Review of Citibank Cashback Credit Card
There are many credit cards out there in the world, so we thought it would be wonderful for our users to help them understand the pros and cons of each of the card. Each card in India or the world has its purpose and no card suits all. In this article, we would focus on the CitiBank Cashback card.
Lets see the features first.
The CitiBank cashback cards would give you 5% cashback in the form of points on electric bills paid through Citibank Online Bill Pay. The maximum cashback would be Rs. 100. So, all bills more than Rs. 2,000 would mean Rs. 100 in cash back.
This card also gives you 5% on your telephone bills. This bill can be paid anywhere like you can use freecharge, mobikwik or paytm along with the freecharge coupons or freecharge offers mentioned on klippd. So, you get 5% cashback with the card plus lets say the freecharge coupons or paytm offers from klippd giving you the extra discounts. Lets’ not forget that we get cashback too for making transactions on freecharge, paytm or mobikwik through klippd. So, overall this is an awesome scenario.
The CitiBank cashback card also gives you 5% cashback on movie tickets. So, this means your 20th ticket is free, if you are not using any existing bookmyshow deals or bookmyshow offers like the ones mentioned for bookmyshow on klippd. The maximum benefit per month here too is Rs. 100.
There is one more benefit on the citibank cashback credit card. It gives you 1 cash point for every Rs. 200 spend everywhere. So, lets assume, you made a purchase of Rs. 20,000 on flipkart using the flipkart deals mentioned on the flipkart page of klippd. You can easily earn Rs. 100 in cash back that is 0.5% on all spends provided it is in multiple of Rs. 200.
This card comes with an annual fee of Rs. 500 + service tax. So, you have to spend some Rs. 600 per year for this card. Don’t judge the card now.
Now, lets do full fledged and a threshold analysis for the citi bank cashback credit card. When we write a review, we want to have a perfect view. So as to help the end user decide the card.
Full fledged Analysis:
So, let us assume, we have an electric bill of Rs. 2000 per month, telephone bill of Rs. 2000 and movies worth Rs. 2000 per month.
So, directly this would lead to savings of Rs. 300 per month or Rs. 3600 per year. Wow, isn’t this cool. Like, we would save 5% on Rs. 2000 for electric bill payments which is Rs. 100 per month and so on for the other categories as well and hence Rs. 3600 per year.
Lets assume we spend roughly Rs. 15,000 per month on other activities like groceries, restaurants, fuel etc. This would mean an additional saving of Rs. 75 per month. So, leading to a saving of Rs. 900 per year.
So, in all, we managed to save Rs. 4500 per year on a cost of Rs. 600 per year.
This mean my citibank cashback credit cards gives me a benefit of Rs. 3900 per year and yes this is all for free. So, it is indeed great. But this was the case, when we use the cashback card the fullest.
Now, lets do a threshold analysis. This analysis would help us understand the limit that we would have to spend to make the card for free.
Lets take a case where we have on electric bills of say Rs. 600 per month. We do not have telephone bills and we use bookmyshow offers on klippd for movies. In this case, we would be able to save Rs. 30 per month or Rs. 360 per year.
We can easily assume other spends of Rs. 4000 per months like groceries, restaurants and etc. In between, please do use the bigbasket coupons and bigbasket offers mentioned on klippd to save more on groceries. The monthly spend would lead to savings of Rs. 20 per month. This means saving of Rs. 240 per year. So, the Rs. 360 per month we saved on electric bills and the Rs. 240 saved on others comes to a total of Rs. 600 per year. In this scenario, we are on the border zone. Not only would be able to improve the cibil score but the citibank cashback card might come very handy for emergency situation.
So, basically, if you electric spends is Rs. 500 per month, you will have to improve your monthly spend by Rs. 1000 to make the card free on annual basis.
We hope these numbers would help you.
One more thing, the points can be redeemed only in multiple of Rs. 500.
One tip: You can ask your friends and relatives to help you pay their bills and stuff with your card. You would get cashback points and they can pay you in cash.
I have been using this card and have taken full benefit on electric bill payments. Remember, small money leads to big gains
If you think the card is for you, you can apply here
At the end, you can also use klippd and enjoy dual cashbacks. One from the card and other from the klippd website.
Stay Klippd, Stay Frugal, Stay Happy