topic Re: What to do with my Citi ThankYou Preferred Card? in Credit Cards

What to do with my Citi ThankYou Preferred Card?

Anonymous — Mon, 17 Nov 2014 06:37:32 GMT

Hey guys! I wanted some insight on what to do with my Citi ThankYou Preffered card now that I have a Citi Double Cash Card. I foolishly applied for a ThankYou Preferred from a mail offer without knowing about the Double Cash card until after I got approved for the ThankYou card. I saw that you can convert the card but it was a no go for me as Citi said that the account has to be older than a year in order for it to be eligible for a conversion. So now I have 2 cards and both are new and I see no point of keeping the ThankYou Preferred card as I can use the Double Cash card instead. If I closed my ThankYou Prefered card would it hurt my credit score? Should I keep the account open for a year and convert it to another type of Citi card? Any tips or suggestions would be appreciated.

Re: What to do with my Citi ThankYou Preferred Card?

Anonymous — Mon, 17 Nov 2014 07:23:33 GMT

@Anonymous wrote:
Hey guys! I wanted some insight on what to do with my Citi ThankYou Preffered card now that I have a Citi Double Cash Card. I foolishly applied for a ThankYou Preferred from a mail offer without knowing about the Double Cash card until after I got approved for the ThankYou card. I saw that you can convert the card but it was a no go for me as Citi said that the account has to be older than a year in order for it to be eligible for a conversion. So now I have 2 cards and both are new and I see no point of keeping the ThankYou Preferred card as I can use the Double Cash card instead. If I closed my ThankYou Prefered card would it hurt my credit score? Should I keep the account open for a year and convert it to another type of Citi card? Any tips or suggestions would be appreciated.

I'd say just keep it.

Re: What to do with my Citi ThankYou Preferred Card?

SunriseEarth — Mon, 17 Nov 2014 07:27:15 GMT

@Anonymous wrote:
@Anonymous wrote:
Hey guys! I wanted some insight on what to do with my Citi ThankYou Preffered card now that I have a Citi Double Cash Card. I foolishly applied for a ThankYou Preferred from a mail offer without knowing about the Double Cash card until after I got approved for the ThankYou card. I saw that you can convert the card but it was a no go for me as Citi said that the account has to be older than a year in order for it to be eligible for a conversion. So now I have 2 cards and both are new and I see no point of keeping the ThankYou Preferred card as I can use the Double Cash card instead. If I closed my ThankYou Prefered card would it hurt my credit score? Should I keep the account open for a year and convert it to another type of Citi card? Any tips or suggestions would be appreciated.
I'd say just keep it.

+1. SD it and see if there's something useful you could PC it to in a year. I'm not sure if Citi allows you to reallocate CLs, but you could look into that.

Re: What to do with my Citi ThankYou Preferred Card?

Anonymous — Mon, 17 Nov 2014 09:16:11 GMT

@Anonymous wrote:
Hey guys! I wanted some insight on what to do with my Citi ThankYou Preffered card now that I have a Citi Double Cash Card. I foolishly applied for a ThankYou Preferred from a mail offer without knowing about the Double Cash card until after I got approved for the ThankYou card. I saw that you can convert the card but it was a no go for me as Citi said that the account has to be older than a year in order for it to be eligible for a conversion. So now I have 2 cards and both are new and I see no point of keeping the ThankYou Preferred card as I can use the Double Cash card instead. If I closed my ThankYou Prefered card would it hurt my credit score? Should I keep the account open for a year and convert it to another type of Citi card? Any tips or suggestions would be appreciated.

Citi doesn't like to reallocate credit limits. That said I went to the Citi EO and moved my credit limits around so it can be done even though the CSRs and credit analysts may tell you it can't be done. My credit limit reallocation was completed October 2014. Other posters on this thread mentioned holding the Citi TYP card for one year and see what might be available for other cards from Citi and this seems like good advice since they are remaking their card offerings.

Re: What to do with my Citi ThankYou Preferred Card?

Shock — Mon, 17 Nov 2014 10:27:38 GMT

I'm somewhat in the same shoes. However, for me, I want to open a TYP for the 12.99 APR, in a year a PC it to a Double Cash, and transfer my current DC line over. Will have to go EO route for this. I PIF anyways so APR is not a big deal but I know one day I will need to carry a balance, and I would like options when it comes to that.

Re: What to do with my Citi ThankYou Preferred Card?

Dw4250 — Mon, 17 Nov 2014 14:38:35 GMT

Use it as an emergency ice scraper for your windshield ;-).

SD it.

Re: What to do with my Citi ThankYou Preferred Card?

Anonymous — Mon, 17 Nov 2014 14:48:12 GMT

@Dw4250 wrote:
Use it as an emergency ice scraper for your windshield ;-).

SD it.

Lol funny! I'm new here so i'm not sure what all these abbreviations mean.. SD? EO?

Re: What to do with my Citi ThankYou Preferred Card?

Anonymous — Mon, 17 Nov 2014 14:49:45 GMT

@ArmyVietVet wrote:
@Anonymous wrote:
Hey guys! I wanted some insight on what to do with my Citi ThankYou Preffered card now that I have a Citi Double Cash Card. I foolishly applied for a ThankYou Preferred from a mail offer without knowing about the Double Cash card until after I got approved for the ThankYou card. I saw that you can convert the card but it was a no go for me as Citi said that the account has to be older than a year in order for it to be eligible for a conversion. So now I have 2 cards and both are new and I see no point of keeping the ThankYou Preferred card as I can use the Double Cash card instead. If I closed my ThankYou Prefered card would it hurt my credit score? Should I keep the account open for a year and convert it to another type of Citi card? Any tips or suggestions would be appreciated.
Citi doesn't like to reallocate credit limits. That said I went to the Citi EO and moved my credit limits around so it can be done even though the CSRs and credit analysts may tell you it can't be done. My credit limit reallocation was completed October 2014. Other posters on this thread mentioned holding the Citi TYP card for one year and see what might be available for other cards from Citi and this seems like good advice since they are remaking their card offerings.

