Update: This article contains mentions of Chase Freedom Unlimited® and The Blue Business® Plus Credit Card from American Express whose terms have expired and are in the process of being updated. All other offers reflect accurate offer terms. Learn more about the current offers here.
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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 Transfer To ThankYou
In September 2019 we saw a game-changing development when it came to rewards credit cards, in my opinion.
With this development it’s possible to convert Citi Double Cash rewards into Citi ThankYou points. This means you’re 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 (review).
Those who want to earn cash back as before can continue to do so — this is just intended to be an additional redemption option.
2x ThankYou Points With No Caps Is Industry Leading
When there were first rumors of Citi Double Cash rewards being transferable to Citi ThankYou, I figured there was no way that they’d allow a ratio of one cent per ThankYou point. So the execution of this has been the absolute best-case scenario, and puts the card in a league of its own.
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:
- You’re limited to earning 2x points on the first $50,000 spent every calendar year
- The Blue Business Plus is a business credit card, while the Citi Double Cash is a personal credit card
Before I got the Citi Double Cash, my primary card for everyday spending was the Chase Freedom Unlimited®, which offers 1.5x points. In conjunction with a card earning Ultimate Rewards points, those points can be converted into Ultimate Rewards points as well.
However, as far as I’m concerned earning 2x ThankYou points is significantly better than earning 1.5x Ultimate Rewards points.
Citi Is Keeping This Amazing Opportunity A Secret
Prior to this past September, the Citi Double Cash was purely a cash back card.
It’s interesting to note that even several months after the functionality has been added, Citi hasn’t done much to adjust the marketing of the card.
It’s still being promoted almost exclusively as a cash back card, and the only way you’d even know you can convert the rewards into ThankYou points is if you read a blog like this, or if you happen to have the card and see the functionality in your account.
Best Way To Get The Citi Double Cash Card
You can, of course, apply outright for the Citi Double Cash. The catch is that the card has no sign-up bonus.
While it could absolutely be worth applying directly for the card (that’s exactly what I did recently), the other option is that you can also product change to this card. Citi is among the most generous issuers in letting people product change between cards.
Generally speaking, you can downgrade any personal Citi credit card to the Citi Double Cash. This even includes co-branded cards.
You can only product change if you’ve had a card for at least 12 months, so you can’t do this with a new card.
The other benefit of product-changing rather than applying new is that you can maintain your credit line, and also that it won’t count as a further inquiry on your credit report.
Rules Of Converting Citi Double Cash Rewards Into ThankYou Points
As mentioned above, I recently picked up the Citi Double Cash, so I wanted to share my experience with how the rewards post, as well as how you can convert the rewards into ThankYou points.
Up front there are a few things to note about converting Double Cash rewards to ThankYou points:
- Rewards transfer at a ratio of $1 in cash rewards to 100 ThankYou points (in other words, each cent of rewards can be converted into one ThankYou point)
- You need to convert at least $1 worth of rewards, and there are no maximums
- Once you convert cash rewards into ThankYou points, you can’t reverse the transaction
- You need to have the Citi Double Cash in conjunction with the Citi Premier or Citi Prestige in order to transfer them to ThankYou and then be able to transfer them to airline partners
As a reminder, here are the Citi ThankYou airline partners:
|Aeroméxico Club Premier||N/A|
|Air France/KLM Flying Blue|
|Cathay Pacific Asia Miles|
|EVA Air Infinity MileageLands|
|Jet Airways JetPrivilege|
|Malaysia Airlines Enrich|
|Qantas Frequent Flyer|
|Qatar Airways Privilege Club|
|Singapore Airlines KrisFlyer|
|Thai Airways Royal Orchid Plus|
|Turkish Airways Miles & Smiles|
|Virgin Atlantic Flying Club|
How To Transfer Citi Double Cash Rewards To ThankYou
I got this card over a month ago, and as soon as I had Citi Double Cash rewards I tried to convert some of my rewards into ThankYou points. However, no matter how many times I tried, I got the below error message, saying that something went wrong, and that there was a technical issue.
I’ve been trying to do this for the past couple of weeks, and had the same issue over and over. I tried different browsers, I tried incognito, etc.
Finally today I called to figure out what was going on, and the agent was very helpful, but said they didn’t have any reports of problems. He asked if I had tried a different computer. I figured that wouldn’t make any difference, since I had already tried incognito windows and different browsers.
Go figure as soon as I tried this on Ford’s computer, it worked. So if you’re also getting an error message, try a different browser, try incognito, or otherwise try a different computer altogether. Worst case scenario they can transfer rewards by phone.
The process of converting Citi Double Cash rewards into ThankYou points couldn’t be easier (once the functionality works). Just log into your Citi account, and make sure you have the same log-in for your Double Cash, as well as your Prestige and/or Premier.
When you log into the rewards section, click the “Convert to Points” button on the right of the page.
On the next page you can enter how much in rewards you want to transfer.
Once you verify that you want to transfer your rewards, you’ll instantly see the rewards show up as ThankYou points on your ThankYou account summary page, and they’ll specifically be listed next to the Citi Double Cash.
You can then transfer them to airline partners, along with all of your other ThankYou points.
Tip: Pay Off Your Balance Before The Statement Closes
There’s one last quirk I wanted to point out. The Citi Double Cash offers half of the rewards when you make an eligible purchase, and half of the rewards when you pay for an eligible purchase. Rewards generally post once the statement closes where you complete the activity.
If you want to earn your rewards as soon as possible, it’s worth paying for your purchase before the statement closes, so that you get the entire reward with that statement closing. If you pay after the statement closing date then you’d get half of your rewards an entire statement later.
Paying off a statement before the closing date can also be good for your credit, since it lowers your credit utilization.
Citi Double Cash Summary
Historically one of the challenges that Citi had in comparison to American Express and Chase was that they didn’t have the same “portfolio” of cards that you could use for their transferrable points currency.
While they still don’t have as large of a portfolio as Amex and Chase, they do now have a personal card that’s in a league of its own when it comes to return on everyday non-bonused spending. Being able to earn 2x ThankYou points with the Citi Double Cash is awesome, and this is now the card I’m using most for my everyday spending.
Personally I value Citi ThankYou points at ~1.7 cents each, so that’s like a return of 3.4% on spending:
- This is my new go-to card for paying taxes (for a fee of 1.87%, which means I’d be acquiring ThankYou points for under one cent each)
- It might even be worth making payments with Plastiq at the “regular” cost of 2.5%, as that’s like acquiring ThankYou points for 1.25 cents each
Have you started using the Citi Double Cash as your new card for everyday spending?