Citi Prestige World Elite MasterCard Review (Old Review NOT Being Updated)
Updated August 23, 2018. Please see our updated review here.
The Facts
The Math
If you utilize the $250 airline credit, airport lounge program, hotel privileges, and/or any other travel perks, you may have already come out ahead of the seemingly high annual fee. Now let's look at the rewards - this card offers useful a 3-2-1 reward structure and a potential 15%-25% annual bonus. Our current valuation of TY points is 1.5 cents per point, primarily based on the miles/points transfer feature. Thus, this card returns 4.5%, 3%, and 1.5%, even without the annual bonus, for travel, dining and entertainment, and other spending. If you have Citigold, which is much easier to have than private banking, your rewards become 5.18%, 3.45%, and 1.73%, and if you do have a private banker, you will achieve 5.63%, 3.75%, and 1.88%.
Citi Prestige vs. Citi ThankYou Premier: Since July 2017, both cards offer exactly the same redemption options - 1.25 cents per point for fixed value flight redemption or flexible miles/points transfer. Citi Prestige has a much higher annual fee of $450; however after the $250 annual airline credit, the effective annual fee becomes $200, which is merely $105 more than ThankYou Premier's. For that, you receive airport lounge access, 4th Night Free through ICNHR, and a higher level of travel protection (including roadside). Talking about rewards, both cards have very similar 3-2-1 earning structure; however, for most consumers, ThankYou Premier actually offers better rewards as it covers gas stations and all travel categories (not just limited to airlines/hotels/travel agencies); if you have Citigold, you need to do your math to figure out if the 15% relationship bonus offsets the loss of certain 3x categories. So which card is better? Citi Prestige is for travelers who value airport lounge access, hotel privileges, and/or travel protection. ThankYou Premier is for consumers who spend big in gas and/or travel other than airlines/hotels/travel agencies.
Citi Prestige vs. Chase Sapphire Reserve: Both ask for $450 a year and offer incredible rewards, perks, and protection. (1) Similarity - both cards offer Priority Pass Select, waived foreign transaction fees, concierge service, and Global Entry application credit; their hotel privileges are also similar in our opinion: Citi has 4th Night Free, World Elite Luxury Hotel Collection, Ensemble Travel Group and Mandarin Oriental privileges, while Chase offers Relais & Chateaux privileges, LHRC, and Visa Infinite Hotels. (2) Chase's advantage - Chase offers better rewards: 2x additional points on travel other than airfare/hotels/travel agencies, and 1x additional points on dining; the rental car collision coverage is primary on Chase but secondary on Citi; in addition, the effective annual fee after considering the annual travel credit is $50 cheaper on Sapphire Reserve. (3) Citi's advantages - Citi offers 1x additional points on entertainment and slightly better travel and consumer protection (including roadside assistance). (4) Bottom Line - setting aside the different signup bonus, Sapphire Reserve is the clear winner after Citi's devaluation in July 2017.
To see how Citi Prestige competes with other cards with similar annual fees, please check out our featured review Comparing High-end Cards covering Amex Platinum Card, Amex Delta Reserve, Amex Hilton Aspire, Amex SPG Luxury, Chase Sapphire Reserve, Chase United MP Club, Citi Prestige, Citi AA Executive, U.S. Bank Altitude Reserve, CNB Crystal, and MasterCard Black Card.
The Conclusion
Citi Prestige was placed on our Top List since its inception, and in early 2014 was even praised as "the King of high-end cards". The late 2014 overhaul devaluated the card in our opinion; however, with the enhanced travel perks, 3-2-1 rewards, and the enhanced transfer feature, we still considered it as one of the most desirable cards. Before its archrival Sapphire Reserve came out in August 2016, Citi Prestige was the #1 Best Credit Card by Dr. Credit Card. Even with the July 2017 devaluation, thanks to its strong performance in signup bonus (top 10), rewards (top 15), travel perks (#7), and protection coverage (#1), it is still rated #3 Best Credit Card by Dr. Credit Card.
© 2018 DrCreditCard.net All rights reserved.
The Facts
- Annual Fee: $450 for primary holder and $50 for each additional user. The primary annual fee is reduced to $350 for Citigold or Citi Priority clients.
- Rewards: 3x airlines, hotels, and travel agencies, 2x dining and entertainment, and 1x everywhere else. You also earn a 15%~25% annual Relationship Bonus depending on your banking relationship with Citi: 15% for Citigold, Citi Priority, Global Clients, or employees in a special offer, or 25% for Private Bank clients.
