Bank-issued credit cards underwrite a multi-billion dollar industry that supports consumerism at the highest level. When consumers use credit cards appropriately, they can be immensely helpful as a tool of convenience and reward. However, when credit cards are abused, it can lead to uncontrollable debt. The massive market represented by bank credit cards is highly competitive, leading banks to become very creative in the manner in which they entice consumers to apply for their cards over others. The rewards card comes in all shapes and sizes. Depending on what you are looking for in a card and how you will use it, there is a card for you. Today, we are taking a look at the Citizens Bank Cash Back Plus World Mastercard.
Citizens Bank Cash Back Plus World Mastercard
When placed in juxtaposition to the other cards, the Citizens Bank Cash Back Plus World Mastercard measures up nicely. There is no interest applied to balance transfers and you can earn as much as 1.8 percent is cash back on all eligible purchases. If you were allowed to describe this credit card in three words, they would be simple, powerful, and unlimited.
Benefits at a glance:
- No foreign transaction fees
- No limit on the amount of cash back rewards you can earn
- No annual fee
- No rotating categories or enrollments required to take advantage of the benefits
Citizens may not have the name recognition of the larger banks listed here, but the benefits measure up nicely, The fact that there is no annual fee is huge. Additionally, not having to enroll or deal with rotating categories is also a great benefit. It all boils down to what you are looking for in a card and how the card will be used.
The Citizens Banks Cash Back Plus World Mastercard is ideal for the consumer that enjoys cash back rewards but does not want to deal with rotating categories and bonuses. Many cards offer cash back based on categories that revolve year-round, causes cardholders to keep up with the different categories to optimize the benefits they receive in the form of cash back. This card does not rotate bonuses.
There are certain qualifying purchases that will earn 1.8 percent cash back and all other general purchases will earn one percent cash back.
Another huge benefit of this card is that there is no annual fee, one of the most common complaints made by cardholders. The APR is rated very well when compared to other cards in the market, ranging from 14.99-22.99.
Let’s take a look at the pros and the cons:
- No limit on how much cash back you can earn in a year
- The Cashback does not expire
- Cash back can be redeemed as a statement credit or bank deposit
- Low minimum redemption amount ($25)
- No rotating bonuses or categories and no enrollment required
- An online request must be submitted to redeem cash back rewards
- Can’t combine or transfer rewards
- No options for automatic redemption
There are some other notable features associated with this card, including concierge services, no foreign transaction fees, extended warranty, baggage insurance, trip cancellation, interruption protection, and auto rental insurance.
It is worth noting that you will need to live near a Citizen’s bank to get the best possible rates. Most locations are on the East Coast and Mid-Atlantic region. This something to keep in consideration when determining if this card is for you.
What I like most about this card is that it has no annual fee, but another great benefit is that it has an above average cash back rating. When you find a card that does not charge an annual fee, the cash back capacity is extremely low, normally topping out at one percent. However, this card pays 1.8 on all qualifying purchases — with no earning limit.
I am not impressed with the limited ways in which you can redeem your rewards nor the fact that you are not allowed to combine or transfer your rewards — something that is offered with other cards.
If you are a person who prefers cash back to other rewards options, this is a card that you should consider. If you currently have an account with Citizens Bank, you definitely want to apply for this card, because you will be able to optimize the benefits offered. At the end of the day, it all depends on what you are looking for.
Written by Rick Wallace
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