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I figured I’d share my experience with the application and approval process, since there are misconceptions about Citi’s policies when it comes to applying for new cards.
Why I applied for the Citi ThankYou® Premier Card
One of the five credit cards I picked up in late March was the Citi ThankYou® Premier Card. This is a card which will be undergoing a serious revamp on April, 19, 2015, and one of I really want in my wallet.
As a reminder, here are the perks of the card, both before and after the revamp:
Ultimately those are perks I couldn’t say no to, given that earning 3x points on all travel including gas is just about unrivaled.
Why I applied for the Citi Prestige® Card
The Citi Prestige® Card initially caught my eye a few weeks back when I started looking into a replacement for the Citi Executive AAdvantage Card which I had picked up last year, but couldn’t justify the annual fee on. It became even more interesting to me when Citi announced an increased 50,000 point sign-up bonus on the card.
While the card has a $450 annual fee, it still seems super valuable, given that it offers:
- A $250 annual airline credit
- A fourth night free hotel benefit
- The most comprehensive Priority Pass membership offered by any card
- A $100 Global Entry fee credit
- A great points earnings structure
- No foreign transaction fees
Not only is the card worth it because of the lucrative sign-up bonus and the fact that you get $500 worth of airline credits with your first year’s annual fee, but it’s a card I can actually imagine holding onto long term.
The approval process for the two cards
I first applied for the Citi ThankYou® Premier Card a few weeks back. I applied for the card online, and got a message asking me to phone in to get an immediate decision. I phoned them up and the agent just needed to verify some information. In a matter of minutes I was approved.
I called the number on the screen and was connected to a friendly agent. I figured I’d have to transfer a credit line from an existing card, but to my surprise I was approved within minutes, with a very high credit limit to boot.
Applying for both cards weeks apart is something that almost everyone should be able to do. As a reminder, Citi’s policy when it comes to new credit card applications is as follows:
- You can only apply for one Citi card every eight days
- You can apply for no more than two Citi cards every 65 days
Will I keep both cards long term?
I can actually see myself holding onto both of these cards long term.
As an American flyer, the Citi Prestige® Card is an absolute no brainer for me. The annual fee is $450, and I get a $250 airline credit each year, which to me essentially lowers the “out of pocket” to $200 per year (and I come out ahead way more than that the first year).
That means at a minimum for $200 per year I get the amazing fourth night free hotel benefit and a Priority Pass Select membership with guesting privileges.
I guess the bigger question is whether it’ll be worth holding onto the Citi ThankYou® Premier Card.
For as long as I have the Citi ThankYou® Premier Card I’ll be earning the equivalent of 4.8% cash back towards the cost of an American ticket for all my travel purchases, including gas. Not bad!
For years I’ve been directing a vast majority of my spend to American Express and Chase. And while I still love their products, this is the first time in a long time I’ve actually been excited by a flexible points currency being issued by Citi.