- Best Use of ThankYou points: ThankYou (TY) Rewards is Citi's rewards program and the points can be redeemed for cash, merchandise, gift cards, and travel, returning up to 1 cent per point (note: cash rewards in form of statement credit or check have 0.5 cent value and in form of bill pay have 0.65 cent value). However, better than the regular TY cards (such as ThankYou Preferred), ThankYou Premier offers two enhanced redemption options: (1) when redeeming for travel (flights, hotels, car rentals, cruises, etc.) through ThankYou, you get 25% more value, making 1 TY point = 1.25 cents; (2) you may transfer TY points to miles/points of several frequent traveler programs. The second option was first added in January 2013 with Hilton as the sole partner and then expanded to quite a few airlines over years. Please see our featured review Marriott vs. MR vs. UR vs. TY vs. CR for the programs that allow points transfer to frequent traveler accounts.
- Annual $250 airline credit each calendar year. Citi increased this credit from $200 to $250 in October 2014 and made it explicit in the terms that airfare is eligible. We give Citi a thumbs up since it was the first time among cards that offer airline credits - previously they were technically only good for airline incidentals. Also note that you don't need to designate an airline, and the reimbursement is set up automatically.
- Priority Pass Select membership for you (primary cardholder or any authorized user) plus two guests for unlimited complimentary access to over 1,000 airport lounges around the globe (you don't need to fly with the airlines). Note that Delta left Priority Pass in 2009; United/Continental has not been part of the Select program after September 2011; domestic American lounges never participated. However, it may still be valuable, as it covers Alaska Airlines and some domestic lounges, plus many international lounges.
- Hotel Privileges: (1) MasterCard World Elite Luxury Hotels & Resorts: a collection of 800 luxury hotels worldwide, through MasterCard's designated travel agency, Carlson Wagonlit Travel. You will receive complimentary breakfasts for two, room upgrades upon availability, early check-in, late check-out, and a special amenity such as a certain amount of hotel credit up to $100 per stay, free internet, or welcome gift, etc. The rates are usually the same as hotel's best available rates (refundable flexible rates). Note that any World Elite MasterCard offers this benefit and you can book your hotels on MasterCard website. (2) Through Citi Concierge, Aspire Lifestyle, you will also receive similar benefits at more than 600 luxury hotels and resorts worldwide through Ensemble Travel Group and Mandarin Oriental Hotel Group. You may access information on this benefit at Citi Concierge website and submit your request. (3) International Complimentary Night Hotels and Resorts (ICNHR) Program: You will have the 4th night free when you book a hotel or resort through Citi Concierge or on ThankYou.com. You may use this benefits as many times as you wish, for any of the numerous participating hotels, from budget to luxury, and on rates other than the best available rates such as pre-paid rates, AAA rates, etc.
- Other Benefits: (1) Waived foreign transaction fees with an embedded EMV chip. (2) Reimbursement for Global Entry ($100) or TSA PreCheck ($85) application every five years. (3) 24/7 Citi Concierge service provided by Aspire Lifestyle. In addition to the regular concierge service, Aspire Lifestyle's Preferred Restaurant Program covers thousands of restaurants worldwide and offers amenity such as a complimentary appetizer or a glass of wine when you make a reservation through them. (4) Citi Private Pass Beyond for special access to entertainment and sporting events. (5) While most credit card's Roadside Assistance service only dispatches a provider and you have to pay for the actual charge, Citi Prestige is among very few cards that cover towing up to 10 miles or other incidental charges, regardless of how far you are away from home. (6) Citi Prestige also enjoys other standard World Elite MasterCard benefits such as World Elite Air Program (upgrades, savings, or companion tickets, mostly on full fare tickets), World Elite Cruise Program (up to $500 savings), World Elite Tours and Vacations (up to $250 or 5% savings), World Elite Car Rental (savings and elite status with Avis, National, and Sixt), World Elite Chauffeured Car Service (savings and benefits), World Elite Private Jet Program (savings and benefits), MasterCard Airport Concierge (15% savings), and so on.
- An authorized user also receives Priority Pass Select and hotel privileges. However, the $250 airline credit and $100 Global Entry credit is shared by all card members within the same account.
- Protection: Citi Prestige WEMC offers the highest level of consumer and travel protection among Citi cards.
- Other Facts: since July 2017, Citi Prestige has received a metal design and is thus heavier than regular plastics.
