NEW YORK—Citigroup is making another push for digital deposits, while American Express has dialed back some of its card benefits.
Citibank is planning on offering users of its American Airlines co-branded credit card a high-interest online savings account early next year, CNBC reported.
To entice people to join, Citigroup will offer up to 50,000 in miles as a signup bonus and a 25% boost on miles earned through the card—capped at the first $50,000 spent.
“Citigroup, the third-biggest U.S. lender by assets, is leaning on its popular credit cards to help it raise deposits on the banking side,” CNBC said.
Changes at AmEx
Meanwhile, American Express is notifying customers that some credit card benefits will be going away or cut back effective Jan. 1, 2020, Clark.com reported.
Among the card features that will be eliminated is its
Roadside Assistance Hotline, which provided a 24-hour dispatch hotline to assist in the event a tow is needed or someone is locked out of their car.
Travel Accident Insurance coverage is also no longer available, while the terms covered by its Purchase Protection plans are being reduced in length.
“After Jan. 1, 2020, any purchases you make will only receive 90 days of protection, down from 120 days for most customers previously. Changes are also coming to extended warranty coverage for purchases,” Clark.com said.