Citi Clear Credit Card: A Simple Yet Rewarding Choice
If you’re in the market for a new credit card that offers a solid balance of features without breaking the bank, the Citi Clear Credit Card might just be the ticket.
Today, we’re going to take a deep dive into this popular card, exploring its features, benefits, and potential drawbacks to help you decide if it’s the right fit for your wallet.
Key Features at a Glance
Before we delve into the nitty-gritty, let’s take a quick look at the standout features of the Citi Clear Credit Card:
- Low variable purchase rate of 14.99% p.a.
- $99 annual fee (waived for the first year)
- Up to 55 days interest-free on purchases
- Complimentary insurance coverage
- Monthly cashback offers through My Cashback program
- 10% off selected Luxury Escapes hotels (up to $250 per booking)
- 0% p.a. introductory rate on purchases for 6 months
Now, let’s break down these features and more to give you a comprehensive understanding of what the Citi Clear Credit Card has to offer.
Low Purchase Rate: A Standout Feature
One of the most attractive aspects of the Citi Clear Credit Card is its competitive variable purchase rate of 14.99% p.a.
This rate is significantly lower than many other credit cards on the market, making it an excellent choice for those who occasionally carry a balance or want the peace of mind of a lower interest rate.
To put this into perspective, the average credit card interest rate in Australia hovers around 17-20% p.a., so the Citi Clear Card offers a substantial saving in this department.
If you’re someone who sometimes struggles to pay off your balance in full each month, this lower rate could save you a fair bit in interest charges over time.
→ APPLY FOR YOUR CREDIT CARD HERE
Annual Fee and Introductory Offer
The Citi Clear Credit Card comes with an annual fee of $99, which is quite reasonable considering the features on offer.
However, here’s some good news for new cardholders: the annual fee is waived for the first year. This gives you a chance to test drive the card and its benefits without the upfront cost.
Additionally, new cardholders can take advantage of an introductory offer of 0% p.a. on purchases for the first 6 months.
This can be a great opportunity to make a large purchase and spread the cost over half a year without accruing any interest.
Just remember that after the promotional period ends, the standard variable purchase rate of 14.99% p.a. will apply.
Interest-Free Days and Balance Transfers
Like many credit cards, the Citi Clear offers up to 55 days interest-free on purchases.
This feature can be particularly useful if you’re diligent about paying off your balance in full each month, as it allows you to effectively manage your cash flow without incurring interest charges.
It’s worth noting that at the time of writing, Citi is also offering a balance transfer deal on this card. New cardholders can enjoy 0% p.a. on balance transfers for 28 months, with a 2% balance transfer fee.
This could be a valuable option if you’re looking to consolidate debt from other high-interest credit cards.
Complimentary Insurance Coverage
One of the perks of the Citi Clear Credit Card is the complimentary insurance coverage it provides. Cardholders can benefit from:
- Purchase Protection Insurance
- Extended Warranty Insurance
These insurance benefits can provide peace of mind when making purchases, offering protection against theft or damage for eligible items, and extending the manufacturer’s warranty on certain products.
→ APPLY FOR YOUR CREDIT CARD HERE
My Cashback Program: Earn as You Spend
The Citi Clear Credit Card participates in the My Cashback program, which offers monthly cashback deals from a range of merchants.
This feature allows you to earn cashback on your everyday spending, potentially offsetting some of your expenses.
To take advantage of these offers, you’ll need to use your Citi Clear Mastercard for eligible purchases.
The cashback offers are automatically applied, and you can view your latest offers through the Citi Mobile® App.
While this isn’t a traditional rewards program, it does provide an opportunity to save money on your regular spending.
Travel Perks: Luxury Escapes Discount
For those who enjoy a bit of luxury travel, the Citi Clear Credit Card offers a 10% discount (up to $250 per booking) on ‘Limited Time LUX Exclusive’ hotel offers through Luxury Escapes.
This offer is valid until 1 March 2025 and could potentially save you a significant amount on your next holiday.
To take advantage of this offer, you’ll need to use your Citi Clear Mastercard and the promo code CITI10 when booking. It’s a nice little perk that could make your next getaway a bit more affordable.
→ APPLY FOR YOUR CREDIT CARD HERE
Digital Wallet Compatibility
In today’s digital age, the ability to use your credit card with various digital wallets is becoming increasingly important.
The good news is that the Citi Clear Credit Card is compatible with major digital wallet platforms including Apple Pay, Samsung Pay, and Google Pay.
This means you can easily make contactless payments using your smartphone or smartwatch, adding an extra layer of convenience to your everyday transactions.
Additional Cardholders
If you’re looking to share the benefits of your credit card with family members, the Citi Clear Credit Card allows you to add up to four additional cardholders at no extra cost.
This can be a great way to consolidate household spending onto one account, potentially maximising your cashback earnings through the My Cashback program.
Fees and Charges to Be Aware Of
While the Citi Clear Credit Card offers a competitive interest rate and a reasonable annual fee, there are a few other charges to keep in mind:
- Cash advance rate: 22.24% p.a.
- Balance transfer rate (after promotional period): 22.24% p.a.
- International transaction fee: 3.40%
These fees are fairly standard across the credit card market, but it’s important to be aware of them, especially if you plan to use your card for cash advances or overseas transactions.
→ APPLY FOR YOUR CREDIT CARD HERE
Who Is the Citi Clear Credit Card Best Suited For?
Given its features and benefits, the Citi Clear Credit Card could be an excellent choice for:
- Those looking for a low-interest credit card: With its 14.99% p.a. variable purchase rate, it’s one of the more competitive options on the market.
- People who occasionally carry a balance: The lower interest rate can help minimise interest charges if you can’t always pay your balance in full.
- Savvy shoppers: The My Cashback program and complimentary insurance coverage can provide value for those who use their card regularly for purchases.
- Travellers: The Luxury Escapes discount could be appealing for those who enjoy luxury getaways.
- Those looking to consolidate debt: The balance transfer offer (when available) could be useful for paying down existing credit card debt.
Potential Drawbacks to Consider
While the Citi Clear Credit Card offers many benefits, it’s not without its potential drawbacks:
- No rewards program: Unlike some other credit cards, this one doesn’t offer points or miles for your spending.
- Limited insurance coverage: While it does offer purchase protection and extended warranty insurance, it lacks some of the more comprehensive travel insurance benefits that some premium cards offer.
- International transaction fee: The 3.40% fee on overseas transactions could add up if you frequently use your card abroad.
How to Apply
If you’ve decided that the Citi Clear Credit Card is right for you, applying is relatively straightforward.
You can apply online through the Citi website or through various comparison sites. To be eligible, you’ll typically need to:
- Be at least 18 years old
- Be an Australian citizen or permanent resident
- Have a good credit history
- Meet the minimum income requirement (which may vary)
Remember to have necessary documents handy when applying, such as proof of income, identification, and details of your assets and liabilities.
The Verdict
The Citi Clear Credit Card offers a solid package for those seeking a low-interest credit card with some additional perks.
Its standout features include the competitive purchase rate, the My Cashback program, and the complimentary insurance coverage.
The introductory offers, including the first-year annual fee waiver and the 0% p.a. on purchases for 6 months, add extra value for new cardholders.
However, it’s not the best choice for everyone. If you’re after a card with a comprehensive rewards program or extensive travel benefits, you might want to look elsewhere.
Additionally, if you frequently make overseas transactions, the international transaction fee could be a deterrent.
As with any financial product, it’s crucial to consider your personal financial situation and spending habits when deciding if this card is right for you.
Compare it with other options on the market, and don’t hesitate to seek professional financial advice if you’re unsure.