- The History: To replace its prestigious Chairman Card, which was Amex Platinum's longtime archrival, Citi introduced ThankYou Prestige in late 2010 which received a lackluster review from us. In 2013, Citi tweaked this relatively new product, reducing the annual fee by $100, enhancing its features, and renaming it simply as "Citi Prestige", hoping to gain more market share. In early 2014, Citi increased the annual fee by $50 but also introduced a new redemption rate of 1.6 cent per point for American Airlines or US Airways flight and the free Admirals Club access, which made us praised it as the "king of high-end cards". In July 2014, Citi made another dramatic revamp of the product effective October 19, 2014: seven airline partners were added to the transfer feature, which makes it actually useful; a new 3-2-1 rewards structure replaced the 2-1 rewards structure; annual airline credit was increased from $200 to $250; Airport Angel was replaced by Priority Pass Select, which makes more sense for most U.S. consumers; annual relationship bonus got tweaked; several valuable benefits such as flight points earning, annual complimentary companion ticket, and 15% airfare discount were removed. In July 2017, Citi discontinued several valuable features (60% redemption bonus on American Airlines, 33% redemption bonus on other airlines, Admirals Club access, three rounds of complimentary golf). The positive changes introduced are a new metal card design and the ability to use ICNHR 4th Night Free feature through ThankYou.com, which are minor compared to the loss.
The Math
If you utilize the $250 airline credit, airport lounge program, hotel privileges, and/or any other travel perks, you may have already come out ahead of the seemingly high annual fee. Now let's look at the rewards - this card offers useful a 3-2-1 reward structure and a potential 15%-25% annual bonus. Our current valuation of TY points is 1.5 cents per point, primarily based on the miles/points transfer feature. Thus, this card returns 4.5%, 3%, and 1.5%, even without the annual bonus, for travel, dining and entertainment, and other spending. If you have Citigold, which is much easier to have than private banking, your rewards become 5.18%, 3.45%, and 1.73%, and if you do have a private banker, you will achieve 5.63%, 3.75%, and 1.88%.
Citi Prestige vs. Citi ThankYou Premier: Since July 2017, both cards offer exactly the same redemption options - 1.25 cents per point for fixed value flight redemption or flexible miles/points transfer. Citi Prestige has a much higher annual fee of $450; however after the $250 annual airline credit, the effective annual fee becomes $200, which is merely $105 more than ThankYou Premier's. For that, you receive airport lounge access, 4th Night Free through ICNHR, and a higher level of travel protection (including roadside). Talking about rewards, both cards have very similar 3-2-1 earning structure; however, for most consumers, ThankYou Premier actually offers better rewards as it covers gas stations and all travel categories (not just limited to airlines/hotels/travel agencies); if you have Citigold, you need to do your math to figure out if the 15% relationship bonus offsets the loss of certain 3x categories. So which card is better? Citi Prestige is for travelers who value airport lounge access, hotel privileges, and/or travel protection. ThankYou Premier is for consumers who spend big in gas and/or travel other than airlines/hotels/travel agencies.
Citi Prestige vs. Chase Sapphire Reserve: Both ask for $450 a year and offer incredible rewards, perks, and protection. (1) Similarity - both cards offer Priority Pass Select, waived foreign transaction fees, concierge service, and Global Entry application credit; their hotel privileges are also similar in our opinion: Citi has 4th Night Free, World Elite Luxury Hotel Collection, Ensemble Travel Group and Mandarin Oriental privileges, while Chase offers Relais & Chateaux privileges, LHRC, and Visa Infinite Hotels. (2) Chase's advantage - Chase offers better rewards: 2x additional points on travel other than airfare/hotels/travel agencies, and 1x additional points on dining; the rental car collision coverage is primary on Chase but secondary on Citi; in addition, the effective annual fee after considering the annual travel credit is $50 cheaper on Sapphire Reserve. (3) Citi's advantages - Citi offers 1x additional points on entertainment and slightly better travel and consumer protection (including roadside assistance). (4) Bottom Line - setting aside the different signup bonus, Sapphire Reserve is the clear winner after Citi's devaluation in July 2017.
To see how Citi Prestige competes with other cards with similar annual fees, please check out our featured review Comparing High-end Cards covering Amex Platinum Card, Amex Delta Reserve, Amex Hilton Aspire, Amex SPG Luxury, Chase Sapphire Reserve, Chase United MP Club, Citi Prestige, Citi AA Executive, U.S. Bank Altitude Reserve, CNB Crystal, and MasterCard Black Card.
The Conclusion
Citi Prestige was placed on our Top List since its inception, and in early 2014 was even praised as "the King of high-end cards". The late 2014 overhaul devaluated the card in our opinion; however, with the enhanced travel perks, 3-2-1 rewards, and the enhanced transfer feature, we still considered it as one of the most desirable cards. Before its archrival Sapphire Reserve came out in August 2016, Citi Prestige was the #1 Best Credit Card by Dr. Credit Card. Even with the July 2017 devaluation, thanks to its strong performance in signup bonus (top 10), rewards (top 15), travel perks (#7), and protection coverage (#1), it is still rated #3 Best Credit Card by Dr. Credit Card.
© 2018 DrCreditCard.net All rights reserved.