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Member
dkak2811
Posts: 6
Registered: ‎08-24-2013

Citi Forward/Thankyou Preferred combo?

Hi everyone,

I've been lurking, but this is my first time posting. I read somewhere that the Thankyou reward points, which differ in value by card, take the value corresponding to the best card you have. I'm still a student and I'm thinking about applying for both the Forward and the Thankyou Preferred, with the goal of using the Forward on dining/entertainment and redeeming for a full 5 cents/$ for gift cards.

 

Does anyone know if the Thankyou point redemption policy around the cost of gift cards remains so that you can get 5% with the Forward and redeem for a full 1 cent/$ with the TYP? Any input on how well this strategy works?

 

Thanks!

EX FICO: 761 (PSECU 8/2013) | TU FAKO: 773 (CK 8/2013) | EQ FICO: 784 (MyFICO 8/2012)

Chase Freedom (7/2007) $2.1k | Local CU Visa (8/2009) $2.5k | Discover It (3/2011) $2.25k | AMEX BCP (8/2012) $10k | Fidelity Amex (6/2013) $5k | Citi Forward Student (8/2013) $4k
Senior Contributor
longtimelurker
Posts: 5,376
Registered: ‎04-22-2013

Re: Citi Forward/Thankyou Preferred combo?


dkak2811 wrote:

Hi everyone,

I've been lurking, but this is my first time posting. I read somewhere that the Thankyou reward points, which differ in value by card, take the value corresponding to the best card you have. I'm still a student and I'm thinking about applying for both the Forward and the Thankyou Preferred, with the goal of using the Forward on dining/entertainment and redeeming for a full 5 cents/$ for gift cards.

 

Does anyone know if the Thankyou point redemption policy around the cost of gift cards remains so that you can get 5% with the Forward and redeem for a full 1 cent/$ with the TYP? Any input on how well this strategy works?

 

Thanks!


I have the non-student version of the Forward, but I would expect it to be the same.  So, yes, I use the Forward for the dining/entertainment stuff, points earned go into the shared pool of Thank You Points, and the Preferred allows all gift redemptions to be 1:1 (and if you have Premier, you can redeem for travel at 1.33:1 (going down to 1.25:1 in Oct)).

Most active cards: Amex BC ($50K), Cap One QS ($33K) Fidelity Amex ($20K)
Others: CSP, Freedom, Chase Amazon, Cap One QS, Penfed Plat Rewards (x2), Citi TY Preferred, Citi Dividend, Citi AA Plat Select, Citi Forward, Amex BCE, Amalgamated Bank, Sallie Mae, Cash Plus
Scores May 14: EQ 848, EX 833, TU 841 (Jul)
Senior Contributor
longtimelurker
Posts: 5,376
Registered: ‎04-22-2013

Re: Citi Forward/Thankyou Preferred combo?

As to how well it works:

 

If entertainment/dining is a significant part of your spend, this is fine.  Make sure the gift cards are useful to you, the selection is fairly small.   Cash back options (statement credit or Visa gift card) have really bad redemption rates. 

 

However, even with just the Forward, you can redeem 1:1 by asking for redemption for a student loan or mortgage.  They make out the check to whoever you tell them holds the loan, sends the check to you to send in to them, and if you deposit it in your bank account, well, these things happen.

 

 

Most active cards: Amex BC ($50K), Cap One QS ($33K) Fidelity Amex ($20K)
Others: CSP, Freedom, Chase Amazon, Cap One QS, Penfed Plat Rewards (x2), Citi TY Preferred, Citi Dividend, Citi AA Plat Select, Citi Forward, Amex BCE, Amalgamated Bank, Sallie Mae, Cash Plus
Scores May 14: EQ 848, EX 833, TU 841 (Jul)
Member
dkak2811
Posts: 6
Registered: ‎08-24-2013

Re: Citi Forward/Thankyou Preferred combo?

