Citi custom cash benefits

[GrainFan]

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@rgd51 wrote:

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Are you enjoying your custom cash card? How is the user interface compared to chase and cap one? I'm surprised this card has no minimum redemption like the double cash and has a SUB. Makes me wonder if big changes are in store for the double cash.

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Not the person you were @tagging, but I've had the card for a week now and put a few purchases on it- the Citi app is clean and user-friendly, I'd say on par with Chase's. They also have a spending tracker that automatically updates so you can see what your bonus category will be this month. 

[rgd51]

So you don't think outside this site that 2% will be the new norm and that for flat rate cards it will stay at 1.5%? Seems the other big banks didn't care to compete with citi and paypal but now that WF launched a 2% card it does make me wonder if that will change the industry standard.

[coldfusion]

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@rgd51 wrote:

So you don't think outside this site that 2% will be the new norm and that for flat rate cards it will stay at 1.5%? Seems the other big banks didn't care to compete with citi and paypal but now that WF launched a 2% card it does make me wonder if that will change the industry standard.

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The top 6 card issuers in the US are in rough order Chase, Citi, AMEX, BoA, Discover, and Capital One.   If Citi hasn't been able to incent any of the other 5 on the list to come up with a no-AF 2% card over the last several years with their DoubleCash offering I kinda doubt that WF will have them scrambling to play catch-up, at least not anytime soon.

[rgd51]

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@coldfusion wrote:

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@rgd51 wrote:

So you don't think outside this site that 2% will be the new norm and that for flat rate cards it will stay at 1.5%? Seems the other big banks didn't care to compete with citi and paypal but now that WF launched a 2% card it does make me wonder if that will change the industry standard.

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The top 6 card issuers in the US are in rough order Chase, Citi, AMEX, BoA, Discover, and Capital One.   If Citi hasn't been able to incent any of the other 5 on the list to come up with a no-AF 2% card over the last several years with their DoubleCash offering I kinda doubt that WF will have them scrambling to play catch-up, at least not anytime soon.

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So WF isn't a major card issuer? Yeah Amex has cash magnet, BOA has a travel card that is 1.5x per dollar which would equate to 1.5% back. Discover is like BOA with their miles card. Cap one with the QS you don't think will go higher than 1.5% soon? I ask because they were supposedly the original 1.5% card. Chase FU is no longer a flat rate card and in fact is the only bonus categories card I am aware of that offers 1.5% on all other purchases rather than 1%. Any idea why the other big banks didn't want to compete with citi?

[Anonymous]

I don't think Amex will do anything to answer the 2% call unless they find reliable data to suggest Magnet cardholders bailed in favor of WF or Citi, so likely not until Magnet usage/apps decline significantly. Then again I'm not too sure they're that interested in the small fish enough to do anything as long as Platinum level users keep on spending. 

[rgd51]

Well what would motivate someone to get a 1.5% card with the other major banks instead of 2% from WF, citi, or paypal? Wondering why the other banks didn't feel the need to compete with citi and paypal on that?

[longtimelurker]

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@rgd51 wrote:

Well what would motivate someone to get a 1.5% card with the other major banks instead of 2% from WF, citi, or paypal? Wondering why the other banks didn't feel the need to compete with citi and paypal on that?

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Well, they do even here, here's a recent approval 6/30 (OK, WF wasn't available till the next day!)

https://ficoforums.myfico.com/t5/Credit-Card-Approvals/Amex-Cash-Magnet/m-p/6360228#M757570

[Anonymous]

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@rgd51 wrote:

Well what would motivate someone to get a 1.5% card with the other major banks instead of 2% from WF, citi, or paypal? Wondering why the other banks didn't feel the need to compete with citi and paypal on that?

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AMEX has great customer service (especially in disputes), they'll generally let you go over your credit limit when you need to (although they may remind you to pay a few times), and their SUBs are often pretty good (I got $200 for my Cash Magnet and $300 for my BCP). The card being aesthetically pleasing is a bonus. 

Most people when they see 1.5% and 2% aren't thinking "wow, I get 33% more rewards with the 2% card" but rather that it's such a small amount of money anyway that it doesn't matter. I would imagine it's pretty rare for people to sit down and calculate just how much money they get from rewards - those who do such things are the MF crowd. 

AMEX and Capital One both have 2% business cards that they may not want to cannibalize either. 

[rgd51]

Yeah I read the average American has 3 credit cards which is far less than people on this site. I would assume maybe a card from their bank or CU, a retail card, and 1 other card.

[Citylights18]

Some are using credit cards as their "emergency savings" in case they get laid off from a job.