Citi ThankYou Preferred Rewards Card Review: $150 In Gift Cards

What’s on your wish list for a new credit card? If your requirements include good introductory rates, a rewards program, and lots of bonus points, then take a look at the Citi ThankYou Preferred Rewards Card, a great addition to our list of Citibank credit cards.

A Citi Card With Gift Card Rewards & More

Let’s take a closer look at this rewards card’s features. As with certain other cards from Citi, you’ll earn ThankYou Points through their rewards program. You’ll actually find several versions of this card which have different rewards and interest terms. We’ll start with looking at those feature variations then follow up with the card’s core benefits that exist across all versions. The main difference lies in the number of bonus points that come per card.

ThankYou Preferred Rewards Card Benefits

Now let’s discuss those features you’ll find in ANY ThankYou rewards card. You can get bonus points for being a loyal cardmember. On your first anniversary as a member, you can get a 1% anniversary bonus. The bonus is a percentage of the Citi ThankYou Points you’ve earned from purchases that you make during the year (provided you remain a member). You can earn a 2% anniversary bonus for the year after that. Then the anniversary bonus becomes 3% for the following years. Here’s a simple table that shows the bonus points you can receive:

There are also more ways to snag some extra points:

• Sign up for Account Online for 100 bonus points.
• Get 100 bonus points when you opt for Paperless Statements.
• Collect points by shopping through Citi’s ThankYou Bonus Center at ThankYou.com.

Many Options For Redeeming Your ThankYou Points

What are some ways to use these points? Two popular options for redeeming ThankYou Points are for cash and travel rewards. The points are redeemable for charitable donations, too. There’s flexibility here — you aren’t locked into one narrow choice with the Citi ThankYou Preferred Rewards Card.

Or you might decide to use the points towards merchandise like electronics, media, and home goods. Another choice you have here is to put your points into gift cards. If you’re going this route, then check out categories that are available for gift cards, include dining, entertainment and merchandise from your favorite retailers.

It’s really pretty easy to redeem these ThankYou Points. 100 ThankYou Points are all you need to get going. When you’re ready, head over to ThankYou.com. There, you’ll find special offers, rewards in different point ranges, and chances to earn extra points. If you prefer, you’re free to call in about your rewards. Here’s where you can find out more about the ThankYou Points Network.

To keep your ThankYou Points from expiring, remember to make a purchase each year. Also, there’s no limit to how many ThankYou Points you can collect!

Rates For Purchases & Balance Transfers

At this time, there are no variants of the Citi ThankYou Preferred Rewards Card that offers a zero percent intro rate.

Note that the card’s APR for cash advances is even higher than the regular rate that ranges from 12.99% to 22.99%* (Variable), depending on the health of your credit. The penalty APR is also a variable rate that can be much higher as well, but you can avoid it. Just be sure to make your payments on time and that your payments aren’t returned. Another reason to avoid late payments and returned payments: they cost you $35 a piece.

Another big benefit of this card is its lack of an annual fee. But this no annual fee credit card has a few transaction fees, including a balance transfer fee and a cash advance fee. If you have foreign purchase transactions, those will cost you a small percentage of the transaction amount in U.S. funds.

More Advantages Of The This Citi Card

There are a number of additional services included with the Citi ThankYou Preferred Rewards Card. Here’s a short list:

• You can get recommendations for dining and services from the Personal Concierge Service.
• You can get access to sporting and other events through Citi Private Pass.
• You can take advantage of travel accident insurance, lost luggage coverage, and emergency assistance services.
• You’ll be covered by retail purchase protection, price protection, and extended warranties.

This is a solid card that rivals some of our other favorite rewards cards, such as the Chase Freedom card. A credit card that does more than the basics is becoming a must-have for a lot of people, and with this product, you can look forward to a flexible rewards program, a lot of opportunities to earn bonus points and no annual fee.

Created February 8, 2011. Updated July 3, 2012. Copyright © 2012 The Digerati Life. All Rights Reserved.