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Citi Custom Cash Card Review

Citi Custom Cash Card Review



Citi Custom Cash Card Review 



City custom cash card like i said has no annual fee which means that if you know how to use credit cards responsibly then there's a very good chance that by getting this credit card it could be a good fit for you 

because it costs nothing to hold but the best feature about this credit card in my opinion is the unique way that it earns five percent back compared to some other similar five percent back cards 

Now the way that this works is the city custom cash will earn five percent back in your highest eligible spend category each billing cycle on the first 500 of spending 

After spending that first 500 in your highest spend category each billing cycle then any amounts above 500 that you still spend in that highest category you'll go down to earning one percent back 

Outside of that, you'll also earn a standard unlimited one percent back on all other purchases now there are basically two ways that you can take advantage of this credit card and that solid earning potential to really earn some good cash back 

I'm gonna go over what those two ways are in just a minute here but first let's list out what those eligible categories are and where you can actually earn that five percent back those categories are 

  • Restaurants 
  • Gas stations 
  • Grocery stores
  • Select travel 
  • Select transit 
  • Select streaming 
  • Services drug stores 
  • Home improvement stores 
  • Fitness clubs 
  • Live entertainment 


Also it's important to mention that you'll actually be earning city thank you points instead of true cashback with the city custom cash but those points can easily be converted into cashback 

so you'll be earning five thank you points per dollar in that highest spend category on your first $500 of spending each billing cycle then one thank you point per dollar in that highest spend category for any amounts over $500 

Outside of that it's also one thank you point per dollar on all other purchases then those thank you points can easily be redeemed for cash back at a value of one cent per point 

So to keep things simple here five x points back and five percent cash back are the exact same thing with this city card but let me quickly show you what i mean here with an example 

If you managed to spend $500 on groceries in one billing cycle with the city custom cash and that just happened to be your highest single spending category out of those 10 categories that i mentioned then you would earn five exes thank you points per dollar on that or 2500 points 

because those points can easily be redeemed for cash back at a value of one cent per point those 2 500 points are equal to 25 of cash back 25 is 5 of that $500 of grocery spending that we did in this example which just goes to show that earning 5x points is equal to 5 cashback when you do the math here 

Now alternatively those Citi thank you points could also be combined with another more premium city credit card like the Citi premiere where you could potentially get more than one cent per point in value from those points by redeeming those for certain types of travel 

Whatever points that you earn on the city custom cash card are just going to be redeemed for cash back at a value of one cent per point just to keep things simple and easy to follow 

Now before we go over some of the additional features of this credit card let's go over some of the fun stuff with how you can strategically use the city custom cache in your own wallet setup and how i plan to use this card when i potentially get it later on in 2022. 

Alright so the first way that you could use the city custom cache is probably the way that city wants its cardholders to use this card in the first place and that is just using the custom cache across all different types of categories for various types of spending across the board 

Their main selling point for the custom cash and why it's potentially better than another similar five percent cash back card like the chase freedom flex is that with a card like the chase freedom flex that is going to earn five percent back in rotating quarterly categories 

But those categories are going to be predetermined by chase so you don't have any say in that as the card holder whereas with the city custom cash you at least have the adaptability of this card 

So you can use it across different spending categories without even thinking then city is automatically going to apply that 5 cashback to whatever category was the highest 

So ironically i like to say that the city custom cash card is actually more flexible than the chase freedom flex because of this 

So what you might do especially if you do not like to have too many credit cards at once is you might just use the city custom cash naturally within your everyday spending habits without worrying about which category is earning more points than others and what card you should be using in each category 

Then automatically with each billing cycle city is going to see where you're spending your money and what categories you're spending the most money in it'll then go ahead and apply that five percent back to whatever category was highest out of those ten categories like i talked about before 

For many people i could see this highest spend category often being grocery stores or restaurants so actually this might be a good contender as a very food focused credit card if you use it that way 

But maybe one month you realize that you need to do some sort of a project on your house or something like that well you could just pull out the city custom cash card and use it at home improvement stores where that is going to be one of those 10 eligible categories 

Then if that is your highest spend category in that billing cycle you can get five percent back on home improvement store purchases 

So as you can see if you want to use the city custom cash card the easy way that doesn't require much thought or planning then I can definitely see the benefits of using this credit card 

Because of the adaptability that it has you'll earn five percent back in your one highest spending category with each billing cycle on up to $500 of spending and then one percent back on everything else which is pretty good so in reality if you use the custom cash card 

This way by using it to spend within several different categories during one billing cycle then the true return on spend that you're going to get from this credit card is going to be more of a blended amount that's between one to five percent again depending on how much you use this card and in what categories you use it for 

But since I always talk about how to maximize the value that we can get from credit cards here on this channel there is one other way to strategically use the city custom cash card that I think is best and it's the way that I plan to use this card when I get it in the future

So that way is to use this credit card as a dedicated five percent back card that i will plan out and only use each billing cycle in one of those 10 categories and nothing else for example right 

Now i know that i can consistently and effectively earn at least five percent back on groceries restaurants and travel with all the other credit cards that i have in my wallet 

But right now i do not have any other credit cards that earn any more than two percent back on gas so because gas stations are one of those ten categories that'll earn five percent back on the city custom cash card 

