Given how much consumer behavior has changed in the past several weeks, many of the credit card benefits that members used to appreciate aren’t as valuable anymore.
Therefore we’re seeing card issuers get creative with perks, so that members have an incentive to keep their cards. Today we’ve seen announcements from both Amex and Chase about what they’re doing for cardmembers, and now Citi has announced something as well.
Citi extends minimum spend period for sign-up bonuses
Citi is extending the period during which you can complete your minimum spending in order to earn a sign-up bonus:
- This is valid for those who opened accounts with a bonus offer between December 1, 2019, and May 31, 2020
- Cardmembers now have an additional three months to complete the minimum spending requirement (ordinarily spending needs to be completed over three months, so for most cards this doubles the period)
Citi Prestige $250 travel credit becomes more flexible
The Citi Prestige is one of Citi’s most premium credit cards — it has a $495 annual fee, but offers a $250 annual travel credit that can help offset it.
Ordinarily the $250 annual travel credit will automatically be applied towards any purchase coded as travel. The way I view it, this lowers the real “out of pocket” on the card to ~$245 per year, since everyone should get full value out of that.
However, with people not traveling right now, obviously that’s of limited value, and that’s why Citi has come up with another way to use this.
Between May 1 and December 31, 2020, purchases made with the Citi Prestige at supermarkets and restaurants (including takeout) will count towards the $250 travel credit. In other words, if you haven’t yet used your travel credit, you can get $250 worth of food with it.
It’s nice to see Citi extend the minimum spending period for their cards, and also to make the Citi Prestige $250 travel credit valid at restaurants and supermarkets for the remainder of the year.
Citi says that as the situation continues to evolve they’re monitoring the landscape, and are exploring ways to deliver appropriate accommodation to cardmembers as they navigate these unprecedented times. So maybe we’ll see more soon.
Will you benefit from either of these Citi initiatives?