The CitiBusiness ThankYou card is designed for small businesses with an established credit history. Most businesses today rely on credit cards for daily transactions since many of them are made online.
Although some businesses may find it more inconvenient to use other types of payment methods such as a check or money transfer, this credit card provides an all-in-one solution for small businesses. It includes standard consumer protection, a great rewards plan, expense reporting, and other benefits.
All of the card’s features make it an excellent plastic for professionals who do not carry a balance.
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Signup Bonus and Bonus Points
Cardholders who purchase at least $3,000 during the first three months of card membership will automatically receive 15,000 Thank You bonus points. This amount of points would allow cardholders to redeem $150 in a variety of gift cards.
Like most of the credit card for businesses, Citi gives the ThankYou members purchase bonus points in periodic categories that rotate regularly.
Using the credit card on any of the rotating categories will earn three ThankYou points for every dollar spent.
The categories vary depending on the season, but they will most include purchases from advertising companies, computer stores, phone companies, restaurants, and airlines. Those who purchase items that are outside the given categories will still earn bonus points: one point for every dollar spent.
Aside from the ThankYou points awarded for qualifying purchases, Citi gives more bonuses for consumers who sign up for an online account. There is even more bonus if the cardholder registers for paperless statements.
Since the ThankYou points can be combined with the personal credit cards and even with the debit card, merging the bonuses will help the cardmember attain higher levels of rewards faster.
Credit cards from Citi are known for being more affordable than those from other brands. The CitiBusiness ThankYou Card is no exception with the following notable qualities that offer to save money:
- No Interest Promo: For a total of six months, the cardholders will enjoy no interest fees on all their purchases. After the mentioned introductory period, the APR for purchases will depend on the Prime Rate. Currently this is over 13.24% variable.
- No Annual Fee: Most of the competing cards have no annual fees for the first year, but after that, the card member has to pay the cost of the earning the card. Unlike them, CitiBusiness ThankYou card does not charge an annual fee.
- Free Employee Cards: Companies that want to issue cards for the employees will not have any problem with the costs associated with such activity.
Take note though that there is no balance transfer teaser rate for this card. The rate is either 3% of the amount transferred or five dollars depending on whichever is greater. In addition, there are charges incurred when the card is used outside of the United States.
Robust Protection for Card Members
Aside from the mentioned benefits above, the CitiBusiness ThankYou card offers features that provide strong protection including:
- Extended Warranty on Purchases: When consumers purchase items, they normally receive a year of warranty from the manufacturer. Using the card, consumers gain an additional year on every eligible purchase.
- Accident Protection on Purchases: After purchasing and something happens with the items bought, the card can cover up to $10000. This protection is valid for items that are lost or damaged. Keep in mind though that this will only consider those that are damaged or lost within 90 days of purchase.
- Insurance for Renting Autos: Collision damage can cost a ton of money. With the auto rental insurance provided by the card, consumers no longer have to pay for the waiver again.
- 24-Hour Assistance: Consumers in need of assistance only have to pick up their phone and dial Citi’s hotline. The help desk is easy to access no matter what time of the day it is.
More Benefits from the Card
Points from the CitiBusiness ThankYou card can be redeemed for many items. These include gift cards, cash back, statement credit, and travel experiences. More benefits await the cardholders including the following:
- Points do not expire. When earning the ThankYou points with this card, those points do not have an expiration date. Therefore, if the cardholder does not redeem them, they will still be at his or her account even if the year has passed. Plus, earning an unlimited amount of points is possible as long as the cardholder does not cancel the account.
- Employee tracking has become much easier. Since the employee cards are free, companies can issue them to the workforce without worrying about the costs. In addition, the employer can set the limits of the cards. This way, the employer can guarantee that the employers do not go beyond the right amount of spending.
- Get reports of business spending. With businessmen being very busy individuals, there is almost no time to manage papers and perform paperwork regarding expenses. This is where the CitiBusiness ThankYou card becomes useful as it helps businesspeople keep track of their spending. This provides a summary of expenses for each quarter or year.
The CitiBusiness ThankYou card has an over the limit fee. If the user spends more than his credit limit, he will be charged with up to $39 as penalty.
Depending on the perspective of the user, this can either be good or bad. This is good because it allows the user to be more responsible for his credit card usage. However, this can also be seen as negative because most of the competing cards today offer flexibility on credit limits.
Summary of Rates and Charges
For those interested in getting this particular card, the most important detail lies on the rates and fees associated with the card. Here is an outline of the costs of the card:
Interest Rates and Charges
Introductory APR for six months. APR can go for as low as 13.24% which is variable based on the cardholder’s credit worthiness as well as other factors
Paying Interest on Purchases
Cardholders are given at least 20 days after the closing of each monthly billing cycle to pay the entire balance in full in order to avoid paying additional interest charges.
If interest is charged on the owed balance, the amount charged will be $.50 or greater
Annual Percentage Rate for Cash Advances
Rates are as low as 21.99%. Creditworthiness and other factors determine the cardholders annual percentage rate or APR
Foreign Exchange Transaction Fee
For each transaction, 3% of the amount is charged
Cash Advance Transaction and Balance Transfer Fees
Either 3% of the amount for every transaction or five dollars is charged -whichever is greater
Over Limit Fee
For each over limit, a $39 fee usually applies
Late Payment Fee Balances up to $100: $15
Balances from $100 – $250: $29
Balances $250 and over: $39
Is This Card for You?
With so many choices in the market today, it is quite difficult to determine whether this particular card called CitiBusiness ThankYou card is the most suitable for your needs.
Every business has its own requirements, but fortunately, most of the cards today are quite flexible. This card from Citibank is advertised as the card fit for small businesses. If you are operating a small business and you have good credit history, this may just be the plastic that you are searching for.
Most businesspeople and even the average cardholders are not fond of the annual fee. It is common to see competing cards that will charge you up to $450 for the annual fee alone.
This may be acceptable for some people particularly if the rewards far outweigh the mentioned fee.
However, the problem is if the annual fee is costly and the rewards do not even reach the costs of the card. It is like you are paying for the card’s rewards and thus, there are no benefits gained.
This scam is not present in the CitiBusiness ThankYou card. With the absence of the annual fee, you can be sure that you will get more than what you pay for. This card is also idea for those who do not keep balances.
If you pay your credit card dues on time, then you will have no problems with the late and penalty fees.
Sometimes though, there may be emergencies and you go over the limit.
This card is not for you if you do not want to pay for the over the limit fee, which can go all the way up to $39 depending on how much you spent.
In addition, this card may not be the right one for your needs if you have to transfer your balances. There are no balance fee promos here and you also have to pay extra cash if you withdraw some money out of your card. Also note that if you travel a lot, you may want to avoid using this card for international purchases if you do not want to pay extra for them.
The CitiBusiness ThankYou card is a decent choice for business people who want an affordable credit card with a rewards program. Compare multiple cards to see what’s best for your needs with our FREE credit card chaser tool above!