Citi's new no-fee ThankYou card offers a good deal, with a $200 spending bonus and 12-month introductory interest rate.
Who the Citi ThankYou Preferred Card Is For
- People who want to earn rewards points on their credit card spending.
Credit Rating Required
- Fair to Excellent (660+)
About the Citi ThankYou Preferred Card
- No annual fee
- Introductory rate applies to purchases and balance transfers
- Initial spending bonus
- Citi Price Rewind
- Not ideal for people who don't spend much on dining or entertainment
- There's no longer an anniversary bonus
- 20,000 ThankYou points when you spend $1,500 in the first three months
- 2 points per dollar on restaurants and dining
- 1 point per dollar on everything else
- Promotional APR: 0% for 12 months on purchases and balance transfers
- Regular APR: 12.99% to 22.99%, depending on your credit rating.
- Cash Advance APR: 25.24%
- Penalty APR: 29.99%.
- Annual Fee: None
- Balance Transfer Fee: $5 or 3% of the transfer.
- Late Payment Fee: Up to $35.
- Cash Advance Fee: $10 or 5% of the amount.
- Returned Payment Fee: Up to $35.
- Foreign Transaction Fee: 3% of the amount.
Citi ThankYou Preferred Card Review
Citi has revamped the ThankYou Preferred Card's reward program - one of three ThankYou rewards card. Under the old program, cardholders earned double points in the first year of the card and one point on all purchases in subsequent years. The old program also gave a bonus 6,000 points for cardholders who spent $300 in the first three months. Other opportunities for bonus points - like singing up for an online account or paperless statements - are no longer listed on the card's website.
Now, the Citi ThankYou Preferred Card gives 20,000 bonus points for cardholders who spend $1,500 in the first three months. The $1,500 spending threshold is closer to that of similar rewards credit cards and can be redeemed for up to $200 in gift cards.
ThankYou points are redeemable for a wide variety of cash, gift cards, merchandise and travel. There's no limit on the points you can earn, and your points won't expire as long as you make at least one purchase on your card every year.
There's a 0% APR for the first year on both purchases and balance transfers, and the balance transfer fee is a low 3% of the balance. After that, APRs range from a low of 12.99% to 22.99%, depending on your credit history.
Like CIti's other credit cards, the Citi ThankYou Preferred Card has Citi's Price Rewind service, which allows you to request a partial refund for items that have at least a $25 price difference within 30 days of your purchase.
There are few credit cards on the market where you can earn $200 in the first three months for minimal spending, with no annual fee and a zero percent APR for a full year. Citi's other ThankYou rewards cards - the Premier and the Prestige - have higher rewards, but both come with annual fees.
Last updated November 18, 2013. Credit card terms and sign-up bonuses are subject to change from the time of this review. Refer to the application for current terms and conditions.