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The Citi® Double Cash Card is praised for its generous cash back rate, offering cardholders 1% on everything they buy and an additional 1% when they pay for their purchases. With a 2% cash back option on every purchase, it’s easy to see just how profitable this card can be.
Since 2019, the Citi Double Cash Card has added a new level of flexibility to these rewards.
“We are constantly striving to provide our customers with convenient repayment options that deliver significant value. As such, starting September 22, we will be offering Double Cash cardholders the ability to convert their cash rewards into ThankYou points, allowing them to redeem points for gift cards, trips, purchases at select stores, and more,” a Citi spokesperson confirmed.
Many Citi Double Cash cardholders will undoubtedly benefit greatly from this option.
Should I redeem cash rewards for ThankYou points?
Citi Double Cash cardholders can redeem $1 cash for 100 ThankYou points. This is a first-class conversion rate given that you can increase the value of ThankYou Points by using them strategically.
We estimate that most ThankYou points redemption options are worth 1 cent per value point or less, so it seems like cash redemption is still your best option. However, there is one notable exception: the transfer of ThankYou points to travel partners.
Those with Citi Double Cash who own a qualifying Citi card ( Citi Premier® Card or Citi Prestige® Card*) can transfer their points at a 1:1 ratio to any of Citi’s transfer partners.
The good news is that Citi cards that earn ThankYou Base Points are also transferable to select partner members. So, if you have a Citi Rewards+ Card or a Citi Double Cash Card, you can transfer your points to Choice Privilege, TrueBlue or Wyndham Rewards.
Citi Travel Partners are relatively limited compared to other rewards programs, but they still provide a unique opportunity. Because many airline miles cost more than 1 cent per mile, you can get more out of your rewards by transferring them.
For example, let’s say you transfer $25 earned to your Citi Double Cash Card for 2,500 ThankYou Points. If you then convert those points at a 1:1 rate into JetBlue TrueBlue miles (estimated by The Points Guy at 1.3 cents each), we estimate that you can turn those 2,500 points into airfare for about $32.50. This is because JetBlue offers a wide range of award flight options, many of which can significantly increase your miles.
bottom line
For cashback enthusiasts, the new transfer option to the Citi Double Cash Card probably won’t affect your rewards redemption strategy. But if you chose the card because of its high flat rate on regular purchases and want to dive into the travel rewards space, converting your double cash rewards into ThankYou points can be incredibly lucrative.
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