Citi Thank’s You with “Preferred” Card Offer with $150 in gift cards bonus

With the Citi ThankYou(SM) Preferred Card, consumers get 15,000 bonus ThankYou Points after $1,000 in purchases within the first 3 months which is enough for a $150 gift card! The Citi ThankYou(SM) Premier Card consumers get a 25,000 bonus in ThankYou Points after $2,000 in purchases. You can now earn 5 ThankYou Points (previously 2 points) for every $1 you spend on purchases at gas stations, supermarkets and drugstores for 12 months, and 1 point for every $1 you spend thereafter. \

Citi has decided to give a facelift to their rewards card program by introducing two new cards called the Citi ThankYou Premier and the Citi ThankYou Preferred. This is a great way of getting new customers for them, while it gives a credit break to some very deserving individuals out there. A zero APR credit card like this one is a great way to clear the balance on an existing high interest card, while not having to pay high fees. The balance can then be paid off before the 0% APR offer runs out.

The ThankYou Preferred has no annual fee attached with it and in the first year it earns 5 ThankYou points on certain purchases. That means for every dollar spent through the card, the customer gets two points in the first year. There is no limit on the number of points the customer can earn, and if they spend $1,000 on the card in the first three months, they become entitled to 15,000 bonus points. These points may be redeemed for a $150 gift card. If, however, the customer collects 10,000 points, then they may be redeemed for $100 and a real 1% redemption rate. In the second year, the normal 1 point per dollar spent points is earned.

The ThankYou Premier has even greater benefits. Above and beyond the one point earned for each dollar spent, it allows the customer to earn 1.2 points on gasoline, grocery items, and drug stores. It also offers some perks for frequent travelers. It gives customers the chance to earn FlightPoints for tickets bought with the card. The customer gets one point per mile flown, in addition to the ThankYou points earned when the ticket is purchased with the card. You also get VIP seating and a first chance to get tickets before they go on sale to the public with most concerts.

Another unique feature is the “credit card with no foreign transaction fee.” This saves a lot of money when shopping out of the country, not to mention the convenience of not having to worry about having to carry cash and local currency. The customer also gets a yearly domestic companion ticket. This means, every year on the account opening anniversary, the customer has the option of flying together with a partner for free, provided the ticket is booked through a Citi travel partner.

With the ThankYou Premier, if $1,000 is spent in the first three months, the customer earns 20,000 bonus points, which may be redeemed for $200 in gift cards. This card does carry an annual fee of $125, but it is waived in the first year. Citibank offers several other card options that customers can choose from, depending on their needs and spending habits. Each card comes with a separate set of benefits and costs. There is sure to be one that fits each individual needs.

Updated 10/19/11

Note on the $200 offer Citi just upped it to $250 but also raised the $700 spend in 3 months to $2,000. This may take a bit longer to get your Thank You points credited to your account since you have to spend more. They also raised the $50 offer to $100, while raising the $300 spend to $500. You will also notice the redemption value is now more competitve with Chase now with gift cards being 1:1 ratio instead of the 6,000 points to redeem a $50 card it is 5,000 points. Citi has finally stepped up to the plate with their Thank You rewards program!