Not sure which forum to post this in as the topic has to do with both credit cards and debit cards, as well as banking.
As everyone knows, Citi recently gutted the benefits on their cards, including their $495/year Prestige, which of course, irritated a lot of people. Some people blamed MasterCard, while others blamed Citi entirely.
Well, I recently received an e-mail about Sofi changing from Visa to Mastercard on their debit card. The funny thing is, Sofi's FREE debit card will be coming with a bunch of nice benefits that Citi gutted from all of their credit cards, including one that costs $500/year, including:
• Mastercard Airport Concierge™: Available 24/7/365 at over 450 destinations worldwide, cardholders get 15% off personal Meet and Greet agents to escort them through the airport on departure, arrival and/or any connecting flights and expedite them through the security and/or the immigration process (at participating airports).
• Cell phone protection: When you pay your cell phone bill with SoFi Mastercard, receive up to $200 per claim, $25 deductible, up to 2 claims per year. Unlimited lines associated with the cell phone bill.
• Mastercard golf: Provides discounted access to golf courses, complimentary grounds passes for PGA Tournaments, access to domestic and international golf travel packages, and more.
• Additional SoFi member experiences: On top of SoFi member experiences, SoFi Money Mastercard cardholders will have the opportunity to engage in bonus exclusive, once-in-a-lifetime experiences with the people they love in the cities where they live and travel.
• Enhanced security with credit monitoring, alerts for suspicious activity, and white-glove service to help you resolve issues with Mastercard ID Theft Protection™.
• Purchase assurance: Provides coverage for most new items purchased with your SoFi Money card that are damaged or stolen within 90 days of the date of purchase, up to $1,000 per claim.
• Extended warranty: Doubles the original manufacturer’s (or store brand) warranty. Coverage is for eligible items purchased with your Mastercard.
PLUS: • In-app card activation and PIN setting • Contactless payments • Mobile wallet support for Google Pay
Source: https://www.sofi.com/money/mastercard-faqs
In my opinion, this is pathetic on Citi's part. A free debit card can offer many more benefits than Citi's premium credit cards offer, which then attaches to an account that pays an interest rate of 1.60%, doesn't charge a monthly fee, and has instant unlimited ATM fee reimbursements worldwide -- Citi requires you to establish a CitiGold account to get the unlimited ATM reimbursements and doesn't pay anywhere near a 1.60% interest rate on a checking account.
This comparison is so laughable it almost seems like a sales pitch, but it's not, I'm just pointing out and venting about how little the large banks do for the customers... Even for those that have $50,000-$199,999 in deposits and investments with them, or who pay for a premium credit card.
Any thoughts on this? I would rather use this debit card than pay with a Citi Prestige in some instances on the 1x categories just for the extended warranty and purchase assurance.
