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Update: Some offers mentioned below are no longer available. View the current offers here – Citi ThankYou Premier Card

TPG reader Mike writes:

“I recently got the Citi Thank You Premier Mastercard, spent $2500, and got the 50,000 thank you points (update: bonus has been reduced to 30,000 points). If I were to cancel the card (after utilizing all of the points), would I be blocked from applying for the Citi Thank You Rewards?”

Technically you are only eligible for one Citi bonus per card per lifetime. Citi has several ThankYou cards, including the Citi ThankYou Premier Card and Citi ThankYou Preferred Card, so you would be eligible for the Preferred at a later time and date (wait at least 2 months between applications).  However, unofficially many people have been able to apply for the same cards in the past multiple times and received multiple bonuses. All of the card companies have cracked down on this practice (known as churning), but my understanding is the following:
Citi: After 18 months
American Express: At least 2 years
Chase: Never. In fact, they take it a step further and lump some products together- so for example if you have the Sapphire Preferred card, you can’t get the bonus for the Sapphire card (FYI the Sapphire Preferred is way, way better than the regular card). The same goes for United MileagePlus Explorer Card and Continental OnePass Plus cards – they will only give you 25,000 miles if you apply for both.  However, they will let you have multiple cards and you can maximize your points by also getting business card versions, like the Ink Bold.
(Note: these are unofficial estimates – if you have a different experience please comment below).

Citi also allows two applications to be processed in the same day and they will only count as one inquiry. This is known as the two-browser trick, even though you don’t actually need to use two separate browsers- check out how you can score 100,000 American miles using this method.

In terms of deciding when to cancel a card, I’d wait at least 6 months. Check out this post on Deciding When to Cancel a Credit Card.

While credit card bonuses are extremely lucrative, the credit card companies don’t give them out to be nice. They want to lure in profitable, long-term customers, so if you identify yourself as someone who will only open a card for the bonus and then cancel, you then put yourself at risk of being declined for future bonuses. If you want to create a long-term, sustainable credit card strategy, I’d personally recommend keeping relationships with each of the main credit card issuers. This way you have more bargaining power in case you are declined or need them to bend the rules for you. Most issuers have no annual fee cards so it doesn’t have to be expensive to keep accounts open.

Chase Sapphire Preferred Card

With great transfer partners like United and Hyatt, 2x points on travel & dining and a 50,000 point sign up bonus, the Chase Sapphire Preferred is a great card for those looking to get into the points and miles game.

Apply Now
More Things to Know
  • Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $625 toward travel when you redeem through Chase Ultimate Rewards®
  • Named Best Credit Card for Flexible Travel Redemption - Kiplinger's Personal Finance, July 2016
  • 2X points on travel and dining at restaurants worldwide & 1 point per dollar spent on all other purchases.
  • Earn 5,000 bonus points after you add the first authorized user and make a purchase in the first 3 months from account opening
  • No foreign transaction fees
  • 1:1 point transfer to leading airline and hotel loyalty programs
  • Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards. For example, 50,000 points are worth $625 toward travel
  • No blackout dates or travel restrictions - as long as there's a seat on the flight, you can book it through Chase Ultimate Rewards
Intro APR on Purchases
Regular APR
16.49% - 23.49% Variable
Annual Fee
Introductory Annual Fee of $0 the first year, then $95
Balance Transfer Fee
Recommended Credit
Excellent Credit

Editorial Disclaimer: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

Disclaimer: The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.