topic Re: Citi Thank You Point Cash Redemption Devalued? in Credit Cards

Citi Thank You Point Cash Redemption Devalued?

csryang — Tue, 31 Aug 2021 05:10:20 GMT

Per Doctor of Credit, Citi has reportedly clarified one Thank You (TY) point should be 0.5 cent for preferred cardholders... I wonder how this affects TY Reward+ card and Custom Cash cash redemption going forward...

What's the point of holding TY points any more unless you can figure out some creative airline redemption?

https://www.doctorofcredit.com/citi-says-1%C2%A2-per-point-for-preferred-cardholders-was-an-error-fixed-going-forward/

Re: Citi Thank You Point Cash Redemption Devalued?

MrDisco99 — Tue, 31 Aug 2021 12:25:31 GMT

The Custom Cash card's superpower is cash redemption at 1 cent per point. All other TYP cards redeem points for statement credit only on certain categories and only at 0.5 cents per point. They are worth 1 cent on the travel portal and on some gift card redemptions.

Re: Citi Thank You Point Cash Redemption Devalued?

Anonymous — Tue, 31 Aug 2021 16:19:15 GMT

@MrDisco99 wrote:
The Custom Cash card's superpower is cash redemption at 1 cent per point. All other TYP cards redeem points for statement credit only on certain categories and only at 0.5 cents per point. They are worth 1 cent on the travel portal and on some gift card redemptions.

However if I have the custom cash and the rewards + I could hypothetically cash out my typ at 1 cent each and get a bonus 10 percent on all of those correct? I believe so just curious. Don't have a rewards + but thinking about it

Re: Citi Thank You Point Cash Redemption Devalued?

Curious_George2 — Tue, 31 Aug 2021 20:25:20 GMT

@MrDisco99 wrote:
The Custom Cash card's superpower is cash redemption at 1 cent per point. All other TYP cards redeem points for statement credit only on certain categories and only at 0.5 cents per point. They are worth 1 cent on the travel portal and on some gift card redemptions.

This isn't quite right. Double Cash rewards can be converted to Thank You Points, in any amount greater than or equal to $1, and those TYPs can be redeemed for cash at 1 cpp.

One might reasonably ask: why bother going cash-points-cash? The answer is that it avoids the $25 redemption minimum on DC cashback.

Re: Citi Thank You Point Cash Redemption Devalued?

Anonymous — Tue, 31 Aug 2021 20:32:31 GMT

And I would assume if you have a combined thank you point account with a custom cash you can use the rewards that are half a cent each and combine them with custom cash making them worth 1 cpp.

Re: Citi Thank You Point Cash Redemption Devalued?

MrDisco99 — Wed, 01 Sep 2021 11:54:57 GMT

@Anonymous wrote:
@MrDisco99 wrote:
The Custom Cash card's superpower is cash redemption at 1 cent per point. All other TYP cards redeem points for statement credit only on certain categories and only at 0.5 cents per point. They are worth 1 cent on the travel portal and on some gift card redemptions.
However if I have the custom cash and the rewards + I could hypothetically cash out my typ at 1 cent each and get a bonus 10 percent on all of those correct? I believe so just curious. Don't have a rewards + but thinking about it

Yes, the Rewards+ gives you back 10% on all redemptions. It's a nice perk of having that card in the portfolio.

Re: Citi Thank You Point Cash Redemption Devalued?

MrDisco99 — Wed, 01 Sep 2021 12:11:25 GMT

@Curious_George2 wrote:
@MrDisco99 wrote:
The Custom Cash card's superpower is cash redemption at 1 cent per point. All other TYP cards redeem points for statement credit only on certain categories and only at 0.5 cents per point. They are worth 1 cent on the travel portal and on some gift card redemptions.
This isn't quite right. Double Cash rewards can be converted to Thank You Points, in any amount greater than or equal to $1, and those TYPs can be redeemed for cash at 1 cpp.

One might reasonably ask: why bother going cash-points-cash? The answer is that it avoids the $25 redemption minimum on DC cashback.

I don't really think of the DoubleCash as a vehicle for TYP redemptions, but you're right, the DC's cash rewards can be converted to TYP. Can you cash out TYP at 1cpp with just the DC?

Re: Citi Thank You Point Cash Redemption Devalued?

galahad15 — Wed, 01 Sep 2021 14:01:11 GMT

Very interesting to hear that the DC's cash rewards can be converted from cashback to TYP, just curious if anyone can please list how to make the conversion happen exactly on Citi's website? Also: what happens to cashback rewards already earned, upon the conversion to TYP? Thanks!

Re: Citi Thank You Point Cash Redemption Devalued?

Curious_George2 — Wed, 01 Sep 2021 19:52:50 GMT

@MrDisco99 wrote:
@Curious_George2 wrote:
@MrDisco99 wrote:
The Custom Cash card's superpower is cash redemption at 1 cent per point. All other TYP cards redeem points for statement credit only on certain categories and only at 0.5 cents per point. They are worth 1 cent on the travel portal and on some gift card redemptions.
This isn't quite right. Double Cash rewards can be converted to Thank You Points, in any amount greater than or equal to $1, and those TYPs can be redeemed for cash at 1 cpp.

One might reasonably ask: why bother going cash-points-cash? The answer is that it avoids the $25 redemption minimum on DC cashback.
I don't really think of the DoubleCash as a vehicle for TYP redemptions, but you're right, the DC's cash rewards can be converted to TYP. Can you cash out TYP at 1cpp with just the DC?

Yes. I just did it a few weeks ago.

Re: Citi Thank You Point Cash Redemption Devalued?

