Citi Prestige Credit Card Review (Discontinued, but Worth Keeping)

The Citi Prestige is no longer available, but it’s worth keeping. You can justify the $495 annual fee with the $250 annual travel credit.

Citi Prestige Credit Card summary

Card rating: ⭐⭐⭐⭐

The Citi Prestige is Citi’s top-tier credit card. While it’s not available to new applicants, it’s a valuable card if you have it.

The card has a $495 annual fee. You can justify the yearly cost with the $250 annual travel credit and free fourth night on hotel stays.

You can use the complimentary fourth night twice per year.

The Citi Prestige is a luxury credit card best for frequent travelers.

Citi Prestige details, rates, and fees

• Annual fee: $495
• Rewards rate: 1x-5x
• Regular APR: 16.74%-24.74% Variable APR
• Foreign transaction fee: None
• Card material: Metal

Rewards rate

• 5 points per dollar spent on air travel and restaurants.
• 3 points per dollar spent on hotels and cruise lines.
• 1 point per dollar spent on everything else.

Benefits

• Up to $250 annual travel credit.
• Complimentary fourth night on hotel stays booked through Citi (up to twice per year).
• Application fee credit for Global Entry or TSA PreCheck.
• Priority Pass Select lounge access.
• Mastercard World Elite benefits.

Drawbacks

• High annual fee.
• High APR.
• No intro APR.
• Limited points transfer partners.
• No longer available to new applicants.

Advantages of the Citi Prestige credit card

If you have the Citi Prestige, you can enjoy several excellent benefits.

The card’s $250 annual credit and complimentary fourth night on hotel stays are its most valuable features.

Also, the Prestige has a slightly lower annual fee than other premium credit cards, such as the American Express Platinum or Chase Sapphire Reserve.

The main advantages of the Citi Prestige credit card are as follows:

• $250 annual travel credit.
• Complimentary fourth night on hotel stays booked through Citi (twice per year).
• Global Entry or TSA PreCheck application fee credit.
• Complimentary Priority Pass Select membership.
• Mobile phone protection.

If you stay at high-end hotels, the complimentary fourth night will outweigh the cost of the card. Also, the annual travel credit makes it more valuable.

The Citi Prestige doesn’t have an extensive list of benefits. But, it earns a good reward rate and has several excellent features.

Disadvantages of the Citi Prestige credit card

While the Citi Prestige is a valuable card, it has several disadvantages. You can justify the $495 annual fee, but it’s still an out-of-pocket cost.

Also, Citi doesn’t have a lot of transfer partners, and the only domestic carrier is JetBlue.

ThankYou points aren’t as valuable as American Express Membership Rewards or Chase Ultimate Rewards.

So, it may not be the best card to use for everyday use. It’s better as a card that you use for the benefits.

How to redeem Citi ThankYou points

Points can be redeemed for the following purposes:

• Cover recent purchases and bills.
• Book travel.
• Share with other Citi cardholders.
• Gift cards.
• Statement credit.
• Citi’s online partners.
• Mortgage or student loan payment.
• Charitable donation.
• Transfer to loyalty programs.

Citi ThankYou points can be transferred to the following loyalty programs:

Credit cards that compete with the Citi Prestige

There’s a lot of competition in the premium travel rewards credit card space.

Leading issuers such as Chase, American Express, and Citi continue offering new benefits and making changes to attract more people.

While the Citi Prestige® isn’t as popular as the Chase Sapphire Reserve or the American Express Platinum, it’s still a powerful card and can compete to an extent.

Chase Sapphire Reserve®

At $550, the Chase Sapphire Reserve® has a slightly higher annual fee. However, you get a $300 annual travel credit and 50% more value when you redeem through Chase Ultimate Rewards. Compared to other premium cards, the Sapphire Reserve® offers the most value for the annual fee.

That said, the Citi Prestige® has its advantages. It earns 5 points per dollar spent on travel and dining, while the Sapphire Reserve® earns 3 points per dollar spent. It also has the lucrative fourth-night free benefit, which Chase doesn’t offer.

If your hotel stays are usually four nights or longer, the Prestige® card will give you tremendous value.

American Express Platinum Card®

Like the Chase Sapphire Reserve®, the American Express Platinum Card® has an annual fee of $550, which is $55 more than the Citi Prestige®.

The Platinum Card® gives you a luxury experience and access to the Centurion Lounge. If you want to feel like a VIP, this is the card for you. Although the Platinum card offers plenty of luxurious and travel perks, it doesn’t earn the most points.

When it comes to earning points, the Prestige® wins because the Platinum Card® earns 5 points per dollar spent on hotels booked through American Express and air travel booked through the airline or American Express. All other purchases earn 1 point per dollar spent.

American Express Gold

Although the Gold card isn’t necessarily a premium card, it does come with an annual fee of $250. The reason it’s a competitor with the Citi Prestige® is that the Gold card offers 4 points per dollar spent at U.S. supermarkets and restaurants, which includes takeout and delivery.

If you spend more on groceries and eating out than you do on travel, the Gold card is the way to go. However, you do earn Membership Rewards® points, which are valuable for travel.

The Citi Prestige® is a better choice when compared to the American Express Gold card if you want a larger annual travel credit and a fourth-night free hotel stay.

Is the Citi Prestige credit card worth keeping?

Although the Citi Prestige card has gone through many changes, such as limiting the fourth-night free benefit to twice per year and increasing the annual fee.

If you can take advantage of the benefits, it’ll outweigh the cost of the annual fee.

The card is a fantastic choice if you like to make purchases at restaurants, for travel, and book hotel stays that are four nights or longer.

Related articles:

• Best premium credit cards for elite benefits
• American Express Platinum Card benefits
• Chase Sapphire Preferred credit card review
• American Express® Gold Card review
• How a credit card balance transfer works

Featured image by David Em/More Money More Choices.