The Citi Bank credit card offers are quite enticing to a lot of consumers. It is not surprising that most people go for the offers because they come with high rewards and low interest rates. As a card holder, you get to enjoy all these amenities without having to pay high service charges. However, the Citi Bank charge cards can be a bit costly especially if you do not pay attention to some details. There are some things that you should know before applying for the credit cards from this bank. If you are planning to apply for one, read on to find out more about some of these.
One of the most important aspects that you need to check before applying for a Citi Bank card is its annual fee. The annual fee varies between cards but it is usually around $100. If you do not pay attention to this aspect, you will end up paying more in the future because of the added interest rates and other fees that might be applicable to you. Some of these charges include late payment charges, transaction fee, and application fee. These fees can accumulate and put your budget in a bind.
The second thing that you need to consider is the recurring payment costs that you will have to pay for. Most people do not really look into this because they want to reduce the monthly payments that they make in order to increase their savings. However, you should know that Citi Bank does not offer a zero percent introductory rate for the introductory period. Therefore, you should also look into the added fees and other charges that you will have to pay upon signing up for a Citi credit card. You need to keep in mind that this can significantly reduce your savings so you should take extra precautionary measures such as paying off your balance before the introductory period ends.
Another factor that you should check into is the minimum payment amount for the Citi cards. If you make a hefty monthly payment, it would be better if you choose a lower credit card payment. This will help you avoid spending more money than what you have. Hence, it would be better if you choose among the cards with higher interest rates so that you will not be charged a lot of fees later on.
Lastly, you should also make sure that you are able to pay off your balance every month. Even if you have a low interest rate, if you do not have a stable source of income, you should not be making any unnecessary payments. In fact, if possible, you should save up your funds before applying for a Citi credit card so that you will not have to pay additional charges when you do use your card.
Doing these things will ensure that you do not waste your money or time. This is a must for you to be able to have a good credit card relationship with the Citi bank. Always remember that the choice of credit card that you will choose will determine whether or not you will be able to acquire more loans in the future. Therefore, it is very important that you choose wisely.