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Is the Citizen 10% cashback card really 10% cashback?

- May 2, 2023 Credit Card Info1 comment

Many people recently asked me about an ad that they saw from Citizens Bank about a new credit card offering 10% cashback on all purchases.

Earning 10% cashback on everything would be pretty nice! Though, anyone who knows a thing or two about credit cards knows that giving this level of cashback is not possible (unless they somehow got taxpayers to pay for it).

So what is the catch? I looked a little deeper into the terms and saw that there are actually several catches:

Catch #1 - It’s only for the first 9 months.

They are only offering the 10% cashback for the first 9 months.I would say that this is more like a nice welcome offer, rather than a revolutionary 10% cashback card.

Catch #2 - Its capped at the first $1,000 you spend per month.

Offering unlimited 10% cashback for the first 9 months would have been nice enough as well. But this is not the case either. They are only offering the 10% cashback for the first $1,000 you spend per month.

Catch #3 - Deduct the 1.8% that the card earns in any case.

I wouldn’t call this a catch, but in reality, since this turns out to be just a welcome offer, we need to treat it like a welcome offer. 

When Chase for example offers 80k points on the card_name after spending $4,000 within the first 3 months, then those 80,000 points are bonus points on top of the regular points which that card will earn in any case through regular spending.

So even if the number 10% sounds good, in order to compare apples to apples, I would deduct the 1.8% that the card earns anyway. So you’re really only earning an 8.2% cashback bonus.

To sum it up

So to look at it in a more accurate light, it’s definitely not the revolutionary 10% cashback card they are trying to promote it as. It’s rather a card earning a $738 welcome bonus after spending $9,000 on the card within the first 9 months (split up in $1000 in spend per month).   

$738 is a decent welcome offer, but if you hop over to The Ultimate Credit Card Finder you can find many better offers with less spending required.

 

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Sam Sam has nearly a decade's worth of experience educating his many readers on everything credit. Sam spends his days checking out credit cards for a full report, from the minute benefit details to the shebang of welcome bonuses. Plus studying the ins and outs of building proper credit. It’s his favorite pastime and he loves sharing it with others.

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1 Comment

  1. great job explaining! thanks sam!

    Reply

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