@bella1013 wrote:
I received a pre-approval in the mail for a Citi Preferred Card. Because my credit isn't so great and I'm working to improve it, I'm considering going for this card. I've already been denied for a couple of cards so "sad to say" I'll take what I can get right now for rebuilding purposes. Any Citi customers have any good advice for me before I go for it? Is this a good card? Are they going to stick me with a low ($500) CL?
Thanks for your help!!
It's nothing special but it's not a terrible card, and its rewards actually improve in July. Then you will get 2% for dining, 1% everywhere else, no cap.
A major disadvantage is that redeeming for cash equivalents is made hard. If you ask for a check or statement credit etc, you get much less than 1c per point. However, you can ask for a mortgage check or student loan check (and you can deposit these into your own bank account) and get 1c per point but you have to call.
You can also redeem for gift cards (not a great selection) or merchandise (usually not a great use of points) easily, and you can redeem for travel.
As time goes on, if your credit improves and travel is a goal, you can then add something like the Citi Thank You Premier, which makes redemptions for travel much more valuable.
So, it's an OK choice, especially if you feel that you options are limited and you can't get a card with a better signing bonus for example.
