Citi Custom Cash Card

[FormerCollegeDJ]

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@longtimelurker wrote:

It's an interesting card but I wonder who it is aimed at.   Obviously, the best use is to use on just one category a month, as everything but the highest category gets just 1%   So those of us who have trouble (or partners who have trouble) remembering "this quarter use card A for gas, card B for supermarkets and put as much as you can on paypal using card C........" it might not be that valuable.

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@FormerCollegeDJ wrote:

I just realized, as @Aim_High noted, that the Custom Cash is NOT a selectable bonus category card (though I think most people on here would treat it that way) but a card that automatically gives users 5% rewards on their highest spend category per month.  This actually makes the card attractive to both people who chase rewards and those who do not.  In some ways, this card isn't only competing with the 5% fixed or selectable rotator cards like the Chase Freedom Flex, Discover It Cash, US Bank Cash+, and Elan Max Cash Preferred, but also the 2% or 1.5% flat rewards cards like the recently announced Wells Fargo Active Cash and Citi's own Double Cash card.

Doing some quick calculations comparing the Custom Cash to a flat 2% rewards card, assuming one uses the Custom Cash as a general spending card:

*If one spends 25% or more of their total monthly spending on the biggest spend category and total spend is $2000, the Custom Cash and a 2% card come out even ($40 in rewards on either card; on the Custom Cash the rewards would be $25 for the first $500 in spend in the biggest spend category and $15 for all other spend, including any spend above $500 in the largest monthly spend category).

*If one spends less than $2000 per month and the biggest spend category is more than 25% of the total spend, the Custom Cash beats a 2% rewards card.  (To use an example, if total spend is $1200 and largest category spend is $400, the Custom Cash would provide $28 in rewards while the 2% card would earn $24 in rewards.)

*If one spends less than $2000 per month and the biggest spend category is less than 25% of total spend, the 2% card beats the Custom Cash card.  (Using an example, if total spend is $1200 and largest category spend is $200, the Custom Cash would provide $20 in rewards while the 2% card would earn $24 in rewards.)

*If one spends more than $2000 per month, the 2% rewards card beats the Custom Cash card.  (Again using an example, if total spend is $2500, the 2% card would earn $50 in rewards.  Even if the Custom Cash largest spend category was maxed out in a given month, the maximum earnings would be $25 on the $500 in bonus category spend and $20 rewards on remaining spend, for a total of $45 in rewards.)

It probably makes more sense for credit card users to treat this card as a bonus category card, but low to moderate spenders who typically have one large spend category per month would also come out ahead using this card as a general spend card.  And that doesn't even address the fact this card has a solid SUB for a low amount of spend on a no annual fee card ($200 SUB on $750 in spend in the first three months).  As a basis of comparison, that's a little better than the just announced Wells Fargo Active Cash card, which itself has a very good SUB for a 2% rewards card ($200 SUB on $1000 in spend in the first three months).

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IMO, this card can definitely make sense for some general credit card users who have low to moderate spend (i.e. less than $2000 in credit card spend) on a regular basis.

[Beast26]

I will come out of the garden for this early.  Does citi look at the last 6 months or 12?  I am currently 4/12 but I am 1/6.  I got my walmart card In April and before that I got 2 cards in November.  I would use this card for 5% on gas when discover or chase isn't on the gas category to keep from handling so many gift cards.  Would I be ok if I applied in July?

[Anonymous]

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@FinStar wrote:

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@kilroy8 wrote:

Anybody know if it is WEMC?

I mean the card, not coffee.

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I would say, based on the stock image, it likely is WEMC just like Double Cash.

Then again, not sure if all cards will be issued as such.  There's still plenty of Double Cash cards in circulation as non-WEMC and I believe the Rewards+ is also issued as WMC (someone can correct me on this one).

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My Rewards+ is indeed WMC. 

[UncleB]

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@Remedios wrote:

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@UncleB wrote:

This is an interesting new offering.  For those who have modest spend in a category like groceries, it might be a good fit. 

A few things are notable; 'Bookstores' is not a category (so no 5% off Amazon - a comparison to the old Sallie Mae came to mind here) and Walmart is excluded from the grocery category. 

I have too much recent activity to apply for it, but I might consider doing a PC of my Rewards+ MasterCard if they'll let me.  I'll have to think about that a bit. 🤔

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If you do it, I'll do it, too.

Then we can combine our limits to pay for two coffees 

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LOL... there goes that cross-country entanglement thing again.

For a brief moment I considered, "what the heck, it's just one/two more HPs either way" but there's an excellent chance Citi would tell me to pound sand, so I'm probably better off sitting on my hands this go around. 

I admit if Chase and US Bank hadn't reported so quickly I might have more thinking to do, haha.

