Types of cards
Citigroup (C) offers a range of cards with different benefits and features catering to varying client needs.
These are some of the Citigroup cards on offer:
- Cash-back cards – These cards offer cash back on purchases made by card. Citi Double Cash Card offers cash back twice on every purchase with 1% cash back when you buy and 1% cash back as you pay.
- Rewards cards – These cards offer redeemable points or miles on purchases. ThankYou cards are a type of rewards cards offered by Citi. ThankYou cards earn bonus points after qualifying purchases. Citi has various cards that offer different reward programs.
- Travel cards – There are a variety of travel reward program cards. AAdvantage cards offer American Airlines bonus miles on purchases. Expedia cards offer points redeemable in coupons at hotels. Hilton Cards offer stays at the hotel or Hilton points on purchases.
- Balance transfer cards – These cards allow you to transfer your balances from a high-interest credit card to a Citi low-interest card. Citi’s Simplicity, Diamond Preferred, ThankYou Preferred, and Double Cash cards offer the balance transfer option.
- Business cards – These cards target small-business owners or people starting a small business. CitiBusiness or AAdvantage Platinum Select World MasterCard offer employee cards at no additional cost to small-business owners.
Citigroup’s peers Bank of America (BAC) and JP Morgan (JPM) also offer all of the above types of cards. American Express (AXP), which leads the market based on purchase volumes, also has a big card portfolio catering to different customers. Combined, these four companies form ~22% of the Financial Select Sector SPDR ETF (XLF).
The graph above shows a regional breakdown by credit and charge volume of Citi-branded cards, which account for ~80% of the total volume. North America accounts for the highest credit and charge volume for Citi-branded cards.
In the next part of our series, we’ll take a deeper look at Citigroup’s traditional banking services.