Credit Card News
Citi Halts Applications for Its Custom Cash Rewards Credit Card
A unique credit card that allowed customers to earn up to 5% back is now off-limits to new customers.
About the Citi Custom Cash Card and Update:
As of May 28th, Citi is no longer accepting new applications for its Custom Cash card. A note posted to the card’s landing page notes, “If you are interested in a cash back card, you are welcome to apply for the Citi Double Cash Card.” While the Custom Cash is currently unavailable to new customers, Citi says that existing cardmembers can continue to use their card without changes at this time. Additionally, commenters on Frequent Miler report that Citi is still allowing customers to product change to the Custom Cash card.
With the Citi Custom Cash card, customers could earn 5% cashback on purchases in their top eligible spending category each statement cycle. This 5% rate was capped at a total of $500 in eligible purchases per month, meaning that cardholders could earn as much as $25 per month with this offer. After this cap had been reached, all other eligible category purchases would earn 1% back. Meanwhile, purchases outside of the top eligible spending category would also earn 1% back.
Eligible purchase categories include:
- Restaurants
- Gas stations
- Grocery stores
- Select travel
- Select transit
- Select streaming services
- Drugstores
- Home improvement stores
- Fitness clubs
- Live entertainment
At the time that applications were pulled, the card was also offering a welcome bonus. Previously, new cardholders could earn $200 back after spending at least $1,500 on the card within their first three months.
My Thoughts:
Even though the Citi Custom Cash card wasn’t the most talked-about rewards card on the market, it was certainly popular in certain circles. In fact, I’ve heard several anecdotes of people carrying multiple Custom Cash cards, assigning each a specific use category in order to earn 5% back on as many purchases as possible. I’d say that may have contributed to Citi’s decision to pull the card, but I don’t think such a practice was truly that rampant.
Of course, at this time, it’s unclear whether the move to stop new applications means that the card is being updated and will reopen to new customers at a later date or if this is truly the end. Only time will tell on that front and we’ve seen cards come back from what seemed like death before. So, if you were one who really wanted the Citi Custom Cash Card and missed out, you may want to keep an eye out just in case.
Meanwhile, you might also consider the Discover It card or Chase Freedom Flex card — both of which earn 5% back on purchases in rotating quarterly bonus categories. Alas, this set-up doesn’t quite replace what the Custom Cash card offered; they could still come in handy.
Author
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