*Update* Oct. 24th, 2011: This card offer is no longer available. Check out the current details of the Citi ThankYou Preferred Card instead. For those of you that have absolutely no interest in shelling out a $125 annual fee for the Citi ThankYou Premier Card, Citi just launched a new credit card offer last week that you probably won't find in your mailbox or many other places online. Here's a quick overview of the card if you happen to be in the right financial place to take advantage of a great signup bonus this Fall. The Citi ThankYou Preferred Card provides new cardholders with the opportunity to earn up to 50,000 bonus ThankYou points during the first year of use. That's worth up to $500 in gift cards via the ThankYou network or perhaps even more if you redeem the 50,000 points for travel. In order to get the full 50,000 bonus points, you'll have to meet the following two requirements:
- Spend $5,000 during the first 6 months to obtain a 25,000 ThankYou point bonus
- Spend another $5,000 during the next 6 months to obtain an additional 25,000 ThankYou point bonus
If you don't spend over $800 or so a month on your credit cards, you might as well stop reading right now. This offer isn't for you. However, for those of you that do, there aren't many no annual fee credit card offers that come along with $500 sign-up bonuses, so it's definitely worth giving this promotion some thought. What's clear here is that Citi has actually given this offer some thought as well. Your average credit card bonus offer, like the Amex Blue Cash Preferred $100 Promo or the Chase Freedom $200 Cash Back Promo, requires new cardholders to spend a certain amount during the first 3 months before the bonus is awarded. Consumers often sign up, get their bonus, and then put the card in their sock drawer or close it if there's an annual fee and they're willing to take the small hit to their FICO scores. Obviously, what credit issuers really want are longer-term customers though, and that's what Citi has in mind with the new Citi ThankYou Preferred Card. You won't be able to spend $10,000 during the first 3 months, go back to using your favorite credit card and then expect to receive your full 50,000 bonus points. That's not how the deal works. Spend at least $5,000 during the first 6 months, and at least another $5,000 during the next 6 months, and you'll be golden. You'll get your 50,000 points, and Citi will have a new customer that uses its card for at least a year or more. Everyone's happy. Here are several other key highlights of the card:
- You'll get the standard 1 point for every dollar spent
- Earn an anniversary bonus (Up to a max of 3%) for each additional year you hold onto the card. The Premier version offers up to a 5% bonus.
- There's no cap on your points and they will never expire
If you've read my credit card reviews in the past, you'll know that I love credit cards with no annual fee. Add a $500 sign-up bonus into the mix and I get really excited. If you are too, consider applying for the Citi ThankYou Preferred Card today. To read more details on the card, check out our complete Citi ThankYou Preferred Card Review.
