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Citi Prestige® Card Annual Fee $495 for the primary cardmember Regular APR 16. 99% to 23. 99%, based on your creditworthiness.
A tooltip 16. 99% to 23. 99%, based on your creditworthiness.
Recommended Credit Score Excellent 4. 3 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4. 3 out of 5 Stars Editor’s Rating Learn More Citi Prestige® Card 4.
3 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4. 3 out of 5 Stars Editor’s Rating Learn More Annual Fee $495 for the primary cardmember Regular APR 16. 99% to 23.
99%, based on your creditworthiness. A tooltip 16. 99% to 23.
99%, based on your creditworthiness. Recommended Credit Score Excellent Pros & Cons Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Pros 4th Night Free hotel benefit can save you lots of money if you maximize it Annual travel credit of up to $250 that applies to eligible purchases automatically Lots of bonus categories for earning points Cell phone protection Cons High annual fee Citi points aren’t the most convenient option for many travelers Read Our Review Read Our Review A looong arrow, pointing right Details Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
More Information $250 travel credit (applies to most travel purchases) Priority Pass membership Up to $100 credit for Global Entry/TSA Precheck every 5 years 4th night free on any hotel stay (twice per year starting Sept. 1) We’re focused here on the rewards and perks that come with each card. These cards won’t be worth it if you’re paying interest or late fees.
When using a credit card, it’s important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay. Review: Is the Citi Prestige the best card for you? When it comes to luxury travel credit cards , the Citi Prestige® Card is the major travel card option from Citi and the Citi ThankYou Rewards program . While the Citi ThankYou Rewards program might not be as well known as the Chase Ultimate Rewards program or even American Express Membership Rewards , there are many reasons the Citi Prestige® Credit Card could leave you ahead in the long run if you travel several times a year.
The Citi Prestige has a (slightly) lower annual fee than some competing travel cards including the Chase Sapphire Reserve®. The Citi Prestige also has some of the most lucrative earning categories for individuals who spend a lot of money on dining and travel each month, and you get premier travel benefits like airport lounge access , a credit for Global Entry or TSA PreCheck, and up to a $250 annual travel credit. The Citi Prestige® Card also offers a 4th Night Free hotel benefit, which lets you enjoy a complimentary fourth night on hotel stays booked through Citi.
You can only use this perk two times per year, but if you have any hotel splurges in mind, this perk is a good way to save on your stay — depending on the nightly rate of your stays, this benefit could singlehandedly recoup the card’s $495 annual fee. Currently, the card is offering a welcome bonus of 50,000 Citi points after you spend $4,000 in the first three months from account opening. You can redeem points in a ton of different ways, including for gift cards, statement credits, merchandise, or payments toward your student loans or a mortgage.
You can also use your points to book travel directly through the Citi travel portal, or you can transfer them to Citi’s airline partners. The bottom line: The Citi Prestige® Card offers an intriguing earning structure and the major perks you’d expect from a travel credit card. You’ll also get a generous bonus for signing up and meeting a minimum spending requirement, which can make your first year as a cardholder well worth the $495 investment.
