The Citi Double Cash Card is easily one of the best cash back credit cards with a flat rate out there. With no annual fee, a 0% intro APR for 18 months, and up to 2% cash back on all purchases, it’s easy to see why.
And, with Citi’s new move to allow cash rewards to be converted to Citi ThankYou Points (the company’s rewards program), this card has been brought to a whole new level for credit card beginners and rewards experts alike.
Citi cash rewards now transfer to ThankYou Points
Up until now, Citi cash rewards could only be redeemed for a statement credit, direct deposit, or check by mail.
As of yesterday (Sep. 22, 2019), Citi Double Cash cardholders are now able to convert cash rewards into Citi ThankYou points via a linked ThankYou account. This means you’ll be able to pool your Citi Double Cash Card rewards with rewards earned on ThankYou credit cards, such as the Citi Premier Card, the Citi Prestige Card, and the Citi Rewards+ Card. Points converted to ThankYou Points don’t expire, but once they’re converted, they can’t be returned to cash rewards.
Here’s what Citi Double Cash cardmembers are seeing:
Citi Double Cash Card rewards convert at a 1:1 ratio, so 100 points for every $1. Since Citi Double Cash cardholders earn up to 2% cash back, it essentially means you can earn 2X ThankYou Points on all your purchases.
While the option is now available to convert cash rewards to ThankYou Points, Citi Double Cash cardholders don’t have to feel obligated to do so. You can still redeem cash back for a statement credit or direct deposit just as before.
How to maximize this new redemption option
If the Double Cash Card is the only Citi card you have, converting your cash rewards to ThankYou Points opens the door to a slew of redemption options aside from cash back. This includes gift cards, shopping, and the ability to book travel through Citi’s travel portal.
However, one of the most coveted redemption methods for many credit card aficionados is the ability to transfer points to a travel partner. As of right now, if you only have the Double Cash Card, converted ThankYou Points can only be transferred to JetBlue’s TrueBlue program. At a transfer ratio of 5:4, it takes 1,000 ThankYou Points to receive 800 TrueBlue points, so you’d be losing money.
This all changes if you have either the Citi Premier or Citi Prestige card in addition to your Double Cash card. With one of these credit cards, you can transfer your points to any Citi airline partner at a rate of 1:1, and the number of travel partners you can transfer to jumps from one to fifteen:
- Asia Miles
- Avianca LifeMiles
- Etihad Guest
- EVA Air Infinity MilageLands
- Flying Blue Air France KLM
- Garuda Indonesia Frequent Flyer
- Malaysia Airlines Enrich
- Qantas Frequent Flyer
- Qatar Airways Privilege Club
- Singapore Airlines KrisFlyer
- Thai Airways Royal Orchid Plus
- Turkish Airlines Miles & Smiles
- Virgin Atlantic Flying Club
Bottom line when it comes to converting cash rewards to ThankYou points
If you hold either Citi’s Premier or Prestige card, adding the Citi Double Cash Card to your lineup could be a pretty powerful move. With an effective 2X ThankYou Point earning rate on every purchase, the Double Cash card makes all of your spending outside of those cards’ category limitations more valuable. Instead of 1X on those purchases, you can now earn at a rate of 2X ThankYou Points.
There’s no limit to the number of Citi cards you can open, so pairing the Citi Double Cash Card with one of Citi’s higher-tier cards can be a great way to cover all of your bases.