Large ATM network. Citi has over 65,000 ATMs in the US alone. Due to the wide availability of ATMs, customers looking to avoid out-of-network ATM fees are better off choosing Citi. The bank's other ATMs are located worldwide and can be used without paying a fee.
Excellent customer service. Citi is known for having one of the best customer services compared to other banks. Plus, they can be contacted in a number of ways, including branch visits, live chat, and phone calls.
Plenty of overseas branches. The bank has over 1,800 branches overseas, which is an advantage for travelers.
Too many miscellaneous fees. Many customers don’t like that Citi charges too many fees. These include wire transfer, returned check, money order, bank statement request, and overdraft protection fees.
Relatively fewer branches in the US. Citi only has 700 branches in the US, which is lower than its competitors (Well Fargo and Chase have over 4,900 and 4,700, respectively).
Citi Checking and saving accounts Pros&Cons
A variety of account packages. Citi has a variety of accounts suitable for the needs of both individuals and small businesses.
No minimum deposit requirement. When opening an account at the bank, you aren’t required to make a minimum deposit.
Easily avoidable monthly fee. For Access Account Package and Basic Banking Package checking and savings accounts, you can, for example, get the fees waived by making a direct deposit.
Competitive APY. Citi offers an APY of up to 0.50%, which is higher than other banks in the industry, considering the average is 0.04%.
Monthly service fee. All checking and savings accounts charge a monthly service fee that is between $10 to $25.
Out-of-network ATM fee. Using an ATM that doesn’t belong to Citi charges will attract a $2.50 fee per transaction.
Overdraft fee. Customers need to regularly monitor their balances since an overdraft can attract a fee of $34. This fee can be levied up to four times a day.
Citi Credit cards Pros&Cons
Welcome bonus. A number of Citi credit cards offer generous bonuses. One such credit card is the Citi Premier credit card.
A wide range of cards is available. Citi offers customers a number of credit card types, including rewards, cash back, travel, balance transfer, and small business credit cards.
ThankYou rewards program. Through this program, credit cardholders can use their points on countless redemption options. You can transfer your points to ThankYou partner loyalty programs and redeem their exclusive rewards. Partners include JetBlue, Aeromexico, Singapore Airlines, and Sears.
At least a good credit score is required. When applying for a majority of credit cards, Citi won’t approve your application without a good credit rating. Some cards even require excellent credit.
Fees. Some credit cards charge annual and foreign transaction fees.
Citi Personal loans Pros&Cons
Autopay discount. If you set up autopay, you will get a 0.05% discount on your rate.
Earn ThankYou points. When you link your Citi checking account with your personal loan account, you will earn ThankYou points as you make payments.
No origination or prepayment fees. Citi doesn’t charge origination fees for personal loan applications like most lenders do. Furthermore, you can pay off the personal loan early without incurring any penalties.
No-cosigners. Citi doesn’t allow co-signers on loans, meaning you can’t use someone else’s good or excellent credit to increase loan approval chances and/or negotiate better rates. You can take out a joint loan, but your co-applicant needs to be an eligible customer of the bank.
No prequalification. You can’t prequalify for a loan with Citi. This puts you at a disadvantage since you won’t know your rate beforehand and the bank will have to perform a hard credit check to determine it.
Late fee. Not making your payments on time attracts a $25 late fee.
Citi Mortgage Pros&Cons
A variety of mortgage options. Citi offers a range of loan types, including conventional, adjustable-rate mortgage, FHA loan, VA loan and jumbo loan.
Discounts on interest rate. Existing Citi customers with a deposit account can enjoy discounted mortgage rates if they meet the minimum balance requirement. For example, they can get a 0.125% discount if their account balance is between $50,000 and $199,999.99.
Low down payment option. With the HomeRun Mortgage program, you can take out a 30-year fixed-rate loan with a 3% down payment. Furthermore, you don’t need to pay mortgage insurance.
No USDA loans. If you earn a low-to-moderate income and are looking for a USDA loan, you have to look elsewhere.
Application fee. To complete your mortgage application, you’ll have to pay a non-refundable application fee.
Citi Investment Pros&Cons
Invest with Citigold. Meet your financial goals through Citigold’s range of investment options, whether you’re using their convenient online trading tools alone or with the help of a dedicated team.
Citi Wealth Advisor. Citigold’s financial planning solution allows you to collaborate with a team of advisors to create savings plans that account for life’s “what-if” scenarios. “What-if” scenarios include early retirement, buying a second home or traveling.
Free credit card. As a Citigold customer, you get the annual fee waived on select Citibank credit cards.
Fees. The Citi Wealth Advisor investing fee is 1% on the total principal or $65, whichever is greater. Online options trading is subject to a $2.95 + $0.75 per-contract fee.
$200,000 minimum monthly balance. You’re required to maintain an average minimum balance of $200,000 across all linked deposit, retirement and investment accounts in The Citigold Account Package to remain a Citigold customer.