When Citi first launched this card in 20091, it was widely promoted on MySpace (which was cool back then until Facebook over the social networking scene!). It was obviously targeted at a younger audience and the rewards and features of this card reflected that.
There was already a glut of rewards cards that catered to high spenders and travelers, and Citi decided to take the opposite approach. Instead of reward cardholders for travel expenses, this card instead rewards you for regular entertainment expenses. And you also got rewarded for paying your bills on time if you carry a balance.
Here is how the rewards work:
Earn 5 Points on restaurants, bookstores, music and movies
- I have to say right away that till this day, we have not found another card on the market that offers such rewards. There is no travel, gasoline or supermarket expense that earn more than the usual one points. Just entertainment expenses. The only thing you have to be aware of is that you are limited to earning 75,000 points a year on Citi's Thank You reward program.
Pay on TIme Bonus - APR Reduction
- Citi has also included a very unique perk in this card. If you carry a balance, you will be rewarded with a reduction in your APR. This is how it works. For every three months that you pay on time, use the card and not go over your limit, your APR will be reduced by 0.25%. You can reduce your APR by up to 2% over a period of two years.
Sign Up Bonus - To give consumers an incentive to sign up for the card, the card is offering 10,000 ThankYou Points when you spend $650 and sign up for Paperless Statements within 3 months of account opening (sending mail statement costs money for the bank!).
Now that we have gone over the rewards, let's now look at how you can redeem your rewards. References
1. Press Release: Citi Forward Card launch with MySpace