I've never been a huge proponent of the Citi ThankYou Rewards program. They have been devaluing the worth of ThankYou points gradually over the past few years, and the redemption options have never been very attractive. However, this thread on Flyertalk caught my eye, and it might be worth considering if you have already applied for every other mega-bonus credit card promotion out there.
Right now, Citibank is offering their ThankYou Premier card with 50,000 bonus points after spending $2,500 within the first 3 months of card membership. The best part of this new offer is that the $125 annual fee is waived for the first year, which has never been the case in the past. You earn 1.2 ThankYou points for every dollar spent at supermarkets, gas stations, drugstores, commuter transportation and parking merchants, and 1 ThankYou point per dollar spent everywhere else. You also get an annual ThankYou points dividend, starting from 1% after your first year to 5% after your fifth year (increasing 1% every year). Beyond your fifth year, the dividend stays at 5%.
Redemption is rather limited for Citi ThankYou points - you can redeem 50,000 points for $500 in various gift cards. Otherwise, if you book flights using the ThankYou Travel Center, you can get 33% more value for your ThankYou points, and your 50,000 points can be redeemed for $665 in airfare. There are some additional (but minor) benefits to this card, including an annual complimentary domestic companion ticket and a 15% discount when you book air travel with their travel benefits provider, Spirit Incentives. One of the biggest downsides of the ThankYou Rewards program is that there are no airline transfer partners whatsoever.
I may consider applying for this card if I am able to get approved for the new United MileagePlus Explorer Visa in November. There are rumors floating around that a 60,000 bonus miles promotion is in the works. Otherwise, I plan on passing on this offer. No word yet on when this deal will expire.