Lazada partners with Citibank to launch new credit card

There’s a new credit card in town in the form of Citi Lazada Visa Signature. Here’s what you should know.

1. Welcome gift of $150 worth of Lazada vouchers with $1,200 spend within 3 months for new customers only.

2. 1-year LiveUp membership worth $59.90.

3. Lazada shipping rebate of $1.99 for each transactions over $50, capped at 4 transactions.

4. 12X rewards points (4.8 MPD) on Lazada transactions (excluding Redmart) until 29 Feb 2020.

5. 5X rewards points (2 MPD) on ride hailing apps, dining, entertainment and travel.

6. 1X rewards points (0.4 MPD) for all other transactions.

7. Monthly rewards capped at 10,000 points.

8. Rewards points are valid for 36 months.

9. Annual fee of $192.60 waived for the first year.

10. Minimum income requirement of $30,000/year for Singaporeans and PR.

The good

1. For purchases on Lazada, you will get 0.8 MPD more than what you could get with other cards.

2. Free LiveUp membership for one year to receive 4% rebate on Lazada/Redmart and free delivery on Redmart.

The bad

1. Sign up bonus is only for new Citibank cardholders and has spending requirements.

2. 4.8 MPD for Lazada purchases only till 29 Feb 2020 and excludes Redmart.

3. Free LiveUp membership only for the first year.

4. Minimum spending of $50 for free shipping on Lazada is off-putting. And this benefit is capped to 4 orders per month.

5. Rewards points expire in 36 months instead of 60 months like Citibank Rewards Visa.

Conclusion

Is this card a must-have? Definitely not. The sign-up bonus is weak. If you are not a Citibank cardholder, you are eligible to receive $200 cash without even having to spend! The perks that you get for spending your money on Lazada and Redmart are very minimal. There are barely any reasons to get hold of this card right now and even less so after 29 Feb 2020. Next!