Citi Prestige credit cards have been very competitive luxury travel cards over the years. However, the company recently relaunched most of its products, including the Citi Prestige credit card, and people are having mixed opinions about it. Here is a comprehensive breakdown of all the facts that matter to form an educated opinion on the brand.
The card offers a bonus of 50,000 points to all new users who spend at least $4,000 in their first three months after getting the card. The points are redeemable for a significant amount of benefits. Still, one might say that this is a well-orchestrated plan to entice new users into using a large percentage of their credit as soon as possible. What do you think?
Annual Travel Bonus
The Citi Prestige card offers a $250 credit, and all users are eligible as long as they are making travel purchases. Like every other credit card worth its salt, Citi Prestige also provides its cardholders with Priority Pass membership. The Citi Prestige Priority Pass has over 100 airport lounges that will be accessible to you as their customer. You get to enjoy $100 credit once in five years that goes towards your Global Entry, and TSA Precheck needs. Every cardholder is also eligible for a free 4th night on any hotel two times a year, courtesy of Citi Prestige.
You get to enjoy five points on the dollar on air travel and restaurants, three points on the dollar on cruise companies and hotels, and one point on the dollar on any other purchases paid with your Citi Prestige credit card. These rates could be higher, but they are pretty good compared to similar credit cards. Another great option in this category is Chase Freedom and Fortiva Credit Card. Click the link to read the details review from our fellow financial bloggers at Credit Optimal.
Annual Fees and APR
The Citi Prestige credit card charges annual fees of $495. That may very well be the highest figure we have seen on a credit card’s annual fees. The perks and bonuses that the card offers can justify this amount, but it is essential to remember this when you are making credit card applications. If you are not endowed with deep pockets, you might do yourself some service by steering clear of this credit card.
Cardholders can add authorized users to their cards at a fee of $75. your authorized users will enjoy some of the perks that come with owning a credit card from Citi Prestige as well.
The APR, on the other hand, isn’t too bad compared to its counterparts. Users enjoy rates of between 16% and 25%, depending on your credit score and other factors determined by the company. It might not be too hard to make timely payments on the APR without breaking the bank, but we do not know about that annual fee.
Benefits of the Citi Prestige Card
- Reward points do not expire.
- Citi Prestige offers cell phone protection for theft or damage at no extra cost. You will be refunded for the entire cost of repair or replacement of your phone. That is not all; you have access to $1500 worth of cell phone protection yearly for up to five phones. Isn’t this a good deal?
- There are no blackout days.
- If you purchase damaged goods using your Citi credit card or the goods you’ve bought stolen in the first 90 days from purchase, the card covers you for a maximum of $10,000 per item and up to $50,000 per year.
- You can accumulate any number of points on your card, depending on your purchases.
- Users can get approved for one card after every eight days and a maximum of two cards every 65 days.
- Citi Prestige cardholders enjoy complimentary elite status with some of the top rental programs, including Hertz and Sixt. This perk comes with a complimentary World Elite MasterCard Car Rental membership.
- There are numerous ways to redeem your points, like merchandise, gift cards, and travel cash.
- You get a bonus value for redeeming your points for travel rewards through the Citi online portal.
- Citi Prestige offers additional warranty protection for all purchases made using the card. The lender offers an extension of the manufacturer’s warranty by an additional two years as long as the first warranty does not exceed five years.
- Cardholders can consolidate points with other cards to enjoy better reward rates and bonuses.
- Users are free to transfer reward points to a maximum of 13 travel partners. These transfers are at a rate of one point for one dollar.
- Besides gift cards and travel purchases, the card offers low-value rewards.
- You have to book all your travels through the Citi ThankYou portal to enjoy reward points.
- There aren’t many Citi travel partners, especially when it comes to foreign airlines.
- Ridiculously high annual fees.
- Unlike other credit card lenders, Citi Prestige does not provide a waiver for the first year’s annual fees.
Is Citi Prestige the Right Card For You?
The Citi Prestige credit card might be the perfect card for you if:
- You use more than $400 or more every month on flights, restaurants, and travel agencies. You have to be a frequent traveler to make the most out of this card.
- You have a separate mobile phone insurance cover.
- You would like access to airport lounges.
- You are looking to make an application for Global Entry or TSA PreCheck.
- Regularly stay at hotels and pay for more than four nights.
The Citi Prestige might not be the card for you if:
- Do not travel every few weeks.
- Rarely use air transport to your preferred destinations.
- Have a low credit score. You can seek professional advice on how to raise your credit rating so you can qualify for the Citi Prestige credit card.
- Do not make scheduled payments to your credit card bill punctually each month or if you miss payments.
A lot of serious thought needs to go into choosing a credit card provider. Failure to make an informed and well-considered decision may result in you being stuck with debt you cannot afford and further worsening your financial woes. The Citi Prestige credit card offers a vast range of benefits for constant travelers, but it might not match your financial situation.
Carefully analyze the above features. We have laid all the cards on the table as they are; use them wisely.