Citizens Bank is a financial services firm founded in 1828 and headquartered in Providence, Rhode Island. Citizens Bank is a subsidiary of Citizens Financial Group, Inc. and is considered to be the thirteenth-largest bank in the United States according to its online corporate profile. Citizens Bank offers everyday banking, lending, and investment services and is FDIC-insured. According to its corporate website, the financial services company serves over five million customers and has more than $149.5 billion in total assets. Citizens Bank offers MasterCard credit cards with no annual fees.
- Features and benefits
- Online and mobile banking services
- Additional financial products and services
Features and Benefits
Customers can opt to receive either lower interest rates or earn cash back on everyday purchases. Cash back reward cards offer an unlimited 1.5 percent back on eligible purchases along with 10 percent bonuses for consecutive purchases over a period of six months and for depositing rewards into a Citizens banking account. All credit cards offer the following features and benefits:
- Extended warranty protection
- Price protection
- Travel accident insurance
- Zero liability protection
- Chip-enabled security technology
- 24/7 online account management
- Apple Pay
- 21-day grace period
- Free FICO credit score
Online and Mobile Banking Services
Customers who enroll in online and mobile banking services can view their statements, transfer funds, and set up automatic bill payments from the convenience of their own home. Customers with cash back cards will receive a 10 percent bonus when they deposit rewards directly into their personal bank account. The financial services company offers a mobile app so customers can manage their finances from anywhere. Customers can also set up alerts for bill payment reminders or transaction notifications. Online banking services are backed by an on-time bill payment and fraud protection guarantee from Citizens Bank.
Additional Financial Products and Services
Cardholders with Citizens Bank have access to additional financial products and services offered by the company. The company offers personal checking, savings, and money market bank accounts as well as personal loans. The financial services company also provides assistance with student loans, car loans, home mortgages, insurance, investments, and retirement planning.
- Additional fees
- Service limitations
APRs on purchases and balance transfers range from 13.99 percent to 22.99 percent. Cash advance APRS are 22.74 percent on all cards and a 29.99 percent penalty APR applies to the Clear Value MasterCard only. These APR rates are particularly high in the industry, especially for individuals with excellent credit histories.
A charge up to $38 will be assessed for late payments on all credit card accounts. Balance transfer fee can cost either $10 or up to 4 percent of the total transaction amount and cash advance transfers can cost $10 to $20 or 3 percent of the total amount. The Clear Value MasterCard is the only card that charges a foreign transaction fee of the greater of $1.50 or 3 percent of the total transaction. Additional service fees may apply and customers should read all terms and conditions in their credit card agreements before making any transactions.
The financial services company only provides services in 19 states and customers must live near a service branch area to qualify for account services. Customers can search service locations on the company's website to see if there is a location near where they live. Citizens Bank does not offer 24/7 customer service either and free financial resources are not offered to consumers on the corporate website.
In order to receive maximum benefits from the credit cards, customers will need to activate a personal banking account with the company along with an online account. Citizens only offers cash back rewards unlike other similar competitors that offer customers the choice between cash back or points redemption for non-cash items such as gift cards, travel perks, and merchandise.
The Bottom Line
Citizens Bank offers consumers MasterCard credit cards with either a low interest rate or cash back rewards. These cards feature no annual fee, zero liability protection, and a 21-day grace period. The company also provides 24/7 online account management and free FICO scores for its customers along with numerous other financial products and services. Citizens Bank's credit card offers are best suited for consumers with excellent credit who have an established banking relationship with the company.
APRs and interest surcharges can be high for consumers, even those with exemplary credit. Reward options are only limited to cash back and can only be deposited into a personal bank account established with the company. Citizens Bank has limited service locations and does not provide 24/7 customer service. Consumers can find credit card offers from similar competitors that provide lower interest rates and greater rewards.