Citi Forward® Card Review with a Promo – $100 Statement Credit
This is a card offered by Citibank that acts as a student rewards credit card. It is a reward for being good card members.
The advantages offered by this card include:
- Extra bonus points are earned when a card holder does not exceed their card limit and pays their bill on time.
- It offers an introductory rate of 0% on balance transfers and purchases for the first 7 months. It applies to all purchases. After this rate, it evolves to 12.99%, 17.99%, 20.99% or 21.99%. The rate that one receives depends on their creditworthiness.
- Cash advances are charged at the rate of 25.24% and 29.99% penalty APR. Penalties are applied where one is late on a payment or has had a payment returned. Where the APR is increased for any of these reasons, the Penalty APR would not apply to the existing balances on the account, if the member makes the next six consecutive payments when due. Penalty APR may however apply indefinitely, to new transactions.
- Points are also earned for making everyday purchases.
- Members can also have the opportunity to lower their APR. There is no annual fee attached with the card.
- There is also an opportunity to earn five times ThankYou Points for each $1 that is spent at a restaurant, on books, music or movies.
- Also, there is an opportunity to earn up to 8500 bonus point for purchases of $250 and signing up for Paperless statements.
- A member can earn bonus points of up to 1200, every year, for paying their bill on time, and remaining under their limit.
- One can reduce their purchase APR by 0.25% during purchases, at the same time, staying under their credit limit and paying at least the minimum amount on time. The purchase APR can be reduced up to a maximum of 8 times, to a total reduction of 2%, all through the time that the account is open. Five ThankYou points can be earned for every dollar that is spent on purchases at record stores, restaurants, book stores, even video entertainment rental stores, motion picture theatres and fast food restaurants.
- Otherwise, one can earn one ThankYou point for other purchases.
- However, a bonus of 100 ThankYou points can be earned when the billing cycle is over and one has made at least the minimum payment on time, on the condition that it is not over their credit limit.
The bonus points can be earned in different ways. One such way is where new customers sign up for Paperless Statements, within the first three months of opening the account. This earns them $2500. 6000 bonus ThankYou points can also be earned by new customers who make $250 dollars in purchases within the first three months of opening the account. All points can be redeemed when they are transferred to the ThankYou Member Account from the Card account.
However, there are a few cons that this card has. Like:
- There is a limit of 75000 points a year, therefore not being favourable to big spenders. However, this amount does not include any bonus points earned;
- Points expire after five years; and
- Every additional authorised user of the same account is charged an annual fee of $50.
Check out this video about the Citi Forward Credit Card:
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