No, the Citi® Secured Mastercard® is not a cash back credit card. In fact, the Citi Secured is not a rewards card at all, so you won’t get anything back for making purchases.
There are plenty of other cash back credit cards to consider, though. You can start your search with WalletHub’s editors’ picks for the best cash back credit cards on the market. It’s good to compare multiple options before submitting an application, to ensure that you get the most bang for your buck.
There are two ways to get a Citi Secured card deposit refund:
When you close your account, you will need to pay your outstanding balance and your deposit will be refunded to your checking account or as a check.
Once you are approved for this credit card, your security deposit will be held in a non-interest-bearing Collateral Holding Account for 18 months. After this period, if your account is in good standing, you may be eligible for an unsecured card – at this point, your deposit will be refunded to you in full, provided that you do not have an outstanding balance. If you do, they will apply the security deposit to the outstanding credit card balance and refund the difference.… read full answer
Ive had this card for 4 years. Never missed a payment, low utilization. I have several high limit unsecured cards and a great score. Each year I get a letter saying they cant graduate account at this time. Ive determined its a scam to keep our deposits.
Cash back is a benefit that gets you a discount for certain purchases. In the context of credit cards, cash back is a type of credit card rewards. You can earn cash back through signup bonuses for meeting certain spending requirements, or through ongoing rewards, as a percentage of the amount spent on qualifying purchases. Some credit cards also offer cash back anniversary bonuses in the form of statement credit for qualifying purchases.… read full answer
Cash back credit cards make for a great addition to anyone’s wallet because they provide a straightforward earning and redemption mechanism in a currency that cannot be devalued by a credit card company. The best cash back credit cards tend to be those that keep things simple by providing attractive flat earning rates across all purchases, or those that offer higher rates in your biggest spending categories. Cash back credit card rewards can usually be redeemed for statement credits, bank account deposits or paper checks, depending on the credit card company.
Other types of cash back
Some also think of getting cash from a credit card's credit line, like withdrawing cash from an ATM, as cash back. This type of transaction is considered a cash advance and should be avoided. Cash advances are extremely expensive transactions that are subject to fees and a cash advance APR that applies immediately, with no grace period.
Aside from credit card rewards and cash advances, cash back could also refer to money that you get at a store register when you’re checking out. But you can pretty much only do this when using a debit card to pay. The money is added to your purchase amount and debited from your bank account. Some stores have a limit on the amount too and not every store will let you do it.
Some car dealerships offer “cash back” when you’re buying a car, too. It’s basically just a rebate on the car. You can usually get it as a check or as a discount on your down payment.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. This question was posted by a WalletHub user. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.