Citi Double Cash Card holders can convert their cash back to ThankYou points, possibly getting a better value out of their rewards.
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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.
As of Sept. 22, 2019, the Citi Double Cash Card has added a new layer of flexibility to those rewards.
“We consistently strive to provide our customers with convenient redemption options that drive meaningful value. As such, starting on September 22, we will offer Double Cash cardmembers the choice to convert their cash rewards to ThankYou Points, allowing them to redeem their points for gift cards, travel, purchases at select retailers and more,” confirmed a Citi representative.
For many Double Cash cardholders, this new option is sure to provide great potential value.
See related: Earning and using Citi ThankYou points
Should you redeem your cash rewards for ThankYou points?
Double Cash cardholders can now redeem $1 in cash rewards for 100 ThankYou points. This is a top-notch conversion ratio, considering you can stretch the value of ThankYou points by redeeming them strategically.
By our estimates, most ThankYou point redemption options get 1 cent per point of value or less – making it seem that a cash redemption is still your best option. But there is one notable exception: transferring ThankYou points to travel partners. Double Cash holders who hold a qualifying Citi card can transfer their points at a 1:1 ratio to any of Citi’s airline partners.
Citi transfer partners are relatively limited compared to other rewards programs, but they still provide a unique opportunity. Since many airline miles are worth more than 1 cent per mile, you can get more out of your rewards by transferring.
Consider, for example, you transfer $25 earned on your Citi Double Cash Card to 2,500 in ThankYou points. If you then transfer those points at a 1:1 rate to JetBlue TrueBlue miles, we estimate you can turn those 2,500 points into around $38.25 worth of airfare. This is because JetBlue offers a wide range of reward flight options, many of which offer stretch your miles a long way.
For fans of cash back, the new transfer option on the Citi Double Cash Card probably won’t affect your rewards redemption strategy. But if you employ the card for its high flat rate on general purchases and don’t mind hunting for top travel deals – transferring your Double Cash rewards to ThankYou points has the potential to be incredibly lucrative.
Keep an eye on your account notifications for more information on how to take advantage of the offering.