Now Live! Transfer Citi Double Cash Rewards to ThankYou Points
A couple of days ago I wrote about the rumor that Citi Double Cash Rewards would soon be convertible to ThankYou points. Now the option is live, and if you have a cashback balance in your Citi Double Cash card, you can transfer them to ThankYou points.
If you click View/Redeem Cash Rewards under you balance, you will see the new option listed.
Transfer Citi Double Cash Rewards to ThankYou Points
Here’s some important information about transferring Citi Double Cash Rewards to ThankYou points.:
- $1 in rewards converts to 100 ThankYou Points
- You need a Rewards balance of $1 in order to convert to ThankYou Points
- There is no maximum limit for the amount Cash Rewards yo can convert
- Once you convert to ThankYou Points, you will not be able to convert back to Cash Rewards
- 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.
Some people are seeing an error when trying to convert Cash Rewards to ThankYou points. It’s probably just a glitch as they get things sorted out.
Applying for the Card
The card currently does not have a signup bonus.
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. 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.
With no signup bonus though, it’s a hard decision. We have seen $150 offers in the past, so might be worth waiting for one.