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Citi Prestige Application Shutdown
The Citi Prestige card has a long and storied history. You see, Citi decided to enter the premium card market to challenge American Express long before Chase blew the entire segment up with Sapphire Reserve. And back then the Prestige was perhaps the MOST VALUABLE CARD on the market.
In the “good old days” the 4th night free benefit was better, the card came with Admiral’s Club access, it gave a ridiculous 1.6 cent per point for AA redemptions, had the most generous version of Priority Pass, had amazing trip delay and purchase protection, gave free golf at very expensive courses and still had the $250 airfare credit it has today. Better yet, those of us who had a Citigold account, were able to get the card locked into a $350 annual fee.
Too Good to Be True
It was all too good to be true and it cost Citi money. So, in 2016 they did what any giant bank does. They devalued the card just as Chase and others entered the market. Since then the Prestige has lost a lot of its value, although it is still beneficial for some.
Things have gone up and down for the Prestige since 2016, but mostly down. In an effort to hide their huge cuts to the benefits, in 2017 Citi touted new features such as the ability to book the 4th night free online and a metal card. Earlier this year they also cut their purchase and travel protection benefits. The sign-up bonus has also been removed and with it any compelling reason to get this card.
A New Rumor
But it might be going away anyway. Or at least in its current form. Garykung on Flyertalk reports being told by a banker that the bank will stop taking applications for the Prestige on August 18, 2018. This kind of makes sense, but I doubt they are pulling the card completely.
Citi has made announcements and changes to this card in late Summer each of the past two years. My guess is they are going to refresh the card in some way. They haven’t been very competitive in this market for awhile, so I highly doubt they will do anything too positive, but who knows. Maybe they are ready to compete again? Or maybe this means even more cuts. Sigh.
Either way, this once mighty card with amazing benefits and a huge sign-up bonus is a shadow of its former glory. What do you think will happen on 8/18? Share your thoughts and memories of this great card in the comments!
HT: Doctor of Credit
Miles to Memories has partnered with CardRatings for our coverage of credit card products. Miles to Memories and CardRatings may receive a commission from card issuers.