Citi is sending out emails to some customers with an offer to redeem ThankYou points for gift cards at a discount. If you were targeted, you will get a 20% discount on points redeemed for gift cards through thankyou.com until 5/10/2018. You can also log in at thankyou.com and see if you are targeted.
ThankYou points are worth 1 cent each when redeemed for gift cards. With this offer, you would pay 8,000 ThankYou points for a $100 gift card, so you’re getting a value of 1.25 cents per point. That not the best value, but it is decent if you want to cash out points.