Bianca Smith, WalletHub Credit Cards Analyst
@bianca_stoian
Citibank has been in trouble with regulators, and was fined $400 million by the Federal Reserve and the Office of the Comptroller of the Currency in 2021. The fine was for “unsafe and unsound banking practices,” which included sending around $900 million to the wrong recipients. In addition, the bank was found to have violated the Fair Housing Act and Flood Disaster Protection Act, and to have not kept track of how some funds moved through its accounts.
Like most other major banks, Citibank has been in trouble for a variety of other things recently, too.
Reasons Why Citibank Has Been in Trouble
- 2021: “Unsafe and unsound banking practices”
- 2020: Unsatisfactory risk management procedures
- 2018: Failed to properly adjust credit card interest rates
- 2017: Illegally “spoofed” bids in U.S. Treasury futures market
- 2015: Allegedly tried to fix foreign currency rates
- 2013: Fined for misrepresenting the quality of mortgages sold to Fannie Mae and Freddie Mac leading up to the 2008 financial crisis
- 2012: Loan servicing and foreclosure abuses
- 2010: Misled investors about the bank’s exposure to subprime mortgage assets
As a result of Citibank’s recent trouble with regulators, it underwent changes in its leadership, as well as a revamp of its risk management strategies. The bank still has an “F” rating with the Better Business Bureau, though.
It’s worth noting that some people have had positive experiences with Citibank despite its recent issues. The bank has a number of highly-rated credit cards, and its personal loans receive a score of 3.7/5 from WalletHub’s editors. Citibank itself has an average user rating of 3.7 on WalletHub.
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Is Citibank a good credit card company?
Citibank is a good credit card company overall, and it's especially good for credit building, rewards, and intro bonuses, according to reviews. Citibank credit cards also have a solid user rating of 3.7/5 on WalletHub, based on more than 30,000 reviews
Reasons Why Citibank Is an Average Credit Card Company
... read full answer
- 3.7/5 average user rating on WalletHub
- 3 credit card offers rated 4+ out of 5 by WalletHub editors
- 70.8 million cards in circulation
- Initial bonus offers of up to 60,000 points
- 0% introductory APR for as long as 21 months
- Offers for people with limited credit
- Annual fees as low as $0
All in all, Citibank is right around average compared to its competitors. It is good for credit building and rewards, but other credit card companies are better for travel insurance perks and a variety of travel partners.
How do I apply for a Citi credit card?
You can apply for a Citi credit card online, in a branch, or by calling (888) 201-4523. Applying for a Citi card online is the best approach because you can access the Citibank website anytime, and you may receive an instant decision. In some cases, however, Citibank may need additional information to process the request. You can check your Citi credit card application status ... read full answeronline or by calling (866) 606-2787.
How to Get a Citi Credit Card
Online
- Visit the Citibank website and navigate to the credit cards section.
- Compare the available options and pick a Citi credit card.
- Select “Apply Now” to see the card’s full details.
- Click the “Apply Now” button again to be redirected to a secure online application form.
- Fill out the application with your personal information, read though the terms and conditions, and hit “Agree & Submit.”
Over the Phone
If you want to apply for a Citi credit card by phone, simply call Citibank at (888) 201-4523 and tell a customer service representative which card you’d like to apply for. You will have to provide some personal information, such as your full name, address, and Social Security number.
You can also call (800) 325-2865 to reach the Citi phone line for people who are hearing impaired.
In a Branch
To apply for a Citi credit card in person, you can visit one of Citibank’s 700 physical locations in the U.S. To find the branch closest to you, use Citibank’s online branch locator tool.
It is worth noting that most Citibank credit cards require good credit or better for approval. This means you will need to have a credit score of at least 700 to qualify, in most cases. You can check your latest credit score for free on WalletHub.
What are the benefits of Citibank credit cards?
The benefits of Citibank credit cards include travel accident insurance, an annual travel credit up to $250, and a TSA PreCheck or Global Entry fee credit. These benefits are mostly found on the top-tier Citibank credit cards, though many more Citibank credit cards have contactless chip technology and no foreign transaction fees. To know which perks are included on a specific card, you’ll need to call customer service at ... read full answer1 (800) 347-4934 or check the Citibank website.
Citibank Credit Card Benefits
- An annual travel credit up to $250
- A TSA PreCheck or Global Entry fee credit
- Contactless chip technology
- No foreign transaction fees
- Travel accident insurance
- Travel and emergency
- Roadside assistance
- Identity theft protection
In addition to having some or all of these card perks, it’s important to remember that many Citibank credit cards also give rewards. Rewards aren’t generally considered card benefits, but having a credit card that earns great rewards can be a big asset to cardholders. As long as you use your card responsibly and maximize the various benefits that Citibank offers, you should come out well ahead of any annual fees that Citibank cards may charge.
