This post comes from Logan Abbott, editor of the credit cards section of MyRatePlan.com.
Citibank has announced the arrival of another version of its Citi ThankYou Preferred Rewards Card. The new Citi ThankYou Preferred Rewards Card does not replace the old offer, but is a similar offer that features different bonuses and terms.
- Big upfront bonus. Cardholders can earn 30,000 bonus ThankYou Points. Twenty thousand bonus points are earned after spending $1,500 in purchases in the first three months, and 10,000 more bonus points are earned after spending another $1,500 in the next three months. This bonus is the equivalent of $300 in gift cards.
- 0 percent introductory APR on purchases and balance transfers. The card comes with a 0 percent introductory APR on purchases and balance transfers for seven months. After the seven months are up, a variable APR of between 12.99 percent and 22.99 percent applies, based on your creditworthiness.
- Citi ThankYou Rewards Points. Cardholders earn two ThankYou Points for each dollar spent on dining and entertainment and one ThankYou point for each dollar spent on all other purchases. ThankYou Points can be redeemed for merchandise, travel, gift cards, movie tickets and more. There is no expiration date and no limit on the points that can be earned.
- Chip technology. The card features chip technology, which is widely used outside the United States and is much more secure than cards with just a magnetic strip.
- No annual fee. There’s no annual fee to use the card.
- Intro period is not as long as the other version of this card. This is nitpicking, but the seven-month introductory period of no interest on purchases or balance transfers is shorter than the 12-month period offered by the other version of the Citi ThankYou Preferred Rewards Card.
- Balance transfer fee. Although the card offers a favorable 0 percent introductory APR period on balance transfers, you are still subject to a fee of 3 percent of the balance if you do decide to transfer a balance.
Get it if: You have excellent credit and want a versatile shopping rewards program and big initial points bonus, as well as long 0 percent introductory periods on balance transfers and purchases.
Forget it if: You have poor credit, or you want a card that offers better rewards in certain niche categories.
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