Yes I noticed that too that's why I thought I may hold out and just see what next card they might offer. ThankYou preferred is still one of their most popular cards so hopefully it can be coverted into one of the newer better cards by then.

Re: What to do with my Citi ThankYou Preferred Card?

Anonymous — Mon, 17 Nov 2014 14:51:09 GMT

@Shock wrote:
I'm somewhat in the same shoes. However, for me, I want to open a TYP for the 12.99 APR, in a year a PC it to a Double Cash, and transfer my current DC line over. Will have to go EO route for this. I PIF anyways so APR is not a big deal but I know one day I will need to carry a balance, and I would like options when it comes to that.

So this method you will have 2 DC cards?

Re: What to do with my Citi ThankYou Preferred Card?

Shock — Mon, 17 Nov 2014 15:31:02 GMT

2 and eventually 1. will combine limits so I have a 12.99 APR card. low enough to keep me happy haha. APR isn't a big issue but as i said, one day i will need it.

Re: What to do with my Citi ThankYou Preferred Card?

Shock — Mon, 17 Nov 2014 15:52:19 GMT

just apped and instant approved for $8100.

Re: What to do with my Citi ThankYou Preferred Card?

Anonymous — Mon, 17 Nov 2014 16:03:11 GMT

Congrats!

Re: What to do with my Citi ThankYou Preferred Card?

Shock — Mon, 17 Nov 2014 16:06:36 GMT

thanks. my recent CSP was 15k so i was hoping for 5 figures lol. in a years time i will have it with citi, no sweat

Re: What to do with my Citi ThankYou Preferred Card?

Berk — Mon, 17 Nov 2014 20:37:47 GMT

@Anonymous wrote:
@Dw4250 wrote:
Use it as an emergency ice scraper for your windshield ;-).

SD it.
Lol funny! I'm new here so i'm not sure what all these abbreviations mean.. SD? EO?

SD = Sock Drawer - in other words keep it but don't use it.

EO = Executive Office - the place to go when regular Customer Service reps can't get you what you are looking for.

CL = Credit Limit/Line

PC = Product Change.

Re: What to do with my Citi ThankYou Preferred Card?

Anonymous — Mon, 17 Nov 2014 17:07:41 GMT

@Berk wrote:
@Anonymous wrote:
@Dw4250 wrote:
Use it as an emergency ice scraper for your windshield ;-).

SD it.
Lol funny! I'm new here so i'm not sure what all these abbreviations mean.. SD? EO?
SO = Sock Drawer - in other words keep it but don't use it.
EO = Executive Office - the place to go when regular Customer Service reps can't get you what you are looking for.
CL = Credit Limit/Line
PC = Product Change.

Thank YOU You're awesome.

Re: What to do with my Citi ThankYou Preferred Card?

Anonymous — Mon, 17 Nov 2014 17:21:30 GMT

@Shock wrote:
2 and eventually 1. will combine limits so I have a 12.99 APR card. low enough to keep me happy haha. APR isn't a big issue but as i said, one day i will need it.

Congrats on your approval happy day!!! By the way, will you close one account? I asked them about combining accounts and they told me they cant do that because of the credit act. The only thing they told me they can do is combine CL.

Re: What to do with my Citi ThankYou Preferred Card?

kdm31091 — Mon, 17 Nov 2014 19:23:15 GMT

I had the same problem, applied without really thinking enough about it, for this card. Unfortunately the benefits seem pretty meh unless you're going to spend a lot on dining and entertainment. I've heard also that redeeming the Citi points is pretty crappy as far as redeeming them for cash.

Re: What to do with my Citi ThankYou Preferred Card?

Anonymous — Mon, 17 Nov 2014 19:35:57 GMT

@kdm31091 wrote:
I had the same problem, applied without really thinking enough about it, for this card. Unfortunately the benefits seem pretty meh unless you're going to spend a lot on dining and entertainment. I've heard also that redeeming the Citi points is pretty crappy as far as redeeming them for cash.

Yes, this card has very little going for it, especially once the Double Cash was released (The AF versions, Premier and Prestige do have value, but not for everyone)

Doing statement credit, paying with points etc, all give you sub 1:1 redemptions. You can get 100% doing mortgage/student loan redemptions, that is the best value.

Re: What to do with my Citi ThankYou Preferred Card?

Kostya1992 — Mon, 17 Nov 2014 19:38:14 GMT

Holding onto mine until next year to PC to DC.

Re: What to do with my Citi ThankYou Preferred Card?

Anonymous — Mon, 17 Nov 2014 19:39:34 GMT

@Anonymous wrote:
@kdm31091 wrote:
I had the same problem, applied without really thinking enough about it, for this card. Unfortunately the benefits seem pretty meh unless you're going to spend a lot on dining and entertainment. I've heard also that redeeming the Citi points is pretty crappy as far as redeeming them for cash.
Yes, this card has very little going for it, especially once the Double Cash was released (The AF versions, Premier and Prestige do have value, but not for everyone)
Doing statement credit, paying with points etc, all give you sub 1:1 redemptions. You can get 100% doing mortgage/student loan redemptions, that is the best value.

So you can't get cash back? Like a check ? hmmm