Citi Prestige versus other Citi credit cards Citi Prestige® Card Citi Premier® Card Citi Rewards+® Card Annual fee $495 $95 $0 Earning rewards 5x points on restaurants and air travel 3x points on hotels and cruises 1 point per dollar on all other purchases 3x points on restaurants, hotels, air travel, supermarkets, and gas stations 1 point per dollar on all other purchases 2x points on up to $6,000 spent at supermarkets and gas stations each year, then 1x 1 point per dollar on all other purchases Citi rounds up all purchases to the nearest 10 points Welcome bonus offer 50,000 points after you spend $4,000 in the first 3 months 80,000 bonus ThankYou® Points after you spend $4,000 in purchases within the first 3 months of account opening 20,000 bonus points after spending $1,500 in purchases in 3 months from account opening Citi Prestige versus other premium travel credit cards Citi Prestige® Card Sapphire Reserve The Platinum Card® from American Express Annual fee $495 $550 $695 (See Rates) Earning rewards 5x points on restaurants and air travel 3x points on hotels and cruises 1 point per dollar on all other purchases 10x total points on hotels and car rentals purchased through Chase Ultimate Rewards® (after earning the $300 travel credit) 10x points on Lyft rides through March 2025 5x total points on air travel purchased through Chase Ultimate Rewards® (after earning the $300 travel credit) 3x points on other travel and dining 1 point per dollar on everything else 5x points on flights booked with the airline or Amex Travel*** 5x points on prepaid hotels booked with Amex Travel 1 point per dollar on all other purchases Welcome bonus offer 50,000 points after you spend $4,000 in the first 3 months 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening 100,000 Membership Rewards points after you spend $6,000 in your first 6 months of card membership Travel benefits Up to $250 annual travel credit Priority Pass Select airport lounge membership 4th Night Free hotel perk Global Entry/TSA PreCheck credit Up to $300 annual travel credit Priority Pass Select airport lounge membership Global Entry/TSA PreCheck credit Up to $200 annual airline fee** Broad airport lounge access Up to $200 in annual Uber credit** Global Entry/TSA PreCheck credit Gold elite status with Hilton and Marriott** Not available through Business Insider Learn more Learn more *10x points on Lyft rides with the Chase Sapphire Reserve through March 2025. ***Starting January 1, 2021, earn 5X points on up to $500,000 on these purchases per calendar year. Earning and using Citi rewards As you can see, the Citi Prestige® Card stands out in a few categories when you compare it to other top travel credit cards.
First off, the earning structure on this card is very lucrative thanks to the 5x points you earn on dining and air travel and the 3x points you earn on hotels and cruises. Not only that, but the Citi Prestige has a lower annual fee (at $495) than the The Platinum Card® and Sapphire Reserve. When it comes to rewards, points from the Citi ThankYou program are incredibly easy to use .
After all, you can redeem Citi points for statement credits to your account, or even for a mortgage payment or student loan payment, all at the rate of 1 cent per point. You can also cash in your points for merchandise, or you can “pay with points” using your rewards with select retailers. On the travel front, you can redeem your Citi points for travel through the Citi portal, or you could transfer your points to Citi airline partners like Air France-KLM, Flying Blue, JetBlue, Emirates, and more.
You’ll want to take the time to compare Chase Ultimate Rewards and American Express Membership Rewards to the Citi ThankYou program . When you do, you’ll notice that each of these cards and programs lets you use points for travel, but that the airline and hotel transfer partners for each are dramatically different. Another detail to keep in mind is how much points are worth when redeeming for travel with any of these programs.
Recent valuations from The Points Guy estimate Citi ThankYou points are worth 1. 7 cents each while Chase Ultimate Rewards points and Amex Membership Rewards points are worth 2 cents each, yet these valuations are for when you move points to airline and hotel transfer partners. From there, the value of points can vary a lot.
With the Sapphire Reserve, for example, you’ll get 50% more value for your points when you redeem them for travel through Chase, whereas the Citi Prestige® Card and the The Platinum Card® do not offer a similar benefit. Further, the Citi Prestige and the Chase Sapphire Reserve tend to give you 1 cent per point in value for non-travel options, but you may only get 0. 6 cents or 0.
7 cents per point in value when you redeem Membership Rewards points for options like merchandise using “pay with points” or statement credits on your account. Citi Prestige features Like other premier travel credit cards, the Citi Prestige® Card offers a lot of benefits in exchange for its high annual fee. Travel benefits $250 annual travel credit This credit applies automatically to any eligible travel purchases you make with your card, including airline and hotel purchases, car rentals, parking, tolls, and more.
If you spend at least $250 on travel each year, this credit can effectively deduct $250 from the card’s annual fee. The Chase Sapphire Reserve does offer a similar benefit, but at a higher limit of up to $300 in travel credits per year. 4th Night Free This is one of the Citi Prestige’s most unique benefits.
Get a complimentary fourth night after a minimum four-night consecutive stay when you book through ThankYou. com. The fourth night rebate is based on the average rate of your stay and excludes taxes and fees.
You can only use this benefit twice per calendar year, so it’s best to reserve it for your most expensive stays. That said, this benefit alone can get you as much as the $495 annual fee (or more) in value if you use it at expensive hotels, so if you’re booking a high-end hotel this benefit can help you save hundreds of dollars. Priority Pass Select membership The Citi Prestige® Card comes with complimentary membership to the Priority Pass Select program , which gets you access to more than 1,200 airport lounges around the world.
