The biggest disadvantage of Citibank credit cards is that most have high APRs, which makes carrying a balance very expensive. Fortunately, you can avoid this disadvantage altogether if you pay your credit card bill in full every month, as you won’t owe any interest.
Citibank Credit Card Disadvantages
- High APRs: Most Citibank credit cards charge relatively high APRs compared to the average credit card offer.
- Foreign transaction fees: You may be charged an extra fee when using your Citibank credit card abroad.
- Balance transfer fees: You will typically have to pay a fee to move a balance to your Citibank credit card.
There are also plenty of potential disadvantages applicable to all or most credit cards, from any issuer. Some examples are the interest charged on balances that are carried from month to month, and the potential to overspend.
This answer was first published on 04/22/24. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
FAQs
High APRs: Most Citibank credit cards charge relatively high APRs compared to the average credit card offer. Foreign transaction fees: You may be charged an extra fee when using your Citibank credit card abroad. Balance transfer fees: You will typically have to pay a fee to move a balance to your Citibank credit card.
What is the disadvantage of Citi? ›
Low minimum deposit: Citi's minimum deposit of $500 is lower than the requirements from competitors such as Chase ($1,000), Bank of America ($1,000) and Wells Fargo ($2,500 or $5,000). Cons Low APYs: While Citi's six-month fixed-rate CD offers a competitive APY, many of its CDs offer a paltry 0.05% APY.
What will happen to Citi cards? ›
Citibank credit cards migration to Axis Bank: The migration of Citibank credit cards to Axis Bank is expected to be finished by July 15. Once the migration is completed, customers can begin to enjoy the benefits of their new Axis Bank card using their existing Citi-branded card.
Is Citibank credit card safe? ›
Included with Select Citi® Cards
As a Citi cardmember, you can be assured that we are constantly working to help safeguard your account. We detect most fraud before you are aware of it. If we notice suspicious activity, we will contact you by text, email, phone or mail to confirm activity on the account.
Is it safe to keep money in Citibank? ›
Also, your deposits are insured up to FDIC limits. You can transfer funds online between your Citi savings account and other linked Citi accounts or non-Citi accounts.
What is the issue with Citibank? ›
Federal regulators fine Citigroup $136 million for taking too long to fix internal control issues. NEW YORK (AP) — A pair of government regulators slapped Citigroup with a $135.6 million fine on Wednesday, saying the bank has made insufficient progress in resolving longstanding internal control and risk issues.
What is the Citibank credit card scandal? ›
Citi treated Armenian Americans as criminals who were likely to commit fraud. From at least 2015 through 2021, Citi targeted retail services credit card applicants with surnames that Citi employees associated with Armenian national origin as well as applicants in or around Glendale, California.
Why are people protesting Citibank? ›
Since 10 June, climate activists have been peacefully protesting against Citibank's record financial support for new fossil fuel projects as part of the Summer of Heat on Wall Street campaign.
Which bank is taking over Citibank? ›
Former Citibank customers are now under the Axis Bank umbrella. The era of Citibank in India has officially come to a close as Axis Bank completes the transition of Citibank customers to its banking platform.
What is the new name of Citibank? ›
Citigroup Inc. or Citi (stylized as citi) is an American multinational investment bank and financial services company in New York City. The company was formed by the merger of Citicorp, the bank holding company for Citibank, and Travelers in 1998; Travelers was spun off from the company in 2002. Citigroup Inc.
Citi will also serve you better if you're looking for a big bank with higher rates. Chase, however, may be a better option for you if branch accessibility and a great mobile app are a priority. If you're not impressed by either of these banks, consider our list on the top banks based on ATM fees.
What is Citi reputation risk? ›
The Group Reputation Risk Committee (the “Committee”) has subsequently been established to provide governance and oversight for reputation risk, which is defined at Citi as “the risk to current or projected financial condition and resilience resulting from negative opinion held by key stakeholders”, for Citigroup and ...
Is Citi good or bad? ›
Citi has an overall rating of 3.7 out of 5, based on over 36,989 reviews left anonymously by employees. 71% of employees would recommend working at Citi to a friend and 58% have a positive outlook for the business.
What are the disadvantages of Citibank? ›
High APRs: Most Citibank credit cards charge relatively high APRs compared to the average credit card offer. Foreign transaction fees: You may be charged an extra fee when using your Citibank credit card abroad. Balance transfer fees: You will typically have to pay a fee to move a balance to your Citibank credit card.
How stable is Citibank? ›
Citigroup has the Financial Strength Rank of 3. It displays poor financial strength and is likely in financial distress.
How is Citibank doing financially? ›
New York, July 12, 2024 Citigroup Inc. today reported net income for the second quarter 2024 of $3.2 billion, or $1.52 per diluted share, on revenues of $20.1 billion. This compares to net income of $2.9 billion, or $1.33 per diluted share, on revenues of $19.4 billion for the second quarter 2023.
Is Chase or Citibank better? ›
Citi will also serve you better if you're looking for a big bank with higher rates. Chase, however, may be a better option for you if branch accessibility and a great mobile app are a priority. If you're not impressed by either of these banks, consider our list on the top banks based on ATM fees.
Is Citibank card worth it? ›
The Citi Double Cash will be a great stand-in for all purchases outside of the top category on your Custom Cash, or the Citi Rewards+ will be great for frequent small purchases. The Citi credit card rewards program is worth it if you can maximize everyday spending, but the program isn't for everyone.
