Author: Anisha Sekar
Verdict: There are bigger and better cards out there. Even with the decent signup bonus, other credit cards provide far more value.
Thank You Points
The ThankYou Preferred has an ok rewards program, giving just 1 ThankYou Point per $1 spent. It does offer 2x points on dining and entertainment, but there are cards out there that offer a better rewards program. Plus, Citi ThankYou Points can be redeemed for gift cards, statement credits, mortgage/student loan payments, or merchandise. Typically, only gift cards will give you the full one-cent-per-point value.
Alternatives to the Citi ThankYou Preferred
In both signup bonus and ongoing rewards, you can do better than the ThankYou card - especially if you travel. Here are a few options:
Chase Sapphire Preferred® Card
The Chase Sapphire Preferred® Card
starts off strong: Earn 40,000 bonus points after you spend $4,000 in the first 3 months. You can redeem your points as a statement credit at full value, but if you redeem for travel booked through Chase, your points are worth 25% more. As for ongoing rewards, you get 2 points per $1 on travel and dining, and 1 per $1 elsewhere. Your rewards rate can be 2.50% on travel and dining and 1.25% elsewhere when you redeem for travel. It has an Introductory Annual Fee of $0 the first year, then $95
Barclaycard Arrival Plus™ World Elite MasterCard®
The Barclaycard Arrival Plus™ World Elite MasterCard®
gives a strong signup bonus: Earn 40,000 bonus miles when you spend $3,000 or more on purchases in the first 90 days from account opening. Past that, it earns 2 miles on every dollar spent. You can redeem your miles as a statement credit at full value, but if you redeem as a statement credit against travel expenses specifically, you get 10% of the miles redeemed back. This raises your rewards rate to 2.2% on every dollar spent. Its annual fee is $89 - Waived first year.
Keep in mind that both of these options have annual fees.