Citi Prestige Card Review – Is It The Right Card For You?

Citi Prestige Credit Card Review 2019

Share: Rating: 4 stars out of 5

The Smart Investor has collected card information independently. Issuers did not provide the details, nor are they responsible for their accuracy. The review is not a recommendation, the actual rates/fees may be different.

Citi Prestige Card is a premium travel rewards card. This premium card comes with a plethora of benefits and protections. The Citi Prestige card has high rewards for those who spend a lot of time traveling. This premium card also comes with a premium price – it has one of the highest annual fees in its category. This fee can be offset with maximizing the benefits that it offers including an annual $250 travel credit and 4th night free at hotels. This card is issued by Citibank which is one of the largest financial institutions in the world. The Citi Prestige card is also getting a facelift and many of the benefits, perks, protections, and rewards have been changed in September of 2019. If you are considering this card, make sure you understand the changes

Citi Prestige Credit Card

4/5
 Citi Prestige credit Card Review

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Our Bottom Line

Maximize Travel Rewards on Everyday Purchases
 
 


Credit Rating Requirements

Good – Excellent Credit

Pros
  • 50,000 Point Sign-Up Bonus

  • 5x, 3x, 1x Points Rewards

Cons
  • $495 Annual Fee

  • Limits on Sign-Up Bonus

Highlights

  • 24/7 Citi Prestige Concierge
  • Golf Benefit
  • No Foreign Transaction Fee

 
Here’s a summary of the main pros & cons (click to see explanation or scroll down):

ProsCons
50,000 Point Sign-Up Bonus Annual Fee
5x, 3x, 1x PointsLimits on Sign-Up Bonus
$250 Annual CreditLimited Number of Travel Partners
4 Night StayComplex and Confusing Redemption System
Combine Points with Airlines No 0% APR Introductory Rate
Airport VIP Lounge AccessHigh APR
Flexible Redemption
Early Fraud Detection, Identity Theft Solutions
Cell Phone Protection, Travel Protections

Benefits

Let’s take a look at the benefits of the Citi Prestige card and see if it’s the right one for your wallet or not.

50,000 Point Sign-Up Bonus

You can get 50,000 points after spending $4,000 in the first 3 months of opening the card. This sign-up bonus is worth about $850 in travel rewards

5x, 3x, 1x Points (no expiration or limits)

Citi Prestige card earns 5 points for every dollar spent on air travel and restaurants, with no expiration or limits. You’ll get 3x points for every dollar spent on hotels and cruises, and 1x point for every dollar spent on all other items.

$250 Annual Credit

The Citi Prestige card has an annual $250 travel credit for all cardholders. Every year cardholders will get this credit to spend on travel, which helps offset the large annual fee.

4 Night Stay

Citi Prestige card allows customers a free hotel stay on the 4th night. This benefit will be capped after September 2019 to twice a year. The hotel needs to be booked through Citi’s Thankyou network.

Combine Points with Airlines

Citi Prestige card allows cardholders to transfer points to airlines they have loyalty reward points with so they can use both.

Airport VIP Lounge Access

You can have access to exclusive airport lounges with the Priority Pass Select membership that comes along with being a Citi Prestige Card holder. This membership is a $399 annual value.

Flexible Redemption

Citi Prestige card rewards can be used on travel, merchandise, event tickets, gift cards, and even charity. The best value for your points is to spend them on travel.

Early Fraud Detection, Identity Theft Solutions

Citi Prestige card monitors for potentially fraudulent transactions and if fraud is suspected, Citi will take the appropriate actions. Also, If you are a victim of ID theft, Citi Prestige cardholders will get assistance from Citi to get their lives back on track

Cell Phone Protection, Travel Protections

If you pay your monthly cell phone bill with the Citi Prestige card, you are eligible for cell phone insurance. It has a maximum liability of $600 per claim and $1,000 per year. The card covers up to $75,000 in car rental insurance. They also have trip cancellation insurance and baggage delay protection.

24/7 Citi Prestige Concierge

Citi Prestige card offers 24/7 help through the Citi Prestige Concierge. Cardholders can use this for any number of issues they may have

Golf Benefit

Citi Prestige cardholders get special access to more than 2,000 golf courses including some private ones that are not open to the public.

TSA Precheck or Global Entry Reimbursement

The Citi Prestige card will reimburse your application fee for TSA Precheck or Global Entry once every four years. This cost is usually around $80 to $100.

No Foreign Transaction Fee

Citi Prestige card has no transaction fee while traveling in other countries. Many other cards have fees when you make purchases outside of the United States.

Drawbacks

Here are the most important cons you should consider before apply to the Citi Prestige card:

Annual Fee

Citi Prestige card has a high $495 annual fee. Many other credit cards do not have annual fees. This fee can be offset with the annual travel reward bonuses. There is a $75 annual fee for each authorized user.

No 0% APR Introductory Rate

Citi Prestige card does not offer an introductory rate like many cards on the market. If you are looking for an introductory rate you will have to look at other offerings.

Limited Number of Travel Partners

The Citi Prestige card has a limited number of travel partners through which points can be transferred to be used with other loyalty programs. Many of their partners are foreign airlines.

Limits on Sign-Up Bonus

Citi has a rule that you are only able to sign up for a credit card with a sign-up bonus every 24 months. That means if you received a sign-up bonus with another Citi card in the past 24 months, you are ineligible for the Citi Prestige card sign-up bonus.

Complex and Confusing Redemption System

The ThankYou Rewards program is the most expensive reward program in the market. You can earn ThankYou points from a number of different CitiBank products The reward points can be used for many different things, like gift cards, travel, cash and merchandise. The best value with the Citi Prestige card is to use the points for travel.

High APR

The APR for the Citi Prestige card is a 17.99%-25.99% variable rate, which is high for a card that requires borrowers with excellent credit histories. Cash advance is 27.49%

Is the Citi Prestige Credit Card Right for You?

The Citi Prestige card is best for consumers who spend a lot of time traveling and who spend heavily on luxury while traveling. Consumers who spend a lot of time on the road and have high traveling costs can justify the large annual fee this card carries. This card has a number of perks, protections, and benefits that, if used to their maximum capacity, justify the large annual fee. The card comes with a generous sign-up bonus and spending rewards.

If you are a casual traveler or do not spend a lot of time at restaurants and hotels, this may not be the card for you. If you do not have excellent credit you also may not be able to qualify for this card. If you are considering this card also keep in mind the changes to the rewards, benefits, and costs made in September of 2019. Take time to research those changes before considering this card.