Citizens Bank offers two great cash back credit cards which give a one percent return on all purchases in addition to card holder benefits. Consumers can choose between the Citizens Bank cash back Platinum MasterCard or the Accelerator Rewards Platinum MasterCard. For those who qualify, the latter is by far the better deal, offering a continual two percent cash back on all gas purchases, in addition to the regular one percent cash back.
The introductory incentive with the Accelerator card is a whopping 10 percent cash back on all gas purchases for the first 90 days. This makes the two percent cash back for the first 90 days on the Platinum MasterCard pale in comparison. Cash backs can be redeemed when points earned equate to $50 and are received as checks for $50.
Both of the Citizens Bank cash back cards offer the same benefits. Travel accident and baggage delay insurance is given, along with auto rental insurance for collision, loss and damage. The extra perk is emergency travel cover that provides assistance for tire changes, gas delivery, towing, and jumpstarts – a benefit definitely worth having. Additionally, extended warranties are available.
The terms and conditions on both of the cards are identical with no annual fee applied. Balance transfers are available at 0% for the first 12 months with a standard fee of $10 or 3%, whichever is greater. Balance transfers taken after the initial application carry a higher percentage fee of 4% or $10. The variable APR on the cards is currently 15.99%, 17.99% or 19.99%, dependent on individual credit.
The cash advance APR is 22.24% and the penalty rate 29.99%. The fee for cash advances is $10 or 3%, whichever is greater, and foreign transactions are charged at either $1.50 or 3%, whichever is greater.
As with all Rewards credit cards, it is only worth racking up spending to receive cash backs if no balance is carried. Those who routinely carry a balance would be better served by seeking out a credit card with a lower APR. Returns of one percent as cash backs are the industry standard, with cash back cards tending to offer a better return than travel Rewards cards.
What makes the Citizens Bank cards stand out is the extra benefit of the emergency travel assistance, more usually associated with a fee paying card. Additionally, those who qualify for the Accelerated Rewards Platinum MasterCard can take full advantage of the 90 day offer of 10% cash back on all gas purchases.