Charles H. Miller
Earning rewards for your credit card usage typically involves getting a card with an annual fee. That’s not the case with the Citi ThankYou® Preferred Card, which is made to make your fun nights in the city a rewarding experience — you get to earn double points on dining and entertainment purchases. What can be better than that?
Highlights
- Earn double points on dining and entertainment purchases, single point on everything else.
- 0% intro APR on purchases and balance transfers for 15 months, after that – it’s 13.24%-23.24%.
- Shopping and (some) travel benefits.
- No annual fee
How It Works
Points: Citi ThankYou® Preferred Card offers double points on dining at restaurants and entertainment purchases, and one point on all other purchases. Once earned, these points can be redeemed for travel reservations, gift cards, merchandise, or cash. Points do not expire and you can earn unlimited ThankYou Points. Generally speaking, each ThankYou point is worth one cent.
APR: 0% introductory APR on purchases and balance transfers for the first 15 months. After that, it goes to anywhere between 13.24% and 23.24% based on your creditworthiness.
Travel benefits: Including trip cancellation and trip interruption coverage. However, there is a 3% foreign transaction fee.
Shopping benefits: Extended warranty policy, and purchase protection against theft or damage. Also, you get Citi Private Pass which provides access to VIP packages, presale tickets, dining experiences, and more; as well as Citi Price Rewind program that will automatically issue a refund when a covered purchase experiences a price drop within 60 days (up to $300 per item and $1,200 per year).
No annual fee: You don’t have to spend a single dime upfront in order to start earning points.
Costs
- 13.24%-23.24% variable APR (0% intro APR for 15 months on purchases and balance transfers)
- 3% Balance Transfer Fee ($5 minimum)
- 3% Foreign Transaction Fee
- $0 Annual Fee
Great for Students!
There is also a version of this card made for students — Citi ThankYou® Preferred Card for College Students. It offers all of the same bells and whistles as the “regular” card, plus 2,500 bonus ThankYou® Points after spending $500 within the first 3 months of account opening (terms apply). APR is slightly different with Citi ThankYou® Preferred Card for College Students: there is a 0% introductory APR for seven months on purchases, after which it goes to 14.24% – 24.24%. The same APR applies to balance transfers, which are charged 4% ($5 minimum). There is no annual fee.
Pros
- Easy to understand rewards program with a number of options to redeem rewards.
- Introductory period of 0% APR means that you can even use this card to move balance from some other card and potentially save on interest payments.
- No annual fee, yet you get to benefit from a rewards program.
Cons
- No sign-up bonus – we may ask too much since there is no annual fee and you get to earn some rewards for doing things you would be doing anyway.
- Foreign transaction fee means you’ll want to carry a different card on your travels to other countries.
Is This The Card For You?
As we’ve said it numerous times in this review, this is the card for everyone who frequently pays for dining and entertainment with their card. By not changing that routine, these guys and gals will now be earning double points, as well as a single point on all other purchases. The Citi ThankYou® Preferred Card also offers 0% introductory APR for the first 15 billing cycles, providing its members with the option to move balance from some other card to this one. Finally, there is no annual fee involved.
