Citi ThankYou® Preferred Card – Earn up to 20,000 Bonus Points Review

Citi-ThankYou-Preferred-reviewThe Citi ThankYou Preferred credit card currently offers an enticing sign up bonus along with their typical rewards structure. Below is the quick “pros and cons” review followed by a detailed analysis of the Citi ThankYou Preferred card.

Citi ThankYou Preferred Pros

  • Earn 20,000 bonus ThankYou Points after $1,500 in purchases within the first 3 months of account opening
  • 2 points per dollar spent on dining and entertainment purchases
  • 1 point per dollar spent on all other purchases
  • Points do not expire
  • You can earn unlimited points
  • No annual fee
  • Exclusive experiences for card members

Citi ThankYou Preferred Cons

  • Reward points structure isn’t among the best available
  • 7 month introductory 0% interest rate on balance transfers and purchases is shorter than other offers available today

Overall Rating

The Citi ThankYou Preferred card offers a decent sign up bonus for a card that doesn’t charge an annual fee. The 2x bonus categories should be popular among many consumers. This would be a great card for the initial sign up bonus alone. It’s also a great fit for someone that wants a simple rewards card or is just learning how rewards credit cards work.

The In-Depth Citi ThankYou Preferred Review

The Citi ThankYou Preferred credit card has a great sign up bonus. In order to receive the 20,000 bonus points you’ll need to spend $1,500 in purchases within the first 3 months of opening the account.

This bonus should be easily accessible for many cardholders as you don’t have to spend a significant amount of money in a short time frame. Most people regularly spend at least $500 per month, which should make earning the bonus much easier than card bonuses with higher spending requirements.

Reward Points Categories

The Citi ThankYou Preferred card offers 2 ThankYou points per dollar spent on dining and entertainment purchases. To be more specific Citi considers the following to qualify for 2x points.

  • Restaurants
  • Bars
  • Cocktail lounges
  • Night clubs
  • Fast food restaurants
  • Sports promoters (live sporting events)
  • Theatrical promoters (concerts and ticketing agencies)
  • Movie theaters
  • Amusement parks
  • Tourist attractions
  • Museums
  • Record stores
  • Video rental stores

All other purchases qualify for 1 ThankYou point per dollar spent.

ThankYou Point Redemption Options

You can redeem your ThankYou points for gift cards, a check, merchandise or exclusive experiences. The exclusive experiences are unique, but they usually require redeeming a significant number of points. Gift cards and checks are the most realistic redemption options for most cardholders. You can usually redeem points at a 1 ThankYou point to $0.01 ratio.

Be careful with check redemption. Citi will only allow you to redeem points for a check in $50 increments. You may need to save your points to hit the next $50 threshold if you wish to redeem your entire point balance.

Introductory 0% Interest Rate on Purchases and Balance Transfers

The Citi ThankYou Preferred card offers a 7 month introductory 0% interest rate on purchases and balance transfers. For most prospective cardholders, this is not the main reason to get this card. That said, it is a nice addition. If you really need a 0% introductory interest rate card, there are currently options that offer a 0% introductory interest rate for up to 21 months.

This card charges fees for balance transfers of $5 or 3%, whichever is greater. This fee is pretty standard in the credit card industry.

Other ThankYou Preferred Perks

Most cards with decent sign up bonuses have annual fees. The Citi ThankYou Preferred credit card does not have an annual fee, which is a huge plus.

Another great benefit is the ability to earn unlimited ThankYou points that never expire. Some credit card companies will limit the amount of points you can earn each year, but Citi does not for this card.

This credit card has chip technology, which is required in some foreign countries in order to use your credit card. The unfortunate part is the 3% foreign transaction fee that is common among no annual fee credit cards.

The Final Verdict

The Citi ThankYou Preferred card offers a decent sign up bonus worth $200, 2x points in categories that many people frequently use and doesn’t have an annual fee. This card is great for people that don’t like annual fees but are interested in earning rewards.

The information in the above article is accurate to the best of my knowledge as of December 18th, 2013. It may be periodically updated as offers change. As with any offer, make sure to read all of the details on the application site as those are the terms and conditions that will govern your credit card. What you have read here is simply a summary and does not contain all terms and conditions.

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About Lance Cothern

Lance Cothern, a Certified Public Accountant (CPA) licensed in the Commonwealth of Virginia, is the founder of Money Manifesto. You can read more about him here or connect with him on Facebook, Twitter, Google+ or Pinterest.

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