Credit cards that offer cashback now have even more worth. The following information will help you optimize your card’s value. Credit cardholders who have the Citi Double Cash Card will be able to transfer their cashback benefits to ThankYou Rewards points beginning in September 2019. The Citi Double Cash Card’s capacity to earn you up to 2 percent cash back on all transactions: 1 percent as you buy and 1 percent as you pay limitless on all your purchases, provides a big opportunity for Citi members.
It’s now possible to obtain a better return on your rewards than you would with cashback if you have the Citi Double Cash and another Citi card that earns ThankYou Rewards points. As long as you know what to look out for, you can optimize the transfer of Citi Double Cash to ThankYou Points. How to get the most out of your Thank You Points by converting Citi Double Cash incentives into Thank You Points is explained in this guide.
Details on how to convert your Citi Double Cash points into ThankYou gift cards
Cardholders have always had three redemption choices with Citi Double Cash: a statement credit, a direct transfer into their account, or a cheque in the mail. A $25 minimum balance is required for cash-back redemption in all three cases.
However, with the new transfer option, you may also turn your cashback incentives into ThankYou points in $1 increments. Since each ThankYou Point is worth one cent, every dollar you deposit to your connected Citi ThankYou rewards account earns you 100 points.
Citi Double Cash transfers to ThankYou Points can be requested online via your rewards dashboard. Your ThankYou points will never expire if you transfer them. There’s no way to get them back in cash. So, unless you’re quite certain that converting to points is what you want, avoid doing so.
Citi Double Cash previously didn’t provide a variety of additional redemption choices once you’ve transferred your money into the account. These include booking flights, shopping on Amazon.com with points, purchasing gift cards, and more.
Your ThankYou points can also be transferred at 1:1.8 into JetBlue True Blue, which is the airline’s frequent flier program. The average value of a JetBlue point is around 1.3 cents. You’d earn $52 worth of points for transferring 5,000 ThankYou Points (about $50).
If you already have a ThankYou Rewards-enabled credit card, such as the Citi Premier Card, Citi Prestige Card (no longer available for applications), or Citi Rewards+ Card, you may combine your converted points with points earned on those cards to maximize your rewards. With the Citi Premier or Prestige, you may also transfer your points to various airlines, all at the same 1:1 ratio, as long as you meet the requirements (or sometimes better when there are promos running).
Based on how you utilize ThankYou Rewards points, their real worth might vary. The Citi Premier Card offers a value of 1.25 cents per point on flights booked through the rewards program portal, in contrast to the one penny per point offered through travel arrangements, gift cards, and statement credits.
To maximize your Citi Double Cash benefits
Your rewards are worth about the same whether you convert them into ThankYou points or not if you only have the Citi Double Cash. If you want to get the most out of this excellent cashback credit card, consider pairing it with the Citi Premier Card or the Citi Prestige Card. You may transfer your ThankYou points to the following airlines in a 1:1 ratio using either of these cards:
- AeroMexico Club Premier
- Asia Miles
- Avianca LifeMiles
- Etihad Guest
- EVA Air
- Air France-KLM Flying Blue
- JetBlue TrueBlue
- Malaysia Airlines Enrich
- Qantas Frequent Flyer
- Qatar Privilege Club
- Singapore Airlines
- Thai Royal Orchid Plus
- Turkish Airlines Miles & Smiles
- Virgin Atlantic Flying Club
For each of these airlines, there are also a number of domestic airlines that are part of its network. To get the most out of your ThankYou Points, even if you don’t plan on transferring them to one of the program’s numerous airline partners, utilize your points through the ThankYou Rewards travel site if you have a Citi Premier Card.
There is no welcome bonus with the Citi Double Cash, but you may get extra points on certain categories with the Citi Premier. Use one or both of these additional credit cards in conjunction with the Citi Double Cash to maximize your earnings in specific areas while using the Citi Double Cash for all other purchases.
The value of your points might vary depending on which airline partner you transfer them to and how you redeem them once you’ve transferred them. International business and first-class flights, on the other hand, often provide the best redemption rates. Air France business class from New York to Paris costs $7,272 roundtrip (or 129,500 Flying Blue miles and $377 each way) (as of Dec. 2019).
