Effective 1st March 2018, you will be able to earn 10% cash back for Petrol, Groceries, Grab and Dining with the newly revised Citibank Cash Back Credit Card…………..
WOW! 10% cash back, Bros & Sis, this is freaking wonderful…….. until you read the fine print and you will then conclude that the newly revised Citibank Cash Back Credit Card is as worst off than the old Citibank Cash Back Credit Card (prior to 1st March where you are guaranteed 5% cash back for petrol).
Below is the new Terms and Conditions for the Citibank Cash Back Classic Credit Card effective 1st March 2018:
The cash back is capped at RM40 per month and in order to earn this RM40 in cash back, one needs to spend RM1K, therefore, the maximum effective cash back works out to be 4%. I tell you, Citibank might as well advertise that we can get 20% cash back and the effective maximum cash back will still be 4%!!!
And why in the hell is Citibank promoting Grab? It would be fairer it they included all types of transportation including taxi rides, buses and LRT (TouchNGo).
So non Grab users, the maximum effective cash back you can earn from Petrol, Dining and Groceries is reduced to maximum 3% if you spend a total of RM1K per month under these said categories.
It is kind of disappointing that Citibank has decided to follow HSBC and Standard Chartered Bank misleading advertisement/claims where we can earn 10% or more in cash back.
Sometimes I wonder if western banks, i.e. Citibank, HSBC and Standard Chartered Bank, think we Malaysians are uneducated or pure stupid. These said banks will try and bullshit/mislead us into thinking we can get up to 15% cash back from our credit card transactions related to essential expenses. Then again, there are really some blur people who actually think they are getting 10% or 15% cash back for petrol from these banks, hahaha.
On the other hand, our Government Linked Companies will not try to mislead or bullshit us with absurd claims but are so much more honest/truthful compared to western banks. For example, Maybank advertised that we earn 5%, 8% and 10% cash back for Petrol with their Islamic MasterCard Ikhwan, Islamic Petronas Ikhwan Visa and FC Barcelona Visa Signature respectively and we really do earn the % cash back as promised/claimed.
And more importantly as to why you must support our local banks is because they employ Malaysians for their call centres/customer service unlike some foreign banks where only God knows where their call centres are located.
This is a freaking short article because what’s the point of me wasting my time reviewing a credit card that tries to bullshit us and has no better benefits compared to FREE FOR LIFE credit cards from Maybank and Public Bank, hahahaha.
For guaranteed 5% cash back for Petrol and Groceries and 8% cash back at Petronas, click here to read my review of the FREE FOR LIFE Maybank Ikhwan MasterCard and FREE FOR LIFE Maybank Petronas Visa.