This post comes from Logan Abbott, editor of the credit cards section of MyRatePlan.com.
Many credit cards offer rewards points that aren’t very versatile – for example, travel cards that offer points redeemable for free flights, but no other potential rewards, like merchandise, hotels, gift cards, or cash back.
The Citi ThankYou Card offers ThankYou rewards points redeemable for rewards across numerous categories. In addition, it offers a nice 0 percent APR introductory rate on balance transfers and purchases.
- Earn 1 ThankYou Point for every dollar spent on purchases. Citi ThankYou cardholders receive 1 ThankYou Point for each dollar spent. ThankYou Points can be redeemed for merchandise, travel rewards, gift cards, cash, and more. There is no limit on the number of points earned annually.
- No annual fee. The Citi ThankYou Card is fee-free.
- 0 percent introductory APR on balance transfers and purchases for 15 months. Zero percent intro APR on both balance transfers and purchases. After the introductory period, the variable APR is between 12.99 percent and 22.99 percent, depending on credit quality.
- Chip Technology for ease of travel. The Citi ThankYou Card features Chip Technology, which is a more widely accepted payment method in countries outside the United States.
- Earn a ThankYou Points anniversary bonus each year. Citi awards cardholders with an anniversary bonus in the form of ThankYou Points each year. The bonus is calculated as a percentage of the ThankYou Points earned throughout the year, and increases annually until the third year, when it stays at 3 percent. The anniversary bonus point schedule is outlined in the table below.
|Membership Year||Anniversary Bonus|
- Only 1 ThankYou Point for each dollar spent. While there’s no limit on the amount of ThankYou Points you can earn in a given year, the Citi ThankYou Card only offers 1 ThankYou Point for each dollar spent across all categories. Some credit cards offer more points in certain categories. For example, the Citi Forward Card offers 5 ThankYou Points for each dollar spent on entertainment, as well as 1 ThankYou Point for each dollar spent on all other purchases.
- Balance transfer fee. The 15-month intro period on balance transfers is great if you’re trying to consolidate your credit card debt, but like most cards, the Citi ThankYou Card charges a 3 percent balance transfer fee. If you’re looking for a credit card that offers free balance transfers, you should check out The Barclaycard Ring MasterCard, Slate from Chase, and PenFed Promise Visa card.
Get it if: You have fair credit and want a versatile rewards program that allows you to redeem points for almost anything, and also includes a long 0 percent APR introductory period.
Forget it if: You aren’t interested in items ThankYou Points can be redeemed for. If you’re interested in a specific type of reward such as cash back or travel, there are other credit cards that specialize in those categories that will earn you more bang for your buck than the Citi ThankYou Card.
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