Citi Prestige Card - Review & Interest Rates | finder.com

Review: Citi Prestige® Card – February 2018

With a hefty annual fee, you can enjoy a range of travel benefits with the Citi Prestige card.

The Citi Prestige card is a solid travel rewards credit card. You’ll earn 3x points on air travel and hotels, 2x points on dining at restaurants and entertainment and 1 ThankYou point per $1 spent on other purchases. Whether you’re dining out, traveling or purchasing items, using your Citi Prestige card can help you earn points and save money. However, with an annual fee of $450, make sure the benefits outweigh the costs.

Product NameCiti Prestige® Card
Balance Transfer Rate (not intro)16.99% to 24.99% variable
APR for Purchases ( Purchase Rate )16.99% to 24.99% variable
Annual fee$450 for the primary cardmember
Cash Advance Rate26.29% variable
Card TypeVisa
Interest Free Period
The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement.
Up to 23 days
Returned Payment Fee$35
Minimum Interest$0.50
Minimum Age18 years of age
Annual fee$450 for the primary cardmember
Returned Payment Fee$35
Late Payment Fee$35
Cash Advance Fee$10 or 5% of the amount of each cash advance, whichever is greater

Things to consider about the Citi Prestige card

The Citi Prestige card comes with an annual fee of $450 for the primary cardmember p.a.. The card does not charge any foreign transaction fees and it has various features designed to protect the user.

The rewards are many and varied, with several opportunities to earn points. These include the bonus ThankYou points earned yearly based on a percentage of the member’s spending. But with such a steep annual fee, it’s important to carefully weigh the benefits against the costs.

The nuts and bolts

  • Annual fee. The Citi Prestige card comes with an annual fee of $450 for the primary cardmember p.a..
  • Interest rates. For purchases and balance transfers, the interest rate is 16.99% to 24.99% variable, while for cash advances the interest rate is 26.29% variable. The penalty APR for late and returned payments is 29.99% variable. The rate is variable and is subject to changes.
  • Rewards program. Members earn rewards with every dollar spent. With ThankYou points, you can earn bonus points when you make purchases worth $4,000 within your first three months. You will also automatically receive an annual $250 Air Travel Credit, to be applied to flight-related expenses charged to your card, including airline tickets, baggage fees, upgrades and more.
  • Security features. The credit card provides superior protection to its members. A fraud early warning system is used to monitor all accounts and can detect unusual or potentially fraudulent activities. Card members are not liable for unauthorized transactions. There is a Lost Wallet Service, which helps to replace lost and stolen cards within 24 hours. The service even goes so far as to allocate emergency cash to members.

Complimentary insurance policies

  • Travel insurance. The card comes with automatic travel accident insurance, which covers the card member, their spouse and eligible dependent children.
  • Auto rental insurance. Auto rental insurance offers maximum coverage of $50,000. The insurance covers damages that occur due to theft or collision. Card members are required to decline the rental company’s loss, damage and collision waiver when reserving and renting cars.
  • Lost luggage coverage. Lost luggage is also insured, with coverage of up to $3,000. This benefit only covers luggage that is permanently lost, damaged or stolen. It also covers personal items that were checked by the transportation company. The coverage does not extend to public transportation systems, taxis, rental cars or limousines.
  • Emergency evacuation and transportation coverage. Card members also receive coverage for emergency evacuations and transportation. Coverage of up to $100,000 is offered.

How to apply for the Citi Prestige card

Always consider your options and your financial situation before you apply for a credit card.

You need to meet certain requirements to be eligible for the Citi Prestige card.

  • You must have a Social Security number.
  • You must be at least 18.

The following information will be required on the application form:

  • Personal information. You’ll need to provide your full name, home address, email address, residential address and primary phone number. You will also need to provide your Social Security number and your date of birth.
  • Employment and financial information. Financial information required includes details of your annual salary and wages, other income sources, monthly rent/mortgage payments, and bank account information.

Bottom line

The Citi Prestige card offers easily redeemable points and impressive features and rewards. But it comes at a price in the form of a $450 annual fee.

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2 Responses

  1. Default Gravatar
    NathanSeptember 1, 2017

    I have a 709, 730, and 738
    6 lines of credit & about 41K in debt almost exclusively from a new car. What do you think are the chances of getting approved for the Citi Prestige?

    • Staff
      JhezelynSeptember 3, 2017Staff

      Hi Nathan,

      Thanks for your comment. Per one of the eligibility criteria to apply for a credit card, you’ll need to have a good credit history with no defaults or evidence of bankruptcy to receive approval. Banks typically use a credit rating system when assessing your eligibility for the card and card limit in question. Based on your credit history, repayment habits and current credit lines, the lender will work out how much you can safely borrow. This information is available to lenders whenever you apply for any form of credit, but also to you at any time. You should request a free copy of your credit history before applying, so you can correct any possible errors on it and see exactly what the bank will be seeing when they assess your application. You would also be well advised to directly get in touch with Citi for more details of your concern. Hope this helps.

      Regards,
      Jhezelyn

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