You can now earn 50,000 Thank You Points (Citi’s in-house reward program called Thank You Rewards, www.thankyou.com) when you apply for their new Thank You Card – Preferred Level. The best part of it is the card carries no annual fee together with a bunch of other benefits like Retail Purchase Protection, Price Protection and Lost Luggage Coverage. These protections/benefits are not often seen offered by most other free cards. Of course it comes with all the other standard benefits like Extended Warranty, Auto Rental Insurance and Automatic Travel Accident Insurance. One thing that would have really been helpful to offer on this card is no foreign purchase transaction fee. Unfortunately, that is not the case and this card carries a 3% fee for all foreign purchases.
50,000 Thank You Points can be used to redeem for gift cards for many retail stores and restaurants at 1 cent per point. You may also redeem the points for travel at the same valuation, i.e., up to $500 towards travel, airfare, hotel or other activities (note: Card holders who already have a Premier or Prestige card and are pooling their Thank You points to the same account have the luxury of redeeming the points at 1.33 cents per point for air tickets only, thus a potential value of up to $666.67).
I am a big fan of the program, especially since I can take advantage of 1.33 cents per point redemption option combined with the ability to double up the rewards earned from the Premier and Prestige cards. The effectively gives me a 2.66 cents per dollar I spend on the Premier and Prestige cards (and not the Preferred Level mentioned in this post) excluding the bonus category purchases which can be more.
Please feel free to post any questions or comments about this post and I will be happy to help out.