[joltdude]

You know you want to redact,. @UncleB its just a matter of when...

-J

[Aim_High]

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@FormerCollegeDJ wrote:

 ... Doing some quick calculations comparing the Custom Cash to a flat 2% rewards card, assuming one uses the Custom Cash as a general spending card:

• *If one spends 25% or more of their total monthly spending on the biggest spend category and total spend is $2000, the Custom Cash and a 2% card come out even
• *If one spends less than $2000 per month and the biggest spend category is more than 25% of the total spend, the Custom Cash beats a 2% rewards card. 
• *If one spends less than $2000 per month and the biggest spend category is less than 25% of total spend, the 2% card beats the Custom Cash card. 
• *If one spends more than $2000 per month, the 2% rewards card beats the Custom Cash card. 

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Thanks for that analysis, @FormerCollegeDJ.  Your numbers look right to me.  So for someone looking for a daily driver, $2K is the breakeven point if you are able to max-out the $500 monthly high spend category.  While this doesn't apply to many of us on My Fico who seek out high rewards and are willing to spread it out among multiple cards, this is good to know. 

[Aim_High]

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@gdale6 wrote:

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Ability to change every month too, obviously followed the BoA plan on that one. This IMO puts more pressure on BoA as they only offer 3% on first $2500 quarterly. I dont know who gets pressured more with this card Chase or BoA. I do agree its a fascinating card.

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The interesting fact that is easy to miss is that while 5% sounds better than 3%, the cash back is identical on either card if you max-out the respective category.   

• 5% x $1500 ($500 monthly) = $75
• 3% x $2500 quarterly = $75 

I think this card is aimed at both Bank of America's Customized Cash Rewards and Chase's Freedom Unlimited/Flex. 

[coldfusion]

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@UncleB wrote:

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@Remedios wrote:

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@UncleB wrote:

This is an interesting new offering.  For those who have modest spend in a category like groceries, it might be a good fit. 

A few things are notable; 'Bookstores' is not a category (so no 5% off Amazon - a comparison to the old Sallie Mae came to mind here) and Walmart is excluded from the grocery category. 

I have too much recent activity to apply for it, but I might consider doing a PC of my Rewards+ MasterCard if they'll let me.  I'll have to think about that a bit. 🤔

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If you do it, I'll do it, too.

Then we can combine our limits to pay for two coffees 

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LOL... there goes that cross-country entanglement thing again.

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Maybe the combination of AMEX cookies + Citi coffees will do the trick.

[UncleB]

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@joltdude wrote:

You know you want to redact,. @UncleB its just a matter of when...

-J

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Hehe... yeah, there's a lot of things I "want" to do, but I know it's probably best if I don't.

The truth is I have most of those categories already covered with other cards, and of course any place where I can use a mobile wallet is 4.5% anyway with the Altitude Reserve. 

As @Remedios would remind me, I don't need a separate credit card just to buy a candy bar, LOL. (And she would be right.)

[Citylights18]

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@coldfusion wrote:

I can see myself trying for this card and if approved transferring out CL from my BCP and closing it to free up an AMEX slot if they later release something appealing.  Just not confident of approval odds with Citi atm.

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I just tried to get a CLI for my rewards+ and was told no for too many inquires. This is with only 1 inquiry in the last 6 months. I have inquiries that are 23, 24, 25 months old that haven't rolled off my credit report. Credit score in their system of 798.

Part of it when you have Chase, AMEX and Citi is you get so many promotions. Right now I have 5x on gas with my Hyatt card through mid August. Then I'll have a quarter I'm sure with 5x grocery on my CFF. Another 5x card its hard to get more than a quarter or two of usage.

Chase-Hyatt still seems like the best value play, particularly now that you can get award nights for 3500 off peak with dynamic pricing. Hyatt throws in tons of point deals. I can rack up points on cheap stays and use them on expensive ones. I was able to get a $650 dollar night for 15,000 points this spring. Last week I earned 15,000 points in a 4 night stay between all my bonuses and credit card.

Its hard to get that outsized type value with airlines. Citi though has Turkish Airline partnership which has dirt cheap United flights to Hawaii out of LAX. Jet Blue 1 to 1 is good if you have an AF card. They have cheap prices and give you an additional discount when flying with points.

I see the new custom cash fitting well if you want to get into the Citi Ecosystem. Prestige gives you 5% on restaurants and travel then Custom can fill another 5% in for grocery plus absorb the non-cat spend instead of piling it all on a Prestige. Combine with a Rewards+ to be a 5x restaurant card to go along with the 2x/1x plus round ups it offers. Then you might be compelled to limit your restaurant spend since the cap is $500 dollars on the 5x.