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Citi ThankYou Preferred vs Citi Double Cash

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New Member

Citi ThankYou Preferred vs Citi Double Cash

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.

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Established Contributor

Re: Citi ThankYou Preferred vs Citi Double Cash

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  My apologies if my information is outdated.  

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Super Contributor

Re: Citi ThankYou Preferred vs Citi Double Cash

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.

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Super Contributor

Re: Citi ThankYou Preferred vs Citi Double Cash


@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.


Total revolving limits 653000 (575000 reporting)

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Valued Contributor

Re: Citi ThankYou Preferred vs Citi Double Cash

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. 

Scores, HPs/24 mos. (updated 11/20/20):
    Experian FICO Score 8 = 828, 1/24
    Experian FICO Score 9 = 813, 1/24
   TransUnion = 815, 1/24
    Equifax = 818, 0/24

Total 2019 rewards, incl. offers/deals = $1,709.07
Avg. rewards rate, incl. offers/deals = 3.92%

Total CL: $247,000

Cards (hover over for CL | interest rate | Date Opened):
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Super Contributor

Re: Citi ThankYou Preferred vs Citi Double Cash

Good luck and let us know how things turn out


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>11/2020 CCT EX 821 TU 826 EQ 840

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Mega Contributor

Re: Citi ThankYou Preferred vs Citi Double Cash


@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 

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New Member

Re: Citi ThankYou Preferred vs Citi Double Cash

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.

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