Citi ThankYou Preferred Card Review: 0% APR, Plus Dining and Entertainment Rewards
Citi ThankYou Preferred Card
The Citi ThankYou Preferred Card offers 2X points on entertainment and dining purchases, as well as exclusive access to thousands of events through Citi Private Pass. It’s a solid card, but other dining and entertainment credit cards earn rewards at higher rates. Before you apply for the Citi ThankYou Preferred Card, take a moment to read our full review and explore these options.
Citi ThankYou Preferred Card Review
Here are the highlights of the Citi ThankYou Preferred Card:
Annual Fee: $0
APR: 0% for 15 months, then 15.49% to 25.49% Variable
Sign-Up Bonus: None
- 2X points on entertainment and dining
- 1X per dollar on everything else
- Early access to thousands of events with Citi Private Pass
- $5 or 3% balance transfer fee, whichever is greater
- $10 or 5% cash advance fee, whichever is greater
- 3% foreign transaction fee
- Up to $35 late payment fee
- Up to $35 returned payment fee
Why Apply for the Citi ThankYou Preferred Card
These are the biggest benefits of the Citi ThankYou Preferred Card:
Earn rewards for dining out and having fun
The Citi ThankYou Preferred Card offers 2X points on all dining and entertainment purchases. It earns a standard 1X point per dollar on everything else. There’s no limit to how many points you can earn, and no rotating categories to activate. The dining and entertainment categories make this card appealing to people looking to build their credit and earn rewards in the process. You can redeem your points for gift cards or transfer them to JetBlue’s TrueBlue rewards program at a rate of 1,000 ThankYou Points to 800 TrueBlue points.
Purchases and balance transfers won’t accrue interest for 15 months
The Citi ThankYou Preferred Card has an introductory APR period of 0% for 15 months, then 15.49% to 25.49% Variable for purchases and balance transfers. This is a nice option if you’ve accumulated credit card debt, but note that a balance transfer could eat up a significant chunk of your credit limit, reducing your rewards-earning potential.
Get exclusive access to thousands of live events
Citi grants ThankYou Preferred cardholders access to Citi Private Pass, an online platform where you can purchase tickets to thousands of live events all over the country. In addition to regular tickets, you may also purchase presale tickets or special VIP packages.
Citi ThankYou Preferred Card: Drawbacks and Downsides
The Citi ThankYou Preferred Card has drawbacks you should be aware of before applying:
The rewards-earning potential is low
Many other rewards credit cards offer up to 5% cash back on rotating categories each quarter, including restaurants. A handful of dining- and entertainment-focused cards offer as much as 4% back on these purchases year round. These cards offer better rewards-earning potential than the Citi ThankYou Preferred Card, especially for those who spend a lot each month.
Your point-redemption options are limited
You can’t redeem Citi ThankYou points until you’ve accumulated at least 2,500 of them. If you were hoping for quick cash back or a little extra money to put toward a statement credit, you just have to wait. Redeeming your Citi ThankYou points for cash back isn’t recommended anyway. You’ll get a better deal if you redeem them for for gift cards or merchandise.
Citi ThankYou Preferred Card Alternatives
Consider these other cards if the Citi ThankYou Preferred Card doesn’t quite suit you:
Capital One Savor Rewards Credit Card
The Capital One Savor Rewards Credit Card offers 4% cash back on dining and entertainment purchases, 2% back at grocery stores, and 1% back everywhere else. The best part is, there’s no limit to the rewards you can earn. However, the card does charge a $95 annual fee after the first year, so it’s only a good idea if you believe you’ll earn more than that in rewards each year.
Unfortunately, the Capital One Savor Rewards Credit Card doesn’t have a 0% introductory APR for purchases or balance transfers, so the Citi ThankYou Preferred Card remains the better option if you need to transfer a balance.
Uber Visa Card
The Uber Visa Card offers 4% cash back on restaurants and UberEATS, 3% back on hotels, airfare and vacation rentals, 2% back on Uber, online shopping and streaming services, and 1% back on everything else. There’s no annual fee to worry about, and the APR will be 17.49%, 23.49% or 28.24% variable APR, depending on your credit.
The card’s other perks will appeal to young adults and college students, too, including a $50 credit for subscription services, $600 of cell phone protection and exclusive access to live events. For a card with no annual fee, the Uber Visa Card is tough to beat.
Citi ThankYou Preferred Card FAQs
Here are answers to some frequently asked questions about the Citi ThankYou Preferred Card:
How much are Citi ThankYou points worth?
Citi ThankYou points are worth about $0.01 each. When you’ve accumulated the a minimum of 2,500 points to redeem, you’ll be eligible for $25 in cash back, a statement credit, merchandise, or a gift card from a store of your choice. You can also transfer your points to JetBlue’s TrueBlue rewards program.
Do Citi ThankYou points expire?
Yes, unused Citi ThankYou points will expire three years from the end of the year in which you received them.
Bottom Line: Should You Apply for the Citi ThankYou Preferred Card?
The Citi ThankYou Preferred Card may suit young adults trying to build credit or pay down debt who want to earn some rewards at the same time. If your credit is good, however, you’re better off applying for a card with better dining and entertainment rewards.