Citi Thank You Preferred Visa mail offer...worth it?

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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Sevenfeet
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Citi Thank You Preferred Visa mail offer...worth it?

Postby Sevenfeet » Wed Mar 27, 2013 2:16 pm

Since my app spree, I've noticed that the number of credit card offers in the mail have skyrocketed. As a Chase customer, I still get offers for Chase Freedom and Slate cards (even though I'm an AU on my wife's Freedom) and I see new stuff coming in all the time, mostly from Citi. Typically the card in question being offered from Citi is the Diamond Preferred card, mostly as a balance transfer card.

This time I've been offered the Thank You Preferred Visa. This card is featured on this site and elsewhere, mostly for the introductory points offer (15K bonus points for spending $1000 in 3 months). But this offer is different:

0% balance transfer & purchases for 21 months.

After that, the interest rate is 11.99%, which would make it my cheapest interest card after my Chase (prime) and Penfed (9.99%). Naturally, there's no AF.

So I ask the group here...is this worth pulling an app for? The offer gives me until June 15th to make a decision (a long time) and I like the option of using someone else's money for long periods of time, especially since I have some electronics purchases I'm likely to make in 2013. The only problem is that this card likely won't do anything for me after the 21 month period is up...in other words, I have my purchasing life spread out strategically over 8 other cards. Why would I put this in the rotation versus the sock drawer? Is Citi's Thank You program useful to put my dollars behind?
Cards:
American Express Platinum (NPSL)
Penfed Platinum Reward Visa ($28K)
Chase Freedom Visa ($25K)
Fidelity American Express ($20K)
American Express Blue Cash Preferred ($20K)
Bank of America Cash Rewards MasterCard ($20K)
Citi Thank You Preferred Visa ($9.5K)
Chase Sapphire Preferred ($7.5K)
US Bank Cash + Visa Signature ($7K)
Discover IT ($4K)


cashback
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Postby cashback » Wed Mar 27, 2013 2:20 pm

If youre only getting one point per dollar then the TY program isnt that great.
Credit Cards
Amex BCE 25K ---- PenFed Platinum Rewards 15.5K --- US Bank Cash+ 12K --- Discover IT 6K --- Citi Dividend 5K --- Chase Freedom 12.5K --- Amex SPG 6K --- Citi Thank You Preferred 15K

Not Used
Citi Simplicity - 5K, Sam's Club Discover - 10K

Future Cards
Sallie Mae World Mastercard

FICOs
Exp 772 - TU 781 - Equ 781

FutureBillionaire
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Postby FutureBillionaire » Wed Mar 27, 2013 2:53 pm

cashback wrote:If youre only getting one point per dollar then the TY program isnt that great.


Ditto. The only citi card worth having is the Forward, imo. I have heard that the citi forward and typ paired together get good redemption. I don't think that card is worth an inquiry.
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape

DavidNY
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Location: New York

Postby DavidNY » Wed Mar 27, 2013 4:31 pm

Unless Citibank is waiving the BT fee, I'd go for the Chase Slate.

Sevenfeet
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Postby Sevenfeet » Wed Mar 27, 2013 4:44 pm

Yes, I was never completely impressed with Citi's cash back programs which is why I never really had them on the radar screen much during the app spree. I had briefly considered the Citi Diamond Preferred, but as it turned out, I never really needed it for balance transfers as I had thought I might need (Penfed was the best for that).

The introductory period of 21 months is a little unusual since normally the TYPreferred card is only 12 months 0% for purchases and balance transfers. The normal Thank You card is 15 months. The Preferred card is NPSL but the fine print says there is a revolving limit that is specified, although I don't know how that's reported to the bureaus.

As I said before, I pretty much have all the competitive reward card programs that I could want. But I'm always interested in using other people's money interest free for long stretches of time. My wife also wants me to investigate what we might save (if any) for balance transferring some of the Chase money over to a 0% card. Since that card is 3.25% and the balance transfer fees of 3% get into the equation, it may not make sense. I already declined doing that with the Fidelity Amex (a 4% balance transfer fee) since it didn't really save much money.

Hmmm.....
Cards:

American Express Platinum (NPSL)

Penfed Platinum Reward Visa ($28K)

Chase Freedom Visa ($25K)

Fidelity American Express ($20K)

American Express Blue Cash Preferred ($20K)

Bank of America Cash Rewards MasterCard ($20K)

Citi Thank You Preferred Visa ($9.5K)

Chase Sapphire Preferred ($7.5K)

US Bank Cash + Visa Signature ($7K)

Discover IT ($4K)

DavidNY
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Postby DavidNY » Wed Mar 27, 2013 5:48 pm

Sevenfeet wrote:I'm always interested in using other people's money interest free for long stretches of time


There are ways to do this by buying cash equivalents with intro 0% APR cards, but those are purchases, not cash advances.

Sevenfeet
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Postby Sevenfeet » Wed Mar 27, 2013 6:04 pm

DavidNY wrote:There are ways to do this by buying cash equivalents with intro 0% APR cards, but those are purchases, not cash advances.


True.

OK, I think I may app for this, but not until I really need to in order to start the clock at the latest point in time I need. The application doesn't expire until the middle of June. My scores are already beginning to recover from the earlier spree (744 EQ FAKO, 732 EQ FICO) and should be higher in another month or two. I also have a bunch of inquiries falling off in June but I don't think they will matter since most of them are from 2011. Any credit limit over $5K will be useful to be but $10K or more will be ideal.

We'll see...
Cards:

American Express Platinum (NPSL)

Penfed Platinum Reward Visa ($28K)

Chase Freedom Visa ($25K)

Fidelity American Express ($20K)

American Express Blue Cash Preferred ($20K)

Bank of America Cash Rewards MasterCard ($20K)

Citi Thank You Preferred Visa ($9.5K)

Chase Sapphire Preferred ($7.5K)

US Bank Cash + Visa Signature ($7K)

Discover IT ($4K)

FutureBillionaire
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Postby FutureBillionaire » Wed Mar 27, 2013 7:17 pm

Sevenfeet wrote:True.

OK, I think I may app for this, but not until I really need to in order to start the clock at the latest point in time I need. The application doesn't expire until the middle of June. My scores are already beginning to recover from the earlier spree (744 EQ FAKO, 732 EQ FICO) and should be higher in another month or two. I also have a bunch of inquiries falling off in June but I don't think they will matter since most of them are from 2011. Any credit limit over $5K will be useful to be but $10K or more will be ideal.

We'll see...


Keep us posted.
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape

Moneytalks
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Postby Moneytalks » Wed Mar 27, 2013 8:21 pm

I thought the diamond preferred was discontinued?? I really, really wanted it when I first got into credit cards, but after reading how plain it is, I didn't feel so bad when my app was declined. The TY points are "ok", not the best, but not bad either. If I were you, I would skip the Diamond Pref. and go with a more rewarding card (And there's plenty to chose from :) )
Wallet: Amex BCE & Chase Freedom. (Credit Card dieting since 2014)

killhour
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Postby killhour » Mon Apr 22, 2013 9:00 pm

I have a Diamond Preferred, and honestly unless you REALLY want a black colored (plastic) credit card, or are dead set on using the concierge service, don't bother. Actually, if you want concierge, get the CS instead. Still no yearly fee, and way better features.



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