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Citi Thank You Preferred - Closed After Receipt of Card

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Citi Thank You Preferred - Closed After Receipt of Card

I received my Citi Thank You Preferred card in the mail today.  The interest rate was higher than expected with a low credit limit (3k).  I opted for this card to start building TY points for future travel considerations.  I do not "need" the card but thought that diversifying my rewards would be good.  I have AMEX Everyday Preferred, AMEX SPG and Sapphire Reserve, and my husband has AMEX platinum and SWA card (each authorized users on the other).  We also have a BofA cash rewards for backup and special offers...we bank there.  Both of our FICO 8's are mid-upper 700's (750-780 range).  After some thought, I just closed the account.  I didn't want to worry about the minimum spend, and another CC bill to manage, especially if the longer-term relationship requires me to seek credit line increases to get to where it needs to be for our monthly expenses/pay in full levels, and to request an APR reduction in case we need to revolve (I am in a business that is "feast or famine" thorughout the year, so there may be a few months revolving is necessary).  My lesson learned here is to do more research.  The citi rewards program doesn't seem to hold as much value as other rewards programs...

Message 1 of 23
22 REPLIES 22
Community Leader
Senior Contributor

Re: Citi Thank You Preferred - Closed After Receipt of Card

It's your choice......but I agree with your final analysis of doing more research BEFORE you app. 

Got some pruning to do... No more new cards!
Message 2 of 23
Established Member

Re: Citi Thank You Preferred - Closed After Receipt of Card

Yeah...I wrestled with the closing it for a while today, and at the end of the day, the inquiries didn't matter much to me (low impact, short-term impact), but having to manage the **bleep** thing did.  Each of those other cards is where we want them to be...no increase requests necessary, no APR reduction requests necessary.

 

Definitely need to research more.  The only other type of card we are considering is an American, Delta or United card.  All have mostly crappy connections out of San Antonio, but do serve cities/countries Southwest does not, plus we have LOTS of SWA points....no real need to build there.  Hard to decide.  We have some friends that travel quite a bit...all of them at one point bit the bullet and decided on one of those 3 airlines (AA, DL, United) and just build with them, virtually ignoring the others.

Message 3 of 23
Senior Contributor

Re: Citi Thank You Preferred - Closed After Receipt of Card

wow thank you preferred u should have went for premier with 40k or prestige 50k, least u got the CSR.  at least now u should be able to get a citi bonus since u didnt get one on the preferred.

 

 

get on reddit.com/r/awardtravel if you want help with award flights or vacation planning with existing points

EQ 730, TU 730, EX 720. INQs EQ-1, TU-9, EX-7 AAOA 4yrs Util 6% Inspiration: Themanwhocan's Cash Back Charts
Message 4 of 23
Established Contributor

Re: Citi Thank You Preferred - Closed After Receipt of Card

You can request a SP CLI from Citi every 6 months.
Message 5 of 23
Valued Contributor

Re: Citi Thank You Preferred - Closed After Receipt of Card

So how does closing a card says after being approved for it affect a persons credit score? Will it haunt her AAoA for the next 10 years?
Message 6 of 23
Established Contributor

Re: Citi Thank You Preferred - Closed After Receipt of Card

OPEN the account will haunt her for 10 years by shorten her AAoA.
Close or not, does not matter.

EX819 1HP|TU797 1HP| EQ(Fico8 BankCard)841
Message 7 of 23
Super Contributor

Re: Citi Thank You Preferred - Closed After Receipt of Card


@jfriend33 wrote:

wow thank you preferred u should have went for premier with 40k or prestige 50k, least u got the CSR.  at least now u should be able to get a citi bonus since u didnt get one on the preferred.

 

 

get on reddit.com/r/awardtravel if you want help with award flights or vacation planning with existing points


Well, the Premier or Prestige would have given more Thank You points, but the spending requirements are higher. It sounds like the issue here wasn't that the Preferred wasn't going to give enough points, it was that the limit and APR were unsatisfactory.

Message 8 of 23
Super Contributor

Re: Citi Thank You Preferred - Closed After Receipt of Card

This seems to be an ongoing issue with Citi for some good folks.

 

+1 to it won't hurt your credit whatsoever to any real degree.

 

Citi low balled me badly once when i went for the Simplicity and i closed the weak $1K SL card the next day.

 

Really am not happy with this lender myself. I have the DC card and the Aadvantage and both it's limits respectively seem stuck in the mud and lately they pulled the SP CLI page and replaced it wth "By clicking "Continue" you understand that we will obtain a credit bureau report to evaluate your request".

 

With Citi they do better on higher tiered cards but then about all big lenders favor those with decent limits, bonus etc.

 

 

Message 9 of 23
Established Member

Re: Citi Thank You Preferred - Closed After Receipt of Card

Definitely unsatisfied with the APR and credit limit.  Add to that, I don't want to "manage" the APR or credit limit down the road, while other major issuers are providing more favorable terms at the outset.  The ThankYou program just didn't seem worth it right now.  Clearly I was late in my research.  As I mentioned, perhaps another airline card to supplement with Chase points or Amex points.

Message 10 of 23
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