Citi Premier Cardholders Can Redeem ThankYou Points for 1¢ Value
Citi ThankYou points are most valuable when redeemed for travel through travel partners. There are also other options such as redeeming for loans at 1 cent each, bill pay and more. However, if you wanted to redeem for cash, the rate has been terrible until now. If you redeemed ThankYou points for “Cash Rewards” or “Statement Credit”, you would only get a value of 0.5 cents. Now that has changed, at least for Citi Premier cardholders.
If you try to redeem your ThankYou Points for Cash Rewards or Statement Credit, you now receive double the value, 1 cent per point. Cash Rewards start at 5,000 points for a $50 reward, and Statement Credits start at 1,000 points for a $10 credit.
To find these options, go to the ThankYou Rewards website, hover over “More Ways to Redeem” and choose wither “Cash Rewards” or “Statement Credit“. Citi has also added a Cash drop-down menu and the ability to redeem for any amount.
Update: Between May 23, 2021 and July 2, 2021 this was briefly an option for Citi Preferred cardholders as well. But apparently this was unintentional. Citi send out an email to cardholders to let them know that going forward, the redemption value will only be 0.5 cents for 1 ThankYou point. Here’s the text of the email, which was first posted by Doctor of Credit:
Between May 23, 2021 and July 2, 2021 you redeemed ThankYou Points for one or more cash rewards. Our records indicate you received a larger cash reward based on what the redemption value should have been at the time you redeemed.
We have corrected this issue going forward but we will not make any changes to your prior order(s), so please enjoy the extra cash rewards you received.
We apologies for any confusion.