moe8555

Unfortunately I don't have much concrete information to go by, but what was said with a high degree of certainty was that a new card would be replacing Prestige, a card that combines multiple features from other cards they currently market. Since the person said somebody with a portfolio like me would probably be very interested in the card, I can only imagine that it would be geared toward travel to some extent (i.e. multipliers on travel categories, assuming Priority Pass at a bare minimum, and perhaps if we consider the post-Covid world, new multipliers for rental cars and gas?). I'm dreaming of a card that retains the 5X on air/OTAs/dining, 1.5-2X base earnings, and maybe rotating 5X categories akin to the Custom Cash. And travel insurances returned. Only time will tell, and I was advised to "check Citi.com on a daily basis."

The link to apply for Prestige that was still working has died as of today, so perhaps things are moving forward?

jags86

Banks aren’t known for killing off profitable products that don’t fly in the face of regulators. The vast majority of people out there don’t carry cards with $550+ annual fees. Do you think the vast majority of people with AMEX Platinum, Citi Prestige, or Chase Sapphire Reserve carry balances? Do you think the vast majority of people who carry balances bank with Citi…a retail bank with hardly any retail presence? I’m not saying there aren’t sum, but we need to stop extrapolating the overall market with these ultra premium products. My guess is there were very few remaining cardholders — maybe in the 1,000s or low 10,000s — and it was costing more the support the product than they could make.

moe8555

The remaining cardholders are probably grouped into the following categories:

• Citigold members that had a discounted annual fee
• "Regular" people like my father who had the card and just use it as is for everything
• Points maximizers: With the advent of Double Cash 2X TYP, Rewards+ 10% rebate/10X small charges, and Custom Cash 5X rotating categories, I could see Prestige becoming a lucrative target for the ultra points-focused crowd that are less concerned about insurances and ancillary benefits (I'm in this category, maximum points and general lounge access are my first priority, all else (including portal multipliers) is fluff )

But on second thought, you are probably right that most people with this card are not carrying balances.

mia

AA lounge access started in 2008 and ended in 2014.

Time and again Citi has launched top tier cards with features which proved unsustainable. Their market research doesn't seem to allow Citi to forecast how benefits will be utilized.

TTT103

I wonder just how much the 4th night free hurt Citi's profitability on this card. Were/Are people actually using it? I for one used to maximize my bookings at all-inclusive resorts, which cost them $600+ a pop. Yes, there are commissions on the balance of the stay, but we used to do many long weekend stays of just 4 nights.

It seems like Citi stripped the card of many useful benefits, but preserved the 4-night free perk to differentiate it from the rest of the pack.

pa69

From 2015 to 2019 I saved around $14k using the fourth night free benefit. I haven't used it since the concierge bookings ended. I still have the card for 5x points on dining and to have a premium non-amex card for when traveling overseas

dw

Does Citi (like Chase, for example) have a history of supporting legacy cards for awhile after they’ve been discontinued? If the rumored new card really is a different product and not a relaunch of the Prestige, I wonder how long existing cardholders will be able to keep the Prestige before being forced into a product change.

moe8555

They do (AT&T Access More and Citi Chairman come to mind), but there have also been instances of forced product changes eventually (Citi Forward).

Only time will tell. Perhaps the new card will beat Prestige in nearly every aspect and it will be a non-issue, although if they do implement the "choice benefit" concept proposed in the recent survey (and alluded to in my call), I'm not so sure.

dw

It’ll also be interesting to see what options they give those with existing AF fee waivers or AF fee reductions/credits on the Prestige Card.

voodoogirl

I have a discounted annual fee and only justifying holding on to it for that reason. I hope if they replace the card and force a product change, they would match the discount but I'm not optimistic.

355F1

I saved literally thousands of dollars per year with the 4th night free.

Used to spend about 200 nights per year in hotels and would always make multiple reservations to maximize this.

moe8555

Are you still ever able to make use of the current 4NF feature through the portal? It's very hit and miss (compared to the lowest direct or OTA+coupon/cashback portal prices I'm able to find), but "a degree" of savings is possible if you look hard enough.

355F1

Nope. Haven't used it once since they switched. Their rates pretty much just suck.

yugi

Same here, save quite a bit on 4th night free for business travel. Will keep the card, since I only pay $350, but cancelled my 2 Amex Platinums.

yugi

They will do it for few years, based on Forward card, but it was a Visa, and they switched almost all of the cards to MC, except Costco.