Why I’m ready to part with the Citi Prestige, and how I’m replacing it

This page was originally published in late 2022 and reflects the author’s financial decisions during that time. The rest of the article has since been updated.</em

The Citi Prestige® Credit Card is no longer taking new applicants as of July 2021, although existing cardholders can still use the card. Those interested in the The Citi Prestige® Credit Card can check out the Citi Strata Premier℠ Card instead.

Key takeaways

• The Citi Prestige® Credit Card remained valuable to me long after the issuer stopped accepting applications, but it’s now time to move on.
• By finding new credit cards that cover the benefits I was getting from the Prestige Card, I was able to eliminate my need for carrying the card.
• For travel protections and hotel stays, The Platinum Card® from American Express is my new go-to card, and for dining- and food-related rewards, the American Express® Gold Card is my new go-to card.

The Citi Prestige® Credit Card* was once my go-to credit card. Back when I was dining out constantly and traveling a lot, paying the card’s $495 annual fee was a no-brainer. I earned thousands of points through the card’s generous category bonuses and got my money’s worth. Even after Citi stopped issuing the card, I held onto mine because of how valuable it’s been. But things have changed in the past few years. In 2019, Citi removed nearly all travel and purchase protections. The 5X points travel bonus became harder to maximize without travel protection. The fourth-night-free benefit was later capped at just two per year, further devaluing the card. Moreover, with Chase and Capital One introducing new transfer partners, the Citi ThankYou program has lost some of its luster for me. All of these developments culminated in the Citi Prestige becoming less valuable, which is why I’m finally ready to part with this card. I’ve added some new travel cards to my wallet recently, and — along with the card I already carry, The Platinum Card® from American Express — they will more than compensate. Here’s why I’m ditching the Citi Prestige, as well as what credit cards I’m using to replace the various perks I once got from it:

No more travel protections

The Citi Prestige used to be my go-to card for all travel bookings, thanks to its 5X earn rate. When Citi removed travel protections in 2019, I had to stop charging my travel purchases to the card. It didn’t seem worthwhile to give up trip cancellation coverage, travel accident insurance and auto rental collision waiver to earn 5X Citi ThankYou points.

The card I’m using now: The Platinum Card from American Express

Fortunately, I already had The Platinum Card from American Express, which offers exceptional coverage and 5X Membership Rewards points on flights and prepaid hotels booked through the American Express Travel portal, as well as on flights booked directly with airlines (on up to $500,000 per calendar year, then 1X points). The card’s travel insurance coverage includes:

• Trip cancellation and interruption insurance
• Trip delay insurance
• Baggage insurance 
• Emergency evacuation and transportation coverage

As the COVID-19 pandemic has shown us, having travel insurance has become more crucial than ever. When my brother got COVID right before a family trip to the UK, I got his $1,300 nonrefundable airfare reimbursed with my Amex Platinum benefit. He would have been out the money if I’d charged that purchase to the Citi Prestige. Buying travel insurance is certainly an option, but why do that when I can use a card that includes it as a benefit? It’s not just high-annual-fee cards like the Amex Platinum, either. For example, the Chase Sapphire Preferred® Card has just a $95 annual fee — much less than my Amex Platinum’s $695 annual fee — and offers trip cancellation and interruption coverage of up to $10,000 per person.

No more free hotel nights

Citi Prestige’s 4th-night-free benefit was a great perk that saved me a few hundred bucks a year. But, its use has been limited to twice per year. Plus, reservations made through the Citi ThankYou portal don’t earn points or elite night credits or qualify for elite benefits. I also rarely stay at hotels for more than two or three nights anymore anyway.

The card I’m using now: The Platinum Card from American Express

On the other hand, the Amex Platinum card gets me access to Amex Fine Hotels & Resorts (FHR) and The Hotel Collection. Many FHR properties frequently offer third-night-free deals that work out better for me. And, most FHR bookings include:

• Complimentary daily breakfast for two
• Early check-in
• Late check-out
• On-site credits toward dining

These bookings mimic elite status benefits and offer me additional value since the nightly rates are often the same as direct bookings.

Less lucrative bonus rewards rates overall on food

The Citi Prestige offers 5X on dining, which is one of my biggest spending categories. Finding a good restaurant card with a comparable rewards rate was a little challenging. But, by factoring in how much more I could save if my new card had other boosted rewards rates besides dining, as well as some lucrative statement credits to offset any annual fee charges, I found a comparable substitute.

The card I’m using now: American Express® Gold Card

Most people like the American Express® Gold Card for its 4X dining bonus, but since I was already paying $450 for the Prestige Card, it didn’t make sense to add a card with a $325 annual fee to my wallet. However, the Amex Gold also offers 4X points on up to $25,000 spent yearly at U.S. supermarkets — a rewards category not covered by the Citi Prestige. It’s also more appealing thanks to its various food-related statement credits, such as its:

• $10 monthly dining credits at select restaurants (up to $120 annually)
• $10 monthly Uber Cash credits (up to $120 annually, valid at UberEats)
• $50 semi-annually in Resy credits for U.S. restaurants (up to $100 annually, enrollment required)
• $7 monthly Dunkin’ credits (up to $84 a year, enrollment required)

These credits combined, along with lucrative cash back rebates from Amex Offers, easily offset the Amex Gold’s annual fee. Plus, with so many of the Prestige Card’s benefits being replaced, the slightly higher dining bonus of 5X points isn’t enough to justify keeping it.

The bottom line

The Citi Prestige had a good run, but with the other credit cards in my wallet — namely, the Amex Platinum and Amex Gold — it no longer makes sense to carry it. And while the new credit cards I added to my wallet might have high annual fees, they also offer plenty of other benefits to make up for it. The fact that they help me finally eliminate the Prestige Card after years of back-and-forth is just icing on the cake.

*Information about the Citi Prestige® Credit Card has been collected independently by Bankrate. The card details have not been reviewed or approved by the issuer.