By Adam Jusko, ProudMoney.com, firstname.lastname@example.org
Citi is offering to boost the cash-back percentage on its Citi Double Cash credit card to 2.5% (from 2%) for targeted customers who add a Citi Priority Banking Package that includes both a checking AND savings component. The 2.5% cash-back rate is good through 1/31/21, so almost two full years. (The 2.5% rebate comes as 1.5% when you purchase with your card, and 1% when you pay off your purchases.)
It’s a lot to ask for an extra half-percent reward on your credit card. You must open both a Citi consumer “checking account and a new consumer Citi Accelerate Savings account as an owner in The Citi Priority Account Package.” (The Citi Accelerate Savings account is a high-yield savings account offering 2.36% as of this writing.) While that’s already two different accounts to open, there’s also this to remember:
“A monthly service fee of $30 applies to the checking account in the Citi Priority Account Package if you do not maintain a combined average monthly balance of $50,000 or more in eligible linked deposit, retirement, and investment accounts.”
So, to get that extra half percent on your card purchases, you have to open two new accounts and get charged $30 per month for the privilege unless you park at least $50K with Citi. If you already have a significant banking relationship with Citi, maybe this is a good deal, but for most people it will not be worth the money and effort.
UPDATE: Looks like some people with Citi credit cards that offer ThankYou points are getting a similar offer with a 25% points boost on their purchases.