Citi Makes Changes to Bonus Terms, There’s Good and Bad News
Citi has changes the terms for receiving bonuses on their ThankYou Points credit cards. They have long had a restriction of 24 months on bonuses which didn’t allow you to get a bonus if you have opened or closed a card in the last two years. The new rule might extend that by a couple of more months but also has some positives.
Citi Rule Changes
Here’s what the new terms say for ThankYou Points bonuses:
Bonus ThankYou Points are not available if you received a new cardmember bonus for Citi Rewards+℠, Citi ThankYou®Preferred, Citi ThankYou® Premier/Citi Premier℠ or Citi Prestige®, or if you have closed any of these cards, in the past 24 months.
And here’s the old terms:
Bonus ThankYou points are not available if you have had ThankYou Preferred, ThankYou Premier or Citi Prestige cards opened or closed in the past 24 months.
The new terms are only showing for ThankYou Points cards for now, but we could see them extended to their other cards as well.
With the new rule, the main difference is that now the clock will be based on the last time you received a bonus or closed a card.
You will have to wait a few months more till the next bonus. If you get the bonus 3 months after getting a new card, then it’s now basically a 27 month wait until the next bonus, instead of the 24 months based on the old terms.
On the other hand, if you get a card but don’t receive a bonus, then it does not reset your 24-month waiting period. Converting a card from another family to the ThankYou Points family shouldn’t reset it either. And another positive thing is that you should be able to get more than one ThankYou Points card at once and get the bonuses together. This might be a great option for those who need lots of points in a short amount of time.
Closing a credit card will still reset the 24-month clock.
These changes are not all bad as they give you some options that weren’t available in the past. The only bad part is a longer wait since the last bonus, but that’s only extended by 2-3 months. For now it only affects ThankYou points cards.
Let us know what you think of these changes.
HT: Doctor of Credit