This benefit is relatively standard among premium rewards cards , though the Amex Platinum stands out for going a few steps beyond, with Centurion Lounge access and other small lounge networks in addition to Priority Pass membership. Credit for Global Entry or TSA Precheck membership Like several other travel rewards cards, the Citi Prestige also includes a statement credit of up to $100 to cover the application fee for Global Entry or TSA PreCheck . Both of these programs can expedite your experience at the airport,, and it’s better to choose Global Entry because it includes TSA PreCheck.
Purchase protection and trip coverage Citi used to offer a more extensive set of insurance benefits like trip delay protection and car rental insurance, but the company eliminated many of these perks in 2019. If you’re purchasing airfare, hotel stays, and more for an upcoming trip, you could be better off going with a card that offers more comprehensive trip coverage , like the Sapphire Reserve. However, the Citi Prestige still offers the following coverage benefits: Cell phone protection If you pay your phone bill with the Citi Prestige® Card, you’re eligible for up to $1,000 per claim and $1,500 per 12-month period if your eligible phone is stolen or damaged, with a $50 deductible.
Only a handful of credit cards offer cell phone protection , and this can provide some extra peace of mind while you’re using your phone. Damage and theft purchase protection If you buy a covered item with your Citi Prestige® Card you can get up to $10,000 in coverage (with a $50,000 maximum per year) if it’s damaged or stolen within 90 days from purchasing. Extended warranty If you pay for an item with the Citi Prestige® Card, Citi will extended the manufacturer’s warranty by another 24 months, up to a maximum of seven years of coverage.
Citi Prestige® Card Annual Fee $495 for the primary cardmember Regular APR 16. 99% to 23. 99%, based on your creditworthiness.
A tooltip 16. 99% to 23. 99%, based on your creditworthiness.
Recommended Credit Score Excellent 4. 3 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4. 3 out of 5 Stars Editor’s Rating Learn More Citi Prestige® Card 4.
3 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4. 3 out of 5 Stars Editor’s Rating Learn More Annual Fee $495 for the primary cardmember Regular APR 16. 99% to 23.
99%, based on your creditworthiness. A tooltip 16. 99% to 23.
99%, based on your creditworthiness. Recommended Credit Score Excellent Pros & Cons Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Pros 4th Night Free hotel benefit can save you lots of money if you maximize it Annual travel credit of up to $250 that applies to eligible purchases automatically Lots of bonus categories for earning points Cell phone protection Cons High annual fee Citi points aren’t the most convenient option for many travelers Read Our Review Read Our Review A looong arrow, pointing right Details Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
More Information $250 travel credit (applies to most travel purchases) Priority Pass membership Up to $100 credit for Global Entry/TSA Precheck every 5 years 4th night free on any hotel stay (twice per year starting Sept. 1) Citi Prestige costs and fees While the Citi Prestige® Card does have a pricey $495 annual fee and a $75 annual fee for authorized users, you won’t pay any foreign transaction fees . A 3% balance transfer fee (minimum $5) will apply if you transfer a balance, and you’ll pay a 5% cash advance fee (minimum $10) if you use your credit card to take out a cash advance.
A variable APR of 16. 99% to 23. 99%, based on your creditworthiness.
will apply on purchases. Holly Johnson Freelance Writer Holly Johnson is a credit card expert, award-winning writer, and mother of two who is obsessed with frugality, budgeting, and travel. In addition to serving as contributing editor for The Simple Dollar and writing for publications such as Bankrate, U.
S. News and World Report Travel, and Travel Pulse, Johnson owns Club Thrifty and is the co-author of “Zero Down Your Debt: Reclaim Your Income and Build a Life You’ll Love. ” Read more Read less More Credit Card Coverage The best credit cards for average or fair credit The best cash-back cards to open in 2022 The best rewards credit cards of June 2022 The best starter credit cards Chase Freedom Unlimited® Review Citi® Double Cash Review.
From: businessinsider_us
URL: https://www.businessinsider.com/personal-finance/citi-prestige-card-review
