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Citi ThankYou Preferred Credit Card Review

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This article was last updated Aug 07, 2018, but some terms and conditions may have changed or are no longer available. For the most accurate and up to date information please consult the terms and conditions found on the issuer website.

Who the card is best for

The Citi ThankYou® Preferred Card is an OK balance transfer card with an intro period of 0% for 15 Months on balance transfers*, then 15.49% - 25.49%* (Variable) APR. If you have a small to average-size balance to transfer, this may be enough time to pay it off. Also, if you plan on making a purchase and want time to pay it off without accruing interest, the purchase intro period is decent. Otherwise, this card is great for big spenders at restaurants and entertainment as you’ll Earn 2X Points on Dining Out & Entertainment and Earn 1X Points on All Other Purchases. If you’re responsible and pay off your debt during the intro period, you will earn a good rewards rate on dining and entertainment purchases that can make this card worthwhile even after the intro period.

  • Earn 2X Points on Dining Out & Entertainment

  • 0% for 15 Months on purchases* and 0% for 15 Months on balance transfers*

  • 15.49% - 25.49%* (Variable)

Highlights
  • Enjoy 0% Intro APR on purchases for 15 months from date of account opening and 0% Intro APR on balance transfers for 15 months from date of first transfer; after that, the variable APR will be 15.49% - 25.49% based upon your creditworthiness*
  • There is a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater*
  • Earn 2X Points on Dining Out & Entertainment
  • Earn 1X Points on All Other Purchases
  • Points are redeemable for gift cards to popular retailers, restaurants, and department and home stores. 2,500 ThankYou® Points can be redeemed for a $25 gift card at thankyou.com
  • No expiration and no limit to the amount of points you can earn with this card
  • No annual fee*

See additional details for Citi ThankYou® Preferred Card

More Info

This card is designed as a rewards card that happens to offer an intro period for balance transfers and purchases. Since rewards are the main focus of this card, if you’re looking for a balance transfer card, you are better off with other cards that have a longer intro period. Also, if you want a rewards card and don’t spend a lot at restaurants or on entertainment, you will earn a low rate on everyday purchases and are better off with a flat-rate cashback card like the Citi® Double Cash Card – 18 month BT offer or other rewards cards.

Where this card stands out in its category

This card offers a great rewards rate for entertainment and dining purchases that can benefit big spenders in these categories since you can earn unlimited points. You’ll Earn 2X Points on Dining Out & Entertainment and Earn 1X Points on All Other Purchases. This is a great bonus on top of the balance transfer offer since most balance transfer cards don’t come with rewards.

Where this card falls short in its category

When it comes to this card’s balance transfer offer, it falls short in the length of its intro period. The balance transfer intro period is 0% for 15 months on balance transfers*, then 15.49% - 25.49%* (Variable) APR. You can easily find other balance transfer cards with longer intro periods that can be 18 or 21 months. This card also charges a balance transfer fee either $5 or 3%, whichever is greater. There are cards that don’t charge a balance transfer fee and can provide more savings — however, they may not offer a rewards program.

Additional card benefits

The Citi ThankYou® Preferred Card has many benefits in addition to its balance transfer offer and rewards program:

  • Citi® Price Rewind: Purchases made with your card can be registered for Citi® Price Rewind and potentially result in savings. If Citi finds a lower price within 60 days from date of purchase, you may receive the difference as an account credit, up to $500 per item ($1,000 annual maximum).
  • Citi® Private Pass®: A great perk is the exclusive presale and event access you receive for thousands of events – concerts, dining experiences and more. Visit citiprivatepass.com for a list of events.
  • 24-Hour Fraud Protection: If there is fraud discovered on your card, Citi will alert you.
  • Citi® Concierge: This feature allows you to speak to Citi experts who can help with most needs that arise, including travel, shopping, dining and more.
  • Zero Liability on Unauthorized Charges: Unauthorized charges on your account will not be your responsibility.
  • 24/7 Customer Service: Speaking to a representative is as simple as dialing the number on the back of your card.
  • Choose Your Payment Due Date: You can change your payment due date to the beginning, middle or end of the month. This can only be changed twice a year and it may take up to two billing cycles to take effect.
  • Apple Pay®: Easily pay with your card via Apple Pay® at over 200,000 stores and in-app.
  • Points Transfer: You can transfer your eligible and qualifying ThankYou® Points to TrueBlue® points to get flights faster.

