First Citizens Rewards Visa with Unlimited Cash Back Review

Who is the First Citizens Unlimited Cash Back Card for?

The First Citizens Rewards Visa card with Unlimited Cash Back is for customers that have existing digital banking accounts with First Citizens Bank, and are looking for a low-interest account to pay off outstanding balances in other credit accounts while receiving cash back on purchases. 

With the 0% introductory APR on balance transfers for the first 12 months of account opening, this card offers a good deal to those struggling with interest charges in other credit card accounts. Furthermore, the simple rewards program that comes with this card makes it easy to use and ideal for people that want a hassle-free credit line with minimal complications. 

The zero annual fee makes the benefits that come along with this card worth it. However, if you want more, you have the choice to upgrade the rewards program by paying an annual fee of $50. This is an interesting feature that many cards lack, and can serve as a good way for people to upgrade card benefits without switching accounts. If you find yourself with a little more disposable income, upgrading the rewards program can actually earn you money in the long run. You may be able to get that $50 covered by receiving enough cash back. 

Overall, this card is a good deal for existing customers of First Citizens Bank and you can apply online, in person, or via phone. This definitely reduces the potential customer base for the card but is a sign that the bank will take customer service seriously as it looks to streamline your banking experience. 

Welcome Bonus

This card carries 0% APR on balance transfers for 12 months, then a 10.99% to 21.99% variable APR. This reduced APR serves as an incentive for people that are getting crushed by high-interest charges on other credit accounts to switch to First Citizen Bank. 

You can get all of your existing debt paid off in that 12 months because you will not be accumulating interest. Even if you are unable to pay all of it back at that time, you should put in as much effort as possible to get a majority of it paid off. This will save you a lot of money in accumulated interest. Even if you still have some debt leftover, it will be significantly less than what you had, meaning your interest payments will also be less. 

Rewards

The rewards program for this card is relatively simple. You earn 1% cash back on every $1 spent on qualifying purchases. First Citizens Bank defines the qualifying purchases for this card as gross retail purchases minus any returns you make. So for every $100 you spend in retail stores, you will earn $1 dollar in cash back.  Earned points are awarded to your account daily, unlike other cards that can take days to process your cashback. You can accumulate unlimited cashback to redeem as a statement credit or direct deposit to a First Citizens bank account. You can also use them for a loan you may have taken out with First Citizens. The amount in cash back will first be applied to any interest you currently owe, and then to the principal after that. You can then use rewards as statement credits for travel purchases with First Citizens’ exclusive Pay Me Back redemption option. This option allows you to get a statement of credit on your card for the corresponding dollar amount from the redeemed points. 

This card also carries an option to upgrade the rewards program. You have the option to accelerate your earnings for an annual rewards fee of $50 or 5,000 points, with which you can earn 50% more in cashback. If you pay this fee, you will then earn cash back at a rate of 1.5%, meaning you will receive $1.50 for every $100 spent. To make up for the original $50 fee, you would have to spend an additional $10,000 per year to make your money back. This upgrade will only be worth it if you plan on spending at least this much money on retail purchases in the next year. 

You can redeem your rewards through the First Citizens Rewards Center via phone or the Program website. Redemption options include cash back to an existing First Bank Citizens Bank checking account, savings account, or credit card account. When redeeming your rewards, they will usually post within 2-8 business days.

Annual Fee

This card comes with a $0 annual fee for the basic set of perks and benefits. However, if you want more rewards and benefits per dollar of spending, you can pay $50 per year to upgrade your rewards program. To upgrade your rewards program, you can simply call the First Citizens Bank customer service number on the back of your card and tell the representative you would like to upgrade your rewards program. The representative will then guide you through the process.

Additional Fees

There are also a few more fees you need to be aware of if you plan on using the First Citizens Rewards Visa card. If you want to make a cash advance you will either have to pay a 3% fee or a flat $5 depending on which is greater. Additionally, there is a foreign transaction fee (FTF) of 2% for any purchase made outside of the United States. For this fee, the purchase will first be converted to US dollars, and then you will be charged 2%. We will discuss the cautions of these particular fees later on in the article. 

Services and Protections

With this card, you can protect your cell phone with insurance when you pay your monthly cell phone bill with your First Citizens Visa card. 

Cautions

Even though this card has a good rate of cash back, you need to be careful about the previously mentioned FTF and cash advancement fee. Again, this card levies a 2% foreign transaction fee on purchases made overseas. Since people spend more while traveling, foreign transaction fees can really add up. Therefore, we recommend not using this card when abroad because you can use other ones that do not have an FTF. For recommendations on the best available travel cards with a 0% foreign transaction fee, you can visit the link here for BestCreditCard’s top recommended cards for you. 

It also has a 3% balance transfer and cash advance fees, with a $5 minimum charge. If you get in a pinch and need the cash advancement, it will be okay to use it a couple of times. However, if you find yourself using this card for advancements often, you should look into other options that may have a lower fee. These fees will add up over time without you noticing because they will be small amounts individually. Constantly having to pay these fees will add to the overall cost of owning this credit card. This is especially dangerous if you continually find yourself short on cash and are unable to make your monthly payments on time. 

This card carries a $25 late payment fee, so it's best to not make late payments for balances on this card. Also, you must have a minimum of $25 in cash back to redeem the points, which can be a hurdle for people looking to redeem smaller amounts. 

Credit Score Requirements

This card only requires good to fair credit for approval, making it a good choice for those who are not in the best credit standing but want a low-interest card that also earns them cash back on purchases. If you do not yet qualify for this card, you should try to improve your credit score as much as possible in order to get approved. There are a few ways you can do this, but it will take some time to build your score back up. First, make sure you have paid off as much debt as you possibly can. As soon as these payments are received and reported to the credit bureaus, your credit score will stop falling and will eventually begin to improve. This is especially important if you have something that is overdue by less than 30 days. Late payments are only reported to the credit bureaus after 30 days, so if you get something paid off before then, your credit score will not drop. 

On the other hand, if you have an excellent credit score, you may be able to qualify for a card that has better rates than this one. You can view some other options here if you have an excellent credit score and are looking for some recommendations. 

Conclusion

The First Citizens Rewards Visa card with Unlimited Cash back is for people with good to fair credit that are looking to streamline their finances within First Citizens bank under a low interest rate and want freedom with their rewards program. The unlimited cashback will allow you to reap the benefits of your spending in the way you want to. However, it is important to note that the rewards redemption options are quite limited. The upgrade option for the benefits is also a unique feature of this card that is ideal for someone uncertain about the level of benefits he or she needs.