Almost to $300 Cash Back with my Citi Dividend Credit Card
I am almost there and it has only taken me one month. I have until March 31, 2014, to reach the $300 annual cash back cap for the Citi Dividend credit card.
If you have no idea what I am talking about, the Citi Dividend credit card is the Citi-equivalent of the Chase Freedom or Discover It credit card. It has 5% rotating categories and the category of interest this year month is Drug Stores (you know why…). The great thing about the Citi Dividend credit card is that there is only an annual cap of $300 cash back, no quarterly cash back cap.
In February, I made a few charges at CVS to the tune of $4,584. Earning 5% cash back per dollar comes to $229.20.
To max out on my annual cap, I need to reach $300 in cash back by March 31, 2014. $300 – $229.20 = $70.80 to go. $70.80 / 5% = $1,416 = 3 Vanilla Reload Cards. Easy money, I am practically already there this month.
After I reach the $300 cash back limit, I will cash out in the form of a check and put the Citi Dividend credit card in my drawer until January 2015. You still have time to apply and get up to $300 cash back. You would only need to purchase 12 Vanilla Reload Cards to max it out. If you want more info on the Citi Dividend credit card, please click here.
If you have any questions, please leave a comment below. Have a great weekend everyone!
You must have some serious medications you’re on to be shopping at CVS so much…. :)
I’m very sick, I buy this very expensive vanilla cream :P
How long have you had this card? Does it take long for the Dividend Dollars to post? I signed up about 6 wks ago, maxed out the $300 + the signup bonus, and they say mine will post at the end of April… guess I’m spoiled by Capital One’s instant cash back setup.
I converted an old Citi AA card to the Citi Dividend card. Took them almost 2 months to complete the conversion. I didn’t get the $100 sign up bonus because I converted the card instead of applying for it. Actually I don’t know how the cash back works. I think you might have to call Citi and they will mail you a check. I will write up a blog post about that when the time comes.
The cashback can be redeemed online at 50 dollar increment. They will send you a check within 7-10 business days.
Awesome, planning to wait until I get $300 and I’ll cash out. Thanks Victor.
Why only $500 to $1000 at a time? Are you worried Citi would shut you down for higher amounts? I thought Citi rarely shuts people down.
Most of CVS stores in my area will only let me buy up to $1,000 at a time, so I have to make a few trips to CVS. I also use different credit cards to spread out the charges every time I go.
I love how the citi dividend allows you to get all of the spending out of the way in the first quarter.
Yes, that is what I love about this card. Much better than Chase Freedom or Discover It.
have you considered getting multiple cash back cards so you can increase your exposure to more 5% bonus categories? I have citi dividend, chase freedom, discover it, bank americard and citi forward all in my wallet. Then I keep track of the large number of bonus categories using this app: http://www.rewardscardpicker.com
I have all of those except the Bank Americard (cancelled that last year). If you have all of those cards, you can definitely rack up a lot of cash back.