Citi ThankYou Preferred Review: Not a Great Catch for Date Night
The Bottom Line
3.0
The 0% intro APR period was worth a look. But you could get richer rewards — including on dining and entertainment — from other no-fee options.
Rates, fees and offers
Rates, fees and offers
Annual fee
$0
Rewards rate
1 point per Dollar
Bonus offer
None
Intro APR
0% intro APR on Purchases and Balance Transfers for 15 months
Ongoing APR
APR: 15.49%-25.49% Variable APR
Penalty APR: Up to 29.99%, Variable
Cash Advance APR: 27.24%, Variable
Balance transfer fee
3% of each balance transfer; $5 minimum.
Foreign transaction fee
3%
More details from Citibank
More details from Citibank
- 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*
Pros and Cons
Pros
No annual fee
Intro APR period on Purchases and Balance Transfers
Cons
Needs excellent credit
Detailed Review
» This card is no longer available
The Citi ThankYou® Preferred Card is no longer accepting applications. Citi's entry-level points-earning card is the Citi Rewards+® Card. Read our review of that card. Below is our review of the card when it was still available.
• • •
The Citi ThankYou® Preferred Card is designed to appeal to daters, diners and folks looking for thrills out on the town. But frankly, it’s a bit of a party pooper.
The card earns double rewards on restaurants and entertainment, and its definition of entertainment is broad, including concerts, sporting events, theater, zoos and more. So if you’re single in the city — or you’re settled but seeking to get out of the house more — the Citi ThankYou® Preferred Card is hoping you’ll bring it along.
But dining and entertainment have become intensely competitive categories in recent years, so even if those are your biggest spending areas, you can find many cards that offer higher rewards rates in those categories.
Plus, if you’re looking for the benefits of a sign-up bonus or cash back, you’ll want to research other options.
Citi ThankYou® Preferred Card: Basics
Annual fee: $0
Rewards:
2 Citi ThankYou Points per $1 spent on restaurants and entertainment.
1 point per dollar on everything else.
There's no limit to the points you can earn, and points never expire. See our review of Citi ThankYou Points for details on redeeming points, including the highest- and lowest-value redemption options.
Sign-up bonus: None.
Introductory APR: 0% intro APR on Purchases and Balance Transfers for 15 months, and then the ongoing APR of 15.49%-25.49% Variable APR.
Balance transfer fee: Either $5 or 3% of the amount of each transfer, whichever is greater.
Foreign transaction fee: 3%.
Compare to Other Cards
Benefits and Perks
$0 annual fee. Many rewards credit cards come with a yearly cost. The Citi ThankYou® Preferred Card does not. This means you won’t have to stress about using your card enough to cover a fixed yearly payment.
Solid 0% intro APR period: New cardholders get an introductory APR of 0% intro APR on Purchases and Balance Transfers for 15 months, and then the ongoing APR of 15.49%-25.49% Variable APR. That’s not the longest 0% period you can find, but it’s a decent runway if you’re looking to finance a large purchase or transfer a balance. With the latter, though, be sure to consider the balance transfer fee: $5 or 3% of the amount transferred, whichever is greater.
Broad dining and entertainment categories: The “restaurants” category on the Citi ThankYou® Preferred Card includes both full-service restaurants and fast-food places, as well as bars, lounges and cafes. And the “entertainment” category covers more than you might think. Purchases that qualify for 2X points include:
Live entertainment (including theatrical productions, sporting events and concerts).
Movie theaters.Amusement parks, circuses and carnivals.
Zoos and aquariums.
Tourist attractions (including museums and art galleries).
Record stores.
Video rental stores.
On-demand internet streaming media.
Drawbacks and Considerations
The Citi ThankYou® Preferred Card works for spending out on the town, but what about your daily expenses? How good is it really for transferring a balance? Here are a few areas where the card falls short.
No sign-up bonus. Rewards credit card users have grown accustomed to sign-up bonuses, sometimes worth hundreds of dollars, even on cards with no annual fee. The Citi ThankYou® Preferred Card has none. Plenty of other cards do come with sign-up bonuses, many of them quite lucrative.
Limited redemption options. If you’re looking for flexible rewards points or cash back, the Citi ThankYou® Preferred Card may not be for you. The card’s ThankYou Points are redeemable for gift cards to popular retailers and restaurants. You can redeem 2,500 ThankYou Points for a $25 gift card at thankyou.com. A Citi representative confirms that you can also redeem for cash back. But be aware that it's a poor redemption value.
Poor rewards rate on common expenses. Though dining and entertainment are fun spending categories, you'll get just 1 point per dollar on everything else. Cardholders may get more use out of a card that offers elevated rewards for more everyday purchases.
Poor choice for international travel. With a 3% fee tacked onto purchases abroad, the card isn't ideal if you're headed abroad.
How To Decide If It's Right For You
The Citi ThankYou® Preferred Card will earn you rewards on dining and hitting the town. But it’s neither the best rewards card for entertainment and dining, nor is it a great value for everyday spending. If you need a good 0% intro APR period, it's certainly an option. But for everyday use, you'll be better off comparing other cards that can reward you more handsomely no matter what you spend most of your money on.
Looking For Something Else?
Methodology
NerdWallet reviews credit cards with an eye toward both the quantitative and qualitative features of a card. Quantitative features are those that boil down to dollars and cents, such as fees, interest rates, rewards (including earning rates and redemption values) and the cash value of benefits and perks. Qualitative factors are those that affect how easy or difficult it is for a typical cardholder to get good value from the card. They include such things as the ease of application, simplicity of the rewards structure, the likelihood of using certain features, and whether a card is well-suited to everyday use or is best reserved for specific purchases. Our star ratings serve as a general gauge of how each card compares with others in its class, but star ratings are intended to be just one consideration when a consumer is choosing a credit card. Learn how NerdWallet rates credit cards.
About the authors
Chanelle Bessette
Lead Writer & Content Strategist
