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Citibank has developed a test version of its own digital currency, currently called CitiCoin. According to an article in the International Business Times, Citi’s currency was inspired by bitcoin, the popular yet controversial currency used for anonymous digital transactions. In theory, Citibank’s backing will bring some formal structure to an otherwise unregulated technology.
In its discussion with IBT, Citibank reps said the company is currently in talks with several countries, with the hope of ultimately building a “state-backed digital currency.” Of course, if such a currency is adopted, it could affect how we pay for goods and services, but with the shift away from paper money already well underway, it’s unclear how big of an impact a currency like CitiCoin could make on individual consumers.
Even after the introduction of the Chase Sapphire Reserve, the Chase Sapphire Preferred is still a fantastic choice if you want to avoid the Reserve’s $450 annual fee, earn 2x on all travel & dining and earn a 50,000 point sign up bonus.
- Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $625 toward travel when you redeem through Chase Ultimate Rewards®
- Named Best Credit Card for Flexible Travel Redemption - Kiplinger's Personal Finance, July 2016
- 2X points on travel and dining at restaurants worldwide & 1 point per dollar spent on all other purchases.
- Earn 5,000 bonus points after you add the first authorized user and make a purchase in the first 3 months from account opening
- No foreign transaction fees
- 1:1 point transfer to leading airline and hotel loyalty programs
- Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards. For example, 50,000 points are worth $625 toward travel
- No blackout dates or travel restrictions - as long as there's a seat on the flight, you can book it through Chase Ultimate Rewards