UncleB — Wed, 01 Sep 2021 22:58:12 GMT

@galahad15 wrote:
Very interesting to hear that the DC's cash rewards can be converted from cashback to TYP, just curious if anyone can please list how to make the conversion happen exactly on Citi's website? Also: what happens to cashback rewards already earned, upon the conversion to TYP? Thanks!

The way this works on my setup is my DoubleCash still earns "cash," and I have to manually go in and convert the cash to TYPs.

When I initially set things up I had two TYP accounts (one for my existing Rewards+, and then a second one for the DoubleCash) but I was able to get them merged into a single TYP account.

It was a little clunky getting things set up (one TYP account was missing my suffix, so it required a call to get things sorted) but now it's working out well. I no longer have to wait until my DC is at $25 to cash out, and there's the 10% bonus on redemptions as well.

Re: Citi Thank You Point Cash Redemption Devalued?

Anonymous — Thu, 02 Sep 2021 16:05:52 GMT

@UncleB wrote:
@galahad15 wrote:
Very interesting to hear that the DC's cash rewards can be converted from cashback to TYP, just curious if anyone can please list how to make the conversion happen exactly on Citi's website? Also: what happens to cashback rewards already earned, upon the conversion to TYP? Thanks!
The way this works on my setup is my DoubleCash still earns "cash," and I have to manually go in and convert the cash to TYPs.

When I initially set things up I had two TYP accounts (one for my existing Rewards+, and then a second one for the DoubleCash) but I was able to get them merged into a single TYP account.

It was a little clunky getting things set up (one TYP account was missing my suffix, so it required a call to get things sorted) but now it's working out well. I no longer have to wait until my DC is at $25 to cash out, and there's the 10% bonus on redemptions as well.

@UncleB Just add a Prefix and your good to go

Re: Citi Thank You Point Cash Redemption Devalued?

Curious_George2 — Thu, 02 Sep 2021 15:54:33 GMT

@Anonymous wrote:
@UncleB wrote:
@galahad15 wrote:
Very interesting to hear that the DC's cash rewards can be converted from cashback to TYP, just curious if anyone can please list how to make the conversion happen exactly on Citi's website? Also: what happens to cashback rewards already earned, upon the conversion to TYP? Thanks!
The way this works on my setup is my DoubleCash still earns "cash," and I have to manually go in and convert the cash to TYPs.

When I initially set things up I had two TYP accounts (one for my existing Rewards+, and then a second one for the DoubleCash) but I was able to get them merged into a single TYP account.

It was a little clunky getting things set up (one TYP account was missing my suffix, so it required a call to get things sorted) but now it's working out well. I no longer have to wait until my DC is at $25 to cash out, and there's the 10% bonus on redemptions as well.
Just add a Prefix and your good to go

I once knew someone who added "Sir" to the beginning of his name on a credit card. He was just a regular guy. Not sure if it ever caused him any problems, but I thought it was funny.

Re: Citi Thank You Point Cash Redemption Devalued?

Credit12Fico — Thu, 02 Sep 2021 16:05:57 GMT

Not

@Curious_George2 wrote:
@MrDisco99 wrote:
@Curious_George2 wrote:
@MrDisco99 wrote:
The Custom Cash card's superpower is cash redemption at 1 cent per point. All other TYP cards redeem points for statement credit only on certain categories and only at 0.5 cents per point. They are worth 1 cent on the travel portal and on some gift card redemptions.
This isn't quite right. Double Cash rewards can be converted to Thank You Points, in any amount greater than or equal to $1, and those TYPs can be redeemed for cash at 1 cpp.

One might reasonably ask: why bother going cash-points-cash? The answer is that it avoids the $25 redemption minimum on DC cashback.
I don't really think of the DoubleCash as a vehicle for TYP redemptions, but you're right, the DC's cash rewards can be converted to TYP. Can you cash out TYP at 1cpp with just the DC?
Yes. I just did it a few weeks ago.

Not really.

The double cash doesn't earn thank you points. It's earns "cash rewards". Once you convert your "cash rewards" into thank you points, you cannot convert back, and you wouldn't be able to get 1cpp from the DC alone. The DC is not a points earning card strictly speaking. It just has a feature that lets you convert cash rewards into points.

Re: Citi Thank You Point Cash Redemption Devalued?

Curious_George2 — Fri, 03 Sep 2021 05:44:29 GMT

@Credit12Fico wrote:
Not
@Curious_George2 wrote:
@MrDisco99 wrote:
@Curious_George2 wrote:
@MrDisco99 wrote:
The Custom Cash card's superpower is cash redemption at 1 cent per point. All other TYP cards redeem points for statement credit only on certain categories and only at 0.5 cents per point. They are worth 1 cent on the travel portal and on some gift card redemptions.
This isn't quite right. Double Cash rewards can be converted to Thank You Points, in any amount greater than or equal to $1, and those TYPs can be redeemed for cash at 1 cpp.

One might reasonably ask: why bother going cash-points-cash? The answer is that it avoids the $25 redemption minimum on DC cashback.
I don't really think of the DoubleCash as a vehicle for TYP redemptions, but you're right, the DC's cash rewards can be converted to TYP. Can you cash out TYP at 1cpp with just the DC?
Yes. I just did it a few weeks ago.
Not really.

The double cash doesn't earn thank you points. It's earns "cash rewards". Once you convert your "cash rewards" into thank you points, you cannot convert back, and you wouldn't be able to get 1cpp from the DC alone. The DC is not a points earning card strictly speaking. It just has a feature that lets you convert cash rewards into points.

This is not correct. I only have two Citi cards. One of them is Costco, so it has nothing to do with TYP. The other is DoubleCash. As shown in the screen snip below, I converted DoubleCash rewards ($11.82 worth) to 1,182 TYPs and then redeemed those as an $11.82 statement credit.