Thanks! Yeah, I don't have a mortgage or student loans (very lucky there).

 

As for 'accidently' depositing the check, well... Ha!

EX FICO: 761 (PSECU 8/2013) | TU FAKO: 773 (CK 8/2013) | EQ FICO: 784 (MyFICO 8/2012)

Chase Freedom (7/2007) $2.1k | Local CU Visa (8/2009) $2.5k | Discover It (3/2011) $2.25k | AMEX BCP (8/2012) $10k | Fidelity Amex (6/2013) $5k | Citi Forward Student (8/2013) $4k
Senior Contributor
longtimelurker
Posts: 5,376
Registered: ‎04-22-2013

Re: Citi Forward/Thankyou Preferred combo?


dkak2811 wrote:

Thanks! Yeah, I don't have a mortgage or student loans (very lucky there).

 

As for 'accidently' depositing the check, well... Ha!


You don't actually need to have one.  But if gift cards work for you, that's fine.

Most active cards: Amex BC ($50K), Cap One QS ($33K) Fidelity Amex ($20K)
Others: CSP, Freedom, Chase Amazon, Cap One QS, Penfed Plat Rewards (x2), Citi TY Preferred, Citi Dividend, Citi AA Plat Select, Citi Forward, Amex BCE, Amalgamated Bank, Sallie Mae, Cash Plus
Scores May 14: EQ 848, EX 833, TU 841 (Jul)
Member
dkak2811
Posts: 6
Registered: ‎08-24-2013

Re: Citi Forward/Thankyou Preferred combo?


longtimelurker wrote:

dkak2811 wrote:

Thanks! Yeah, I don't have a mortgage or student loans (very lucky there).

 

As for 'accidently' depositing the check, well... Ha!


You don't actually need to have one.  But if gift cards work for you, that's fine.


So do you just put your own name in for who to make the check out to, or what?

EX FICO: 761 (PSECU 8/2013) | TU FAKO: 773 (CK 8/2013) | EQ FICO: 784 (MyFICO 8/2012)

Chase Freedom (7/2007) $2.1k | Local CU Visa (8/2009) $2.5k | Discover It (3/2011) $2.25k | AMEX BCP (8/2012) $10k | Fidelity Amex (6/2013) $5k | Citi Forward Student (8/2013) $4k
Senior Contributor
longtimelurker
Posts: 5,376
Registered: ‎04-22-2013

Re: Citi Forward/Thankyou Preferred combo?

No name, it's made payable to say Bank of America, and you deposit it to your Bank of America account.

 

Citi do this presumably to avoid liability, they send you the check and it's your responsibility to make sure it gets to the lender on time etc.

Most active cards: Amex BC ($50K), Cap One QS ($33K) Fidelity Amex ($20K)
Others: CSP, Freedom, Chase Amazon, Cap One QS, Penfed Plat Rewards (x2), Citi TY Preferred, Citi Dividend, Citi AA Plat Select, Citi Forward, Amex BCE, Amalgamated Bank, Sallie Mae, Cash Plus
Scores May 14: EQ 848, EX 833, TU 841 (Jul)
Member
dkak2811
Posts: 6
Registered: ‎08-24-2013

Re: Citi Forward/Thankyou Preferred combo?

Excellent, thanks for your help longtimelurker! I just applied for the forward card and was approved w/ a $4000 CL. I'm going to wait a couple of months before I apply for the Preferred because I want to maximize the value of the 0% interest intro rate for my personal situation.

EX FICO: 761 (PSECU 8/2013) | TU FAKO: 773 (CK 8/2013) | EQ FICO: 784 (MyFICO 8/2012)

Chase Freedom (7/2007) $2.1k | Local CU Visa (8/2009) $2.5k | Discover It (3/2011) $2.25k | AMEX BCP (8/2012) $10k | Fidelity Amex (6/2013) $5k | Citi Forward Student (8/2013) $4k

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