Citi ThankYou® Preferred Card

Robin Saks Frankel  in  Excellent Credit Advertising Disclosure

Best no annual fee card for travel and dining

Annual Fee:
No Annual Fee.
Purchase Intro APR:
N/A
Balance Transfer Intro APR:
0% introductory APR for 15 months from date of first transfer when transfers are completed within 4 months from date of account opening. After that, your APR will be 14.99% to 24.99%, based on your creditworthiness. These APRs will vary with the market based on the Prime Rate.
Regular APR:
0% introductory APR for 15 months from date of account opening. After that, your APR will be 14.99% to 24.99%, based on your creditworthiness. These APRs will vary with the market based on the Prime Rate.
Terms and Restrictions Apply | Rates and Fees
Bankrate Score: 78 out of 100

Commonly used for: Excellent Credit, No Annual Fee, Rewards.

This card offer is currently unavailable on Bankrate. To see more cards in this category, please visit our excellent credit category page.

Editor’s note: This offer is no longer available. For other balance transfer cards check out our list of Best Balance Transfer Credit Cards.

If you’re a social butterfly looking for a no-fee card that will reward you where you spend the most, the Citi ThankYou Preferred Card isn’t a bad choice, it’s just not the best one.

Review

If you like to dine out or frequently attend events, the no-fee Citi ThankYou Preferred Card offers decent rewards of 2 ThankYou points for every $1 spent on dining and entertainment. Citi’s definition of entertainment is pretty generous and includes everything from museums to movies to tourist attractions and amusement parks.

So if you’re a foodie who loves concerts and culture, or a suburban family that frequents fast-casual spots and mini-golf on the weekends, this card could be a good choice.

But there are plenty of other cards that offer 1.5% or even 2% rewards for all spending, so unless you’re using this card exclusively for dining and entertainment purchases, you’re probably going to get more value elsewhere.

Citi recently swapped out a $150 sign-up offer on ThankYou Preferred for an extended 0% APR offer on purchases and balance transfers; 15.49% – 25.49% variable after that. That introductory offer is now 15 months, up from 12 months.

We think this makes the card less appealing for a couple of reasons. The best rewards cards offer a bonus award if you meet a certain spending threshold within the first few months. And this card comes with a balance transfer fee of 3%, which can eat into the savings of shifting your debt to this card.

Who should get this card

Frequent diners and entertainment lovers could benefit from the double rewards this card offers in those categories.

Advantages
  • Decent rewards for dining and entertainment spending.
  • Citi is fairly liberal about what constitutes entertainment spending.
  • There is no cost to own this card.
Disadvantages
  • No bonus rewards on everyday spending, like gas and groceries.
  • Redeeming points for cash back has to be done in increments of $50 or $100.
  • There’s no sign-up bonus, something many other rewards cards offer.

Fees and APR

• Enjoy an introductory 0% APR offer on purchases and balance transfers for 15 months. After that, you’ll pay a variable APR of 15.49% – 25.49% based on creditworthiness.
• The Citi ThankYou Preferred Card charges no annual fee.
• The balance transfer fee is 3% or $5, whichever is greater.
• You’ll pay a 3% foreign transaction fee on all purchases made outside the U.S.

Extras, perks and using points

This card has Citi Price Rewind price protection and pre-sale access to purchase event tickets. The card also comes with trip and luggage insurance as well as emergency and auto protections and concierge services.

You can transfer your points to participating airline partners, and there’s no fee to redeem them. Points never expire.

To redeem your points, log into your account at ThankYou.com. Points can be used to book travel, buy gift cards and other merchandise through the ThankYou portal. You can also receive a statement credit or redeem your rewards via a check mailed to your home.