If you book the flight using the rewards program site with your ThankYou Rewards points, you’ll earn one penny for each point (or 1.25 cents per point if you have the Citi Premier). Transferring your points to Flying Blue, on the other hand, would earn you 5.32 cents per point. If you remove $377 in taxes and fees from the cash ticket to obtain $6,895, then divide that number by the 129,500 miles needed to pay the charge, you’ll get $6,895.
It’s possible to acquire that type of value via ThankYou Rewards transfer partners, but it’s not guaranteed. Make some test bookings with multiple airlines on the list to see how their redemption values stack up against each other. Always do the arithmetic to see which option gives you the most bang for your buck.
Remember that first- and business-class fares tend to be more expensive than their lower-class counterparts. In this case, if you don’t have enough points to pay a more costly ticket, you may still be able to transfer points to buy an economy seat if you get more value out of it than if you were to purchase the travel visa Citi.
When compared to other reward credit cards, how stacking Citi cards stacks up
ThankYou Rewards point collectors will rejoice at the new Citi Double Cash transfer option, but stacking the card with the Citi Premier or Citi Prestige may not always be the greatest use of your money. What if your annual budget is as follows:
- $6,000 on travel
- $4,000 at restaurants
- $2,400 on gas
- $30,000 on non-bonus spending
Here’s how the Citi Double Cash and Citi Premier stack up against the Chase Freedom Unlimited and the Chase Sapphire Preferred Card in terms of rewards. If you use Chase Ultimate Rewards, you’ll get 5% back on travel, 3% back on eating and pharmacy, and 1% back on all other purchases (which is transferable to Chase Ultimate Rewards).
Chase Sapphire Preferred offers 5x points on Lyft rides and travel booked through Chase Ultimate Rewards (through March 2022); 3x points on eligible dining, select streaming services, and online grocery purchases; 2x points on travel; and 1x points per $1 on all other eligible purchases with the Chase Sapphire Preferred card.
As a reminder, the Citi Premier gives 25% greater value on flight redemptions through ThankYou Rewards compared to the Chase Sapphire Preferred, which also delivers 25% more value on all travel redemptions through Chase. In addition, the bank has a number of transfer partners, including a number of airlines and lodging chains. Even yet, the Citi-Chase partnership offers around 23% more points.
The American Express® Gold Card and The Blue Business® Plus Credit Card from American Express are two cards that you may choose to combine. When using the Amex Gold Card, you can earn four times as many Membership Rewards points at U.S. supermarkets and restaurants (up to $25,000 per year; after that, only one time), as well as takeout and delivery within the U.S.
You can earn three times as many points when booking flights directly with airlines or through the Amex Travel website, and only one time when making any other eligible purchase. Up to $50,000 in annual business expenditures are eligible for 2x Membership Rewards points with the Blue Business Plus, while all other purchases earn 1x Membership Rewards points.
How to get the best deal on a Citi credit card
Make sure that you are aware of Citi Double Cash credit card application requirements before you begin the process of applying for more Citi credit cards, even if you currently have one of the cards. Credit card applications from Citi are not limited, although there are certain restrictions on the number of times you may apply. A personal card can be authorized every eight days, a second personal card every 65 days, and a business card every 95 days.
Because the Citi Double Cash and Citi Premier are personal cards, the first two rules are the most relevant in this case. So, if you want to apply for more than one card, spread them out over a period of more than eight days and wait at least 65 days after your first application is granted before applying for another Citi credit card.
In terms of travel benefits, the Citi Double Cash to ThankYou Points option is one of the finest cash-back credit cards available. Those of you who have the Double Cash Card or are contemplating obtaining it should also acquire the Citi Premier Card, which lets you transfer your rewards to airline partners, allowing you to make the most of your points.
You should also take some time to classify your expenditures and choose the best credit card combination for you. To ensure that the ThankYou Rewards program is where you want to put your efforts, compare the Citi cards with credit cards from other issuers. How and when you earn and use your points is entirely up to you.