Citibank introduce ‘cash back’ credit card

Citibank said it would introduce a “cash back” reward scheme on a new credit card. Citibank will rebate between 0.5 per cent and 4 per cent of a customer’s spending, depending on the level of their monthly balance and spending. Citibank will cap the annual cash-back amount at $1,500. Citibank will charge an interest rate of 18.5 per cent, which is high, and an annual fee of $69.