How to use it most effectively

To get the most out of this card, be sure to transfer your balance during the four months from account opening. This ensures that you can take advantage of the intro period. Once your transfer is complete, make it a point to pay off your balance before the end of the intro period. This way you won’t be charged interest on lingering debt. If you plan on financing a large purchase with this card, take note that the intro period for purchases begins the day your account is opened. As a result, make your purchase as soon as possible, and be aware that the ongoing APR for purchases is 15.49% - 25.49%* (variable) once the intro period is over.

Rewards breakdown

This card is a good rewards card for people who frequently spend at restaurants and on entertainment. You will Earn 2X Points on Dining Out & Entertainment and Earn 1X Points on All Other Purchases. The higher rate isn’t capped, and your points never expire. Points can be redeemed for gift cards, statement credit, travel and more. If you don’t spend on entertainment or at restaurants, look for another rewards card or a cashback card better suited to your spending habits. Keep in mind rewards are an added bonus; don’t let the prospect of racking up rewards points drag you into debt.

How to do a balance transfer with Citibank

A balance transfer with the Citi ThankYou® Preferred Card cannot exceed your available credit limit. This includes the total amount of your balance transfer plus balance transfer fees. For example, if your credit limit is $5,000, your transfer cannot exceed $4,854 because there would be a $145.62 balance transfer fee. To take advantage of the 0% intro balance transfer period, you must complete your transfer within four months from account opening.

To complete your balance transfer online, you should see a link in your account dashboard stating you’re eligible for a balance transfer in the same box as your account summary. Select “View Offer” to see your balance transfer offer. Then once you click “Select Offer,” proceed to enter your transfer information and verify and submit your transfer. The balance transfer can take at least 14 days to process, so continue to make payments on your other account until the transfer is complete. Your pending transfer will be listed in the “Your Balance Transfer Requests” section, along with the current status of your request. Once your balance transfer request has been approved and fully processed, it will move to the “Your Balance Transfer” section, where you will see the amount you transferred and when the promotional rate will expire.

Compare it with the Chase Slate® credit card

The Chase Slate® and the Citi ThankYou® Preferred Card offer different benefits depending on what you plan on achieving with your credit card. The better balance transfer card is the Chase Slate® due to its longer Intro $0 on transfers made within 60 days of account opening. After that: Either $5 or 5%, whichever is greater. You can save a decent amount of money when transferring your balance during the 60 days from account opening.

On the other hand, the Citi ThankYou® Preferred Card is a better option for people who want to earn rewards on new purchases. This card has a just OK intro balance transfer period, but offers a good rewards program — Earn 2X Points on Dining Out & Entertainment and Earn 1X Points on All Other Purchases. This benefits people who plan on using this card after the intro offer. See below for a breakdown of the key elements of each card.

The information related to the Chase Slate® has been collected by CompareCards and has not been reviewed or provided by the issuer of this card.

Citi ThankYou® Preferred Card Chase Slate®
Annual Fee $0 $0
Balance Transfer Terms 0% for 15 Months on balance transfers* 0% Intro APR on Balance Transfers for 15 months
Balance Transfer Fee Either $5 or 3%, whichever is greater Intro $0 on transfers made within 60 days of account opening. After that: Either $5 or 5%, whichever is greater.
Ongoing APR 15.49% - 25.49%* (Variable) 16.49% - 25.24% Variable
Transfer Period Four months from account opening 60 days from account opening
Rewards Earn 2X Points on Dining Out & Entertainment and Earn 1X Points on All Other Purchases Non-rewards card

Bottom line

The Citi ThankYou® Preferred Card is a good balance transfer card that comes with rewards and other Citibank perks. If you plan on using your card after the intro balance transfer period, this card can benefit you more than typical balance transfer cards that don’t have rewards.


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