The Citi® Double Cash Card is one of the all around most lucrative cash back credit cards. The card has no annual fee and offers 1% cash back when you make a purchase, and 1% cash back when you pay for that purchase.
In my opinion this is a card that a vast majority of consumers would benefit from having, since the average person isn’t earning two cents back for every dollar they spend.
Citi Double Cash Rewards Will Transfer To ThankYou
In early July I wrote about an exciting development to this card, though details were still limited.
As we learned, as of fall 2019 it will be possible to convert Citi Double Cash rewards into Citi ThankYou points. This means you’ll be able to pool rewards earned on the Citi Double Cash with rewards earned on cards like the Citi Premier℠ Card, Citi Prestige® Card, and Citi Rewards+℠ Card.
Per a note on the cardmember statement:
Coming in Fall 2019 your Citi Double Cash Card will allow you to convert your cash rewards to ThankYou Points which can be redeemed for gift cards, travel, purchases at select retailers, and more. For more details, please review the terms and conditions of your Citi Double Cash Card and the terms and conditions at www.thankyou.com
Note that those who want to earn cash back as before can continue to do so — this is just intended to be an additional redemption option.
Functionality Coming September 21, 2019?
A Reddit user reports reaching out to Citi customer service and being told the following:
“I do see that has recently changed. It does appear that you can also convert your cash back to ThankYou Points, with as little as $1. No smaller amounts can be converted. $1 = 100 ThankYou Points. This will go into effect 9/21/19.”
While there are still lots of questions (which I’ll address below), it looks like this functionality could potentially kick in a week from today. How exciting!
Could Points Really Transfer 1:1 To ThankYou?
When we first heard about this new redemption option we had no clue about the transfer ratio. This raised the question of whether points would transfer at a 1:1 ratio (meaning you’d earn two ThankYou points per dollar spent), or if the ratio would be less than that.
Along those lines, it’s anyone’s guess if this is just a new option meant for niche redemptions, or if Citi is trying to create a ThankYou card that’s lucrative for everyday spending, since currently they don’t have any cards offering more than one point per dollar on non-bonused spending.
The above note suggests that $1 cash back can be transferred to 100 ThankYou points. In other words, could this really be a card earning two ThankYou points per dollar spent?
Is 2x ThankYou Points Per Dollar Spent Too Good To Be True?
I think we’re all hoping that this is the case. Could each reward “cent” earned on the Citi® Double Cash Card be transferable into one ThankYou point? That would be amazing, and logically it would make sense in terms of one “unit” of cash converting into one “unit” of points.
2x points on non-bonused spending isn’t completely unheard of, as The Blue Business® Plus Credit Card from American Express, offers 2x Membership Rewards points on the first $50,000 spent every calendar year. However, that card has a limit, and it’s also a business card.
It sure sounds like this will be the transfer ratio, though I guess the question is whether points could then be transferred to airline or hotel partners. It sure sounds like that should be possible in conjunction with either the Premier or Prestige cards, though it’s also possible that some restriction is put into place.
One of the challenges that Citi currently has in comparison to American Express and Chase is that they don’t have the same “portfolio” of cards that you can use for their transferrable points currency.
Being able to transfer Citi® Double Cash Card rewards to ThankYou has the potential to be awesome. It sounds like this redemption option is imminent, and will kick in about a week from now.
The above suggests that the transfer ratio will be 1:1, where one cent cash back could be converted into one ThankYou point. That would be incredible and industry leading, assuming there’s not any huge catch (like these points not being transferable to airline partners in conjunction with the Premier or Prestige).
I can’t wait to find out all of the details about this…
What are your expectations of this new option for earning Citi ThankYou points?
(Tip of the hat to Doctor Of Credit)