Citi Premier® Credit Card Review

In the ever-growing world of credit cards, finding a card that aligns perfectly with your spending habits and financial goals can be a daunting task. Enter the Citi Premier® Credit Card, a contender in the mid-tier rewards card market that promises substantial rewards on everyday spending categories and competitive travel benefits. Having used this card extensively, I can provide a comprehensive review that delves deep into its features, benefits, and potential drawbacks.

Citi Premier® Credit Card Key Takeaways

Before diving into the intricate details, let’s highlight some key takeaways that make the Citi Premier® Credit Card stand out:
– Generous Rewards Structure: Earn 3x points per dollar spent on dining, supermarkets, gas stations, hotels, and air travel. All other purchases earn 1x points.
– Attractive Sign-Up Bonus: Accumulate 60,000 bonus points after spending $4,000 within the first three months of account opening, redeemable for $750 in gift cards.
– Travel Perks: Enjoy no foreign transaction fees, $100 off a hotel stay of $500 or more through thankyou.com, and the ability to transfer points to various airline loyalty programs.
– Annual Fee: $95 annually.
– APR: Variable APR ranging from 21.24% to 29.24% on purchases and balance transfers.
– Credit Score Requirement: Good to excellent credit (670-799).

Citi Premier® Credit Card Pros and Cons

As with any financial product, there are both advantages and disadvantages to consider. Here’s a closer look at the pros and cons of the Citi Premier® Credit Card.

Pros:

1. Robust Rewards Program:
– The 3x points on popular spending categories such as dining, supermarkets, gas stations, hotels, and air travel make this card highly rewarding for everyday expenses and travel.
2. Significant Sign-Up Bonus:
– The 60,000 bonus points for spending $4,000 in the first three months provide a substantial boost to your rewards balance, equivalent to $750 in gift cards.
3. No Foreign Transaction Fees:
– Ideal for international travelers, this card allows you to make purchases abroad without incurring additional fees.
4. Points Transfer Flexibility:
– Transfer your ThankYou® Points to participating airline loyalty programs, which can be particularly beneficial if you’re looking to maximize the value of your points for travel.
5. Travel Benefits:
– Enjoy $100 off a single hotel stay of $500 or more through thankyou.com and access to World Elite Mastercard benefits, which include travel assistance and purchase protections.

Cons:

1. Annual Fee:
– The $95 annual fee may be a deterrent for some users, especially those who do not maximize the card’s rewards and benefits.
2. High APR:
– With a variable APR ranging from 21.24% to 29.24%, carrying a balance on this card can be expensive. It’s essential to pay off your balance in full each month to avoid high-interest charges.
3. Complex Rewards Redemption:
– While the ability to transfer points to airline loyalty programs is a benefit, the redemption process can be complex and may not appeal to all users.

Citi Premier® Credit Card Benefits

The Citi Premier® Credit Card offers a range of benefits that can enhance your financial flexibility and provide value in various spending scenarios. Here’s a detailed look at its key benefits:

Rewards Points

The cornerstone of the Citi Premier® Credit Card is its rewards program. The card’s rewards structure is designed to cater to a broad range of spending habits:
– 3x Points:
– Earn three points per dollar on dining, supermarkets, gas stations, hotels, and air travel purchases. This makes the card highly rewarding for both everyday expenses and travel-related spending.
– 1x Points:
– Earn one point per dollar on all other purchases. While this rate is standard, it ensures that you’re always earning rewards, regardless of the spending category.

Sign-Up Bonus

The sign-up bonus is a significant attraction for new cardholders:
– 60,000 Bonus Points:
– Earn 60,000 bonus points after spending $4,000 on purchases within the first three months of account opening. These points can be redeemed for $750 in gift cards, providing a substantial initial boost to your rewards balance.

Travel Benefits

For frequent travelers, the Citi Premier® Credit Card offers several features designed to enhance your travel experience:
– No Foreign Transaction Fees:
– Avoid additional fees on purchases made abroad, making this card a cost-effective choice for international travel.
– $100 Off Hotel Stay:
– Receive $100 off a single hotel stay of $500 or more (excluding taxes and fees) through thankyou.com once per calendar year. This benefit can help offset the annual fee and provide savings on travel accommodations.
– Points Transfer:
– Transfer ThankYou® Points to participating airline loyalty programs, including TrueBlue®, Virgin Atlantic Flying Club, and Singapore Airlines KrisFlyer. This feature allows you to maximize the value of your points by leveraging airline loyalty programs.

Additional Benefits

Beyond rewards and travel perks, the Citi Premier® Credit Card offers several additional benefits:
– Purchase Protection:
– Protect your eligible purchases against damage or theft for a certain period after the purchase date.
– Extended Warranty:
– Extend the manufacturer’s warranty on eligible items purchased with the card.
– Fraud Protection:
– Benefit from zero liability on unauthorized charges, ensuring peace of mind if your card is lost or stolen.
– Payment Flexibility:
– Enjoy flexible payment options and the ability to manage your account online, making it easier to stay on top of your finances.

Conclusion

The Citi Premier® Credit Card is a compelling option for those seeking a robust rewards program that caters to everyday spending and travel. With its generous 3x points on dining, supermarkets, gas stations, hotels, and air travel, and a substantial sign-up bonus, the card can provide significant value for the right user.
The travel benefits, including no foreign transaction fees and the ability to transfer points to airline loyalty programs, make it an attractive choice for frequent travelers. However, the $95 annual fee and high APR range are important considerations.
Ultimately, the Citi Premier® Credit Card can be a powerful tool in your financial arsenal if you maximize its rewards and benefits while managing your spending and payments effectively. If you meet the good to excellent credit requirement and can leverage the card’s rewards structure, it’s worth considering as your go-to credit card for both everyday purchases and travel.