As I mentioned in my march net worth post, I recently applied for a credit card from Citibank (Citi PremierPassR Card – Elite Level). Let me tell you that I’m not a person that applies for many credit cards (I have only used one credit card ever since I moved to the states more than 3 years ago) but after doing some calculations, I can really get many points (read rebate $$$) from this card.
Benefits
There are many benefits as illustrated on their website (check www.citicards.com for complete details) but the ones me (and everyone else) is interested in are the rewards.
I picked this card because it offers the following in terms of thank you points:
- 2 points for every dollar spent at supermarkets, drugstores, gas stations, commuter transportation and parking merchants2
- 1 point for every dollar spent on all other purchases2
- 1 point for every mile you fly on any airline2
- 1 point for every mile flown by anyone else whose ticket you buy with your card
- 0% APR Balance Transfers
The example they gave highlights the benefits of using this card:
If you were to buy two $350 tickets (one for yourself and one for a friend) on a 6,000 mile round-trip flight, you’d earn 12,700 points. On top of that, you can earn miles in the frequent flyer programs you are enrolled in.
Being a sales person that takes 2-3 domestic trips a month, this is a great card to increase my point total quickly! I plan to redeem the gas rebate cards (10,000 points for $100 gas card) so it is pretty much the same as redeeming cash. I will definitely post an update in about a month or two once enough time has elapsed for me to get a hang of all the T’s and C’s.
Drawback
There is one major drawback though, which is the $75 annual fee. For me, this is easily justified since I travel so much, but for those that do not travel a lot, you just have to do the calculations.
For those that are still interested, you can apply for the card to get all the benefits mentioned plus 10,000 bonus points that can be redeemed for a $100 gift card (covers more than 1 year’s worth of fees). Please note that I get bonus points for the first 5 people that apply the card through this link so remember to leave my member ID number in there if you want to support this site.
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