Investing to Wealth

I recently came across a credit card offer out there that is intriguing to say the least. The name of the card is Citi Forward, and they sure do offer up a lot of perks. There’s so many that it’s even hard to know where to begin.

Rewards

But let’s begin with the most recognizable benefit of many credit cards: their rewards program. Most credit cards will offer some sort of teaser deal on their rewards program for people that sign up; in fact, they will usually offer one teaser. Citi Forward offers multiple teasers.

• Right now, you get 5 rewards points for every dollar that you spend on books, restaurants, movies, and music. On top of this, you get your standard one point for every dollar spent everywhere else.
• You get 6000 bonus points as long as you use the card for $250 in purchases during the first three months.
• You get 2500 bonus points for signing up to get paperless statements rather than paper statements in the mail.
• And, you get 100 bonus points for each billing period that you pay on time and stay under your credit limit.

I have never seen so many teaser offers from one credit card at the same time. Is this card too good to be true? Let’s keep digging into the features.

APR Reduction

The card offers something that I have never seen before in the world of credit cards, and I use and review quite a few different cards.

It is called an APR Reduction Program. Basically, it works like this. You can reduce the APR that you pay by .25% each time that you 1) make a purchase 2) stay under your credit line and 3) pay at least your minimum amount due three billing periods in a row.

You are eligible to receive this reduction 8 times. This means that over the course of the first two years of having the card, you could reduce your APR by a full two percentage points by simply using your credit wisely. Two percentage points can go a long way!

Additional Perks

Most of these additional perks do not require much explanation, so I will simply continue to list them out:

• The card has no annual fee.
• The card offers an introductory 0% APR on purchases for the first seven months.
• The card also offers a 0% APR on balance transfers for the first twelve months.

Terms and Conditions

Of course, no credit card is without its fees. And Citi Forward certainly has them. However, they certainly don’t have any new or hidden fees that I found to be outrageous or even laughable, as I seem to do every time I review a new card.

After the introductory rates go away, the APR on purchases goes up depending on the Prime Rate, and there are also the standard fees for going over your limit, paying late, and on and on.

There are also fees for balance transfers, cash advances, and foreign transactions. The best way to avoid all of these fees is to use your card wisely. Don’t miss a payment, don’t go over your limit, and don’t use it, or any other credit card, for a cash advance, ever.

Citi Private Pass

Membership with Citi Forward also qualifies for you admission into their Private Pass program. Here, you can get advanced ticket access to stadium concerts and other performances, as well as VIP access to clubs across the country. The program offers a variety of other special perks in the world of shopping and culinary arts.

Discounts

The card also has a revolving program of actual discounts that you can take advantage of when you use their card. A few that I noticed during the current period were a free appetizer at a national restaurant chain, free shipping for orders from online computer retailer, and much more. Pretty practical discounts.

Spend Tracker

Another neat option that comes along with Citi Forward is something called Spend Tracker. Reviewing your statement is always important, but Spend Tracker can give you the ability to compare your spending to your peers. Sometimes a little perspective is always nice when you are trying to track what you spend and where you spend it. It’s a great way to get a gut check on your purchases.

Redeeming Your Rewards

The biggest question that I have is…What exactly are all these rewards points good for? In reality, they could offer you 100 bonus points for every dollar spent at a restaurant, but if it takes a million points to get a $5 gift card, then where’s the benefit?

I spoke with Andrew over at Money Crashers who has used this card for a couple years, and he mentioned that there is a wide range of items for which you can redeem your points and that the conversion rate isn’t too shabby. The Thank You Network and its huge database of products is also very accessible online and you can view sales of certain items all the time (to get an even better conversion rate).

Since I have been so impressed with the features and benefits of this card so far, I figure the best way to test it out is to sign up for the card. So that’s what I did.

The application process took less than three minutes and I was instantly approved for a new card. I imagine I should get some sort of brochure in the mail detailing the rewards program. If you can redeem these points for things at a rate similar to most reward redemption programs, I should be making out pretty good. I also found out that these rewards points are good for merchandise and gift cards. They are also good for student loan rebate and statement credits (this statement credit one could be right up my alley).  You can turn your points into charitable gifts and they are also available for travel redemption. The rewards can be redeemed for as little as 1000 points. The options for redemption are pretty incredible.

The Final Word

I’d say that this card really could be one of the best I’ve ever seen. They pile on the points for you to sign up for their card, but the savings don’t end there. From their APR Reduction Program to their competitive APRs on purchases and balance transfers to the Thank You Network, Citi Forward really does offer just about anything you could be looking for in a credit card.

Has anyone out there had any experience with the Citi Forward card?

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• Citi Forward Credit Card Review – A Card Too Good To Be True? is a post from: Money Crashers