I would consider getting this credit card to use it exclusively for my gas purchases that way i'm basically getting a five percent discount on my gas purchases which is not a bad deal considering how expensive gas has been getting lately 

Now truthfully i don't really drive too much so i'm only filling out my gas tank in my car about once per month and it's only costing me maybe $60 or so that means that i'm not really coming anywhere close to that $500 spending limit for my highest spend category during each billing cycle to get five percent back on this custom cash card 

But still i like to optimize my spending with credit cards as much as possible so this could be a good option for me to look into and plus if at any time during any billing cycle i decide that one of those other 10 categories makes more sense for me and my situation to get five percent back 

There then i can always make that change if i want to i don't really see the point in getting one percent back on anything that's outside of that top spend category where i'm getting five percent back 

Because there's so many other great credit cards out there that'll earn more than one percent back in many different categories

So that would be my strategy here with the city custom cache all right now there's really going to be two more general credit card considerations that i believe are very important to think about as well here 

But first let's finish up going over just a few more things to know about the custom cache first citi is usually offering a pretty decent welcome bonus for this credit card after you reach a certain minimum spend requirement 

Citi is offering new card holders 20 000 thank you points which is equal to 200 of cash back after spending 750 on this card within the first three months of account opening 

citi custom cache are pretty standard such as zero dollar liability for unauthorized charges and 24 7 customer support the one downside to the custom cash is that there is a three percent foreign transaction fee this is something that's pretty common on a lot of no annual fee credit cards 

So if you're going to be traveling internationally quite a bit then i would suggest finding another credit card to take with you instead of this one  

Now that we've gone over the majority of things that you need to know about the city custom cache the nice features that it has and the different ways that certain people might use this credit card 

Finally let's go over the last two things that you need to consider so first i always like to bring up the chase 524 rule is something to consider before getting a credit card like the city custom cash and this is actually the main reason 

Why i do not have this credit card just yet now the chase 524 rule is one of the most well-known things within the credit card world but just in case you're not familiar with this rule the 524 rule simply says that 

If you've opened five or more personal credit card accounts across all issuers within the last 24 months you will automatically be denied for a new chase credit card 

So why does a chase rule apply to a city credit card well it actually doesn't but it does factor in if you're like me and you're trying to get the most value out of all credit cards it really comes down to opportunity costs which is something that i've talked a lot about

Now and can get approved for new chase credit cards that is going to be where i'm focusing my attention at the moment after i'm done getting the chase credit cards that i want and i'm back above the 524 rule

Then i can start getting credit cards from other issuers like citi so if you plan to maximize credit card value like me if you're under the chase 524 rule and you're considering getting chased credit cards in the near future then 

I think it's best to focus on those chase credit cards first but if you're over 524 and you're not trying to get back under anytime soon or if you're just looking for a great credit card that you can use in an everyday setup then you might be in a better position to take a look at the Citi custom cash card 

If you're interested now the second and final important thing that i believe should be considered here is actually going to be your approach to credit card welcome bonuses in general 

So what i mean by this is if you're somebody that's getting new credit cards pretty consistently usually those new credit cards are going to come with welcome bonuses and welcome bonuses are actually where you're going to find 

The most value from credit cards not from your everyday spending that you do with them and with welcome bonuses most of the time there's going to be some sort of a minimum spend requirement that you need to reach first before you get that bonus 

If you do the math your return on spend from a welcome bonus based on a minimum spend requirement is actually going to be much higher than 

Whatever you can earn on an individual credit card from its everyday spending so if we look at the city custom cash at most you're going to earn five percent back in your highest spend category each billing cycle but with another credit card 

Where you might be working towards getting a welcome bonus your return on spend with that card is probably going to be a lot higher 

So as another quick example let's say that you could get a credit card with a 50 000 point welcome bonus worth 500 after spending 3 000 on that card in the first four months 

When you do the math that is a 16.6 return on spend during that period as you reach that minimum spend requirement and of course that is much better than the five percent at most that a card like the custom cash can earn as you can see 

If we were to just rinse and repeat this whole process several times per year by getting new credit cards then putting all of our purchases on that card to reach a minimum spend requirement and get a welcome bonus we would be able to generate a very high return on spend on all purchases 

In this way now this applies when we're comparing new credit cards with welcome bonuses to any other credit cards that we might already have in our wallet 

So I'm not trying to single out the custom cash card by any means here but it is something that's important to consider because my main point is that 

If you plan to get several new credit cards each year for new welcome bonuses then you might not use the city custom cash as much as you thought you would and the custom cash really is a great card to use five percent back in your highest spend category is very valuable 

So if you're the type of person that might not get too many new credit cards then adding the city custom cash to your wallet could be a very good idea or if you're just looking to combine the thank you points that this card earns with another city card 

Then adding the custom cash to your wallet can be a good idea too just take into consideration some of the things that we talked about here in this video but overall as a five percent cash back card that earns five percent back in your highest eligible spend category 

The citi custom cash as a no annual fee credit card is really a great option for almost anybody out there in my opinion


Also read: Au Small Finance Bank Lit Credit Card

Also read: Bilt Rewards Credit Card

 

 THANK YOU SO MUCH 

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