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Citi Double Cash Card to allow users to convert cash back to ThankYou points

Eligible cardholders will enjoy more redemption options this fall

Summary

Coming this fall, Citi Double Cash Card holders will be able to convert their cash back to ThankYou points – but it might not offer the best value.

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The Citi® Double Cash Card is lauded for its generous rate of cash back, offering cardholders 1 percent on everything they buy and an additional 1 percent as they pay off their purchases. With the potential to earn 2 percent cash back on every purchase, it is easy to see how lucrative this card can be.

This fall, the Citi Double Cash Card is adding a new layer of flexibility to those rewards. As reported by Doctor of Credit July 6, some cardholders received the following message on their latest card 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.”

This means that Double Cash cardholders can now easily redeem their rewards for a wide variety of purchases – including travel redemptions – using the ThankYou portal.

Unfortunately, Citi has not announced the conversion rate between cash rewards and ThankYou points, so it is not yet clear whether transferring will offer a good value.

See Related: Earning and using Citi ThankYou points

Will the new Citi Double Cash conversion rate be worth it?

Unless the conversion rate for cash back to ThankYou points is 1:1, it is likely that cash back will continue to offer the most potential value for Double Cash rewards.

By our estimates, most ThankYou point redemption options get 1 cent per point of value or less, where cash back offers the same value with more ways to spend your rewards. Nevertheless, this new feature is worth keeping an eye on as more details are released in the coming months.

For now, Citi Double Cash Card holders can continue to enjoy a high rewards rate and flexible cash back, as long as they pay their bill on time.

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Credit Card Rate Report Updated: August 14th, 2019
Business
15.55%
Airline
17.50%
Cash Back
17.63%
Reward
17.50%
Student
17.69%

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