Guide To The Citi Prestige Card: Why It’s Still In My Wallet

In this post, I’d like to talk a bit about the Citi Prestige Card, which is no longer open to new applicants. Despite that, it’s a product that continues to be in my wallet, and I figure it’s at least worth providing some context on why.

There’s no way to get the Citi Prestige Card anymore

Let me start with the bad news. Since 2021, the Citi Prestige Card is no longer open to new applicants. Not only can’t you apply for the card directly, but you also can’t product change another card to this. So if you don’t have the card now, you can’t get it (if you already have the card, this might be a reason to think twice about canceling it).

What’s interesting is that we recently saw the launch of the Citi Strata Elite℠ Card (review), which is Citi’s new premium credit card, with a potentially good value proposition. Even with the launch of that, those who have the Citi Prestige Card continue to be able to keep the card with that value proposition, rather than being product changed to this new card. I’m not sure if that will continue to be the case in the long run, but that’s where things currently stand.

Basics of the Citi Prestige Card

Now let me cover some of the details of the Citi Prestige Card, including the annual fee, rewards structure, benefits, and more. This card definitely isn’t as lucrative as it used to be, but there’s still value to it, in my opinion.

Citi Prestige Card $495 annual fee

The Citi Prestige Card has a $495 annual fee, and there’s a cost of $75 to add each authorized user. There’s value to adding authorized users, so I’ll talk a bit more about that below. But at this point, the fee is on the lower end among ultra-premium cards.

Keep in mind that if you’re a Citigold customer, you can receive a $145 annual rebate on your annual fee, which is a nice perk.

Citi Prestige Card rewards structure

The Citi Prestige Card earns Citi ThankYou points, which is one of the major transferable points currencies. ThankYou points earned on the card can be transferred to airline and hotel partners, which I consider to be the best use of these rewards, given the potential for outsized value.

The card has the following rewards structure, all with no foreign transaction fees

• Earn 5x points on restaurant purchases, including takeout and delivery
• Earn 5x points on airfare and travel agency purchases
• Earn 3x points on hotel purchases
• Earn 3x points on cruise purchases
• Earn 1x points on all other purchases

Citi Prestige Card $250 annual travel credit

To help offset the $495 annual fee, the Citi Prestige offers a $250 travel credit every calendar year. This is super straightforward, as there’s no registration required, and it can be applied toward any purchase coded as travel.

To me this is good as cash, and the way I view it, this really lowers the card’s out of pocket cost annually to ~$245, since just about anyone getting this card should be using the $250 statement credit. And of course if you have a Citigold account, you’d get another $145 off that.

Citi Prestige Card Priority Pass™ Select membership

The Citi Prestige Card offers a Priority Pass™ Select membership for the primary cardmember, as well as authorized users. With this, you can take up to two guests with you at no extra cost.

While many premium cards offer a Priority Pass™ Select membership, what’s noteworthy is that this membership does offer credits at Priority Pass restaurants, unlike premium cards issued by American Express, Capital One, and Chase. That’s a major advantage of this card, and a reason to hold onto it, in my opinion.

Citi Prestige Card Global Entry Or TSA PreCheck Credit

The Citi Prestige offers a Global Entry or TSA PreCheck credit once every five years. Just charge the application fee to your card, and it will automatically be reimbursed. This is a pretty standard benefit on premium cards nowadays.

Citi Prestige Card fourth night free benefit

The Citi Prestige Card offers a fourth night free hotel benefit. Twice a year, you can book a hotel through the Citi Travel portal, and get the fourth night reimbursed. This has the potential to represent a good value, but isn’t a slam dunk, like it used to be.

Up until 2019, the Citi Prestige Card fourth night free benefit was the single best benefit offered by any card. You could use the fourth night free benefit an unlimited number of times, and it could even be used for reservations directly with hotel groups (so you could earn points and elite nights). I can’t even say how many thousands of dollars this benefit saved me over the years, though it’s a shell of its former self at this point.

Citi Prestige Card cell phone protection

The Citi Prestige offers cell phone protection at no additional cost:

• This applies if your phone is stolen or suffers certain damage
• You can be reimbursed for the cost of the repair or replacement
• You can get up to $800 per claim, and there’s a $50 deductible per claim
• Coverage includes up to $1,500 in total yearly benefits for up to five phones on your monthly bill

While that’s a nice perk, the downside is that the card offers only 1x points on your cell phone bill, so you’re forgoing quite a few points by choosing to charge your cell phone bill to the card.

Why I still have the Citi Prestige Card

Back in 2015-2019, just about everyone in the miles & points space had the Citi Prestige Card, as the fourth night free hotel benefit was simply incredible. How do I justify still holding onto the Citi Prestige Card? Here’s how I approach it:

• The card costs me around $100 to hold onto, after you take the annual fee and subtract the $250 annual travel credit and the $145 Citigold credit that I get
• This is my go-to card for dining, as the 5x points this card offers in that category is the best return on dining of any major card, in my opinion
• Now that American Express, Capital One, and Chase cards have eliminated credits at restaurants from the Priority Pass perks, this card’s Priority Pass™ Select membership is even more valuable
• Having this card allows me to maximize value with the Citi Double Cash® Card (review), which offers 2x points on everyday spending

This card isn’t some slam dunk for everyone, but between the 5x points on dining and the credits at Priority Pass restaurants, it’s a card that I’m holding onto for the time being.

The Strata Elite Card is Citi’s new premium focus

As I mentioned above, while existing cardmembers on the Citi Prestige Card continue to be able to hold onto the card, it’s the Citi Strata Elite℠ Card (review) that’s open to new applicants. The card has a big welcome bonus — many people should be eligible for the product, and it’s a card that I recently applied for.

To cover the basics of that, the card has a $595 annual fee, and offers a variety of perks that can help justify that, with an especially good first year value. These benefits include a $300 annual hotel credit, a $200 annual “Splurge Credit,” a $200 annual Blacklane credit, four annual Admirals Club passes, a Priority Pass membership, and more.

Those looking for a lower cost option may be interested in the $95 annual fee Citi Strata Premier® Card (review). The card has well-rounded bonus categories, as it offers 3x points on dining & restaurants, gas stations & EV charging, supermarkets, airfare, and hotels, and it also offers a $100 annual hotel credit, whereby you can get $100 off a $500+ hotel stay booked through the Citi Travel portal.

Bottom line

For several years now, the Citi Prestige Card hasn’t been open to new applicants. That being said, it’s a card that many existing cardmembers have held onto, given the value proposition. The card has a $495 annual fee, but offers a $250 annual travel credit, 5x points on dining, a Priority Pass™ Select membership with restaurant credits, and more.

I’ve held onto this card for years, and plan to continue to do so. That being said, if you don’t yet have the card and want a premium product from Citi, it’s the Citi Strata Elite℠ Card (review) you should be considering.

Do any other OMAAT readers still have the Citi Prestige Card? Or at least have fond memories of the uncapped fourth night free benefit? 😉