I receive so many of those so called “pre-approved” credit card offers in the mail, typically I just toss them, but when I got an invitation to apply for the Citi ThankYou Preferred Credit Card, I had to investigate further.
The invitation instructed me to direct my browser to Citi.com/applynowthankyoupreferred and enter my “invitation Code” to apply. But before I did that, I did a little research into what this card offers, and its pros and cons. Here’s an outline of what I discovered:
Citi ThankYou Card Benefits
- Earn 20,000 bonus ThankYou® Points after $1,500 in purchases within 3 months of account opening – redeemable for $200 in gift cards or other rewards
- 0% intro APR on Balance Transfers and Purchases for 12 months. 12.99%-22.99% based on your credit worthiness
- Balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater.
- 2 ThankYou Points per dollar spent on dining at restaurants and entertainment
- 1 ThankYou Point on other purchases
- Points do not expire and earn unlimited Thank You Points
- Redeem ThankYou Points for merchandise, travel rewards, gift cards, cash and more
- No annual fee
My Take On What This Card Offers
The 20,000 bonus points after $1,500 in purchases is a real bonus for me, I put a lot of bills and purchases on my credit card, I would quickly reach that and receive my $200 in gift cards – in the first month in fact!
The 0% into APR on Balance Transfers is pretty much standard for cards like these, but while it’s not exactly eye catching, that is definitely a good thing to have. That, along with the things listed above are not that unusual, so the 20,000 bonus points is definitely what would make me apply for this card.
Steps for applying
- Follow this link to apply – Citi.com/applynowthankyoupreferred
- Enter the invitation code which should’ve been listed on the piece of mail you received (assuming you got the offer in the mail like I did)
- Enter your last name
- Enter your zip code
- Click on the green “Apply Now” button
Warning! Things to watch out for:
While this credit card offer sounds great, it’s geared towards people with Excellent Credit. So I recommend getting your 3 Free Credit Scores before applying, so you don’t run into any surprises. If your credit isn’t “Excellent”, it’s likely that you won’t be approved for this card – this will result in a “hard inquiry” on your credit report (which can ding your credit score) with no benefit to you in the end.