Citi Offers New Temporary Point Redemption Option
While we are still dealing with the coronavirus pandemic, taking advantage of all credit card perks and rewards has been challenging. So credit card issuers have been coming up with additional options and ways to earn and redeem points. As such, Citi is offering a new temporary point redemption option for cardholders by providing them the choice to redeem cash rewards and ThankYou Points to pay their minimum due.
Citi cardholders can check if they are eligible by logging into their Citi Mobile App or online account and looking for COVID-19 relief options on the Rewards Details section or call the servicing number found on the back of their card. This redemption option is available through 11/07/2020.
Usually, when you redeem credit card rewards for cash back or statement credits, you would still owe the minimum payment due, even if you have enough rewards to cover it all.
The best way to use Citi ThankYou points is to transfer them to travel partners. You can often get an average value of 1.3 to 1.4 cents per point. There is also an option to redeem Citi ThankYou points at a value of 1 cent per point for mortgage or student loan checks, or even just a check mailed directly to you.
When you redeem for cashback, you only get a value of half a cent. So it is a terrible use of Citi ThankYou points. When used toward your minimum due payment, you a slightly better value, 0.8 cents per point. Still not good enough in my opinion, but I guess it could be a good option to have.
While is it not the best use of ThankYou points, it does give some people the option to keep up with payments without having to use their cash. If you are in financial trouble during these difficult times, that could come in handy. Citi is also offering financial assistance, such as deferred payments and waived late fees. Call them and see what is available for you if you need it.