Transfer Citi Double Cash Cashback to ThankYou Points
Citi Double Cash is already a great no fee credit card. It earns 2% cashback on all purchases. Actually when you make a purchase, you’ll earn 1% unlimited cash back. Then, you earn an additional 1% cash back as you make payments for that purchase. But for those who do not carry a balance on the card it’s a straight forward 2% cashback.
But the card could soon become much more valuable. You will be able to transfer the cashback earned from the card to ThankYou points. And, if you have one of the Citi premium cards such as Prestige or ThankYou Premier, you can then transfer those ThankYou points to travel partners. The rumors are being confirmed by MilesTalk. Besides that, Doctor of Credit confirms that the transfer rate will be 1 to 1. That means that you will get 1 ThankYou point for every cent earned through the Citi Double Cash card.
But even if you don’t have a premium Citi card, you will be able to convert Double Cash points to JetBlue points. The ratio is however a bit worse, only 1 to 0.8. This new feature is set to launch on September 22, 2019.
This is great news, especially for those who already have the Citi Double Cash card. This card currently doesn’t have a signup bonus, but we have seen some rare offers for up to $150 in the past.
Being able to earn 2x ThankYou points on all purchases, makes this a go to card for all non bonuses spend. Earning transferable points is always more preferable compared to earning specific hotel points, or airline miles. There’s already a card that earns 2x transferable points on all purchases, Venture from Capital One. But the issue is that the transfer ratio is not very favorable for many partners. Another similar option is the Chase Freedom Unlimited. I personally value Chase points a bit more than ThankYou points, but that card only earns 1.5x on all purchases. So overall Citi Double Cash comes out ahead.
One issue with Citi Double Cash and Chase Freedom Unlimited is that you also need a premium card in order to turn your cashback into ThankYou or Ultimate Rewrads points. So while these cards have no fee, you will need to pay a fee of close to $100 at least to make use of this option.
Let me know what you think.