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 Now Transfer To ThankYou
While we’ve heard rumors about this for quite a while, this functionality has finally gone “live” today.
As of today (September 22, 2019) it’s 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.
Those who want to earn cash back as before can continue to do so — this is just intended to be an additional redemption option.
How This Functionality Works
Here are screenshots shared by Reddit user leetommy of the new functionality:
As you can see:
- Points 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
I’d note that historically if you want to transfer ThankYou points to a ThankYou airline partner (which to me is the best value here), you need to have the Citi Premier or Citi Prestige in conjunction with this card.
So don’t expect you’ll be able to transfer these points to airline partners without one of those cards.
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|
2x ThankYou Points With No Caps Is Industry Leading
The execution of all of this seems to be the best-case scenario of what we could have expected, and puts the Citi® Double Cash Card into 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, and
- This is a business credit card
Currently one of my primary cards for everyday spending is 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.
It Will Be Interesting To See How Citi Markets This
Historically the Citi Double Cash is purely a cash back card. Based on Citi’s website, they’re not making this sound terribly appealing to consumers yet. Being able to get a $100 Olive Garden or Red Lobster gift card rather than $100 doesn’t sound great. You’re also not getting more than one cent of value when redeeming through Amazon or Paypal.
So it will be interesting to see if Citi will basically maintain the airline transfer option as a secret, or if they’ll somehow market it as part of this card. It’s possible this essentially just remains a secret redemption option, given that it is nuanced — you need to have the Citi Premier or Citi Prestige to be able to redeem that way.
Best Way To Get The Citi Double Cash Card
You can, of course, apply outright for the Citi® Double Cash Card. The catch is that the card has no sign-up bonus.
While it could absolutely be worth applying directly for the card, 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 generally 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.
It’s incredible to see that at this point Citi has created a card that’s in a league of its own, in my opinion. Being able to earn 2x ThankYou points with the Citi® Double Cash Card is awesome, and you can bet that this means I’ll be picking up the card.
Personally I value Citi ThankYou points at ~1.7 cents each, so that’s like a return of 3.4% on spending:
- This will be 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
Will the Citi Double Cash be your new card for everyday spending?
(Tip of the hat to Doctor Of Credit)