Citi enhances rewards for small business credit cards
If you run a small or medium-sized enterprise (SME), you may well find that the line between your personal and business lives is hard to define. That often applies to financial matters, too. Many see money flowing between personal and business accounts on a regular (sometimes alarmingly regular!) basis.
Rewards credit cards with added flexibility
Citi recently recognized this, and on May 2 announced revisions to its ThankYou rewards program that could prove useful for some SME owners. However, to take advantage of the new deal, you have to have either a CitiBusiness Streamlined Checking account or a CitiBusiness Flexible Checking account, and to conduct at least two online bill payments or pay two checks each month.
Assuming you can clear that hurdle, you should, from now on, be able to combine all the ThankYou rewards you earn from your Citi personal and business checking accounts along with those from your personal and small business credit cards into one big pot, and redeem them for whatever you choose. For those who are eligible, all the ThankYou points earned can be put into that pot, including those from other Citi products and services.
Maria Veltre, managing director of the bank's small-business unit, explained in a press release the thinking behind the move:
For many small business owners, their life is their business and their business is their life. In listening to our small business clients, it became clear that they want to earn rewards for things they do every day for their personal lives and business, such as using cash management services, making credit card purchases or having a small business loan. By making Citi's proprietary ThankYou loyalty program available to these clients, we are providing the most value to their banking relationship.
To sweeten the deal, Citi is offering, between now and the end of June, 40,000 bonus ThankYou points (worth up to $400 if redeemed for gift cards) to those who open a CitiBusiness Streamlined Checking account or a CitiBusiness Flexible Checking account.
Eligible small business credit cards
Under the enhanced program, points can be collected in the common pot from all Citi consumer and business rewards credit cards. The latter include:
- 15,000 bonus ThankYou points if you spend $3,000 in purchases on the card in the first 3 months of membership
- 3 ThankYou points per dollar on eligible purchases in rotating business categories
- 1 ThankYou point for every dollar spent on other purchases
Published 05/09/12 (Modified 12/10/13)