Citibank’s credit card offerings. While the Citi Simplicity(SM) Rewards Card
and the Citi® Diamond Preferred® Rewards Card offer the added incentive of a
free gift certificate, the Citi® Platinum Select card should not be overlooked,
as it offers one of lowest interest rates on the market.
Overall, the credit card rewards available through Citibank are top notch.
However, in my next article, we’ll see how they stand up to the credit card
rewards pioneer, American Express®.
About the Author:
Jeff Weber is President & CEO of Credit Card Depot Inc. His primary website,
www.credit-card-depot.com, has covered the credit card market for over
two years, providing consumers with detailed credit card information and links
to online credit card applications. Over 40,000 individuals visit Credit Card
Depot each month.
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