Citi Bank Decides to Give “Extra Cash” to Cardholders
By Steven Gibbs
August 6, 2010
When it comes to the type of plastic many people are opting to get in their pocketbooks this summer, there is no doubt that rewards credit cards are the one. Over the last couple of months, within the card industry we have seen a complete overhaul of rewards consumers’ receive. Nearly every issuers has introduced something new that would hopefully give them the edge among cardholders, and one issuer in particular has recently announced their newest program. That issuer is Citi Bank, and with their "Extra Cash" rewards program they are looking to become the leader when it comes to putting more money in cardholders’ pockets.
So what exactly is "Extra Cash"? In short it is a way that Citi cardholders can earn discounts in many of the most popular reward redemption categories in the credit card industry (travel, entertainment and merchandise). As those carrying eligible cards are automatically enrolled in the program they will receive the equivalent of 10% of their purchase amount in "extra cash dollars" which can be used on a wide range of items within an online shopping mall. In all, Citi Bank says that these cardholders can save up to 40% on merchandise bought using the extra cash dollars.
Already this year we have seen great rewards such as cash back, increased points and increased mileage offered just for making purchases that are normally made every day. As the year goes on consumers should be able to expect that issuers will become even more aggressive in their fight for gaining cardholders and market share. We have yet to get to the time of the year where rewards really seem to give consumers the most for their money, so for cardholders 2010 could be one of the most rewarding ever.