Citi ThankYou Preferred vs Citi Double Cash

[joshk716]

Good Morning!

I recently got an offer in the mail to convert to the Citi Double Cash card with no inquiry or application and wondering if it's a better card offer. I've had the Thank You Preferred Card for over 8 years now, it was my credit building card to jumpstart my credit file and allowed me to go from a 600 to 833 credit score just by using it maturely. Is the Double Cash card a better bet? I do enjoy cash back but I'm wondering if that outweighs the points I receive on the current card. On average I pay most bills with my card and pay them off in full, never accruing interest or carrying a balance.

[wingennis]

The beauty of the Double Cash is cash:  2% cash back that can be saved and spent at face value with no hassle or conversion.  That isn't true with points.  It is also 2% on everything.  IRC, the ThankYou Preferred earned 2 points on dining/1 point on everything else and can't be transferred like the TYP on the Premier or Prestige?  My apologies if my information is outdated.  

[kdm31091]

I would convert it. There's no situation where the Preferred beats the Double Cash -- at best, it matches it, but only on some categories, where the DC gets you 2% on everything.

[SouthJamaica]

---

@joshk716 wrote:

Good Morning!

I recently got an offer in the mail to convert to the Citi Double Cash card with no inquiry or application and wondering if it's a better card offer. I've had the Thank You Preferred Card for over 8 years now, it was my credit building card to jumpstart my credit file and allowed me to go from a 600 to 833 credit score just by using it maturely. Is the Double Cash card a better bet? I do enjoy cash back but I'm wondering if that outweighs the points I receive on the current card. On average I pay most bills with my card and pay them off in full, never accruing interest or carrying a balance.

---

The DoubleCash card isn't perfect, but it's better than the ThankYou Preferred card, so yes go for the product change. Just make sure it doesn't show up as a new account.

[Anonymous]

I used to do TYP until they devalued them in 2009 and then again when I converted to Double Cash in Feb 2015. Keep in mind points can be devalued at any time. I'll never again store up a bunch of TYP only to have them devalued by Citi. I wouldn't do it.

Edit: I misread your post. I thought you were asking if to convert Double Cash to a TYP card, which my answer is no. DC is a safer alternative to TYP. 

[Meanmchine]

Good luck and let us know how things turn out

[longtimelurker]

---

@kdm31091 wrote:

I would convert it. There's no situation where the Preferred beats the Double Cash -- at best, it matches it, but only on some categories, where the DC gets you 2% on everything.

---

And as the double cash can earn TYPs instead, that's two TYP per $ on everything,  so as @kdm31091 says, no downside in converting 

[joshk716]

Thanks all for the responses! It says in the mailer that it will NOT result as a credit pull and no application so once we close on our new house in 2 weeks, I'll do the conversion after, just to be safe. It seems like a better deal, especially since I pay most bills with my card to maximize points but right now the best cash back card I have is the Discover IT, will follow up when converted regarding any mysterious pulls or shenanigans.

[FalconSteve]

My wife had a Citi Double Cash card and it's pretty great, I would definitely take the PC.

The only thing I am not sure about is if the TU Preferred has a FTF, the DC does. So, if you do a lot of foreign transactions and you currently have no FTF, this MIGHT not be ideal.